Auto buying transaction help?
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I am looking to purchase a vehicle from a private party about an hour away from where I live. I got a loan from E-loan and they sent me a powercheck to write over to the seller. Since we live a good ways away from each other I would like this to be a one time transaction. Unfortantely the check takes 3 days to clear and the seller wont release the car until it has cleared. He recommended a wire transfer but im not sure about that. Any suggestions?
Auto buying transaction help?Don't ever..ever..ever do a wire transfer. You're looking to get scammed if you ever do.
He should call and verify that the check is legit or you just need to wait. And negotiate. The check is from e-loan and will have their contact info on it. If that isn't good enough, find a similar car somewhere else.
But if you give him a check, a copy of your insurance and your driver's license, he shouldn't have a problem giving you the car after you write the check.
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