Consummating a Purchase Transaction?

[ExpressVan]

Assuming I find that unicorn (or pony in a pile of manure?), how is a purchase transaction completed when it's between private parties (vs. a dealer)?

Do buyers and sellers meet at the titling office or a bank? I've read that cashier's checks may no longer be the instrument of choice. Is a wire transfer, bill of sale and title exchange conducted at a bank?

What if I need to do this long-distance? (Has anyone had a B transported?)

It's been a long time since I last bought a used vehicle!

[GallenH]

The last car I sold, I met the buyer at my bank which accepted the cashiers check and took care of notarizing the transfer of title and a sale agreement that I had drawn up. Personally, I wouldn't wire money to some unknown at a distant location. I'd go where ever it was, either flying or with a friend driving. With today's banking over the internet, you can wire money....if that's what they want...from your bank to the sellers bank on your cell phone.

[N147JK]

Gut instinct is your best friend. Bought ours using an old-fashioned cashier's check at the seller's home. Pleasant transaction - no issues whatsoever.

[avanti]

Cashier's checks and certified checks (which are much the same thing) are just fine. The only proviso is that you have to make a phone call to the issuing bank just before you sign the title, to confirm funds availability. Don't take the phone number from the buyer, or even from the check--look it up yourself. This is pretty much as safe as you can get. Wire transfers are really no better, and they take a lot more time and money to execute. It is true that your bank won't release the funds until the check clears, but in my recent transaction, it took 24 hours.

The problem with most modern app-based cash transfer systems (Apple Pay, Zelle, etc) is that they have dollar amount caps that are often way too small.

There are also various on-line escrow services and similar offerings. Some are expensive, others are complex. They strike me as a solution in search of a problem.

[Sleeping Dog]

One thing that you want to know before agreeing to buy the van is, does he have the title in-hand or is there a payoff? If there is a payoff, what bank holds the loan, if it's a local bank then you can meet and complete the transaction there, no problem. If the bank is somewhere across country, and dealer financing often is, then he needs to pay the loan off before he can receive the title.

Frankly, if the seller doesn't have the title, nor the cash to payoff the loan, so you can receive the title and it is a remote bank, I'd walk and find a different van.

[GaryG]

Our Roadtrek purchase was a combination of emergency cash and cashier's check. I took a photo of the check in a selfie of me standing at the counter at my credit union with the teller in the background for authenticating the check (The manager said I wasn't supposed to do that, but also said don't worry about it). We counted the cash at the seller's house, presented the check and the selfie, signed a simple contract indicating the purchase was "as is", etc., and the seller signed over the title. Easy.

[otr]

Safe to assume you have 100% verification of the clear title, etc...I was able to go into a credit union in the city where I bought my Roadtrek and have them disburse money from home credi union.
It would want to have someone on the ground to look at the van as well as docs to make sure everything is above board.

[Viperml]

Open an account at a bank that is in your state and the state of the other party if you both are in different states. Like bank of America or wells fargo. Make sure the party selling has clean title with title in hand. In my situation I was selling. I had the guy bring cashiers check. I had Clean title. We met at the bank
The bank had person that was able to notarize. After that he gave me the cashiers check. I gave it to bank rep. They said it was good and I deposited into my account and other person got the title.

[engnrsrule]

Bought ours from private seller, used cashiers check in person at his home, he signed title and we drove home. Stopped at DMV and filed for registration and new title. Same state, easy peasy.

[jrobe]

Cashier's check can definitely be fraudulent and counterfeit. I would get your bank involved and have them help you complete the transaction at the bank to make sure the funds get transferred to your account before any title transfer. Do your homework. This is complicated. Don't get scammed. Here is one of many articles on cashiers checks.

https://www.occ.gov/news-events/news...ry-2007-1.html

[avanti]

Originally Posted by jrobe

Cashier's check can definitely be fraudulent and counterfeit. I would get your bank involved and have them help you complete the transaction at the bank to make sure the funds get transferred to your account before any title transfer. Do your homework. This is complicated. Don't get scammed. Here is one of many articles on cashiers checks.

https://www.occ.gov/news-events/news...ry-2007-1.html

It's not that complicated. There is certainly a problem with counterfeit cashier's checks. But, as I said, the solution is simple: At the time of the transaction, call the issuing bank and have them validate the check. As long as you are sure you are actually talking to the correct bank, there is very little that can go wrong. Since the money is coming from the bank's own account, not the buyer's, there is no plausible way for it to be clawed back by the buyer.

The referenced article says the same thing:

If you want to find out whether a check is genuine, call or visit the bank on which the check is written.