Gears12

I need advice on purchasing a car out of state. I am traveling to purchase a used car several hundred miles away. My concern is traveling with a large amount of cash on hand. I really do not like traveling this way. I want to go look at a car, test it out, and drive it home that day. I do not want a loan from an unknown dealer and I may be dealing with an individual. In either case, people do not trust checks any longer (certified or not) and I don't blame them.

What is the best way to pay for a car in this situation?

Your wisdom is appreciated,
Gears

Nick2JZ

Let take Chase bank for example. I would get cashier check in your name for the amount you wanted and cash it at chase bank in the city the car is.

KillaIS250

iTrader: (1)

Why don't you just see if there's a location of the bank that you use nearby where you're going? Go check out the car, and if you like it, complete the transaction AT the bank with the seller. You usually want to complete transactions at the bank. I would never take more than $1,000 with me to go buy a car - it's much safer to do the transaction at the bank.

mmarshall

What's the credit-limit on your credit card (if you have not maxed-it out)? If the used-car you're looking at does not cost more than what's remaining on your balance, particularly if you have enough in your bank-account to cover it so you won't have to pay the interest on it, you can simply travel with the card instead of cash. Nick2JZ is also correct that a cashier's check is another option.....but it will probably cost an added-fee (maybe $30-35) for the bank to write you one, unless you get that as a free-perk from the bank with enough balance in your account. Banks like to see large-balances in customer-accounts, and often give a lot of free-perks for them.

Joeb427

iTrader: (1)

and get a Bank Cashier's check like mentioned and not a certified check.

mmarshall

To the person selling the car, though, what's the difference? He (or she) still gets the money either way, without any concern of the check bouncing. Cashier's-Check or Certified-Check, either one guarantees that the bank will stand behind it.

Gears12

This is a very good idea, but its not going to work for me. I deal with regional banks. I really dislike National banks. I have had bad experiences with them and have heard horror stories from others.

Thanks for your reply,
Gears

Joeb427

iTrader: (1)

Mike,something to do with if you lose a certified check or something else,it can be more of a hassle compared to a cashiers check.
This was told to me years ago.I don't know if there's any difference today.
Perhaps someone can chime in.

Gears12

If I am not mistaken, you can still stop payment on a Cashier's check or the check can be forged?

Joeb427

iTrader: (1)

Maybe.
I've heard there was a few things different between the two checks.
I believe the funds come directly out of your acct with a certified check and if you lose a certified check,it's more difficult to quickly replace.
A Cashier's check funds are paid by you and then the funds come from the bank which may make it easier to check a check quicker.

Gears12

This is good idea about the card, but i dont think a small car dealer would use it or take it. I might be purchasing from an individual if the first car isnt right.

spwolf

what he said was to do cashier check in your own name, so you can get the money asap from the same bank in the other state.

with any other check, it takes 15 days for check to clear, meaning if someone gave you an fake, you end up being responsible for it.

this way, you are giving seller cash, when you cash the check in the local bank, you hand him over cash.

Joeb427

iTrader: (1)

Some dealers have a limit on the credit charge.
They have to pay around 3% on that charge.

spwolf

check scams are running rampant right now, cops are doing nothing about it and you end up being responsible for deposited check if it bounces.

My cousin had big issues with check scam, where he was out of $2800, despite going to the bank with check and bank telling him after 4 days that all is good... it wasnt, they failed to tell him that real check takes 15 days to clear and then they took money back from his account...

Joeb427

iTrader: (1)

A bank cashiers check is just like cash.I used one in an out of state purchase and didn't have to wait for it to clear.
Maybe it depends on if the bank has branches in the state where you are buying the vehicle.
Also a certified check would have a waiting time because it is easier to forge.