selling a vehicle..need advice

[Ahwahnee]

[Noblecr]

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....

[alapah]

[Ahwahnee]

[Wellington]

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!!!

[kamzcab86]

[IdahoDoug]

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
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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

[BHChieftain]

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

[PDXWesty]

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.
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89 Westy 2.1 Auto

[alapah]

When I bought my EV about two years ago I recall learning that cashier's checks cannot be instantly verified by a bank - they require a few days to clear. This was not always the case but apparently is due to increased privacy laws or some such thing (I can't recall what exactly the banks involved told me, just that they cannot instantaneously verify funds).

In my case, the buyer really preferred cash ($20k) because of this hitch - though we did discuss escrow. My only bank account is with a local credit union so not much help in dealing with a Lower48 purchase. However, a relative of mine had an account with a national bank so we called a branch in the general vicinity of the seller and arranged to have $20k in cash waiting for us. (I gave the relative a cashiers check for 20k prior to the sale).

The seller and I met at the bank parking lot, did our walk around and test drive (I had already had an independent mechanic look it over), then we went into the bank to withdraw the cash and sign over the title. We actually encouraged the seller to turn the cash into the bank and get a cashiers check directly from them, confident that the funds were existent, but he left with the cash, much to the amazement of myself and the bank staff. They provided a private room for counting of the bills. It all worked out fine. Not sure this scenario will work for you since you've go the US/Canadian wrinkle in the deal. An escrow account is probably the best way to go in your case.

[yycwesty]

thanks PDX..will definitely look into an escrow..The buyer also suggested escrow so that's good we are on the same page.

Ahwahnee - I think an escrow is designed to protect both buyer and seller if I'm not correct..Perhaps I'm wrong

Al

[Ahwahnee]

Whether buying or selling I always use a wire transfer. It's immediate and the most certain to be valid (even cash can be no good).

I certainly wouldn't deliver a vehicle anywhere w/o having the full cash in hand. Once you have that you overnight the title to the buyer & it is their vehicle.

Seems like an escrow service would protect the buyer, don't see how it can do much to make things safer for a seller (if you follow the 'get the money up front' approach).

[Merian]

your bank can confirm it's authenticity, but what if they make a mistake? who is on the hook?

always talk to an "officer of the bank" not some guy they hired as day labor at min. wage - that is a term of art in the US

I'd say the odds are good that a cashiers check and due diligence on your part will be ok - the question is how much risk you are willing to accept and how much effort & cost (escrow fees for example) you are willing to deal with to reduce that risk -- similar to glacier travel

[PDXWesty]

[yycwesty]

thanks Guys

Yes looking at getting a non-refundable down deposit prior to departing to Idaho.

So if I'm given a bank draft, can my bank confirm it's authenticity..Would they be able to call the bank in Florida and verify.

When I originally purchased the westy in Washington, I took the $8800 down in cash..Somewhat apprehensive carrying that amount..Wouldn't expect the buyer to carry $20,000 US.

I'll have to look into an escrow account. Is that something you get through a bank..

Buyer sounds very legit..Have chatted several times emailed many times..But your correct always a concern

Cheers
Al

[kamzcab86]

You will never catch me walking out of a bank with $10,000 cash in a bag, let alone $20,000. If a seller isn't willing to accept an accredited bank-issued cashier's check/bank draft (the sellers of my van did accept it), then s/he best be willing to come to my bank to get the deal done.

In the OP's case, escrow account is probably the best way to go, along with a non-refundable deposit.
_________________
1986 Cabriolet: www.Cabby-Info.com
1990 Vanagon Westfalia: Old Blue's Blog
2016 Golf GTI S
"Real knowledge is to know the extent of one's ignorance." - 孔子

[Merian]

[j_dirge]

[joseph928]

Well in Arizona I only take cash, and I bring my gun to. This is still the west! And when I buy it's in cash only. If they have any other paper that is not cash I will send them to there bank to cash it. Nuf said.
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1987 syncro westy tin top sun roof , GW2.3, rear locker, decoupler, Gary Lee tire rack & winch mount, lift, south african grill, big brakes , rhein alloy ,15 BFG AT, Fiamma 10 foot awning ,140 watt rear 85 watt front solar , mppt, truckfridge, automatic fire extinguishing system, tencent oil cooler, And a RMW SS exhaust! - 1971 bug convertible 1776 engine- 2010 Subaru turbo - 1993 Toyota 4x4 truck - 1999 Harley 95 CI, big bore, Andrews cams . Also 80-84- vans. Stock 65 sunroof bug.

[IdahoDoug]

You have 3 challenges:

1 - getting paid without risk
2 - how to deal with the border
3 - how to properly handle the paperwork selling a CN vehicle to a US buyer.


I'd break it down into those steps. For 1, talk to your bank manager. For 2, contact the Canadian Customs and/or US Customs. For 3, have the sellor tell you what he/she needs to have to properly transfer ownership to meet US needs.

DougM

Too bad this didn't happen 4 months ago. I was looking for a way to fill an empty car trailer from Idaho to Florida to go get my Vanagon.
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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