Buying V-8 Fords Far From Home

[TonyM]

Rather than have my question hi-jack the thread about the unfortunate Willy's owner who was ripped off of $50,000 back east, I decided to start a dedicated thread for my question.

I have always bought my cars locally here in Illinois and Indiana. I am familiar with the titles and the taxes and all that for my home area and it is easy to move money around in the Chicago metro area, but how do you buy an expensive old car far from home?

Old timers have said to me recently, "You want a fine car? Go to Hershey or Carlisle and bring your checkbook." Is it that easy? I wouldn't think so. How do you bring along more than $10,000 + to pay for a car in another state far from home? Should I bring a Cashier's Check made out to me and then cash it if I need it? Will buyers take a personal check as a deposit until all the money can be brought to the table?

Cash is king they say but carrying around $10,000-$20,000 in cash doesn't sound like a good option. How do you conduct these high dollar transactions at the shows and still protect yourself?

What is the protocol?
How are these transactions executed?
Any help or advice greatly appreciated.

TonyM.

[1931 flamingo]

I've heard stories of paper bags filled with cash at large show venues.
Paul in CT

[rotorwrench]

Interbank wire transfer is common among purchasrs of helicopters and corporate jets. You just have to set it up with your bank before you go and then get the transfer numbers for the seller's account. Still the best way that I know of and once the money is wire transfered it can't go back.

Kerby

[V12Bill]

I just turned down a deal to sell parts to someone who wanted to transfer money to my credit card. I was afraid that if he could transfer money into my credit card, he could also transfer money out of my credit card. He refused to pay by paypal, money order or bank draft. I smelled a rat and left the deal to wither.

[V12Bill]

I sold a Lincoln Continental two years ago that went to CA form the east coast. The buyer sent me a bank draft on the Bank of America which is where I bank and I just had my bank verify that the draft was the real thing and not a counterfiet.

[Bruce Lancaster]

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But an extremely large amount of cash in a bag is indeed very common at big shows. No delay, no doubt, no worrying about scams. Cash transactions on cars are usually accompanied by an agreement on cost that will go on the title transfer...many people want cost of car lower than actual on registration, and many buyers are...ah...tempted to underreport the sack of cash to the IRS, and in such a world they both need to know what numbers will be visible to authorities.
A '32 roadster costs about one medium McDonald's bag full of 20's and 50's.
This is a trusting world around old cars, but anything involving bank transfers, checks of any sort, and electronics is not trusted...no normal human understands all the possible tricks in that sort of thing as well as the scammers, and people know that, so anything with a bank in it will delay the transaction until money is actually in the hands of the seller. That means cashed out of the bank so no possible problems.

Hershey transaction I watched once: Grouchy old guy standing in the mud, surrounded by magnificent full classic dashboards with acres of machine turned glitter and rows of gauges.
Another old guy walks up, stares at a particularly impressive dash that would have impressed even Clark Gable, and poked it with his toe. "How Much??" "Five."
Old guy pulls out a roll of hundreds the size of a Locomobile piston, whips off and hands over 50 bills, and stomps off through the mud with dash under his arm and a still huge bulge of money distending his pocket.
A guy like that probably had a 5-gallon bucket full of hundreds back in his truck in case he ran out before getting lunch.

[Bruce Lancaster]

I find that watching people who are buying or restoring cars that are worth more than my entire neighborhood is very educational and entertaining!
It's much like studying the customs of another planet.
That incident was quite a while back...I was buying a bare, rusty Auburn instrument panel for $15.00 (that was pretty much my life savings at the time, and that panel as a rusted piece of junk is probably worth several hundred now) and weeping because there was no way in hell I could swing a much better one with instruments for $75.00! Auburn was at the absolute bottom of that guy's part of the foodchain, the Yugo of the world of full classics. He probably used my $15.00 to wipe off his boots when he got into his truck...

[jimTN]

If you are selling, uncle will see large cash transfers and you will end up paying capital gains. Thats why lots of sellers want cash. If it is a car that has been owned many years, who is going to have a accurate record of the true expenses to show uncle and then how are you going to put that money in the bank......... I certaintly do not have a good answer.

[Old Redneck]

I sold to cars to a fellow in Spain. Here what I did. We made the deal over the internet and then on the money transfer I went to my bank and they handled the transaction. We open a special account and deposit 50 dollars. then the bank contacted him to have his bank transfer the money to that account. It took 2 weeks for some reason but the money came through. Hope this help someone in the fucture in doing this.After the money was at my bank the trucking Co contacted me and then came and pictup the 2 Model T's.

