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Purchase/payment logistics question
The car I'm considering is in Illinois with a private owner. I live in Florida. I'm flying up to take a look, and if I like it, I'm buying it.
But...I'm hesitant, to say the least, to hand over the purchase price and leave the car there until I can have it insured and transported, (not sure yet whether I can even get it insured until it's titled to me) but he'll be equally hesitant to hand over the title until he has cash in hand. How did you who have done this before handle the logistics of the payment and title transfer process? A local deal would be no biggie, but that thousand miles is going to cause some serious separation anxiety. |
As a seller nothing happens until the money clears the bank. The best way is wire transfer, Once clear the title can be signed over to buyer and car can be released. The insurance company will insure it as long as you have the VIN number. It's pretty simply but does rely on honesty on both parties. Best of luck!!
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Ditto on the wire transfer. You can have the bank do it while you are with the buyer, he can see the money in his account, and he can immediately sign over the title. I like to set up a separate checking account and have everything arranged with the bank before going to look at something. If it doesn't happen, I just transfer the money back where it was originally
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Great advise...thanks. I've done the wire transfer thing with our last two boats, but those were through brokers and I just didn't think of that related to a person-to-person car deal.
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The other possibility is if you both have accounts at the same Bank, you can both go and make a cash withdrawal followed by a cash deposit.
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It doesn't seem the money part of it is the issue, but continued possession of the vehicle by the seller after the transaction is complete.
So, first, don't leave the car, money and title with the seller all at once. If you can't be there in person you can sometimes arrange with a bank to help. You open an account there. The seller shows up with the title. When your money is transferred (perhaps in advance) to the intermediate account, the banker takes the title and transfers the funds to the seller. Get insurance effective this date. The banker will send you the title. Get a signed bill of sale too. Have it notarized. Then you have a title and bill of sale. If the seller absconds with the car (not likely) you're covered. If you can't find a bank that will cooperate there are escrow companies that can also be an intermediary. Auto dealers will sometimes perform this service. All of them will charge some kind of service fee. |
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