BLT

Apologies this isn't a "technical" question but the 993 group has been my home for the past 9 years so I trust y'all!

Sold my car recently to a fellow RLer. Received 10% down payment to hold car -- all good. It's now scheduled to be trucked to another state. The buyer may not be here when the car goes on the carrier (he's coming here to check out the car, but may have to leave before transport happens). So what's the best/safest way to do the money/car swap remotely? I have zero worries about the new owner making payment but I think in any situation these days I'd be reluctant to put my car into a trailer without having received payment. Similarly the buyer should be a bit uneasy about wiring the balance before getting the car/title. I can't recall but I think when I bought the car 9 years ago, I wired the full amount to the seller right before the car went onto the transport. Similar question for getting the buyer the released title.

Thanks for any advice/experience you can share.

pp000830

Hi Brian,
First of all, take pictures of the car next to the transporter just before it is loaded to protect both you and the buyer from a damage in transport dispute. Then see if a transporter is willing to collect payment for the car as a cashier's check (guaranteed funds) made out to you for you before releasing the car to the new owner, I suspect this is a regularly requested service.

Andy

fatmike

The payment CLEARS before the car goes. If it's my car, that's not negotiable.

The buyer is coming in person to inspect the car -- good. Pay for it while the buyer is here and do the transaction.

Buyer needs to insure the car immediately upon title transfer. IF you agree to keep the car for some amount of time between the transfer of the title and the buyer picking up the car, it should be under clear written set of conditions: Buyer's risk. Buyer's insurance. And a tightly defined time window.

The best transaction is a handshake. Buyer hands you cash, you hand the title and the buyer takes the car away... You wish the buyer good luck. Anything else opens up a lot of issues.

What if the car gets damaged in YOUR garage after the inspection and the transfer of title? Who needs the hassle?

/

BLT

Thanks! I think this would be the most simple and safe. I had it in my head that I needed to release the car itself, but really just swapping title for cash (i.e verifying the wire transfer into my account) would work fine. The car is technically his then and on his insurance for the trip to his home.

hoggel

Yesterday buyer did a wire transfer to my bank account. I signed over the title, took pictures of front and back, and sent to buyer. Buyer arranged transport through a broker. Transporter picked up the car in two hours. I took some pics and video of the load and talked to the buyer on the phone as the transporter was leaving my house. Bam! Done deal. Oh, and then everyone in my house shed some tears.

toona

I would never put the car on a trailer without being paid in full. I buy/sell a lot online and once a sale is agreed upon, I overnight the title with pictures and tracking - then release the car for pickup after receiving a wire for the full amount. In your case, Id hand over the title and explain that wire needs to be that day (or at least before pickup if they have some good reason why they cant pay that day). I typically leave it insured until its on the truck as then its the buyers responsibility.

toona

And yes, agree... lots of pics/video going on transporter and keep the 2-way convo going via text/email during entire transaction. If youre both doing it right, you're making a new friend.

pp000830

Only if you have a bill of sale including the buyer's name DL number, signature, paid price and exact date/time, odometer reading and place of transfer of ownership. It is still yours in the eyes of the law until title transfers unless you have a bill of sales document you can produce in court if there is a dispute as to who owned it in a wreck after the fact. I leave the insurance active for a few days after a sale and then have my insurance changed retroactively to the date on the bill of sale. Also never ever let a buyer drive off with your plates on the car. He will need to provide them as using your plates may imply you still own the car and authorized him to drive it.

Andy

Twilightblue28A

The titleholder is the legal owner of the car. Just that simple.

TheDangerZone

I recently completed a purchase of an E39 M5 using escrow.com. I was the buyer and the seller was out of state. I wired the funds to escrow.com which confirmed their receipt and the terms of the transaction. I then arranged transport. After delivery and a short personal inspection I logged onto escrow.com to release the funds. The seller gave me a bill of sale. We then waited 1-2 days for the funds to clear and transfer to the seller's bank account and then he promptly fedex'ed me the title. It worked out well and both parties felt secure throughout. Escrow.com also has a title holding service which we elected to forgo. The escrow service was paid for by myself and cost a little under $300. Money well spent for an out of state private party transaction, IMO.

I would think if the buyer was going to see the car in person and committed to buying it, then a cashier's check or wire could be arranged to be given to you in exchange for the bill of sale and title? Buyer would then own the car and you could hold it for transport, assuming you are willing and he trusts you.

escrow.com handles transactions for ebay motors FWIW and has plenty of ratings online. I have no financial disclosures or relationship aside from being a satisfied customer.

4Driver4

I've sold a few cars long distance. The comments on videoing or pics during loading are spot on.
Doesn't hurt to hand the driver a C note either.