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Thread: How to avoid joy rides selling a high hp used car?

  1. #101
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    So I mean what is the real solution to the bank draft problem?

    Because calling around from bank to bank seems to me like I’m trying to cash a cheque in the 50’s. It’s borderline ridiculous.

    Basically why do retail banks suck so hard?
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
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    guessing who I might be, psychologizing me with your non existent degree.

  2. #102
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    Banks are brutal. Retail banking and business banking. Banking is brutal.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  3. #103
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    I feel like I can at least understand the motivations of most commercial bankers.

    Retail I have no clue.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  4. #104
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    Selling a car today. Buyer got a bank draft for me from ATB but I'm with RBC, last time I did this RBC told me they couldn't verify the draft as it's from a different institution. What's my best bet in the case? Meet at an ATB and have them cash the draft for me right there or just do what I've always done, cross check the bank draft, the bank draft receipt and the drivers license?

  5. #105
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    Last few I've just asked the buyer to wire funds into my account.

    - - - Updated - - -

    Quote Originally Posted by ExtraSlow View Post
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    Reputable beyonder
    This is how I know your story is BS.

  6. #106
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    When I bought my Jeep Wrangler on here, I paid the Reputable Beyonder via e-transfer until fully paid. Did not even see the Jeep in person other than ad pics, and told him to park it in my condo parking stall until I was able to get home to take possession.
    Also told him to leave it unlocked and key hidden somewhere in the car. Fully car transaction done without even seeing the guy face to face.


  7. #107
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    Quote Originally Posted by revelations View Post
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    Thats definitely not true, I was able to knock off about 500$ after test driving a Mazda3 and realizing the clutch was going - which the owner then admitted was the case (not slipping yet, but did soon after we bought it).

    An inspection would have revealed no faults.
    When the mechanic drives that same car for the inspection, what makes you think they wouldn't notice a slipping clutch? If anything they would probably be more qualified to notice.

  8. #108
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    Quote Originally Posted by 94boosted View Post
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    Selling a car today. Buyer got a bank draft for me from ATB but I'm with RBC, last time I did this RBC told me they couldn't verify the draft as it's from a different institution. What's my best bet in the case? Meet at an ATB and have them cash the draft for me right there or just do what I've always done, cross check the bank draft, the bank draft receipt and the drivers license?
    That’s strange as CIBC for me have called the issuing branch of the bank even if it’s a different institution. I really don’t worry too much about the fraud as I take a photo of the buyer’s drivers license and plate. If the draft is fraudulent he’s not going to get too far.

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    My last sale buyer went and got a draft from his bank (RBC) and brought the card of the manager who made out the draft, met me at TD where they accepted the draft, contact teller to confirm draft details, then contacted their loans division to get me a letter clearing the lien. Buyer then sent me an e transfer for the net difference (couple k). Letter was key as it was on a truck to Oklahoma the next morning.

    Seemed like kindof a cluster fuck but it worked out. There just has to be a better way as it was ridiculously time consuming and neither institution could really give me a clear answer about how to proceed aside from “well you can wait 21 days for the draft and loan to clear”.

    For the C63 I went into the bank (TD) with the buyer and watched him bring out the draft (he had flown in from Vancouver that AM ) and then we went to RBC (my bank) to deposit.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  10. #110
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    RBC is the least helpful bank ever with drafts. If it isn’t their own then enjoy your 5 day hold to verify because “there’s nothing we can do”.

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    Quote Originally Posted by Twin_Cam_Turbo View Post
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    RBC is the least helpful bank ever with drafts. If it isn’t their own then enjoy your 5 day hold to verify because “there’s nothing we can do”.
    Yea they also refuse to verify their drafts over the phone, we accomplished it by setting it up in advance to email the manager.

    Again. For all the fucking effort, we are talking between the 4-5 people involved a couple of hours of time set on fire, shouldn’t there be some verified escrow service the bank offers for this situation?

    If lawyers weren’t so fucking expensive that’s almost the way I would go.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  12. #112
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    As far as I can remember, I've been really lucky with the buyers always having the same bank as me which has made things easier to verify.

  13. #113
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    Quote Originally Posted by Twin_Cam_Turbo View Post
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    enjoy your 5 day hold to verify because “there’s nothing we can do”.
    Sounds right.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  14. #114
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    Quote Originally Posted by heavyD View Post
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    That’s strange as CIBC for me have called the issuing branch of the bank even if it’s a different institution. I really don’t worry too much about the fraud as I take a photo of the buyer’s drivers license and plate. If the draft is fraudulent he’s not going to get too far.
    Yah RBC is useless. I've always taken a picture of the drivers license but never the plate, will do that this time also.

    Quote Originally Posted by Twin_Cam_Turbo View Post
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    RBC is the least helpful bank ever with drafts. If it isn’t their own then enjoy your 5 day hold to verify because “there’s nothing we can do”.
    Thanks again for your tip on calling the branch that issued the draft to verify!

  15. #115
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    Quote Originally Posted by killramos View Post
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    Yea they also refuse to verify their drafts over the phone, we accomplished it by setting it up in advance to email the manager.

    Again. For all the fucking effort, we are talking between the 4-5 people involved a couple of hours of time set on fire, shouldn’t there be some verified escrow service the bank offers for this situation?

    If lawyers weren’t so fucking expensive that’s almost the way I would go.
    Drafts are the right, if imperfect, tool for the this job. Meet at the purchasers bank and witness the draft being made, get a copy of the transaction receipt and take that along with the full copy of the draft (both slips, or parts of the paper) to your branch, where they'll call to verify the funds anyways.

    When I buy a car long-distance, I always got a draft and used the seller's wiring instructions to deposit it to their account at a local branch. They'll call my bank to confirm and the money is deposited / cleared immediately

    Wires are archaic, process on their own time and a general pain in the ass... I can't wait for consumer ACH payments to become mainstream.

    At the upper levels of the market, escrow via an attorney is how the majority of transactions happen, but generally cost ~$1,000 or ~.25% of the transaction, whichever is greater...

  16. #116
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    I did a project which was escrow via an attorney. What a pain in the dick.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  17. #117
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    When I sold my tundra (it went directly to the states) I went to the bank with the buyer, he got a bank draft and we parted ways.

    I went and deposited the draft and paid off the remaining balance of the truck the next day. Weeks later sent proof from Toyota to the buyer it was lien free.

    One of the most painless vehicle transactions I've ever had.

  18. #118
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    Quote Originally Posted by brucebanner View Post
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    When I sold my tundra (it went directly to the states) I went to the bank with the buyer, he got a bank draft and we parted ways.

    I went and deposited the draft and paid off the remaining balance of the truck the next day. Weeks later sent proof from Toyota to the buyer it was lien free.

    One of the most painless vehicle transactions I've ever had.
    And, completely illegal.
    Or perhaps invalid is a better term.

  19. #119
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    Quote Originally Posted by ThePenIsMightier View Post
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    And, completely illegal.
    Or perhaps invalid is a better term.


    I didn't have any issues with the process and the buyer was a wholesaler, I'm sure he has his process down pat.

  20. #120
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    Quote Originally Posted by ThePenIsMightier View Post
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    And, completely illegal.
    Or perhaps invalid is a better term.
    Illegal?
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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