: Buying foreign, Wiring money and the best procedures
andrew T Jul 15th, 09, 7:30 PM Hey guys
I want to buy a car from down south potentially (texas, new mexico, etc) and will probably end up getting it shipped to a place in buffalo only a few minutes from my border (that way I don't have to pay brokerage fees and stuff).
What is the safest way for me to send the guy the money and make sure that he sends me the car? is it all pretty much trust?
I have heard people talking about "wiring" money as it happens quickly. Do you wire money straight from your bank? do you go to a special place instead? Does the guy fax you the title that he signs over? I have never done this before and have no clue what it is exactly.
Also, if going to pick up a car in person, what is better cash or certified cheque (the bank guarantees it). I know crossing the border with lots of cash on you can be a hassle, plus just in case I get mugged on the way, at least with a cheque I can be a bit safer. Is PayPal another option?
What would you guys recommend. Also, any ways I can avoid getting scammed by someone who I may send money to and get a car shipped from?
Thanks to all and any replies
andrew T Jul 15th, 09, 7:40 PM I just check out Western Union, they want $500 for me to wire 10k US from here to someone in USA:eek:
gregg1970 Jul 15th, 09, 8:21 PM I bought my '70 SS in the States a few years ago. It's pretty easy. One thing I would recommend is to go down in person and feel out the person selling the car. If it doesn't feel right move on. If everything is cool, you can leave him a deposit and when you get back to Canada you can wire transfer the money from your bank account to his (you'll need his account number that he want's the money deposited into). When he recieves the money, have him mail you the signed ownership priority post. You'll need this because the border you intend to cross into Canada needs the paperwork there 3 days before the car arrives at the border to clear. Keep in mind that the Niagra Falls bridge is only handling importation of cars from the U.S. Mon-Fri 8am to 5pm. The closest bridge that does this 24hrs a day is the Bluewater bridge (Sarnia). Make sure if your bringing the car across yourself to bring your reciept for the wire transfer and whatever you do, don't lie about how "little" you paid for the car. The border guards aren't dumb and they will nail you to the cross if they think something fishy. I hope this helps and good luck.
andrew T Jul 15th, 09, 8:42 PM I bought my '70 SS in the States a few years ago. It's pretty easy. One thing I would recommend is to go down in person and feel out the person selling the car. If it doesn't feel right move on. If everything is cool, you can leave him a deposit and when you get back to Canada you can wire transfer the money from your bank account to his (you'll need his account number that he want's the money deposited into). When he recieves the money, have him mail you the signed ownership priority post. You'll need this because the border you intend to cross into Canada needs the paperwork there 3 days before the car arrives at the border to clear. Keep in mind that the Niagra Falls bridge is only handling importation of cars from the U.S. Mon-Fri 8am to 5pm. The closest bridge that does this 24hrs a day is the Bluewater bridge (Sarnia). Make sure if your bringing the car across yourself to bring your reciept for the wire transfer and whatever you do, don't lie about how "little" you paid for the car. The border guards aren't dumb and they will nail you to the cross if they think something fishy. I hope this helps and good luck.
Thanks for that!
that was actually quite detailed.
The border procedures I knew already since my father and brother have gotten their cars from the states. But we always drove down for them, never got them shipped or wired money, etc.
Bunz-T Jul 15th, 09, 10:13 PM Depending on where you might buy it can present a lot of difficulties on the originating point. However should you buy it in Texas I can promise you I have contacts that stretch almost the entire state. If you need help in any region of this state there are just so many of us spread so far to insure that it is as advertised.
I always say " Most of us down here are not smart enough to be impressed but if it is not as we say we will make it that way."
Do not hesitate to call on me are any of the Texas members if you need help.
MikeMalibu Jul 15th, 09, 10:14 PM Having your bank wire transfer money from your account to the seller's account in a USA bank is the safest, traceable method of exchanging funds in lieu of a Letter of Credit. But that doesn't guarantee the seller will transfer title, although you'll have legal recourse if you have a bill of sale. If the seller delays, it will take you a while to resolve the issue legally. Gregg's recommendation is worth considering. Talk with your banker about setting up the transfer while your at the seller's bank, and use the Notary Public at the bank to validate the paperwork. Or, if lots of money is involved, you could set up a Letter of Credit, which works something like an escrow account used to purchase a house. Another alternative is to open an account in your name in a US bank near the seller, transfer your funds to that account, and make the title/money transfer at that US bank, again using the bank's Notary Public to validate the bill of sale. This is how I purchased my car. Both parties were comfortable that the exchange was secure. Yes, these methods take a few days to set up and some travel. Good luck.
Pitbully Jul 15th, 09, 10:41 PM For $500 I would fly down and deliver it yourself that way you can meet the driver of the transport and make sure it gets on there.
Mine was a little different I paid through paypal. I flew down and drove it back though :D
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