Hot Rods Buying / Selling a vehicle...?

I see all the huge asking price, can I hear some advice about purchasing/selling?

For instance, My friend wants $37,500.00 for his car in SW Washington State, a person in
Tucson, Arizona thinks he wants it.
If the buyer fly's into a nearby airport, to drive the car home, How and when is the money paid ? If you carry OVER $9,999.00 on an airplane you could miss your flight because the guards will want to hear your story. The buyer doesn't want to do a bank to bank transfer, 'cause he hasn't drove or seen the car in person. The seller won't take a check at the airport parking lot and watch his car drive off. A cashier check can be nullified, and by that time car is gone.

When I see these HUGE prices, (I am Old) I wonder how the exchange, money for car, and title, transpired..
There must be horrible stories out there, because a lot of these transaction are controlled by the underground economy.
For both parties' Is there a safe way to do this, that you folks can offer?

People on the HAMB really do KNOW IT ALL. I LOVE THE HAMB. Its a great place for HIGHER education

thanks all,
Bob

 

Fly down. Go to bank. Take out Cash. Pay and drive away...Did I miss something?

 

The buyer should be able to do a bank transfer over the phone after he looks at the car. Just make sure to check with your bank first.

 

Yeah,funds transfered from your bank.Easy.

 

I did this.......
Over the phone we agreed I would provide a cashiers cheque.
I flew out gave him the cheque.........it was a Friday.
The seller then took me in the vehicle for sale to the bank (his branch)......he cashed the cheque and had the bank issue him a bank cheque(which insured my cheque cleared as it was a cashiers cheque) in that amount........the bank tried to convince him my cheque was the same as cash but he insisted on a cheque from them.......after receiving the new bank cheque, I received the signed reg and keys...........I drove the car(truck actually) home. Very smooth.

 

Bank to bank after inspection.
Pretty easy.
There's a fee for that but in the reality of flights and 40k cars its not much.

 

Yep, buyer gets seller's bank info, arranges for a wire transfer with buyer's bank before he goes to see the car. If he likes it, he calls his bank, instructs them to make the transfer and in a fairly short time, the money arrives at seller's bank. Done.

This isn't just theory......I have done it a few times as have many others.

Ray

 

ok, sounds so simple..

 

^^^^^^^^ I like your avatar truck!!

Ray

 

Thanks,

 

As above...bank.

That is what they are there for!

I for sure wouldn't be cruising around any of the airports I have been to with 40 large!

To put it another way...I wouldn't take 40 grand anywhere that I couldn't bring a firearm with it!

 

I had an older Chevy truck for sale on eBay, it didn't meet the reserve, a guy emailed me and we agreed on a price ($6,000). He rode a bus to MN. for 8 hrs. I picked him up at the bus station, took him to my shop, he liked the truck and took off his shoes, in his fat socks, he had $100 bills wrapped around his ankles, what a HOOT.

 

$6000.00 But $40,000.00 ?

 

Now that the money issue is settled, how about whose tags does he drive it home with, yours or his? Does he need to call his insurance agent to have it covered? Does he need to get temp tags from the seller's state for the trip home, assuming he lives in another state? Just curious as to working out these issues.

 

Seems like these things Always take place on a weekend...

Thanks NOW we are getting to the heart of it....

 

.........................So true.

 

When I bought my avatar, the car wasn't currently licensed. Now, I did buy it from a dealer (this was his 'personal' car that he used 'dealer' plates on), so I simply drove it home. California wouldn't issue me a temp because I wasn't a resident, couldn't get a Washington temp because I wasn't there yet.... No issues, just drove it home....

 

Most insurance companies automatically cover "new acquisitions" for a period of time. That said, I'd advise my agent if I was making such a trip and likely to be driving it home.

Similar for plates. Most States provide a period of time for transfer.........so....even if you don't intend to transfer, but buy new plates when you register the new acquisition, existing plates from you DD should be legal. However, all States have driveaway tags. They should be obtainable either in your State of the Seller's location. If neither of the above work, drive it wth a bill of Sale and/or title made out to you. Worst case, you get a ticket.

Ray

 

with no license, insurance?

I did stuff like that when I was young,
even narrowed a 1937 Ford tube axle.. with an acetylene tip # 2/3
can't remember which tip.

 

You have to give a bank 3 to 5 days notice to get that kind of cash. Even in Canada we have to give notice to pick up that kind of cash. Banks are in cahoots with law enforcement to prevent money laundering..,,unless you hold public office of course

 

Bought a pickup in Alabama where the plates stay with the seller. I drove through 4 states, almost 800 miles with out an issue. Entered home state of Oklahoma, drove about 15 miles and was stopped on the interstate by a small town officer for driving with out a plate. When I explained the circumstances, I was allowed to continue my trip.
Jack

 

Not sure to whom your question was directed.........Usually I would inform my agent if I was going to be driving something home. Insurance is more important than plates in my opinion.

Ray

 

I did a Very Large sale - I'm probably just over cautious- but I opened a new account for it. I felt better giving out an account number that was empty to start with.
Insurance (in Washington) has a mandatory 2 week "grace" period that your current company is required to cover you. My brother totaled a car a couple days after buying it. Yeah, he decided that he planned on having full coverage all along..

 

I usually just pull my trailer and don't have to deal with the plate issue.

If I was driving it home, I have just called my insurance man after I bought the car, gave him a description and head for home. I never worried about a plate. I've had cops stop and look at the car sitting in a parking lot while we ate or got gas but never ask another question when I showed my bill of sale and the title after explaining I just bought it and was headed home.

I've always paid cash but nothing over $14,000 so far. If it was over that, I would probably pre-arrange for a cashier's check as being acceptable with the seller. I also do a bill of sale with both parties signing it.

SPark

 

$6000 is pocket change when it comes to buying a car.

 

For a large sum of money for a car that someone wants to drive off with, forget the weekend and it will take some planning by the buyer to get it insured and temporary-plated. Wire transfers work really well for this type of transaction.

 

when i bought my 1950 mercury in B.C. last may i brought cash because it was easy and seller was someone i felt safe with. doing the wire transfer is the safe way to reduce risks. if other party has issue back away! i have kept many sizable deposits when someone was trying to change the terms, i remind them the deposit is non-refundable and when that amount is 5K+ they get back on track.

 

I hear this all the time. You can fly with ANY amount, domestically OR internationally. $500k in fresh hundreds on a flight to Vegas or London, no problem. The only caveat being that on international flights you must declare when you carry more than 10k which is a simple process. Don't declare it and they will seize it. Domestically it probably isn't a bad idea to have ask the TSA person for a private pat down but that aside there is no reason not to. I have personally flown with 6 figures and not had a single question from security and don't expect to UNLESS I am flying with white powder under my nose and a "Legalize Cocaine" t-shirt.

Depending on where you live the only thing to watch out for is civil forfeiture which bears a little time with Google to read up on if you do carry large amounts of cash even in your home town. That is an issue at ANY amount of money. There are cases of as little as 2k being seized. All depends on circumstances/location.

 

FWIW, was in the process of selling a car to someone in Bessemer, Alabama. His bank would not do a wire transfer unless he was physically in his bank and would not accept a phone call to do a wire transfer. What a hassle. I finally took a combination of cash and bank checks. Gave him the car and kept the title until all bank checks cleared. Per the manager in my bank there is no longer certified checks. They are now bank checks on which payment can be stopped. She said a customer in our bank lost both his car and payment after a bank check had payment stopped. It seems the only easy way is cold hard cash.