[Jim NC]

I have sold a couple of cars/trucks over the net and had funds electronically transferred to my credit union. One transaction was from overseas. Once U confirm the funds are in your account, they can't take it back. Person to person transactions - cash only.

[Pat/Ohio]

I prefer wire transfers when the transaction involves large sums of $$$. I usually purchase vehicles that cost in excess of $40K and I don't like carrying that amount in cash. If the seller won't work with me...he can take the car home with him or work with me. Wire transfers only costs the buyer around $20.00. I usually set it up with my bank before I leave to look at a car. Another method is to write a check from my Equity Credit Line account and have the seller call my bank to verify funds. Sometimes, it might be necessary to leave the vehicle with the seller until the funds clear his bank. That's alright with me, because I usually have the vehicle shipped anyway. Where there's a will, There is usually a way! I haven't had any disappointments yet. Good luck, Pat

[Fe26]

Another way to have funds available is to pay funds into a PayPal Account. If the seller has a PayPal account you can electronically transfer the funds to his account. If you have a laptop computer or even a smart cell phone you can do this in front of him. If he dosen't have an acct. you can open one for him and after a few minutes you can then deposit his funds.

PayPal fees are a little X'y however you are not carrying cash, and paying a little extra in fees is pretty good insurance if large amounts of cash make you nervous.

[Comet]

Interbank transfers are probably the safest way for both parties. I've bought a car that way. I had him mail me the title first (after we both signed the bill of sale), then once received, I wired him money and arranged for transport. He was nervous it was a scam, but I talked to his wife and she understood how it works better.

There are also escrow companies that will hold the cash until you receive, inspect and approve the car, then they send the money. But sellers I've dealt with don't like to wait and risk you not liking the car.

[TonyM]

Thanks to everyone for all of the help.

TonyM

[Mike B]

Wow, lots of good ideas and perspetives, I my self never go to a sho with more than a few hundred on me...uess I'm to paranoid about it.

now, I've never bought a 1000K car, nor do I expect too, but I have committed to 4 to 5K many, many times,. What I do is work the price, give gthe seller a deposit (o my few hundred I have on me) and let him.her it's for sure non-refundable.

We spend a few minutes writing up a short contract about the "when to pay, etc, when to pick it up...etc" and take care of business.

It's been fine for mee for quite sme time in both buying and selling....if I'm buying I figure if I get hosed, I'm only out a few hundred for the deposit (it has happened...) and if I'm selling and the person backs out, I still have my stuff, and the money....

Might be a better way, but cash is King, but I'd never carry, nor would expect anyone else, carry all that Royalty around with them.

[fordjockey]

At Carlisle they actually have a bank on site to handle transactions or loans. I've bought 2 cars from California and in both cases had my checks wired to the seller. One was an e-bay sale the other from an ad. You have to be aware and ask questions, if your not getting answers then stay away.

[FlatheadTed]

I have have done lots transactions through pay pal and EBay some people don't like either but I have not had a problem . Over here in NZ you have your personal Bank account a bit like Pay pal ,you log in ,When you want to transfer money its a click of the mouse. Its a bit like a wire but you do it from your home .you still need the other person acc# .I purchased a car from Australia of photos and the deal was instant ,providing the person has a lap top on wireless he could check at the swap meet if the funds have gone through .This is the way the whole world will go soon.

[Gary-UK]

When you live somewhere were all the Early V8 stuff is gone you have no choice but to look further afield. I have deuces from USA (twice) South Africa and Belgium and have had other cars from USA and Mexico.

I have always done the bank wire transfer method and figured that if someone opened a bank account then they provided ID and are traceable. Don't know about the USA but here banks are obliged to check your ID due to money laundering laws. If the wheels come off the deal then a call to the local cops is in order who should be able to track down the culprit?

Personally I have had no dramas apart from a roadster body that was different to the photos in so much as the wheelwells and floors were missing and fifty bucks that went missing due to bank charges at the other end.

I know a guy who was badly burnt though on an African deal so I guess there are fraudsters everywhere.

Am I supposed to do an intro???

[Chucks32]

When I sell a car I only accept a verified wire transfer or cash, no checks no matter how good they look. I have also bought with cash and wire transfer. It's the only safe way. A fellow came to buy a car from me and was afraid to carry cash. He had prearranged a wire transfer, called the bank and it was a done deal!

[hbleadsled]

Gary-UK, welcome to the fordbarn ,this is a good place to be lots of help here. Harold, central coast Ca.