Results 1 to 7 of 7

Thread: Safest way to pay for a car

  1. #1
    Junior Member SHOW GUEST
    Join Date
    Nov 2004
    Posts
    3

    Safest way to pay for a car

    I searched the forum but did not find what I'm looking for so perhaps someone can answer my question here or at least direct me in the right direction.

    What I'm wondering is what is the bet and safest way to make a major purchase and what steps are needed to make a safe transaction.

    Basically, if I'm going to pay someone $50,000 for a chassis, whats the safest way to do it? What kind of paperwork or security documents should I get for something that really has no ownership or title? I don't want to just hand over 50 grand cash and shake his hand and leave, not in today's society anyways.

    Also, since I'm from Canada and most likely will purchase in the US, can someone let me know whats standard practice in the US as there might be something different than what I would normally do. I'm okay with the cross border stuff just not clear on the transaction steps.

    Any help would be appreciated. Again, if theres a thread already, please let me know as I could not find one.

    Thx
    Nofear

  2. #2
    Senior Member RACING JUNKIE
    Join Date
    Mar 2006
    Location
    EUGENE,OR.
    Posts
    3,408
    I would hire an escrow company to ensure no funds are transferred until both parties have done the due diligence for 50K. JMO.
    "I would walk through hell on Sunday before I fear the enemy"

  3. #3
    Senior Member RACING JUNKIE
    Join Date
    Apr 2009
    Location
    kingsport tn
    Posts
    1,735
    i would also check with guys here in forum to honestly check the car before you travel all that way. and check scammer section or ask about seller here before getting too deep in the transaction
    CRIMEDOG
    Sam Wood

  4. #4
    Senior Member RACING JUNKIE
    Join Date
    Nov 2008
    Location
    Niagara Falls, NY
    Posts
    965
    Quote Originally Posted by dragonmaster093
    i would also check with guys here in forum to honestly check the car before you travel all that way. and check scammer section or ask about seller here before getting too deep in the transaction
    X2 dragon

    good point rigsby.......... 50k isnt pocket change :wink:
    GOOD PARTS AREN'T CHEAP AND CHEAP PARTS ARE NEVER GOOD.........
    http://img.photobucket.com/albums/v2...lastscan-3.jpg

  5. #5
    Junior Member SHOW GUEST
    Join Date
    Nov 2004
    Posts
    3
    Thanks for the responses.

    I've made major purchases before but never with a complete stranger. I'm dilegent in the scammer section and being careful.

    I'm mostly worried about how money goes from my pocket to his pocket. Escrow seems the most logical right now but I'm wondering if there should be something like a notary person (judge, lawyer etc...) involved to seal the deal?

    Thanks for the help. Maybe someone can post the steps they've used previously to get a deal done.

  6. #6
    Senior Member DYNO OPERATOR
    Join Date
    Jan 2004
    Location
    central Illinois
    Posts
    459

    Safest

    When I had a car and trailer for sale in the 40K range, several people tried to buy it, and a few were scammers/traders.

    The guy that did it right, talked to me over the phone several times and asked for detailed pics from me. He then flew in fom California, spent the day with me getting to know me. He took more detailed pics of the car, trailer, my residence, my drivers license and other identification and the neighborhood. We also went the bank, a couple of my friends, the chassis shop the car was built at, and a notary and got a signed deal notarized.

    He returned home and did more research on me and the origin and history of my car to help him decide I was trust worthy and the car was worth the asking price.

    He then sent United States Postal money orders to me on a routine basis until all but 5K was paid. Then his buddy drove in from Kanas and inspected the car based on the pics taken previously and talked to him on the phone as to everything being correct. Also his buddy was buying the trailer once it returned to California, so he had a vested interest in the deal too.

    Then he paid me the final money owed and I gave him a bill of sale with no price on it.

    I think we both got what we wanted and still talk to this day.

    That car is the RED LINE OIL Super Gas/Super Comp car at NHRA division 7 and national events

  7. #7
    Junior Member SHOW GUEST
    Join Date
    Nov 2004
    Posts
    3
    ^
    This is great information, thanks


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Copyright © 2005-2016 RacingJunk.com All Rights Reserved.

Designated trademarks and brands are the property of their respective owners. Use of this Web site constitutes acceptance of the RacingJunk.com
Terms of Use, Classifieds Disclaimer, Privacy Policy, and Cookie Policy