How to Buy Used....

leafsfan2005 · 10-28-2009, 02:55 PM

Hey Everyone.

In advance, I have tried to do my homework on this one, but couldn't find a better place to park this question [perhaps a For Sale but thought this might be more general]. I've never bought a previously-owned car; and I've only bought from dealerships [I'm 30 - thats 2 cars under my belt]. I'm a newbie.

How does one purchase a used vehicle; in Ontario.
I've researched RIV, and importing a vehicle seems straightforward to me.

I assume a "cash sale" to mean, a brown paper bag of money -- but that seems too Godfather like of a transaction.

So, for example - If I have a personal line of credit through the bank - and after deciding on a car & making a deposit - how do you transfer funds? I've heard the term "bank draft", and "Money Order" -- but what other methods of payments are out there - and have you perhaps used? Would a Personal Check work?

Without going into too many details what has your experience been? What methods have you used in the past?

Thanks in advance for your help and support!

JimTN · 10-28-2009, 04:01 PM

Try posting your question in Off Topic. You'll get more responses there.

In addition, this forum is for help with the forum itself.

The moderators will probably move this thread for you, but here's a link to Off Topic if you need it.

http://forums.corvetteforum.com/off-topic-26/

c4cruiser · 10-28-2009, 08:48 PM

Before this gets moved, talk to your bank about a "wire transfer". Once you make a deal on a car, have your bank wire the funds to the seller's bank. Typically, your money is placed in an escrow account and when you pay, the money is taken from there.

These types of transactions are done all the time and some banks will not charge for the service, others may charge something like $20 to $40 USD. It can take anywhere from a few minutes to an hour or so for the money to appear in the sellers bank. This procedure is probably the safest ans there is no paper involved like a check nor do you have to carry a briefcase full of $100's

like a Mafioso.

Once the seller's bank has the money, then you do the paperwork like the bill of sale, certificate of title transfer, and whatever licensing requirements are necessary.