Wire funds to owner or consignment guy

O

oldford

Senior Member
There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.
 
oldford said:
There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.
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It's "normal" to wire the money to the person selling the car. In your case, that appears to be the consignor.
You've been offered (previously) good advice : BE CAREFUL.
 
If for any reason your bank account number is written in the paperwork, make sure you set up a separate account just for the transaction and deposit only enough money in it to complete the transaction.
 
I set it all up with my bank first, the wire transfer bank and acct. numbers of the car owner or whoever, I put the money in my account, a person to call at my bank to do the transfer. When I get to where the car is and everything is good there, I call my contact at my bank and tell them to do the transfer. We all sit down and talk until the car owners bank calls and tells him the money is transfered. He then signs the title and I drive off in my new car. Real safe and secure for both parties.
 
Someone around here lost 35k and the car in a very similar setup. The title was not in the name of the signer and the car was stolen. Be careful.
 
If they cant wait for a personal check to CLEAR then no sense going much further with the deal. Checks today only take a few days and whats a few days when you been waiting for this great deal for your whole life. I have bought 3 high end cars this last year via consignees and private persons and ALL were done with personal checks. Frederic
 
oldford said:
There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.
Click to expand...


This is how it is done at those big car auctions. Didn't one of those big auction companies get into trouble for not giving the monies received to the owners? Of course the buyers have the titles in this case.

Shadetree
 
How I bought mine......
 

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Electronic transfers and/or cash green money on the barrelhead.
If possible, complete your transaction at the DMV.
Never mail cash, check or money order, it's not your father's Post Office.
The DEA and the IRS can get inquisitive about large bank deposits.
 
oldford said:
There are several reputable people out there that sell cars on consignment. When you purchase a car from one of these guys and use a bank transfer, is it normal practice to wire the consignment guy the money or the man that owns the car. What do you think.
Click to expand...

Actually I would go look at the car first. A road trip or a plane ride could save you a lot of money and grief.When you do this you can actually talk with the owner and not the promoter.
 
I sold a couple of vehicles through "We Be Autos". com. They (Mike Runnels) handled all the transfer process and the buyer transferred the funds to WBA's who deducted their 5% and then wired funds to me. Great, worry free experiences.
I also bit the bullet and wired directly to a seller and had a sight unseen car shipped 2000 miles. Praise God all went well.
Work with a reputable dealer and there is a lot less "what if's" involved. Chap
 
TJ is spot on. After seeing first hand the loss of $34000 for a car that never existed other than in pictures. These crooks even had reviews on their web site that were all faked as well. I'm driving out to Rapid City next week to check out a truck. It will cost me around $300 but that beats losing several thousand. Tim
 
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