How do you pay for a used truck?

[gpgriz]

I'm in the market for a new to me truck.

(F150 Supercrew 6.5' box, not black, prefer canopy, 2007-2009ish)

I expect to purchase privately.

I was just reading about Chad and his ordeal and read that quite a few of you pay cash for trucks.

How do you do that?
If I'm paying dude, for example, $17000 for his truck, do you call your bank and ask them to have 170 $100 bills ready?

Or get a cashiers cheque or money order?

Just wondering how I should prepare for this...

[Buckhead]

Whether buying or selling - I've always used cashiers cheque - bank draft.

That way there is no question that the money is there and there is a record of the transaction.

[skidderman]

Always a bank draft.

[takkotime]

Last truck I bought the bank wouldn't take the draft- they are useless nowadays. Had the seller come to the bank with me and verify the funds- may as well have just used a regular cheque; bank told me not to bother with cashiers cheques or drafts as they are too easily forged...

-Will

[Buckhead]

Last truck I bought the bank wouldn't take the draft- they are useless nowadays. Had the seller come to the bank with me and verify the funds- may as well have just used a regular cheque; bank told me not to bother with cashiers cheques or drafts as they are too easily forged...

-Will

Strange. I've never had that problem.
I will keep that in mind.

[bison]

Cash only.
But then i don't buy 17000 dollar trucks.
5-6 grand tops

[takkotime]

Strange. I've never had that problem.
I will keep that in mind.

Yeah, had a $20,000.00 Cashiers cheque and TD wouldn't take it; had to go to the ATB with him and verify the cashiers cheque was good / real. Apparently CIBC ones are the most commonly forged..

[Smokinyotes]

If I am selling cash only now. Two years ago when I sold my pickup I took a bank draft but have heard too many horror stories with them now.

[canadiantdi]

I thought they just put a hold on cashiers checks over a certain size until the money comes through..

[Douglas N]

Bank draft or EMT.

[leeaspell]

Canada post money order?

[Charlie1]

Take a bank draft for the majority of the funds and the rest cash to barter with

[bat119]

When bought a trailer last year I had my bank do a lien search for me and make up a bank draft. They didn't charge for the search but they did for the bank draft no problem with the seller cashing the draft.

[gmcmax05]

Be sure to do a lien check, & whether or not the truck has been crashed hard. Almost got taken buying a Honda Prelude for my son, vehicle had been written off, repaired, all done in BC & hadn't even had an out of province done to get insured & registered in Alberta, they were quite shocked I was able to find out this info.

[linemanpete]

Canada post money order?

$999.99 max @$7 per adds up but doable

[rodgerskr]

I usually pay cash for toys but it's a pain in the azz at the bank. They require you to give them notice so they can make sure they have the cash on hand, and if you are depositing cash bring the bill of sale to avoid hassle

[Icouldeatababydeer]

Last truck I bought with cash, wrote it off to find out previous owner had a lien on it, what ever you do get a lien check.

[rugatika]

Cash. Wish they still made 1000 dollar bills.

[Ken07AOVette]

Cash. My bank doesn't ask anything no matter the amount.

[ali#1]

Cash is king.

[Boots270]

Cash. Wish they still made 1000 dollar bills.

I've had a couple 1000 bills.
Banks check into them before actually depositing. Takes about 5 to 10 min.
Wish I kept one of them.
They are handy for large cash transactions.

Do a lien check for sure.
I would do cashiers cheque.
Its a better way to keep records of sale.

[Ranch11]

Cash. Let em know a bit early of your intentions and should be no worries.

[rugatika]

Why did they stop making thousand dollar bills by the way??\



http://www.cbc.ca/news/business/bank-of-canada-kills-1000-bill-1.235393


Too hard for the government to keep track of our own money I guess.

[gpgriz]

So it looks like cashiers cheque can be sketchy...

Cash still seems popular. But with advance notice to organize the bills.

EMT seems handy too. As long as the buyer deals at a major bank to accept them.

I kinda like the bank draft / cash combo...

Cheers!

[ali#1]

So it looks like cashiers cheque can be sketchy...

Cash still seems popular. But with advance notice to organize the bills.

EMT seems handy too. As long as the buyer deals at a major bank to accept them.

I kinda like the bank draft / cash combo...

Cheers!

I remember my father in law gave me and my wife a 5g bank draft wedding preset. When I went to cash it they put a hold on it for 5 business days. Seems like a waste of time to me.

[Wild&Free]

I wrote a cheque from my LOC on my current truck. no issues.

[mooseknuckle]

No problem taking out large amounts of cash, last time I tried depositing a large amount.... Wow. Interviews, photographs, police.... Apparently saving up over a decade isn't an acceptable reason for having $35,000 in cash.

[ali#1]

No problem taking out large amounts of cash, last time I tried depositing a large amount.... Wow. Interviews, photographs, police.... Apparently saving up over a decade isn't an acceptable reason for having $35,000 in cash.

I wouldn't go through that. If do 5 grand at a time.

[Buckhead]

If one is doing large cash transactions particularly deposits your bank is required to file a report with FINTRAC (federal govenment agency looking for money laundering and criminal activity - that sort of thing)

[speedfreak]

EMT has a limit. 5 grand I think they told me. I bought a used truck for a little over 40g once and used a bank draft. No issues getting it or having it deposited. Like everyone else said, for a truck worth that much make sure there are no outstanding liens on it!

[DiabeticKripple]

even if the bank draft doesnt go through right away, it is proof that you have the money in your account

[dale7637]

I have always used either cash or bank draft.

Always do a lien check. We just about got caught buying a camper last spring.

[gpgriz]

Will certainly do the lien check.
When I get the VIN, I'll printoff the Window sticker and the the check done.