Quote:
Originally Posted by Lord Nikon
When I bought the '96 I sent the seller a $5000 cashiers check from my bank, being 5 states away, to secure the car.
I arrived a few weeks later with the remaining balance and the seller took me for a spin showing me the cars potential. I gave the seller the remaining amount in the form of my banks cashiers check again and was given a copy of the title and the keys/car and as soon as the check cleared I was mailed the title.
The seller definitly did it right and I will follow this method in the future. If you really want the car, you will follow the sellers terms
Sounds like a solid method. I'll do that when I sell my viper (which is for sale BTW
I TOTALLY disagree. Legally, HE is still the OWNER of the car while you are driving it. This could come back to haunt the original owner if the buyer does illegal activities with the car. What if he totals the car? LEGALLY, IT IS NOT YOURS UNTIL THE TITLE IS IN YOUR NAME. Therefore, that person can NOT get insurance on this car. Please do not sell a car this way.....
I TOTALLY disagree. Legally, HE is still the OWNER of the car while you are driving it. This could come back to haunt the original owner if the buyer does illegal activities with the car. What if he totals the car? LEGALLY, IT IS NOT YOURS UNTIL THE TITLE IS IN YOUR NAME. Therefore, that person can NOT get insurance on this car. Please do not sell a car this way.....
Well the car is a RACE CAR and I have put 50 miles on it in almost a year. I did not start to drive it until I received title. Also the seller still had full insurance on it and left me with the tag and I sent it back without the temptation of driving it. He wanted me to drive it once I got it home but I refused without my own insurance on it so it sat in my garage until the check cleared and I received the title.
The seller and I spent many hours over the phone before a deposit was sent out. We got a good feel for each other and I was not going to drive the car without the title in my name. Its all in the communication and getting a feel for each other.
Well the car is a RACE CAR and I have put 50 miles on it in almost a year. I did not start to drive it until I received title. Also the seller still had full insurance on it and left me with the tag and I sent it back without the temptation of driving it. He wanted me to drive it once I got it home but I refused without my own insurance on it so it sat in my garage until the check cleared and I received the title.
The seller and I spent many hours over the phone before a deposit was sent out. We got a good feel for each other and I was not going to drive the car without the title in my name. Its all in the communication and getting a feel for each other.
So what if you totalled it on your way home? What if someone without insurance crashed into you and totalled it? Stranger things have happened.... BTW - I'm not saying the owner did not keep the insurance on it, but his rates would have skyrocketted if his policy had to cover a $60,000 accident. And if you weren't planning on driving it until you owned the title, why not let him keep the car until then - with the agreement he puts 0 miles on the car?
Look, I'm not bashing. Really I'm not. If you guys (buyer/seller) felt comfortable doing it this way, THAT'S ALL THAT MATTERS. Obviously it worked out for you guys. But speaking for myself, I would not feel comfortable letting someone leave with my car while the title is still in my name. Of course, I always plan for the worst and hope for the best. In closing, really just trying to provide some insight into the potential risks of doing a transaction this way.
Last edited by onerareviper : September 16th, 2006 at 01:20 AM.
So what if you totalled it on your way home? What if someone without insurance crashed into you and totalled it? Stranger things have happened.... BTW - I'm not saying the owner did not keep the insurance on it, but his rates would have skyrocketted if his policy had to cover a $60,000 accident. And if you weren't planning on driving it until you owned the title, why not let him keep the car until then - with the agreement he puts 0 miles on the car?
Look, I'm not bashing. Really I'm not. If you guys (buyer/seller) felt comfortable doing it this way, THAT'S ALL THAT MATTERS. Obviously it worked out for you guys. But speaking for myself, I would not feel comfortable letting someone leave with my car while the title is still in my name. Of course, I always plan for the worst and hope for the best. In closing, really just trying to provide some insight into the potential risks of doing a transaction this way.
