evilfij

Next time offer a wire transfer. You set it up with your bank and that bank wires the money directly into his account. Costs $35-50 to do.

Zeus993

Hmmm... In a transaction like this I would always use a cashiers check. It's instantly cleared, everybody is cool. I am not sure I would accept a personal check these days from someone I didn't know, or even someone I did know for that matter for a large sum. Banking is nutty these days. So IMO I don't think the seller is being unreasonable. But if the guy is just plain weird THEN I would walk away on THAT alone.

Skibum

+1

mjsporsche

Personal check, cashier checks or anything other than cash have risks associated with something going wrong.

I think the issue is more about whether both parties have the right "gut" feel about the transaction.

The seller needs to assess trust and let his gut drive his comfort level. As a recent buyer, only until the seller felt comfortable with me and with cashier check in hand, we were all good. And he had title in hand. I agree with other posts that if title is not in his possesion, I would not execute until he has cleared the title.

I have sold a few cars privately and if my gut feeling is mixed, cash is what I want. Just have to be willing to count the bills slowly!

Mark

RollingArt

+1 I think both parties need to have some level of trust with each other and feel comfortable working a major transaction with the other.

When I purchased my car the seller had a loan on the car so he didn't have the title in his possession. This always adds another level of complication and you need even more trust than usual to complete the transaction.

Here's how we worked the deal. Seller was in so. cal. and my bank has branches down there. We went to a branch near his home to complete (almost) our transaction. He watched as I had the teller wire the funds to his loan co. to pay off the car. I wired the full purchase price to them and they would send him a check for the excess funds at a later date. We then waited for the funds to clear to his institution. Turned out the funds would not be fully cleared until the next day. However we were both sufficiently satisfied that it was a righteous transaction. I left with the car and no title. He left without receiving conformation from his loan co. that the funds had arrived.

He received the title to the car in a couple of days. Had to come from an out of state institution. He signed it and mailed it to me and finally we had a done deal.

I'll agree, this is not the ideal way to be purchasing a used car from a private party, but I really wanted THIS car and was willing to jump through a few hoops to get it. Plus I felt comfortable with the seller. That makes all the difference to me.

Hope this helps give another spin on used car buying transactions.

GL with your purchase, whenever, wherever, that may happen.






Phil

Ken968

I feel like I have gone way above the call of duty for a reasonable person. I have submited a copy of my DL, verification that I have an account at the bank issuing the loan. Willing to do the transaction where ever he selects, even offered to pay a portion of the balance in cash. Its a nice car but to be honest they made a lot of them and are currently making more as I type this. I won't beg someone to take over $50k from me and to insult me and treat me like a criminal. Sorry I don't need THAT car that bad. There will be others that pop up I'm sure. Just have to be patient.

Thanks for the replys

Ken

stevepow

Cashier's checks can fail too - the issuing bank can reverse them if the funds used to purchase it fall apart for what ever reason.

When I sold my M5, the buyer got a cashier's check and, after 7 days when it had cleared his bank as valid, we met at his bank where I got the verified check and he got the car and title. So neither of us had anything of the other's in possession until the deal was done. He was a little anxious about waiting until his cashier's check cleared his bank, but I told him the car was locked up in my garage - would be exactly as he saw it last, and it would be worth the wait. For him, it was - awesome car - for me, dumbest thing I ever did letting go of that fabulous e39 M5.

I did a lot of research on the WEB about how to sell a car with no issues, and this was the safest process for both buyer and seller. It removes all question of honesty and trust from the equation and makes it a safe business transaction. To me it is unnecessary for either buyer or seller to gamble on trust between strangers.

RedBarron2007

I can feel the sellers pain, there are far to many scams going on these days. the fact you were out of state just compounded the level of mistrust.
i honestly dont see the prob in you getting everything ready and squared with his bank, before you picked the car up. I would have told you to go find another car also. you see it as him being squirly, but i can bet a million dollars he feels the same regarding the fact you would not get everything settles with his bank and then pick the car up..

none of this is needed.. you could have went to his bank if you truly had the funds, and wire transfered the money into his account right there, takes 20 minutes, and you both get what you want..

I see impatients as being a large culprit here.

checks are never acceptable forms of currency anymore in regards to large sums of money to me.. if you have the money in your account, and can write me a check, then you can wire transfer the money.. that simple.

Ken968

What I think you may have misunderstood is that a portion of the car is being finaced so I don't have the entire sum of the car within my bank account. If I did I would simply go there and wire him the money right before we do the transaction and that would satsify the seller.

Ken

stevepow

And this is a terrible idea - loads of accounts where this sort of arrangement goes way south for the seller.

The seller needs irreversable funds (or cash) in hand and the buyer needs title and car in hand - exchanged all at the same time - easy enough to do.

Selo

Right, but first wire to a holding account at his bank with the stipulation that funds are not released to seller until you both show up at the bank and have the sales agreement signed by both of you and notarized.

utkinpol

no need to. best way is to make sure your funds are in the bank that has local branch where you are going to get your purchase done. bank branch manager is almost always a public notary.
so you wiill have your funds in that bank, you will get cashiers check with your seller watching you getting it printed, so his confidence will be fine. then branch manager checks IDs, etc, you swap documents and part away.
the simpler process is - less chances you have to get screwed.

and one more hint - never give any money up front for anything. if you agree to split inspection costs with seller - subtract it from your purchase price, do not give any cash.

billh1963

I bought my car out of state....and paid him a week or two before I got the car.

In this day and age I don't blame the seller. No offense; but, I would not take a check from you either and let you leave with the car.

In my case I had the car inspected, had the seller fax me a copy of the title, verified him on google, etc.

I felt comfortable after talking to him on the phone several times, researching him, good PPI, etc.

I sent him a check ahead of time and he had time to let it clear.

alexb76

It's becuase you're from NJ!

rodsky

I dont understand why you have to give him part of the amount with a check? I wouldnt take that either. I would ask for the whole amount cashiers check. Go to bank and notarize sale and have check cleared and then you get title. Your bank should give you a check for whole amount (or you have two cashiers checks totalling up the whole amount).