| Author |
Message |
PDXWesty
Samba Member
Joined: April 11, 2006
Posts: 6344
Location: Portland OR
|
 Posted: Wed Aug 06, 2014 9:56 pm Post subject: |
 |
|
Escrow protects the seller because funds are verified before you have to deliver the vehicle. Then you don't turn over the title until the vehicle is accepted by the buyer and the escrow company gives you the funds. The title is the last thing to change hands after everyone is satisfied.
_________________
89 Westy 2.1 Auto |
|
| Back to top |
|
 |
BHChieftain
Samba Member
Joined: June 06, 2014
Posts: 38
Location: United States
|
| Posted: Wed Aug 06, 2014 10:20 pm Post subject: |
|
|
I'd like to learn more about cashier's check problems-- I have heard of cases of cashiers checks turning out to be fraudulent something like 10 days later and the seller has no recourse--- but I really don't know the facts here...
Chief |
|
| Back to top |
|
|
IdahoDoug
Samba Member
Joined: June 12, 2010
Posts: 10357
Location: N. Idaho
|
| Posted: Wed Aug 06, 2014 11:23 pm Post subject: |
|
|
Yes, it's true that cashier's checks are no longer fully reliable. Do some research online but I believe the gist of it is that incredibly a CC can be purchased, then later cancelled or some such unbelievably stupid loophole. The cancellation (and immediate withdrawal of the funds) can take some time to make its way through the system. Meaning someone can hand you a CC, drive away and make a cell phone call to cancel the CC or some such nonsense.
Anyhow, speak to your bank is my very best advice. They will assist you in handing the transaction safely on the financial side, including putting you in touch with an escrow situation, etc.
Doug
_________________
1987 2WD Wolfsburg Vanagon Weekender "Mango", two fully locked 80 Series LandCruisers. 2017 Subaru Outback boxer. 1990 Audi 90 Quattro 20V with rear locking differential, 1990 burgundy parts Vanagon. 1984 Porsche 944, 1993 Toyota LandCruiser, 2002 BMW 325iX, 1982 Toyota Sunrader |
|
| Back to top |
|
|
kamzcab86
Samba Moderator
Joined: July 26, 2008
Posts: 8600
Location: Arizona
|
|
| Back to top |
|
|
Wellington
Samba Member
Joined: September 21, 2004
Posts: 2020
Location: Montreal
|
| Posted: Thu Aug 07, 2014 3:39 am Post subject: |
|
|
OP, you omitted a few details............where did you find the buyer of your vehicle? Have they seen your vehicle? Do you have any previous history with the buyer?
I wouldn't be driving anywhere without a serious deposit.
The buyer can go to their bank and do a wire transfer to your account, simple and trust worthy.
Buyer knows you are delivering the van between M/D and M/D, will your house be vacant, and they know it? Today you can not be too cautious!!! |
|
| Back to top |
|
|
Ahwahnee
Samba Member
Joined: June 05, 2010
Posts: 10305
Location: Mt Lemmon, AZ
|
| Posted: Thu Aug 07, 2014 6:00 am Post subject: |
|
|
| Wellington wrote: |
| ...I wouldn't be driving anywhere without a serious deposit... |
If you are not getting the full amount up front then a good deposit (say 10%) seems prudent.
This may all be legit but it contains several elements common to attempts to scam a seller: third party doing the deal, no cash put up, offering to pay full price or even more than fair market value, getting you to an area away from your home (another country in fact) where you have limited financial options, etc.
If you do use an escrow company (and I never have) at least don't let the buyer pick it -- the phony escrow company has been part of scams along with the phony certified checks.
FYI - The 'third-party' or 'broker' scam works this way: When you show up the third party has a cashiers check for too much (say $25K instead of $20K) and they say it is a 'commission' or 'mistake' or to cover 'shipping'. The simple solution they offer is that you take the too-large check and write them a personal check for the overage ($5,000 in this example). Not saying this is what will happen, just want you to be aware of the scenario. |
|
| Back to top |
|
|
alapah
Samba Member
Joined: May 07, 2012
Posts: 41
Location: Anchorage, AK
|
| Posted: Thu Aug 07, 2014 7:17 pm Post subject: |
|
|
| BHChieftain wrote: |
I'd like to learn more about cashier's check problems-- I have heard of cases of cashiers checks turning out to be fraudulent something like 10 days later and the seller has no recourse--- but I really don't know the facts here...
Chief |
I guess part of the problem we were facing in trying to use a cashiers check in my case was that it would take several days for that check to clear so it wasn't like the guy I was buying from could feel absolutely confident that it was a good check.
Prior to the final purchase I'd supplied a cashiers check as a deposit and that did clear before we met for the final transaction. Of course, a lot depends on how much risk folks are willing to take. 20k is a lot of money so I understood his trepidation. I suspect most people purchase vehicles do so using an escrow account. We were set to do that until we figure out the plan to meet at the bank which was also nice as it was a very public place etc. I certainly wasn't going to show up with wads of cash! |
|
| Back to top |
|
|
Noblecr
Samba Member
Joined: September 14, 2011
Posts: 103
|
| Posted: Thu Aug 07, 2014 7:55 pm Post subject: |
|
|
Have bought and sold Vanagons across the border....funds can be wired from bank to bank...yes there is a service fee.
Have always used a transport company to ship the van....they deal with the paperwork and such....
Hope it all works out.... |
|
| Back to top |
|
|
Ahwahnee
Samba Member
Joined: June 05, 2010
Posts: 10305
Location: Mt Lemmon, AZ
|
| Posted: Fri Aug 08, 2014 5:50 am Post subject: |
|
|
| Noblecr wrote: |
| ...Have always used a transport company to ship the van....they deal with the paperwork and such... |
The buyer may be trying to avoid a tax issue by taking delivery in Baja Canada.
I'll admit I have never done this but know a couple of people who made a point of acquiring a Canadian vehicle on the US side of the border. |
|
| Back to top |
|
|
|
1990 Vanagon Westfalia: 
