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02-10-2010, 04:22 PM
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#1 | | I answer every Emotion with an emoticon
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| whats the best way to purchase a used car from private seller
i have never bought a use car from a private seller..
do i just give the cash and he gives me the keys and thats it.. or do i need something else...
i will be doing checks with Vin# so i see the cars history and so on..
just want to know how i can protect myself coz i never do this...
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02-10-2010, 04:26 PM
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#2 | | Revscene.net has a homepage?!
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no u gotta go too the insurance company too switch the car owners name too yours
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02-10-2010, 04:29 PM
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#3 | | nuggets mod
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Assuming you've done all your VIN/mechanical checks, the safest way (for buyer & seller) is to meet up at a place where the seller's bank is, as well as an insurance place. For example, if I'm selling, I meet at Lansdowne because there is a TD and an insurance place right across from it.
First go to the bank, deposit the money order/cash (sellers shouldn't accept personal cheque) and wait for the teller to verify. Once verified, walk across to the insurance place and transfer the title. You (the buyer) will have to state how much was paid, and then pay tax. After the title is transferred, you'll both get a copy of the transfer form, and you're done.
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02-10-2010, 04:43 PM
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#4 | | racing & tech mod.
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^ that's pretty much it. It's a lot easier if the seller's bank is close to an autoplan agent!
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02-10-2010, 05:46 PM
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#5 | | I have named my kids VIC and VLS
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is it common to get a seller to transfer the car as a gift?
does it make a difference on the dollar value you put in buying a used vehicle? do u pay tax on that or anything?
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02-10-2010, 05:51 PM
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#6 | | Need to Seek Professional Help
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The dollar value of the transfer is used to calculate the amount of tax paid on the sale (PST I believe).
Keep in mind that an unusually low value is likely to be eyed with suspicion -- it's fraudulent to underreport the sale value.
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02-10-2010, 05:52 PM
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#7 | | racing & tech mod.
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Gifting will mean you do not pay PST on the purchase. It is quite common for ownership transfers between immediate family members, however I don't know what happens when you try to gift a car between strangers. There is probably a price threshold at which they become suspicious and you could be charged with tax evasion, which is a serious offense.
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02-10-2010, 07:45 PM
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#8 | | The "You'd Know" Moderator
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| Quote:
Originally Posted by freakshow  Assuming you've done all your VIN/mechanical checks, the safest way (for buyer & seller) is to meet up at a place where the seller's bank is, as well as an insurance place. For example, if I'm selling, I meet at Lansdowne because there is a TD and an insurance place right across from it.
First go to the bank, deposit the money order/cash (sellers shouldn't accept personal cheque) and wait for the teller to verify. Once verified, walk across to the insurance place and transfer the title. You (the buyer) will have to state how much was paid, and then pay tax. After the title is transferred, you'll both get a copy of the transfer form, and you're done. | What are you gonna do if the seller walked after you deposited the money into his/her account or if there's a new lien on the car since the last time you checked? It's going to be a lengthy process to get your money back. I would just go get a cashier's cheque together with the seller (so the seller knows the authenticity of such cheque) instead of depositing money into his/her account without even initiating the transfer. Hold onto the cashier's cheque until the title is transferred.
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02-10-2010, 11:28 PM
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#9 | | I *heart* Revscene.net very Muchie
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From my own personal experience... cash only. I don't fuck around. Mind you, Crapaliers aren't that expensive... 
Check the VIN with ICBC. Have BCAA or a reputable shop (not your buddy, who thinks he knows cars) check the vehicle out beforehand.
Give seller cash, they give you keys and signed paperwork (transfer form - make sure it's all filled out! and registration- bottom part of the first page of their insurance paper). They keep the last copy. They don't have to babysit you down to the ICBC dealer to transfer it... it's easy enough, but not necessary.
If you're not transferring plates from another vehicle (10 days since you disposed of or sold it), then you'll need to take the paperwork to the ICBC place and get plates or a temporary tag before you move the car.
Or you can look up the good shit on ICBC's website: http://www.icbc.com/registration-lic...riables._frag_
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02-10-2010, 11:53 PM
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#10 | | Head of HR....have a seat on that couch
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1. Check the condition
2. Check the history
3. Check for leins
4. Check ID vs registration
5. Pay
6. Register and insure
Assuming the car isn't a $300 beater. You don't want to pay for a car that has a lein on it and get screwed into owning money on it.
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02-10-2010, 11:58 PM
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#11 | | Banned (ABWS)
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1-check maintenance/condition of vehicle
2-history check (icbc history check $20, carfax $20 if its out of BC)
3-lien check at an insurance place $10
4-get it checked by trusted mechanic shop
5-meet with seller at autoplan place, the agents there will ENSURE all the documents are properly filled out so you nor the other party will have to worry about how legible the documents will be
6-transfer forms completed, exchange cash with keys
done
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02-11-2010, 06:05 AM
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#12 | | Witness protection
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| Quote:
Originally Posted by freakshow
First go to the bank, deposit the money order/cash (sellers shouldn't accept personal cheque) and wait for the teller to verify. Once verified, walk across to the insurance place and transfer the title. You (the buyer) will have to state how much was paid, and then pay tax. After the title is transferred, you'll both get a copy of the transfer form, and you're done.
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i can't agree with this one... i remember reading a story like this back in the day on bcsportbikes.com about a guy who did a deposit first for a private sale and the seller simply walked away with the buyer's $$$ in his account. i can't remember what the recourse was for the buyer.
the last time i bought privately, i got a bank draft at my bank with the seller present, and then we went to an autoplan agent and did the transfer paperwork together, and did the paperwork/$$$ exchange simultaneously.
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Last edited by thumper; 02-11-2010 at 08:47 AM.
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02-11-2010, 07:49 AM
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#13 | | Banned (BBM)
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NEVER ACCEPT PERSONAL CHEQUES!!!!!!
thats all i gotta say
i did once and was tripping balls.
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