Shit can happen in any situation if you look at it that way. Most people do not think of it that way and it is good that you do because the way we made the deal was not the way everyone would have. What if I fell asleep at the wheel on the drive back? I did not drive the car back, I trailered it with my truck and trailer. You take precautions to try to control this but again there is no such thing as total control. I would have loved to take title, however I was not going to send the banks cashiers check 2 weeks before I picked up the car. Can you imagine sending out almost $50k and getting screwed over by someone you never met and perhaps get wrong contact info on trying to scam and it does happen.
I understand where you are coming from, especially with a exotic car. The buyer and seller need to have a lot of communication and then go from there. I was just showing my scenerio and it worked
Shit can happen in any situation if you look at it that way. Most people do not think of it that way and it is good that you do because the way we made the deal was not the way everyone would have. What if I fell asleep at the wheel on the drive back? I did not drive the car back, I trailered it with my truck and trailer. You take precautions to try to control this but again there is no such thing as total control. I would have loved to take title, however I was not going to send the banks cashiers check 2 weeks before I picked up the car. Can you imagine sending out almost $50k and getting screwed over by someone you never met and perhaps get wrong contact info on trying to scam and it does happen.
I understand where you are coming from, especially with a exotic car. The buyer and seller need to have a lot of communication and then go from there. I was just showing my scenerio and it worked
I can see where you would not be comfortable letting the guy keep the car two weeks while the cashiers checks cleared. I agree. But by law, that's exactly what you did. Even though you trailored it away, until that title is signed over it's his asset. He could have got the Viper back legally after those checks cleared. The title trumps everything as far as ownership, at least temporarily. You could taken him to court and proved your payment/case, but criminals don't show for court. That title means everything. Here's where a wire transfer at the bank would have been perfect in your situation. He could have got his money and you get the title, with a third party witness. All same day/minute.
I guess what I'm hoping this post turns into is a bullet-proof way where 'Shit can't happen'. I'm not trying to focus on your transaction, just a way to purchase a car where an evil-doer has NO WAY to win. In your situation, an evil-doer could win. Given, you were dealing with a nice guy. Lets focus on a way to purchase a high dollar car where you don't have to worry about anything. I'm not saying I have those answers. Matter of fact, I have made many transactions accepting cashiers check/money orders not knowing the risks. I have just recently started looking into these things, as some items I have/am selling are getting up there in value.
The only ways I can think of at this time are:
1.) Meet at owners bank. Do a wire transfer, and have a bank employee be a third party witness. Once the money is confirmed to be in owners account, he hands over title & keys. This is agreed upon at bank with witness.
2.) Same process as above, but with cash. The only issue I see here is transporting that type of money. Personally, I would not feel comfortable with +$50g's on me. If you have accounts at the same bank, this would probably not be an issue. Maybe one could even open an account at the buyers bank, or vice-versa.
I was purchasing a car from an individual and wanted to make sure the deal went smoothly so I paid a local dealer $500 for their time to "buy" the car from them, or rather, "through" them. They dealt with paying the previous owner and making sure they had a clean title, etc.
This could easily work the other way, if you are selling a car, use a dealer in your area to help broker the final paperwork/settlement transaction.
Matt...EVEN if a cashiers check clears its not good. There are documented cases where the check was cleared in 5 or 7 days and funds available and then when they find out in 3 weeks that it wasn't good they take the money back right out of your account. DON"T TRUST THEM...
Matt
Has this ever happened to you directly? Someone in your immediate family? I'm guessing no.
If the check actually cleared in 5-7 days and the funds were available, then the funds were there. And they were removed from the account the check was drawn on before the balance was made available to the depositor. If not, then a bank employee fucked up. End of story. No bank woth the money you are depositing is going to release funds to you before they take them from the account they were drawn from.
I know. I couldn't even get funds for a cashiers check drawn from my own account until those funds very verified liquid, and removed from the other account the check was drawn on.
I don't know where you bank or what your bank's definition is for "clearing a check", but until the funds are verified liquid, and moved into my account from an account with valid funds the balance will not be available for withdrawl and thus "not cleared". You might want to change where you bank if their policies are different.
It a wonder some of you guys ever buy or sell anything.
Linear Mode
