Cross-State Private-Party Sale Logistics?

Assuming two individuals wanted to transact a private-party sale for a Ferrari - one being on the West Coast and the other on the East - what would the logistics entail?

{Please assume the car has been appropriately PPI'd so the car is not of concern.}

What I am trying to ascertain is the money / title logistics.

From my vantage point it would involve:

1. A simple but comprehensive Bill of Sale drafted by one party and agreed to and signed by both.

2. Wire transfer of money by Buyer

3. FedEx of Title by Seller (title is held free and clear)

4. Buyer to arrange transportation...and off the car goes.

There is clearly an element of trust involved b/w both parties for (2) and (3) to happen simultaneously. If the Buyer feels it necessary, I assume you can park in the money in escrow and then release.

Anything else that should be factored into the equation?

Thanks in advance.

 

This is a fairly regular question - try a search on 'escrow' - I think there were a couple of threads last month for starters

 

That sounds about right...much easier to 'fly out and drive" IMO against a refundable deposit or I have even done refundable Paid in Full, to hold a good car.....

Good luck...I have been blessed with sellers I was comfortable with, after a few calls.....

 

Where the car has a Lien I'd use a banker to wire money for paper trail, as that will be required by Seller to get him Clear Title to give you.

 

Would have thought there would be but couldn't find anything that directly relates to this question. I tried searching under 'escrow' as well.

Please let me know if anybody can dig up specific threads on this, as I don't seem to be able to.

Best.

 

I have bought half a dozen cars that way, even across the pond, and it's always worked out. There is an element of trust involved, but generally, a ferrari guy is pretty substantial, and isn't going anywhere. Good luck!!

 

http://ferrarichat.com/forum/showthread.php?t=112334&highlight=escrow

http://ferrarichat.com/forum/showthread.php?t=108904&highlight=escrow

http://ferrarichat.com/forum/showthread.php?t=68803&highlight=escrow

http://ferrarichat.com/forum/showthread.php?t=68082&highlight=escrow

 

Once the bill of sale was signed by both parties (via FedEx), so each had a copy, I would have the car shipped to the nearest dealer at the buyer's location. I would then ask for full payment before sending the title.

In this way, you show good faith by sending the car over, he shows good faith by sending the money, and you finalize by sending the title. Worst case scenario on your part is that you lose the transportation costs, but there has to be a risk somewhere in a transaction of this sort.

This said, putting the money is escrow may be the best way, but I do not have experience with this.

 

I sold a car (355GTB) via Ferrariads.com to a buyer in Mississippi.
We opened an escrow account in Phoenix at First American Title company for the purposes of holding the cash only. The escrow expenses were borne by the buyer. They were approximately $400
The simple Bill of Sale made provision for notification by the Escrow company that they had the funds and that the funds would be released once the car was on the truck as evidenced by a signed bill of lading. I included the title with all of the car's papers, including service records in a Fedex pack sent when I confirmed the money in my account.
The process was very smooth. Once I handed over the car to the trucker and received my signed receipt from him, I took it to the escrow company who wired the funds into my account.

The whole point of using an escrow company is that you don't need to trust anyone or anything - the process ensures that everyone keeps their end of the deal.

The pre sale items included sending a copy of the title to prove it was free of liens and several photos of the car showing all of the critical items such as bodywork, close ups of wheels, seats, dashboard etc.
The point of ownership transfer happens when you physically hand the car off to the trucker. Your liability ceases and the buyer is now responsible for the car including any damage that happens in transit. The key to success is clarity in the escrow instructions so that the point of transfer is absolute and clear, without any possibility of the money being withheld once you hand over the car.

 

Vik,

99.99% of my transactions involve step 1 - 4......As an alternative and less risk assumptive option if both buyer and seller deal the same large bank:

1-seller send title to the bank in buyer's city,
2-buyer comes in to wire money
3-once money is confirmed into seller's account, bank hands the title over to the buyer.....

all the steps above should take less than 3 mins......since money will hit the seller account almost immediately....i've done this before as well

 

All good suggestions. Appreciate the input.