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I am buying a car from an individual in a different state.
I am going to pick up the car on a Sunday. I can't believe the people at my bank can't give me the best option, they don't sound too smart about it. Hopefully someone here will have some helpful input.
I need a way that I don't have to give him the funds up front before I am with the car, that also guarantees he gets the funds so he can let me drive away.
So far I have came up with the following. If I get a cashiers check for the full amount and take it with me, my bank is available on Sunday to verify the funds and claims that there would be no way for me to stop it before he could cash it. So that guarantees him the funds. The seller is sort of pushing that I send him the money first so he can make sure it is good.
I have verified that the guy is who he says he is, I know where he works, and plenty of details on him.
Also there is the issue that I should get down there and NOT want the car for some reason (again unlikely but possible), or if the car gets hit by a meteorite before I can get it, I have to wait 90 days to get a refund on the cashiers check. If something goes wrong, I can't wait 90 days to get this amount of money back !!. I don't want to fly with that much cash !!!!
How the heck can we do this >>???????????????????????????
Make the check payable to you, and sign it over to him, He can still verify the check is good, and if for some reason the deal does not go thru you can keep the check and cash/redeposit it you account. You only out the fee for the cashiers check.
Cashier's check or money order, to be given on the day you pick up the car. Paypal is a good idea too, you would have recourse through Paypal if there were a problem.
Cashier's check or money order, to be given on the day you pick up the car. Paypal is a good idea too, you would have recourse through Paypal if there were a problem.
How much is this car you are looking to purchase? Can you meet the seller during banking hours?
If I was the seller, I would not accept a cashier's check nor a money order from someone I could not trust... and it's pretty evident that there is not enough trust here. When it comes to large amounts of money being transferred between stangers, I'm usually pretty cautious.
As a seller, I would not be able to verify the cashier's check until Monday... and even then, those Nigerian Check Scams have shown that banks are wiling to cash cashier's checks before they have "completely cleared."
PayPal is also a service that definitely does not protect a SELLER. If you decide you don't like the car for WHATEVER reason, you can file a dispute with PayPal and cause a freeze of my funds... and I wouldn't want to deal with that.
Obviously, these are worst case scenarios.... and in this case you are the BUYER... so if the Seller is cool with any of these, most of the possible outcomes are in your favor.
My suggestion: Find a way to buy this car during banking business hours... Wire Transfers, Cash, etc...
If this has to be done on a Sunday, perhaps you can sign a NOTARIZED purchase contract, give the seller a cashier's check, and drive away.... BUT allow him to hang on to the title until your check clears so that he feels comfortable....
I personally would only do it during banking hours. The first car I sold was for $2300 cash. The second was quite a bit more at $9400, so we did all the paperwork right in front of the bank manager and the bank manager then printed out a cashiers check and handed it to me.
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