Questions about shared accounts, banks who are creditors, and transferring funds?

[Diesel73L]

Confusing title, I know-I just couldn't figure out a better way to phrase it. Long story short, we needed to purchase a car prior to BK because both of our cars are older and not in great shape, so we decided to buy a certified pre-owned car for good solid transportation with a factory warranty. In looking for the best deal we ended up finding one at a dealer about 650 miles away. Even when factoring in the delivery cost, taxes, fees, etc...we're going to save nearly $2000 over purchasing locally. My wife is purchasing the car as she is still current on all of her cards, got a great rate, etc... I have already been in default for about two months so I am not a part of the transaction. I sold my truck privately to provide a down payment which we of course need to get to the dealer. My initial thought was to wire the money from our joint account. However, when the dealer sent the wiring instructions I noticed that the bank the money is going to is a Chase bank. I owe Chase $8K in cc debt which I am currently in default on. Maybe this is just conspiracy theory here, but the following scenario entered my head:

We wire the money from an account that has both of our names on it and who knows what other identifying information that goes along with bank accounts (SSN?)

The money shows up in the dealer account as coming from the account of "so-and-so" and "so-and-so."

Someone or some computer program (from Chase), etc..."sees" the transaction and says "HEY! That "so-and-so" owes us $8K!!!" and they seize the money somehow.

Is this possible or am I worrying about nothing? I suppose I could have my wife get a cashier's check in her name and simply overnight it to them, but that is going to delay the transaction compared to wiring it. We were hoping to get the vehicle on the delivery truck tomorrow morning (the buyer is coming for my truck in a few hours) and have it here Monday or Tuesday. Any thoughts? HHM are you out there?

[AngelinaCatHub]

Wiring money in my opinion is not a good idea. I trust Walmart as you need cash in and you get cash out. But wiring brings to my mind so many scams. Is the dealer legit? If so far away have you seen the car? Have you run the car through carmax to see if it was not a wrecked vehicle? Don't let the excitement of a new car cloud your wisdom.

As far as sending a cashier check overnight make a copy of it and certify the mail. As far as the bank taking out of your money, the money would be "stolen" from the dealer, not you. Trusting them......if you thought of it, they have too. I'm with you about being paranoid. 'Hub

[Diesel73L]

Wiring money in my opinion is not a good idea. I trust Walmart as you need cash in and you get cash out. But wiring brings to my mind so many scams. Is the dealer legit? If so far away have you seen the car? Have you run the car through carmax to see if it was not a wrecked vehicle? Don't let the excitement of a new car cloud your wisdom.

We've done our homework and this isn't Bob's Discount Used Car Lot. This is a Kia Certified Pre-Owned (no brand wars please-we decided we wanted the 10 year/100 mile warranty, are satisfied with the safety and reliability ratings of this particular vehicle and model year and that's the end of it) vehicle from a very large and well established Kia/Hyundai dealer in the Midwest. All of the major carmakers have CPO programs now and it's not a bad way to buy a used car. The dealer can only certify the vehicle if it is accident free, under 60K miles (ours has 28K) and is less than 6 model years old (ours is a 2009). It also has to pass a 150 point inspection mandated by the manufacturer. Essentially, the manufacturer is not going allow a dealer to certify a car that is not in good condition, because in the end, the manufacturer is going to have to eat the cost of the warranty claims down the road. As a result the manufacturers monitor the CPO sales very carefully, because bad vehicles being sold with a 10/100 warranty as well as additional coverage would become a major cash drain over their lifetime. We've not physically seen the car, but we've seen plenty of pictures, asked for additional pictures, gotten the Carfax, run the VIN through Kia Motors to check warranty claim history, etc...

As far as sending a cashier check overnight make a copy of it and certify the mail. As far as the bank taking out of your money, the money would be "stolen" from the dealer, not you. Trusting them......if you thought of it, they have too. I'm with you about being paranoid. 'Hub

I think we may heed this advice-why take the chance?

[shark66]

Good advice from 'Hub.

Overnight the bank draft - USPS Express mail is something like $15 before insurance and they'll have to sign for it...money well spent in my book.

Good luck to us all.