Safest way to pay for a car

Old 05-06-2011, 04:01 AM
  #1  
nofear
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Default 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
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Old 05-06-2011, 04:29 PM
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Scooterz
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I would hire an escrow company to ensure no funds are transferred until both parties have done the due diligence for 50K. JMO.
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Old 05-06-2011, 08:11 PM
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dragonmaster093
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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
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Old 05-07-2011, 03:44 AM
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fast75vega
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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:
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Old 05-07-2011, 07:14 AM
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nofear
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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.
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Old 05-07-2011, 08:26 AM
  #6  
markdunlap
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Default 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
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Old 05-07-2011, 04:26 PM
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nofear
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^
This is great information, thanks
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