Paying for a car out of state

[99-venom]

Looks like I’m finally buying a GT500 this next week. I’ll be flying to California to pick it up. Then driving it back to Texas.

Whats a good way to make the cash transaction? I was thinking I would wire the money once I have the keys and title, but I don’t want to be waiting for the funds to hit his account. Cash isn’t out of the question, but I don’t want to meet an unknown person with that much cash on my person. What have y’all done?

 

[13COBRA]

Looks like I’m finally buying a GT500 this next week. I’ll be flying to California to pick it up. Then driving it back to Texas.

Whats a good way to make the cash transaction? I was thinking I would wire the money once I have the keys and title, but I don’t want to be waiting for the funds to hit his account. Cash isn’t out of the question, but I don’t want to meet an unknown person with that much cash on my person. What have y’all done?

Have a buyer's order written up, bring a certified check with you that he can confirm through your bank.. hand cash over, receive keys and title, and head home.

 

[99-venom]

Have a buyer's order written up, bring a certified check with you that he can confirm through your bank.. hand cash over, receive keys and title, and head home.

Does the buyers order matter if it’s not a dealer?

The person I’m buying it from uses Wells Fargo. I use a local Texas credit union. Can I have Wells Fargo write a certified check to help speed the process?

 

[DiB14-SAFD]

Since there is probably a Wells Fargo close to you the easiest thing to do would be to open an account and deposit the money in there. Once you check out the vehicle and make sure everything is good you go to the bank, transfer the funds, have him sign the title over and head home.

 

[jmsa540]

Dont pay msrp..

Sent from my SM-G892A using the svtperformance.com mobile app

 

[Tob]

So, this is for a used GT500?

 

[99-venom]

Since there is probably a Wells Fargo close to you the easiest thing to do would be to open an account and deposit the money in there. Once you check out the vehicle and make sure everything is good you go to the bank, transfer the funds, have him sign the title over and head home.

That’s a great idea.

So, this is for a used GT500?

Yes, 2007. I wish I could buy a new one without being car poor.

 

[specracer]

$2xk - $3xk I personally would strongly consider cash. $40k+ gets to be too much. Flying however, and getting through security with that much might be an issue (over $10k)

I would go into a wells fargo branch near you, and see what they suggest. Maybe they have an escrow like service?

FWIW the last 2 I have done, one I brought a certified check, for ~$5k under asking price, and the rest in cash (for on the spot negotiation). Then in January for a larger transaction, both of us had BoA, we went to a local branch (in FL) for an instant transfer. The instant transfer was surprisingly simple and smooth.

 

[7998]

Go to your local Wells Fargo and get a certified check. That way he can go to his Wells and turn it into cash. Sounds like a cool trip, good luck and have fun.

 

[RunninHorse]

I went through this when I bought my newest Mustang. The issue you may have with a certified check is how long it takes to clear. In my case, the seller's bank held the funds for a week to make sure it cleared.

The seller (a member here I believe) and I agreed that I'd hold the signed over title and completed bill of sale, until the check cleared. Then the car was shipped down. Even though I had no reason not to trust the seller or the shipper, I was nervous until it was in my driveway.

I tried to drive a used Foxbody from Florida to Texas and broke down in Mississippi. I wasn't doing that again. $950 to have it shipped 1300 miles from Wisconsin to Texas.

 

[nxhappy]

goto the bank together to do the deal ...have title in your hand and then wire the money ..

 

[sleek98]

Everytime I have wired money, they only did it at certain times. 10 and 3 I believe.

I would just go into a wells fargo and open an account. Deposit the moeny there and then go to a branch in CA and just do a wire. it will take less than 5 mins if you are both there and you can be on your way.

 

[99-venom]

Thanks for all the input.

Due to timing, I will end up doing a cash deal at a local bank after I have checked the car over. This way I wont have the cash with me while I inspect the car and meet the guy. The banks wanted to put too long of a hold on the money if its transferred from bank to bank.

 

[olympic]

Are bank drafts (maybe called cashier's checks) not a thing is the USA? Whenever I do a large purchase I go to the bank with a personal check and they take the funds out of my account and give me a bank draft. The draft is guaranteed by he bank and all the seller has to do is call/visit the bank to verify it's genuine/not fake.

 

[99-venom]

Are bank drafts (maybe called cashier's checks) not a thing is the USA? Whenever I do a large purchase I go to the bank with a personal check and they take the funds out of my account and give me a bank draft. The draft is guaranteed by he bank and all the seller has to do is call/visit the bank to verify it's genuine/not fake.

Yep, there are certified checks in the US. That was my original plan, but the seller wants to hold the car until the check clears (5 days) and I don't want to make two trips. I don't blame him since there's a bunch of frauds and such. Cash will simplify things.

 

[olympic]

True enough, even bank drafts take time to clear. If the seller wants cleared funds in his account then a wire transfer is probably the safest option.