hoffa

Hey guys,

I am trying to figure out the logistics to buying my private sale US car. I have a flight down to Texas this coming friday. I wanted to go into my bank Tuesday, setup the wire transfer, but not have them execute until I call Friday when I have the seller with me. How long does a wire take? Can i get it done same day? I havent found much info on this.

Seller will take a certified cheque/bank draft, but understandbly wants to wait until it clears in his bank.


So my question is, for those who bought US cars, how did you pay for it when it was a private sale?

Any tips would be appreciated

Cheers

Crazy Canuck

Wire took me 15 min from Canadian bank to US bank.

I had my sister go in to the bank in Canada with the instructions signed by me.

Turbodan

use a foreign exchange firm like Bendyx to buy the money. find out if your bank can wire directly or needs to go through middle bank. my wire took 4 days as the middle bank changed some numbers in his account. usually wire takes few hours. don't change money at the bank they will rape you.
whtat did you buy?

Onami

I have a US borderless account at TD to get preferential rates. Wires usually take 24 hours minimum when they cross borders. Drafts can be verified at the seller's bank...so if you are looking to fly in and drive home, I'd take a draft or certified cheque, visit the seller's bank after viewing the car and have his bank manager call your branch to verify the draft. Best of luck!

JimV8

I wired the funds but it still took 48 hours for it get cleared to the sellers account.

Turbodan

For business I do wires all the time and they clear in about 20 minutes. Nowadays they want a lot of info because of patriot act.

hoffa

Hum, sounds like its all over the map. I have an RBC account with the US dollars already in it. So exchange isnt the matter.

Ill ask about the bank draft. Guess it depends how comfortable he is with that.

I bought a 2005 C2S w/ 12000 miles on it. It's Slate grey / Cocoa. I've been looking for this combo for awhile Hopefully the PPI comes through clean Tuesday.

theiceman

hoffa I have exactly the same issue as you . I have a RBC US account but it is only marginallly usefull. I can get a USD credit card for 70.00 a year , but to use for ebay it is allmost useless. I can't draw on it for paypall as paypal will only recognise a Canadian dollar account in Canada ( the conversion is how they make there money ).

I have to look into this more also ..

Crazy Canuck

Mine was from an RBC account.

Rinty

Hoffa:

Wire delivery times are unpredictable, but what I have heard from my clients is that U.S. ones usually go through within a few hours. It might help to have your banker contact the seller's banker directly, in advance.

A local lawyer I know, who has bought a number of Porsches in the U.S., just hires a U.S. attorney to act as an escrow agent.

BrandX

Hmm, I took a draft down with me and the seller accepted it. Done like dinner.