Best Way to Transfer Funds for Second Hand Vehicle

nrg2010 on 06/11/2015 - 12:33

Hey

Just wondering what my options are;

I have just put a deposit down on a vehicle, it's 16 hrs (return) away so I don't really want to drive their. I have had a local mechanic check it out, and he reckons its worth the money.

The guy selling it has agreed a price and I need to pay the rest within the next week. He has asked for cash, bank cheque or transfer (10k).

Also I need to arrange transport as it's not registered for the road, I am not sure I can get transport on the same day as I pay him. I have been using Loadshift.com.au to get prices etc.

At the moment the plan is to get a relie to drive out there (3 hrs return) shake hands, handover bank cheque and get a receipt? This still means the tractor will be in original owners possession until a truck can be arranged.

Ideas

Cheers greatly

Automotive

Comments

  • nocure on 06/11/2015 - 12:47
    +3

    I would not hand over the money until you can get possession…now days a hand shake means nothing to some people. I realize it's hard to arrange with the distance involved but it could turn into a nightmare.

  • nrg2010 on 06/11/2015 - 13:04

    yeh, thinking of getting the truck driver to take up the bank cheque.

    otherwise I will have to take on some risk

    • Settero on 06/11/2015 - 14:00
      +1

      and thats not even riskier ?

      • ESEMCE on 06/11/2015 - 14:46
        +1

        not if the cheque is marked non-negotiable (pretty sure all Bank Cheques are by default) and made out to the name of the seller.
        See if you can make the validity date of the cheque the day after pickup.. Seller is unlikely to notice and it buys you time to cancel the Cheque should the deal go belly up.

        • nrg2010 on 06/11/2015 - 16:15

          yeh, I was thinking this, first truck company IOI spoke to said they wouldn't take it up.

          Trying to get a law firm to do an escrow kinda thing, still waiting for them to return my call.

      • dasher86 on 06/11/2015 - 14:52

        Cheque should be okay if made out to the seller and not 'cash'.

  • elvino on 06/11/2015 - 14:13
    +1

    A decent seller would surely be accommodating of this, given youve nailed down a deposit already, and are arranging shipping.
    Cash on delivery would be the only way to go - with bank cheque the best, and most legally traceable route.
    Go for a receipt from the seller as well, and if the seller is worried, maybe issue a letter of intent to purchase? Or do a 50/50 split of the funds with balance on collection?

  • spackbace on 06/11/2015 - 14:20
    +2

    8hrs each way vs $10k investment. Kinda should've factored into the initial purchase that you'd have to sort it somehow. I think you're best to drive there, drop the cheque off when the transporter is due to get there, then drive yourself back. Only way to be safe, to make sure it's loaded onto the truck properly etc etc.

    • nrg2010 on 06/11/2015 - 14:28

      cheers, its looking that way. factored in $2000 in buying costs for relocation etc, just trying to shave off the best deal with the least risk. This is a Ozbargain forum afterall :)

      • spackbace on 06/11/2015 - 14:29
        +1

        Maybe call a couple of car yards, see who they use to transport cars in the state? Or farm machinery places (you said tractor)

  • eatwell365 on 06/11/2015 - 16:24
    +1

    Just out of curiosity, since you go through all the trouble to get the car, must be an attractive deal. Have you asked the seller if the car has been written off?

    Transfer is easy but need to pre organise with bank prior if this is your first time.

    • nrg2010 on 06/11/2015 - 16:33

      tractor, has been checked over by my diesel mechanic

  • Densor on 07/11/2015 - 13:08

    When i bought my last car, modern technology made it so much easier and quick. We were both with "which" bank. I had already transferred the deposit previously so the account was on my list in my online banking. On the day I picked up the car, I checked the car once more, and then simply transferred the remaining money.It appeared in her account immediately.

    Check which bank the seller is with. Maybe you can transfer the money once the trucking company arrive to pick it up and you get a phone call to proceed.

    • nrg2010 on 07/11/2015 - 14:31

      Thnx,good idea, in this case it won't work because the deposit took 12 hours. It's CU to CU
      But thats my thinking, it's how to embrace new technologies to assist in these transfers.
      Need a virtual escrow service, paypal doesn't cover this kind of transation. Local lawyers I contacted never got back to me, so they are not interested…..

  • raven492 on 10/11/2015 - 21:45
    +1

    Check out a company called protecti. Pretty sure they're owned by carsales. Sort of like an escrow service but less dodgy sounding. Get the all clear from the driver and you can let the funds go. Secure on both ends, but not the cheapest way

    Other option is to see if somebody you trust is a member of his credit union. Should still be instant internally.

    Had to arrange this recently and when i finally got there, i found out the seller was trying to pull a dodgy one with a repaired write off. Asked him in the first conversation if it was (mentioned would be checking anyway) and he swore it wasnt. Always do a PPSR check! saved me there.

  • nrg2010 on 11/11/2015 - 11:25

    Looks like the kinda thing I was after! $85 fee is great I'll use it next time! committed to driving up there now

    Looks like it is a private enterpise used by Carsales, Escrow Angel Pty Ltd trading as Protecti is a company registered with the Australian Securities and Investments Commission (ASIC) with Australian Company Number (ACN) 137 199 056 and Australian Business Number (ABN) 53 137 199 056.

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