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Buying a car and paying for it Safely

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  • Other: Buying a car and paying for it Safely

    Here's the deal , The car is 4 hours away , I have talked the seller several times , Sounds like a nice guy But in today's world do we really ever know , And the deal is going to be cash But is there a better way to transfer funds ? How are we doing these transactions lately ? Thanks . Ed

  • #2
    I've sold a few for cash but two of them were done by bank transfer from their bank to mine. Easy to set up with my Credit union.

    Are you worried about showing up with cash or that the car is not as represented. If it's cash option, meet the seller at the nearest police post or Sheriff's office and take a friend.

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    • #3
      Cash in hand in exchange for possession of vehicle and title is best. I would never transfer funds to someone on an unsecured purchase. A paypal earnest deposit of $50 should hold the vehicle if needed until you or your representative can pay in person. Meet at a secure location if not sure about the seller as legit.

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      • #4
        Sold my Rover to someone in Ohio. He FedEx'd a cashiers check, I sent him the pink slip signed. A week later, a transport truck came and took it away. The driver thought he had to push the onto the transport. I told him it runs, drive it on.

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        • #5
          Did I not read somewhere recently that PayPal is cancelling their service?

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          • #6
            I like cash, but have concerns traveling with large amounts. I just purchased a vehicle, and used a cashiers check. The funds were set aside in my account, and payable only to person printed on check.
            sigpic
            Ross.
            Riverside, Ca.
            1957 Provincial X2
            1958 Transtar

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            • #7
              personally, I would not sell and release title and vehicle with a cashier check purchase until the check clears the bank and funds are in your account. Those checks are easy to counterfeit. Paypal is doing fine.
              https://www.thebalance.com/cashier-s-check-fraud-315795

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              • #8
                A Bank or Credit Union Wire Transfer is still THE MOST Trusted Money Transfer, always used for Large Amounts.

                Cash is good, but HOW are you SURE it is REAL?
                StudeRich
                Second Generation Stude Driver,
                Proud '54 Starliner Owner

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                • #9
                  One of the last Studebaker deals that I was involved in was about 250 miles from my home. I offered a variety of payment methods and offered for him to hold ownership until he was comfortable with the payment. I arranged transportation/trucking for the Studebaker. The seller insisted on cash. I cancelled the transport and took a friend with me for a day trip. The net was that when I arrived with the cash, I did not buy the car. My friend and I had a nice visit and ride. Of course, it cost me money and time.

                  The net is, take the cash and a friend.
                  Gary L.
                  Wappinger, NY

                  SDC member since 1968
                  Studebaker enthusiast much longer

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                  • #10
                    Here's a follow up to our adventure , We did the cash routine and everything went very well , Traffic around Washington D.C. was the worst and the new toy is home , Its a Factory Five Cobra , Ed

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                    • #11
                      Congratulations, I can’t wait to see it!

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                      • #12
                        I am the caretaker of a private car collection here in Fort Worth. One of my responsibilities has been selling cars. I have sold cars for as much 150 grand. Every sale is absolutely cash and no exceptions. It has even been a deal breaker and don’t care. It’s cash always.
                        Mike - Assistant Editor, Turning Wheels
                        Fort Worth, TX


                        1964 Avanti R2 #R-4986

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                        • #13
                          Congrats on the Cobra! Glad to hear things went well with that big sack of cash. You probably felt like a gangster on your way there.

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