Wire funds to owner or consignment guy

[oldford]

There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.

[3738]

Be careful....

[Kube]

Originally Posted by oldford

There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.

It's "normal" to wire the money to the person selling the car. In your case, that appears to be the consignor.
You've been offered (previously) good advice : BE CAREFUL.

[40fordpu]

I have heard of nightmare stories. Wiring money can be tricky.

[paul2748]

If for any reason your bank account number is written in the paperwork, make sure you set up a separate account just for the transaction and deposit only enough money in it to complete the transaction.

[fortyfords]

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I set it all up with my bank first, the wire transfer bank and acct. numbers of the car owner or whoever, I put the money in my account, a person to call at my bank to do the transfer. When I get to where the car is and everything is good there, I call my contact at my bank and tell them to do the transfer. We all sit down and talk until the car owners bank calls and tells him the money is transfered. He then signs the title and I drive off in my new car. Real safe and secure for both parties.

[36Bill]

Someone around here lost 35k and the car in a very similar setup. The title was not in the name of the signer and the car was stolen. Be careful.

[frederic]

If they cant wait for a personal check to CLEAR then no sense going much further with the deal. Checks today only take a few days and whats a few days when you been waiting for this great deal for your whole life. I have bought 3 high end cars this last year via consignees and private persons and ALL were done with personal checks. Frederic

[1931 flamingo]

I always heard it was done with brown paper bags filled with money???

Paul in CT

[Shadetree]

Originally Posted by oldford

There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.

This is how it is done at those big car auctions. Didn't one of those big auction companies get into trouble for not giving the monies received to the owners? Of course the buyers have the titles in this case.

Shadetree