Need help!! How do I pay when buying a car in the US?

[Dave149]

I am trying to buy a 2000 Viper GTS from a gentleman in New York. I am from Ontario, Canada. I am having trouble figuring out how to pay for the car. I have the money sitting in my account. My bank won't give me the total price of the car in cash, because it's against their policy to hand out that much cash. A wire transfer takes 3-4 days to get from my bank to his bank, so that won't work. A bank draft (certified US funds) will also be held by his bank until cleared. I am at my wits end!! All I want to do is buy a car. Any fellow Canadians have this problem as well? Anybody have any ideas?

Thanks
Dave

 

[BLUESNAKE367]

My bank won't give me the total price of the car in cash, because it's against their policy to hand out that much cash.

Thanks
Dave

Best advise, CLOSE your account with this bank, and take pay out in cash...

If my bank in the states made a statement like that to me I would close all accounts with them and put my money in a bank that could handle my requests, after all it is your money...period....my 2c

 

[DarcShadow]

I agree, close the account. If you don't want to do that just get the max they will let you, go out, put it in your car, go back in and do it again.

 

[2000gtsgsxr1000]

Why can't he wait 3-4 days for transfer?Its guaranteed money and theres no handling involved.

 

[SuperSaiks]

Hey Dave

I'm from ottawa, I bought a Rt/10 in November down in South Carolina. I got a bank draft made out in US. currency and flew down and inspected the car and handed him the owner the bank draft and he signed over the title and SC bill of sale.

I got the car inspected same day, test drove it etc. Got the vin run on this site and at a local Dodge dealership here in Ottawa and over there in SC.CARFAX etc

The problem with buying a car down in the States or anywhere for that matter is that you just have to trust what the seller is saying is legit, and Vice Versa. I talked to a US customs official in charge of auto exportation and he basically said the same thing to me its a matter of trust, you hand over the money and he hands over a bill of sale, title and the car.

I had the car shipped to Chuck Tator's in NY to go over the car, change all fluids, recall work and daytime running lights, and adjust a few things on the car. And I had a Toronto company pick the car up and take care of bringing it over the border.

International wire transfer is gonna take 2-3 business days for clearance anyways, assuming all goes well and nobody at the bank screws up.

 

[NOTV8]

I did the advised above. I was so pi$$ed that I can't withdraw my own money because they are only allowed certain amount. You also need to wait for 24 hours to do another transaction. I opened new account on other bank and since then when I reach a certain amount on my account I just withdraw from it and put it in my safe.

 

[SuperSaiks]

Oh yeah

Another thing my Rt/10 was a 2000 as well, and there is the steering gear reinforcement recall needed, ask if its already been done or have the vin ran. I don't think anyone in Ontario can do the work properly, at least I don't trust anyone, thats why I shipped the car to Chucks, plus with the snowy weather we have your not gonna be able to take the car down to the dealership to have the recall work and or daytime running light moduale installed you have 45 days to get your car completed before inspection for RIV. Keep that in mind

 

[Nuck]

Dave I think you have to go with the wire transfer. The guy will just have to wait a couple of days. I believe you cannot import a car without faxing a copy of the registration to the US customs office a full 72 hours before you attempt to import(got that off the Corvetteforums site, Canadian corner). Canada customs will require the original of the bill of sale. Also you need the recall letter from Chrysler USA but I THINK that is for the Canadian Tire inspection rather than the Canada Customs guys. You might want to nail that down.
I am looking at the same thing. I was going to use a firm called Escrow.com. I would wire them the money. They would clear the payment and then do a bill of sale and key exchange with the owner. I would then have the car picked up, or fly down and get it depending on the convenience. Check their site for more info.Let me know how things work out as I am doing the same thing in the next little while.

 

[Dave149]

My concern with the wire transfer is after I transfer the money it takes 3-4 days to clear. So I wait the 3-4 days then drive down to pick up the car, and it's not there and neither is he or my money. I guess it is a trust thing. We are thinking now that he could put the car in the garage of the guy I had inspect it(they don't know each other), then I wire transfer the money, and pick up the car from the inspectors garage when I get down there. I am a little more comfortable with that.

 

[Bratatatat]

Hey Dave,

I'm from Calgary and bought my GTS in Seattle. My bank (BMO) wired the funds. It didn't take 3 - 4 days.

 

[RS27J9A]

wire transfers do not take 3-4 days, you need to change your bank.

Also, it was already mentioned but get a copy of the title to the border 72 working hours in advance or you will need somewhere to store it.

 

[santo]

I was thinking about buying in the U.S. I bit the bullet and bought it here. It wasn't that much of a price difference, all told. The beauty was that I could test drive it and got an extended warranty. It's still a U.S. car though but all was already done and ready.

Santo

 

[SuperSaiks]

In regards to a wire transfer it will take two days for it to clear, because its coming from Canada to the US. considered international.

U will have to send the title to the border in question 72 hours in advance prior to crossing the border, go to riv.ca for more info,

Do you plan on driving the car or having it shipped up?

 

[Nuck]

They charge you a different rate to "buy" a foreign currency than the posted exchange rate. I was told it would be much more expensive to buy US dollars here than to transfer virtual money south. It ***** that they charge for something that costs them only a few keystrokes on a computer to accomplish. I think my bank wants 1.2 cents on the dollar over and above the posted exchange rate. Thats like $600 conversion fee and who knows how much more if you want the actual US paper. Then they hit you the same conversion fee going the other way.
Dave, I bank at the TD and they also told me up to 3 days for the wire transfer. Not all banks link up the same across the borders I guess because the wiring is immediate within the country. It seems like you worked it out pretty good considering there is the 72 hour thing to bring it back. Looking forward to hearing how things go through.

 

[Nuck]

BTW Dave how did you lien search the car?

 

[Dave149]

Thanks very much for all the responses. I have already had the seller fax a copy of the title to the border. I think I have everything in order now, so I can pick the car up next week. I will be driving down with my truck and enclosed trailer. There is a lien on the car right now, but the seller and I have agreed that we will go to his bank and he will pay the lien off while I'm there and I will get a letter from the bank stating the lien has been cleared.
Thanks Again
Dave