Paying for an out of state car?
 

I am buying a car out of state from a private owner. I am wondering what methods people use to pay to ensure both parties are protected.

I feel pretty good about the seller and have had a few conversations working out the deal, but was unsure about the method of payment.


Thanks for the help :)

Bank wire transfer worked out well for me when I bought the Targa from a guy in CT.

Small unmarked, circulated bills.

That may or may not need to be dark green...

bitcoin

What could go wrong?

I've sold cars out of state a couple times, but never purchased one sight unseen.

One deal was super easy. The buyer sent a friend. I picked him up at the airport. he drove the car, looked it over, gave me cash and I gave him the keys and signed title.

One deal was a pain, nothing major, just a lot of extra run-around. . . and the car was highly detailed when it left, and showed up in Chicago absolutely filthy (open trailer)

If it were me, I'd buy a one-way plane ticket and go buy the car in person.

meet at the seller's bank and xfer the funds into his account then; bank officer can watch him sign over the title and notarize any docs

Wire transfer with the details setup in advance. Very low fee, very secure. Also depends on amount. If $7k or less, I pay cash

If you are meeting them in person, do the deal at their bank via wire transfer and sign the title and bill of sale on site.

If you are doing it at a distance, request a photo of the title, their driver's license, draw up a bill of sale, then initiate a wire transfer. I usually also request a photo of one of the VIN plates to ensure it matches the title.

Backpack full of cash, and a one way ticket to Ohio.
that's how I did it.


Thanks again cabby

be sure your posse has control of all the rooftops and road exits

lol!

You got the one way to Ft Wayne btw! Us sketchy characters never like to do things too close to home. :D

To the question at hand. Wire is the easiest. Make sure you ask your bank whether they do batch wires or send them as they come in. It generally takes less than an hour for a wire to post to the receiving account as "pending". You'll have to take care of signing the wire document before you leave and letting your banker know you'll be calling to send the wire. When my customers do this I typically take them out to lunch and watch my account with online banking.

I typically hold the car with a relatively small deposit if required by the seller, often times they hold the car based on me buying a plane ticket. Inspect the car in person, if all is good I either pay cash (preferred), or we go to the seller's bank and I wire the money. Cashier's check is also an option if you negotiate the price in advance, I always text a photo of the check to the seller so they can verify it independently with my bank.

If you buy sight unseen, I would recommend an independent inspection by either a quality shop or an inspection service like Lemon Squad. I've used them several times and they were very good. My neighbor bought a McLaren sight unseen based on one of their inspection reports! After inspection is clear you wire the money and set up the shipping.