Buying vehicles at a distance (safely exchanging funds)

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BlackGlove

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Topic # 151097 13-Aug-2014 22:54

I'm looking to buy a motorbike that's in another city. I've done it before without hassle, but the last couple of times I was spending the banks money so I felt more relaxed about the financial transaction. Obviously I'll get the bike checked thoroughly first for mechanical issues, but I'm going to get it shipped here, so won't physically meet the seller.

Now I'm not sure what the best way to go about making the purchase without either party having both the vehicle and the money at some point. Is there some sort of delayed transfer or acceptance required transfer I can make? I'm sure the seller would be equally worried about handing over the keys without having the cash.

Ideas?

Aredwood

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Reply # 1108023 14-Aug-2014 00:03

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If the sale is on / through Trademe then use their safe trader system. Also make sure you do the change of ownership at the same time. But you can do that online easily.

joff_nz

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Reply # 1108045 14-Aug-2014 06:05

Do you have somebody that you know that could pick up the bike, pay the money and store it for pickup?

Goosey

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Reply # 1108062 14-Aug-2014 06:56

this perhaps?

https://secure.safetrader.co.nz

timmmay

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Reply # 1108066 14-Aug-2014 07:22

I used the SafeKiwi Escrow System in the past, for buying PVC doors and door installation from a vendor with no reviews anywhere. SafeTrader is limited to small trademe transactions, SafeKiwi can handle any amount. Fees up to $20.

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Satch

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Reply # 1108355 14-Aug-2014 13:07

BlackGlove:...but the last couple of times I was spending the banks money so I felt more relaxed about the financial transaction.

Sorry but I have to ask. Were the bank buying them for you?

BlackGlove

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Reply # 1108359 14-Aug-2014 13:11

Satch:
BlackGlove:...but the last couple of times I was spending the banks money so I felt more relaxed about the financial transaction.

Sorry but I have to ask. Were the bank buying them for you?

Technically no, but as part of the loan process they arrange the sale contract and money transfer. Which (perhaps naively) gave me confidence that it it all went sour they'd put some effort into getting the money back.

Mostly I err on the side of trust, and spend as much time appraising the seller as the vehicle. That way you can be more confident in their description of the vehicle history too. Unlike the time I bought a van and got the change of ownership paper to realise the seller's name was A.Crook (I kid you not). Turned out the van had a blown head gasket.

Satch

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Reply # 1108376 14-Aug-2014 13:25

BlackGlove:
Satch:
BlackGlove:...but the last couple of times I was spending the banks money so I felt more relaxed about the financial transaction.

Sorry but I have to ask. Were the bank buying them for you?

Technically no, but as part of the loan process they arrange the sale contract and money transfer. Which (perhaps naively) gave me confidence that it it all went sour they'd put some effort into getting the money back.

I doubt the bank would do anything for you but commence sending you repayment notices...

BlackGlove

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Reply # 1108390 14-Aug-2014 13:45

Satch:
I doubt the bank would do anything for you but commence sending you repayment notices...

You're probably right in that. Ignorance is bliss.