Buying a car with a private party question

[bigbadberry]

The car I'm about to get for my dad (sorry is not an NSX) will be purchased from a private party (non dealership). The price is a good sum of money.

My issue is, I do not want to carry around that much cash or cashier checks or gold coins or bitcoins.

My best thought is to set it up at a bank that I have a checking account with, somewhere near where I would be purchasing the car from. We could take the car there, sign the papers, transfer the money at the bank how he sees fit. Reasonable? Thoughts?

Thanks!

 

[guanacoracing]

If you're both local, going to your bank and exchanging title for cash or cashier's check at the time would work. You could also use something similar to Chase QuickPay or Citi Popmoney (you must have seen the ads on TV - if you watch TV) where you "email" or "text" money to someone although there is a limit to the max amount.

 

[davidf]

I'd have the money ready to transfer and when your sure you want the car, have your bank do a transfer to the owners bank. You should probably have one specific person at the bank to work with so things go smoothly. That's how I did mine. Money never exchanged hands.

 

[Vanishing Point]

+1 on davidf's post, make contact with both banks to forewarn them of the forthcoming wire transfer. Deal with those people directly responsible with transfers within the banks, supply complete wiring instructions and you should have no issues.

 

[Aluminsx]

As long as you'e not using the National bank of Nigeria you should be okay paying with a bank check that the seller can take to his bank and confirm the funds. It's done all the time.

 

[Kyras]

I sold two cars and got paid by going to the buyer's bank with him. I got the bank's check payable to me, at the counter, so I knew it was good. I handed over the title and the new owner drove away. Easy peasy for both of us.

 

[EuroBoutique]

If you're both local, going to your bank and exchanging title for cash or cashier's check at the time would work. You could also use something similar to Chase QuickPay or Citi Popmoney (you must have seen the ads on TV - if you watch TV) where you "email" or "text" money to someone although there is a limit to the max amount.

Forget the text/email gimmicks, those are for small amounts of money. Save that for giving money to a friend you owe

I sold two cars and got paid by going to the buyer's bank with him. I got the bank's check payable to me, at the counter, so I knew it was good. I handed over the title and the new owner drove away. Easy peasy for both of us.

I have a lot of experience in this area so a few questions will help you out:

a) If you are both local enough to drive / meet at a bank, go with this method since it's safest inside a bank since highly unlikely he will rob you with cameras everywhere. Assuming he wants to be paid cash this is the only option. I would never count cash elsewhere.

b) Ask him where he banks - if you both share the same bank, an inter bank transfer is immediate and absolute safest.

c) Ask the buyer if he is ok with a cashier's check from you. For me, I won't accept it unless he will accompany me to MY BANK to deposit it. Up until the point I deposit it with a time stamp, he can call his bank to cancel it which few people know or understand.

d) If you plan to wire him money, it takes up to 1-2 full days to really clear. Unlike movies where you see drug dealers wire money using some fancy computer, in real life normal situations banks need 1-2 days to clear. In other words if you plan to withdraw the money right away you need to wait. It's not instantaneous.

e) I don't know the amount you plan to pay but if it's under $10k usually I prefer cash but over $10k I prefer to go into a bank. Ask the seller what he prefers since you need to make this comfortable for him, not convenient for you.

When buying PP cars, a little bit of trust needs to be given on both sides, if I have a gut feeling something is wrong, I walk, better to not get a sale then to deal with headaches after the fact! :redface:


Gluck