Safe Private Party Sale
Good Day
I have found an EVO, that I am interested in and of coarse it is on the other side of the country. It is possibly someone could explain to me, how after a worthy PPI, how to pull off a successful sale, including the trucking issue? I have done quite a few deals in the old days by visiting and paying via cashiers check, and have bought from dealers who I usually can trust. But, how do you safely wire 275k to someone you have never seen before and then need them to hold the car unit trucking company shows.
Thank you!
I have found an EVO, that I am interested in and of coarse it is on the other side of the country. It is possibly someone could explain to me, how after a worthy PPI, how to pull off a successful sale, including the trucking issue? I have done quite a few deals in the old days by visiting and paying via cashiers check, and have bought from dealers who I usually can trust. But, how do you safely wire 275k to someone you have never seen before and then need them to hold the car unit trucking company shows.
Thank you!
1 - 20 of 39 Posts
Joined
·
163 Posts
I have bought a ton of cars sight unseen. How do you feel talking to the seller is a HUGE part of if. If you do buy the car whether you go see it or not, wire the money to the seller after they provide a copy of the title(front and back) and a bill of sale. All this gives you intent to sell by the seller in case something goes wrong. After the money is received, call a transport company and have it shipped........The worst part of this whole thing is waiting to get it once paid for. Even if it only takes a few day, they are very long days...........lol. Hope it works out for you.
Guys, thank you.
MIke A, thanks for your answer, but Mike, I am not sure I would be able to sleep at night wiring someone 275k, and not taking the car. Yes, I have created the problem by living 3000 miles from car. I sure can't expect seller to sign that title before I wire the money. ? Maybe the escrow company might give me the protection I need. 275k, is a lot of money for me.
I would have PPI, done by Lambo dealer. Wish I could have them hold the car, but I don't think they would be keen to that, since seller did not sell to them. ?
Thanks,
MIke A, thanks for your answer, but Mike, I am not sure I would be able to sleep at night wiring someone 275k, and not taking the car. Yes, I have created the problem by living 3000 miles from car. I sure can't expect seller to sign that title before I wire the money. ? Maybe the escrow company might give me the protection I need. 275k, is a lot of money for me.
I would have PPI, done by Lambo dealer. Wish I could have them hold the car, but I don't think they would be keen to that, since seller did not sell to them. ?
Thanks,
Joined
·
370 Posts
I would just use an escrow service like escrow.com. One must ensure that no one gets to have the money, the title, and the car all at one time. If you don’t want to deal with an escrow (don’t know why you wouldn’t as they’re typically only a few hundred dollars), I would send the money once I receive the title. You could have shipping more or less prearranged so that once you have the title and wire the funds the transporter is there within a day or so. Also, if mailing stuff back and forth between you and the seller insist everything is FedEx next day air and insist the seller do the same, this makes tracking easy and eliminates any “well I’m still waiting on” this or that document throughout the transaction.
Joined
·
163 Posts
Redjim,
By sending you a copy of the title front and back it shows you that the car does have a title, shows if there is a lien, and shows that there is not a salvage title (in some states). It would make it clear if there is a scam, that you were scammed or how would you of had a copy of a title from someone. The bill of sale would show an intent to sell if it ever went to court. When wiring money from bank to bank, the two banks are actually covering all the basis for not only themselves, but for the buyer and seller. I agree $20k is alot of money let alone $275k. Usually the owners of these cars are on the up and up but never just assume. Interview the seller to get some comfort level. Hope this helps.
By sending you a copy of the title front and back it shows you that the car does have a title, shows if there is a lien, and shows that there is not a salvage title (in some states). It would make it clear if there is a scam, that you were scammed or how would you of had a copy of a title from someone. The bill of sale would show an intent to sell if it ever went to court. When wiring money from bank to bank, the two banks are actually covering all the basis for not only themselves, but for the buyer and seller. I agree $20k is alot of money let alone $275k. Usually the owners of these cars are on the up and up but never just assume. Interview the seller to get some comfort level. Hope this helps.
