Buying a new Terminator Question

[Cobra_GATA]

I am very, very close to buying a 2003 vert. Since I am rather new to a lot of this from a mechanical and sales transaction perspective, I would like some feedback.

Car has just under 40k on it. Mild mods from what I can tell (exhaust, CAI). Compression was checked, came back at 180 per cylinder. Car looks great from the pictures minus some rock chips on the hood which the seller was more than willing to point out and send pics of. Interior looks great as well. Going to pull the car fax before I pull the trigger but from what I am told no wrecks.

Financing is in place but here is the rub. Car is 4 hours away. My bank will not wire funds. Only a certified check. Owner doesn't want me to take the car until the funds clear but I can't hang around there waiting for that to happen.

My question is this. Based on what I have told you about the car, am I crazy to roll the dice and deposit the check in his account, wait for it to clear before picking up the car? He will send me the title prior but that won't do me much good if I go down there and the car isn't there:cuss:

My original plan was to drive down with the check in hand, check it out first and then hand over payment. Stay over night and bring it back the next day.

 

[Huachipato]

Cashiers or certified checks normally clear in a day.
http://en.wikipedia.org/wiki/Cashier's_check

 

[JetmechF16]

With a certified check either he or his bank can call the issuing bank of your check to guarantee the funds. When I sell or buy big ticket items privately, that's exactly what I do.

 

[Comp281]

^^^what jetmech said. Shouldn't be a problem if you bring it to his bank.

 

[Cobra_GATA]

So in other words, go check out the car. If I like it, head over to his bank with the check and ask them to guarantee the funds? How would they do that? Call my bank and make sure the funds are available?

 

[timspony]

You should be good to go with a Certified Bank check....GL

 

[testorossa1989]

So in other words, go check out the car. If I like it, head over to his bank with the check and ask them to guarantee the funds? How would they do that? Call my bank and make sure the funds are available?

I used a certified check. What i did is i got pre-approved. I found the car i liked. The bank gave me a forum and a list of all the info i needed such as seller, title, vin ect. Everything checks out, they will in turn give you a certified check that they can cash at any bank. This is done through a credit union. If the seller doesnt accept the check then walk away. A certified check is as good as money and its only signed out for the seller of that vehicle for that specific vehicle

 

[Jomo1994z71]

I did it the same way!
Took the church to his bank, didn't give it to the seller. Went with him to the bank. Took 30 mins

 

[Cobra_GATA]

Interesting. I am getting different info. I am using a credit union. he is has Wells Fargo. I called Wells Fargo and so did her. If I deposit the credit union check into Wells Fargo here locally on say Monday before 4:00, assuming there are no holds on his account the funds will be not be cleared until Wed. When i say cleared, meaning at that point I couldn't call and cancel the check on him.

 

[CobraBob]

Why would you deposit your credit union check into his bank, Wells Fargo, before you look at the car? I would never do that unless I knew for sure I wanted the car. You really want a certified check.

I found some good info that explains the process. You will need to communicate this to the seller if you decide to look at the car and pay while there.

How to Get a Certified Check

Anyone considering buying a home should know how to get a certified check. Mortgage companies typically require certified funds for payment at a loan’s closing. Sometimes automobile dealers require certified checks for down payments on cars, and a seller who doesn’t know you may require a certified check for any large purchase. You could also be asked to provide a certified check when making a security deposit to a landlord. Certified checks aren’t likely to bounce and therefore give the people or companies to whom they’re written a sense of security.

A certified check is a personal check written by an individual who has a checking account. The bank on which the check is drawn guarantees or certifies that the check writer’s account has sufficient funds on deposit for paying the check.

Certified checks differ from cashier’s checks in that they are written on an individual’s checking account. Cashier’s checks, in contrast, are bank checks written on the bank’s account. To get a cashier’s check, you must pay the bank in cash or have the funds withdrawn from your bank account at the time of purchase. A certified check is not paid until the payee presents it for payment.

To obtain a certified check, you need two things. You need a personal checking account, and you need enough money in that account to cover the amount of the check you want to write and certify.

If you have these two items, go to the bank or credit union at which you have established your personal checking account. You will need to go inside the lobby rather than through the drive-through window and you should take a photo ID like your driver’s license with you in case you are asked for it.

Tell the teller you need a certified check and specify the amount for which you need the check. The teller will verify that your checking account has sufficient funds to cover the check. Once your checking account balance is confirmed, you will give the teller a completed and signed check made out to your mortgage company or whoever you’re paying with it. The teller will then stamp the check as certified and put a hold on your checking account in the amount necessary to cover the check.

Expect to pay a small fee for this service. Although some banks provide certified checks to their customers for free, most financial institutions charge for certifying a check. The fee varies from bank to bank. Sovereign Bank charges $15 to certify a check. First Eagle Federal Credit Union only charges $5 for the service. Check with your own institution to see how much they charge. If you have checking accounts at more than one institution, check with both institutions to see if one charges a lower fee than the other.

Once you obtain your certified check, record the check number, payee and amount in your check ledger. That way, if your certified check gets lost or stolen, you will have the necessary information for issuing a stop payment on it.

 

[Cobra_GATA]

Thanks for the input from everyone. I am heading down there this Friday to check it out. If everything goes as planned, I will leave him a deposit, come back home close on the loan, and drop a check in his account on my way back down there to get it the following week.

Going to run the carfax to see if that pulls up anything, but he did just take it last week to have the compression check. Said the cylinders were reading 180. That is a good number correct?