Go Back   The Ford Barn > General Discussion > Early V8 (1932-53)

Sponsored Links (Register now to hide all advertisements)

Reply
 
Thread Tools Display Modes
Old 09-07-2010, 08:35 PM   #1
TonyM
Senior Member
 
TonyM's Avatar
 
Join Date: Jun 2010
Location: West Hammond, Illinois
Posts: 2,609
Default Buying V-8 Fords Far From Home

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.

Last edited by TonyM; 09-07-2010 at 11:06 PM.
TonyM is online now   Reply With Quote
Old 09-07-2010, 09:51 PM   #2
1931 flamingo
Senior Member
 
1931 flamingo's Avatar
 
Join Date: May 2010
Location: new britain,ct 06052
Posts: 8,075
Default Re: Buying V-8 Fords Far From Home

I've heard stories of paper bags filled with cash at large show venues.
Paul in CT
1931 flamingo is offline   Reply With Quote
Sponsored Links (Register now to hide all advertisements)
Old 09-07-2010, 10:40 PM   #3
rotorwrench
Senior Member
 
rotorwrench's Avatar
 
Join Date: Jun 2010
Location: San Antonio, Texas
Posts: 10,031
Default Re: Buying V-8 Fords Far From Home

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
rotorwrench is offline   Reply With Quote
Old 09-08-2010, 09:34 AM   #4
V12Bill
Senior Member
 
V12Bill's Avatar
 
Join Date: May 2010
Location: Mt. Holly,NJ
Posts: 1,822
Default Re: Buying V-8 Fords Far From Home

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 is offline   Reply With Quote
Old 09-08-2010, 09:38 AM   #5
V12Bill
Senior Member
 
V12Bill's Avatar
 
Join Date: May 2010
Location: Mt. Holly,NJ
Posts: 1,822
Default Re: Buying V-8 Fords Far From Home

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.
V12Bill is offline   Reply With Quote
Old 09-08-2010, 09:45 AM   #6
Bruce Lancaster
Senior Member
 
Join Date: May 2010
Location: Madison, NJ
Posts: 5,230
Default Re: Buying V-8 Fords Far From Home

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 is offline   Reply With Quote
Old 09-08-2010, 11:20 AM   #7
Bruce Lancaster
Senior Member
 
Join Date: May 2010
Location: Madison, NJ
Posts: 5,230
Default Re: Buying V-8 Fords Far From Home

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...
Bruce Lancaster is offline   Reply With Quote
Old 09-08-2010, 04:31 PM   #8
jimTN
Senior Member
 
Join Date: May 2010
Location: Powell, TN
Posts: 1,937
Default Re: Buying V-8 Fords Far From Home

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.
jimTN is offline   Reply With Quote
Old 09-08-2010, 04:44 PM   #9
Old Redneck
Senior Member
 
Old Redneck's Avatar
 
Join Date: May 2010
Location: Waynesburg,Pa.
Posts: 1,344
Send a message via AIM to Old Redneck Send a message via Yahoo to Old Redneck
Default Re: Buying V-8 Fords Far From Home

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.
Old Redneck is offline   Reply With Quote
Old 09-08-2010, 08:32 PM   #10
Jim NC
Senior Member
 
Jim NC's Avatar
 
Join Date: May 2010
Location: SE NC
Posts: 389
Default Re: Buying V-8 Fords Far From Home

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.
Jim NC is offline   Reply With Quote
Old 09-08-2010, 09:00 PM   #11
Pat/Ohio
Senior Member
 
Pat/Ohio's Avatar
 
Join Date: May 2010
Location: Wilmington, OH/Lakeland, FL
Posts: 716
Default Re: Buying V-8 Fords Far From Home

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
Pat/Ohio is offline   Reply With Quote
Old 09-08-2010, 09:45 PM   #12
Fe26
Senior Member
 
Join Date: May 2010
Location: Sydney, Australia
Posts: 948
Default Re: Buying V-8 Fords Far From Home

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.
Fe26 is offline   Reply With Quote
Old 09-08-2010, 11:00 PM   #13
Comet
Member
 
Comet's Avatar
 
Join Date: May 2010
Location: Charleston, SC
Posts: 59
Default Re: Buying V-8 Fords Far From Home

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.
Comet is offline   Reply With Quote
Old 09-08-2010, 11:09 PM   #14
TonyM
Senior Member
 
TonyM's Avatar
 
Join Date: Jun 2010
Location: West Hammond, Illinois
Posts: 2,609
Default Re: Buying V-8 Fords Far From Home

Thanks to everyone for all of the help.

TonyM
TonyM is online now   Reply With Quote
Old 09-09-2010, 12:00 AM   #15
Mike B
Senior Member
 
Join Date: May 2010
Location: Oakdale,Ca
Posts: 1,323
Default Re: Buying V-8 Fords Far From Home

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.
Mike B is offline   Reply With Quote
Old 09-09-2010, 12:23 AM   #16
fordjockey
Junior Member
 
Join Date: Jul 2010
Posts: 1
Default Re: Buying V-8 Fords Far From Home

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.
fordjockey is offline   Reply With Quote
Old 09-09-2010, 01:21 AM   #17
FlatheadTed
Senior Member
 
FlatheadTed's Avatar
 
Join Date: May 2010
Location: Auckland
Posts: 4,015
Send a message via AIM to FlatheadTed
Default Re: Buying V-8 Fords Far From Home

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.
__________________
http://www.flatheadted.com
FlatheadTed is offline   Reply With Quote
Old 09-09-2010, 09:20 AM   #18
Gary-UK
Senior Member
 
Gary-UK's Avatar
 
Join Date: Jul 2010
Location: Parkgate, England
Posts: 104
Default Re: Buying V-8 Fords Far From Home

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???
Gary-UK is offline   Reply With Quote
Old 09-09-2010, 10:40 AM   #19
hbleadsled
Senior Member
 
Join Date: May 2010
Location: salinas ca.
Posts: 266
Default Re: Buying V-8 Fords Far From Home

Gary-UK, welcome to the fordbarn ,this is a good place to be lots of help here. Harold, central coast Ca.
hbleadsled is offline   Reply With Quote
Old 09-12-2010, 05:07 PM   #20
gmc1941
Senior Member
 
gmc1941's Avatar
 
Join Date: Jun 2010
Location: Palatine, Il
Posts: 486
Default Re: Buying V-8 Fords Far From Home

If you're going to with drawn money from your saving and it's more than $3000 to 5000 most banks have a limited amount on hand and you'll have to give the at least 5-7 days notice. At the last minute I had to go 3 of our banks to get my hands on $20,000 it was a pain in the ass. And each time they asked what were my intentions....... It's my f***ing money I want it.
gmc1941 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Sponsored Links (Register now to hide all advertisements)


All times are GMT -5. The time now is 01:46 PM.