I have someone who is interested in purchasing my vette. Only thing he's from Canada. He says he would have to register the car in my home state of Ma before he could drive it back to Canada. I didn't know a Canadian citizen could register a car in the US? Also the payment is tricky. There is a two week delay on a bank check and I found out today there is a 8-12 hour delay on a wire transfer because it has to go through the US Federal Reserve. I can't see myself handing someone my car keys and hoping the $ is deposited 8 hours later. Unless he brings cash, I don't see this happening. Anyone else with any experience around this?
Sounds as though you ought to use an escrow service. I was going to purchase a SC on e-bay from someone in the UK using such, until I did some other research...being a scam. There are usually red flags.
I'm Canadian. Have him wire you the funds first and once the bank transfer is complete, then hand over the keys!!
Doesn't sound 100%.
Or get a Bank Draft in US$ drawn on a US bank. Most Canadian Banks have agreements with one or more US banks for this. IE. Canada TD-Trust works with Chemical Bank.
I just brought cash in $100 bills,phoned my Ins.Co.and drove home,there are some more "hoops" but not terribly complicated,as long as it has a clear title etc.
Dominic
I didn't know at the time I could drive it and have insurance coverage without registration, so I trailered it back.
I paid the dealership with a bank draft. Had to have a copy of the ownership faxed to the border 72 hours before I brought the car over, other than that it went better than I expected.
Corvettes are WAY more expensive in Canada than they are in the 'States, even after the exchange rate is considered, that's why I bought in NY.
I would arrange everything through the bank, and if the bank is happy I don't see why you should have any reservations. If it requires 8 hours to clear tell the guy to stay the night!
Help a Canadian brother out!
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I set up a bank account at the branch where the car owner banked. I transfered the funds to myself before I travelled South. Once I was there and saw the car we went to the bank and I transfered the funds to hs account and he gave me the title and keys.
Escrow.com or tell him to come down and you will release the car once the payment has cleared. I think it is illegal to take more than $10,000 cash across the border so that isn't something that will work. Just have him wire the money. If he was buying from anyone anywhere else they would probably go down to his bank and clear his cheque on the spot before giving up the keys. Not sure why he would have to register the car in MA. You can get insurance on a car with a faxed dummy bill of sale and get a transit permit to drive the car up so why register the car somewhere else? Maybe he is doing this to try to screw the Government out of the sales tax they will tag him with at the border.
Escrow.com or tell him to come down and you will release the car once the payment has cleared. I think it is illegal to take more than $10,000 cash across the border so that isn't something that will work. Just have him wire the money. If he was buying from anyone anywhere else they would probably go down to his bank and clear his cheque on the spot before giving up the keys. Not sure why he would have to register the car in MA. You can get insurance on a car with a faxed dummy bill of sale and get a transit permit to drive the car up so why register the car somewhere else? Maybe he is doing this to try to screw the Government out of the sales tax they will tag him with at the border.
Its not illegal to carry more than $10k cash,but you must declare it with both U.S. & Canadian Customs upon entering the U.S.!
Dominic
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