Out of State Purchase Wire

[AZ_Liberty]

Oh, I've already put the deposit on my credit card. They've already ran a credit check. This would be strictly to wire the down payment. What did you use to purchase the vehicle?

I wrote a personal check for $34k to Earnhardt at 8 PM. But, for an out of state deal, I'd do a wire transfer.

As long as a wire transfer is ordered before 2 pm East Coast time, it should go through that day.

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[zuke]

It's a ford dealership and I was checking every day for it to come in to see if the buyer backed out and they did. It is a reputable small town dealership. I just wasn't sure why they wanted me to wire the down payment before I get there if Ive already put down a deposit. I'm assuming it's so that we can sign and I can get the car the same day. I am staying to see friends for a few days, so if it didn't go through that first day, I could still pick it up the next day.

It has already been test driven and bunch and the weather mats are muddy and theres scuffs on the doors, so I wanted to check everything out before pulling a hefty wire transfer. I do realize they can detail it, but I've never made a purchase this large site unseen.

Yeah I don't think I'd be at all concerned about sending the deposit ahead of time in this case.

 

[Karl_in_Chicago]

I bought my Gladiator out of state. That dealer took a credit card for a deposit and the whole deal went through very smoothly. 5 star service.

I’m always nervous about wire transferring money for two reasons: First, it‘s like giving somebody cash and second - I always wonder *WHY* anybody would demand a wire transfer as opposed to other (more safer) methods to send money these days. Of which there are MANY.

Please share about the MANY other safer methods to send money these days and how they are safer than the Fedwire system.

 

[Figmo]

Please share about the MANY other safer methods to send money these days and how they are safer than the Fedwire system.

Define for WHOM that is “safer”. Of course, you’re 100% right. Wiring money is about as safe as it gets - if you’re a Nigerian. But the sender might disagree with you

I‘m pretty sure the OP understood what I was referring to. And it wasn’t “safe ways to send money so that it doesn’t get stolen in transit.” It was more along the lines of, “options to get your money BACK if the seller dicks you around”.

But I guess I could have been more clear.

 

[JohnnyBronco]

put it on your credit card .. like 1k. If you get there and there are issues then just call your credit card company and they will handle it

Generally dealers in my experience would refuse to take more than $500 on a card for deposit since card transactions are easily reversed or disputed. Maybe it's just my state.

And in a lifetime of buying vehicles locally the paper check written for 100-500 deposit is never cashed and attached to paperwork at delivery. But that's local

 

[Raptor911]

My dealership use to take 5k on a card but during the pandemic, they scaled it back to $2500.

I always charge as much as possible to get the points.

On my 2022 Wildtrak I had the following deposit:

reservation >> $100
order deposit >> $500
delivery day >> $2500

Paid it in cash within 30 days not to incur any fees.

Generally dealers in my experience would refuse to take more than $500 on a card for deposit since card transactions are easily reversed or disputed. Maybe it's just my state.

And in a lifetime of buying vehicles locally the paper check written for 100-500 deposit is never cashed and attached to paperwork at delivery. But that's local

 

[Karl_in_Chicago]

Define for WHOM that is “safer”. Of course, you’re 100% right. Wiring money is about as safe as it gets - if you’re a Nigerian. But the sender might disagree with you

I‘m pretty sure the OP understood what I was referring to. And it wasn’t “safe ways to send money so that it doesn’t get stolen in transit.” It was more along the lines of, “options to get your money BACK if the seller dicks you around”.

But I guess I could have been more clear.

I'm not really sure what you're saying here but I am sure that's definitely not a list of even one, and less than one is also typically considered less than "MANY".

Anyway - OP, it's a routine thing. Best to have already contacted your banker in advance and run through what you wish to do given the probable $$ amount involved. Also - make certain the day you intend to close the deal isn't a *banking* holiday - banks close for lots of days when other businesses are open.

 

[mountainbronco]

I agree with OP, issue a wire before the noon cutoff and it gets executed within a few minutes, max an hour. Once you execute a wire, you lost legal ownership of those funds. If you think that is not an issue, I can tell you a story of a Ford dealer in Texas who went bankrupt overnight, any wire funds sent the day before went in to that proceeding...............

Another piece of advice, in case you have not already done so, independently verify the wire transfer routing number, bank name and account number. To do so, you call the dealership and ask to speak with the general manager (without indicating you are a customer) explain to him that you want to verify the coding and ensure all is legit.

 

[Shesadragon]

I agree with OP, issue a wire before the noon cutoff and it gets executed within a few minutes, max an hour. Once you execute a wire, you lost legal ownership of those funds. If you think that is not an issue, I can tell you a story of a Ford dealer in Texas who went bankrupt overnight, any wire funds sent the day before went in to that proceeding...............

Another piece of advice, in case you have not already done so, independently verify the wire transfer routing number, bank name and account number. To do so, you call the dealership and ask to speak with the general manager (without indicating you are a customer) explain to him that you want to verify the coding and ensure all is legit.

Thanks guys! I wired at 11am and it was there within 30 mins from a small credit union. Got my Bronco and drove it back! Easy as pie.

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