I'd make a visit, use an escrow company, or call and use local attorney near wherever the car is to handle the transaction. Spending less than 1% of the purchase price for peace of mind? No brainer. There's way too much sketchiness out there...at least with normal cars. I have a friend that bought a $40k car from a guy with cash, unknowingly received a bogus title, and woke up the next day to the car missing because the scammer had a 2nd key. As MikeA mentioned usually L owners are a bit more...high profile[maybe bad word choice?]...but you still don't know them!
Joined
·
4,454 Posts
I’ve done this more times than I can count. This is why I am shopping the seller just as much as the car. Get a bill of sale, drivers license copy, copy of the title and a PPI. It’s fraud if the guy/girl doesn’t send the car or title. Don’t be scared about it, I’ve never once had an issue. If you’re really nervous, call a dealer local to him and have them process the deal and pay them a fee. It might cost a little, but if that’s what’s going to help you sleep at night, worth the 1-2k.
Joined
·
488 Posts
"But with a purchase like this I would make a visit "
I second this. Only way to know you are buying what you think you are.
I second this. Only way to know you are buying what you think you are.
I would never buy a car like this without a visit, meeting the seller and seeing the car is a must. I have never sent my money in advance of taking possession of the car. I could never do that.
Engage an escrow company or an attorney. I am just leery of scams nowadays, can't trust people anymore, not like the good old days.
Engage an escrow company or an attorney. I am just leery of scams nowadays, can't trust people anymore, not like the good old days.
That’s a good idea and well worth paying a fee.
Joined
·
144 Posts
If you can involve a bank to finance the car you can force the "escrow" by having the bank put a lien on the title at the same time as the money is wired. Payoff next month and no big deal. This also forces the seller to provide all necessary documents in order to receive funds and the bank is a trusted intermediary.
Joined
·
339 Posts
Bought several cars 'sight unseen'. For cosmetic assessment, LemonSquad is pretty good. They claim they are a full inspection service, but really only good for cosmetics on a exotic. They do about as much as you could do going to look at a car.
For a full PPI, you need to get car on a lift etc. But their cosmetic assessment, I have gotten 150+ pics with paint meter on all panels. They point out virtually any flaw in paint/interior cosmetics.
It is a cheap adder on a good PPI, if you want to really know the cosmetic condition of a car.
I sold a car to an exotic dealer and he actually used these guys. That is how I found out about them. AGAIN, I would NOT rely on this for a PPI and recommend it for a very on the surface mechanical assessment. But the cosmetic assessment is good.
For a full PPI, you need to get car on a lift etc. But their cosmetic assessment, I have gotten 150+ pics with paint meter on all panels. They point out virtually any flaw in paint/interior cosmetics.
It is a cheap adder on a good PPI, if you want to really know the cosmetic condition of a car.
I sold a car to an exotic dealer and he actually used these guys. That is how I found out about them. AGAIN, I would NOT rely on this for a PPI and recommend it for a very on the surface mechanical assessment. But the cosmetic assessment is good.
Thanks everyone for your time! It was very helpful and I will use some of the suggestions.
I obviously did a poor job in explaining the situation. Car, would be PPI, by local Lambo dealer, (which was not the selling dealer). I would fly out inspect before wire transfer. If car, good I probably would wire money that day, obtain title. Then ask them if they could keep car until trucking company arrives.
Thanks again for your effort.
I obviously did a poor job in explaining the situation. Car, would be PPI, by local Lambo dealer, (which was not the selling dealer). I would fly out inspect before wire transfer. If car, good I probably would wire money that day, obtain title. Then ask them if they could keep car until trucking company arrives.
Thanks again for your effort.
Joined
·
44 Posts
If you are going to be there in person, after inspecting the vehicle, agree to meet the seller at a bank branch, and get a cashiers check on the spot, and do the title transfer and exchange in person.
It avoids the added delay of a wire, or risk of a fake cashiers check on the sellers part, and while you still need to wait for transport, at least you now have title of the vehicle.
It avoids the added delay of a wire, or risk of a fake cashiers check on the sellers part, and while you still need to wait for transport, at least you now have title of the vehicle.
1 - 20 of 39 Posts
