Anyone ever wired money for purchase?

[gh8toes]

I wonder if it isn't safer to finance through Granger and then payoff the loan early. I don't know if I'd be comfortable wiring money before I've inspected the vehicle.

Remember, if you finance, Ford Credit will be listed on your title as a lien. Even if you pay it off and have the payoff letter from Ford Credit, If you sell it in the future to the likes of CarMax or Carvana, they will want a clean title. So you will have to go to your Secretary of State office with your Ford Credit papers and get a clean title with Ford Credit removed.

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[Suns_PSD]

I wired $68K for a truck I'd never seen to a dealership in OH when I bought my used Limited.

One thing I did do was after the salesperson emailed me wiring instructions, I independently called the Finance Manager of the dealership (unbeknownst to the salesperson) and required him to read his wiring instructions to me to verify a match, which annoyed him greatly. But you have to do these simple things to avoid fraud.

It worked out fine.

 

[WA_502A]

I just had a nice talk with Shelby from Finance at Granger and I am tryiing to figure out the best way to pay for my truck.

My checking accounts are online with no branches near me, so getting a cashier's check really isn't that simple.

I was thinking of wiring the money to Granger. Has anyone done this? Is it pretty standard? Feels a little weird sending the money off before I see the vehicle in person and inspected.

I was in a similar situation. Went to the dealership to purchase my '22 and wasn't able to use a cashiers check because my bank has no physical locations. It felt weird and was a little nerve racking but paid in full via a wire transfer.

End of the day, no issues and it worked great. Only downfall is a wire transfer can take a couple of hours to go thru and if it's toward the end of the day, it may not show up on their end until the following day.

 

[Antimatter22]

I just wired money this week to buy the wife a new car. It's not a big deal, just make sure you double and triple check the numbers during the process. Like mentioned earlier, it only works during business days so I would send it beforehand if you plan on picking up the truck on a weekend.

It's a fast process. One of my savings accounts won't allow me to wire outside of accounts I own, at least on the app, so I wired money to myself and then wired to the dealership. It probably took a total of two hours but they weren't exactly hitting refresh waiting for it since we were picking it up the following day.

 

[Mgrantham1683]

Not with Granger, but I’ve used a wire, a personal check, and my debit card to put large amounts down, call them and ask what ways they accept payments.

 

[Bobcatou]

I decided to opened a savings account yesterday and wired the money to that account. Today I am going to pick up a cashier's check.

I do trust Granger, but on the unlikely event something happens between now and when I pick up the truck, I just feel more comfortable.

I'll probably just close the savings account when I get back.

 

[Eighthtry]

Any car I buy is purchased by Fed bank wire. I inspect it first, then authorize release of wire to the dealer's bank. That usually takes 2 to 3 hours. I am secure with the inspection of the truck. The dealer is secure because he can see the wire hit his account. The downside is that the dealer and their bank must be familiar with the Fed wire system. If you are dealing with a big bank, that is no problem.

If you are dealing with Elmer at the Last Northeast Savings Bank of Key West Northbound a little education may be needed. However, almost all small banks have access to the Fed wire through correspondent relationships they have with other larger banks for services such as this. Chase, Wells Fargo and myriad others do $billions a day, so it is not rocket science.

Sounds complicated but it is not. I just wired from my 401k account at Schwab. I provided them with pertinent info of the receiving bank. They yawned, then punched the button.

 

[Eighthtry]

I would never pay for anything that depreciates that fast with cash but everyone is different. If you drive off the lot and get broad sided you've just lost 20% of your cash when the insurance company finally settles and writes you a check. I got 0% financing for 3 years and my cash is making just about 5%. Add in gap insurance for $6-700 bucks and you're covered for any situation that may arise. You can still pay off the loan early if you're itching to get it off your books.

While I dealt with Granger and they are legit I still don't like to wire money to anyone for any reason. There's simply no recourse if there's one number off in the bank account number and it gets transferred to some other lucky duck.

I'm not sure how you might overcome the risks of accidents. I can be schooled. I just had my 2023 2,000 mile special order totaled. Surprise, my truck had depreciated 10%. Now I did finance 100% of the purchase price plus closing, sales tax, etc of that truck at 0%. I was hoping that they would never hear about the wreck, but somehow....they did. Unfortunately insurance forwarded them payoff info. I hated to lose that 0% 3 year loan.

 

[Popplemer]

I'm not sure how you might overcome the risks of accidents. I can be schooled. I just had my 2023 2,000 mile special order totaled. Surprise, my truck had depreciated 10%. Now I did finance 100% of the purchase price plus closing, sales tax, etc of that truck at 0%. I was hoping that they would never hear about the wreck, but somehow....they did. Unfortunately insurance forwarded them payoff info. I hated to lose that 0% 3 year loan.

So in other words you owe more than insurance is paying out? Sorry to hear about your truck I hate to hear that it was totaled.

 

[Eighthtry]

Thank you. It can happen to all of us, whether we finance or not. I hated to go back to a 2021, but I am happy with it so far.

 

[Kodiak]

Thank you. It can happen to all of us, whether we finance or not. I hated to go back to a 2021, but I am happy with it so far.

One thing you can do is to check with your insurance company and see if they have an increase rider they can put on the vehicle. It is too late for this one but maybe in the future.

That rider will pay a percent over book value. I have this on my truck and it pays 20% over book and cost me about $40 twice a year. On a $60-$70k truck that 20% can be a lot of money. After 4 or 5 years you can then drop it as the value goes down but when you just buy the truck, what happened to you can be a killer. This helps guard against the situation where you just bought the vehicle, and it gets totaled in short order.

 

[Eighthtry]

Great advice. I will call in the AM just to inquire. Although I am thinking I have bought my last car/truck, stranger things have happened.

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