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Old 09-05-2014, 08:18 PM   #1
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Selling private Canada to US

Hello All,
What is the financial process for selling privately from Canada to the US in terms of payment? I know that a personal cheque or cashiers check from a US bank can take up to 2 weeks to clear, as well a wire transfer can be 1-2 days. Obviously we don't want to sign over the trailer until we have full payment. What have others done for payment? Any thoughts or ideas would be appreciated.
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Old 09-05-2014, 08:27 PM   #2
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I bought from private Canadian seller. The wire transfer took about 4 hrs. It seemed to be the best way. There are limits on bringing cash to Canada.
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Old 09-05-2014, 10:24 PM   #3
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We did our purchase from a Canadian owner by wire transfer and it took only an hour or two. Be sure you get all the necessary info from the seller ... Our seller went to their bank and got their bank to fill out a form with all the needed info. They emailed it to us and we took it to our bank. Very easy and quick...plus a fee to the bank...about $30 as I recall....
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Old 09-05-2014, 10:33 PM   #4
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Can to Us

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Originally Posted by FMLNM View Post
We did our purchase from a Canadian owner by wire transfer and it took only an hour or two. Be sure you get all the necessary info from the seller ... Our seller went to their bank and got their bank to fill out a form with all the needed info. They emailed it to us and we took it to our bank. Very easy and quick...plus a fee to the bank...about $30 as I recall....
So did you pay before you received the trailer?
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Old 09-05-2014, 10:36 PM   #5
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Yes. The trailer was at ETI and they were doing some upgrades on it for us. The previous owner had ETI put it on the website for sale and that's how we found it. Granted, that makes for a very secure transaction....
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Old 09-06-2014, 04:41 AM   #6
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I did not pay in advance. We went to seller's bank to arrange the wire, then to provincial title/insurance place to sign the transfer of ownership. Meanwhile the brake controller was installed.
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Old 09-06-2014, 07:05 AM   #7
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As a buyer you can expect you are going to pay in advance. Of course if the deal is local you can agree on a price and then initiate the wire while waiting but there are a lot of variables to overcome such as bank requirements to initiate wires before 2:00 pm, weekday only transfers and holidays, also banks will only guarantee next day delivery of a wire.

As a seller the only safe method to accept payment is a wire. In my mind it means you have to work in the parameters of a wire.

For cross border transactions you have to determine what the exchange rate will be. I believe this is very hard to find ahead of time, plus be cautious of extra fees or even fractional percents of the total taken out at transfer time.
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Old 09-06-2014, 01:44 PM   #8
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I am curious about what happens with all the importation certificates and the certification that the trailer meets US standards when you buy from a private party in Canada. The reason I ask is the DMV has been very insistent that I can't register my new trailer until the importation certificate is stamped by the person at the border crossing (Sumas). I think one of the reasons that ETI delivers the trailer to their US customers in Sumas is that they can make sure that the form gets stamped. As I recall, ETI uses an importer (or at least their name appears on the form).

Now that I think about it, if the DMV is following their rules, they should ask for these forms even if the transfer is from a US owner. But that makes me curious -- if you purchases a "pre-owned" escape, did the DMV want the importation forms?
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Old 09-06-2014, 01:46 PM   #9
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We are in the process of selling our trailer and have had a number of inquiries from the US so I checked with my bank and with Tammy at ETI. Both said to request a Bank Draft (Cashier's cheque in the US) in advance. Both said there is minimal wait for the cheque to clear. It is preferable to have the trailer held by a third party until the transaction is completed so that the buyer is protected.
Incidentally there is no limit on the amount of money you bring into Canada provided you declare the exact amount over $10,000 that you are carrying as soon as you enter Canada. I just saw this on TV last night.
All Escape Trailers carry a decal (N56) that indicates that the trailer meets all DMV rsafety requirements for Canada and the United States. All the importer (buyer) needs to do is present a completed Form 7501 to the US Customs Officer when they enter the Us and have it stamped. Take the stamped 7501 to your local DMV office and register the trailer. This is what Tammy told me.
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Old 09-06-2014, 06:47 PM   #10
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Quote:
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All Escape Trailers carry a decal (N56) that indicates that the trailer meets all DMV rsafety requirements for Canada and the United States. All the importer (buyer) needs to do is present a completed Form 7501 to the US Customs Officer when they enter the Us and have it stamped. Take the stamped 7501 to your local DMV office and register the trailer. This is what Tammy told me.
That's the way it worked for us. Make sure you do not lose that 7501 after it is stamped at the border!!
And because we were concerned about towing all the way back to New Mexico without a license plate, we just took the one off our previous Scamp and put it on the Escape when we picked the trailer up from ETI. We figured we were less likely to get stopped on the drive home with a license plate than without one.
Since ours was not a new trailer but was at the ETI factory, we brought it through to the US, not ETI.
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