Help needed with advice on a long distance purchase.

BigTex · Sep 29, 2008

Right, if any liens are involved the Bank would definately be the place of transaction..

On these old cars wiring the money and signing the Title are pretty simple matters, really....I did my last two purchases on the owner's kitchen table....

christopher · Sep 29, 2008

Scaledetails said: ↑

Hi Chris,

Once you have done your homework and know this guy is legit, I would not hesitate to pay him in full prior to delivery, put yourself in his shoes, he won't want to release the car until it is paid for. I know that when I bought my cars on Ebay, I was able to check the sellers in and out, and once I felt comfortable, the money was sent.
I still would have a local guy check the car out for you for if you have any doubts about the seller.
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Thanks again for the advice.

May I ask your process on how you checked you seller "inside and out." That sounds like a good idea.

Thanks,

Chris.

christopher · Sep 29, 2008

360gtracer said: ↑

When I bought mine, I was in VA and the car was in NM. I flew out, checked it over with a checklist provided by FoW (what they use for their used car checkouts), and gave the seller a deposit (IIRC - it was a LONG time ago!). I flew home with a large suitcase full of documentation, books, spare parts, and even the NM license plate he had on the car ("308 xxx"). So I knew it wasn't going anywhere else. Transaction was completed the following week.

I guess I'd recommend that, once you've looked it over and driven it, if you feel it's the car for you, leave a deposit (get a receipt!), and take as much as you can that "belongs" with the car.

When I've sold cars long distance, I let the car go once it was paid for, but held the title until funds cleared. Once bank confirmed the funds, I signed over the title and sent it certified mail. Something you may be able to offer to put you and the seller on the same page.

Good luck!

gp
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I like the idea of taking every thing that belongs with the car. Unfortunately, due to security, I won't be able to take the tools, just the books....
What recourse do I have should the car not be shipped after I leave? I don't know this person, I don't even know if he's a member of this forum.

Thank you very much.

Chris.

christopher · Sep 29, 2008

BigTex said: ↑

I have never bothered with escrow, once you have a "good feeling" about the current owner and the car, send $5K deposit to hold the deal until you get there..inspect it then give them the balance..

No way would I expect a seller to part with the car and documents without full amount in hand.

Worst case is you return home without the car as you handle the actual shipping..

Martin in Miami could be trusted to handle things, IMO, if it's "that far" south.....congrat on finding something.
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It was good to see you weighing in. Sorry we've not spoken in a while.....

You bring up some good points from the sellers prospective....Miami, unfortunately might be too far away...Thank you though.

Take care, we'll talk soon.

Chris.

christopher · Sep 29, 2008

Artvonne said: ↑

IMO the title is the only real proof of ownership and most states recognise the title as prima facie proof of ownership, as well as most banks. More and more states will no longer accept a bill of sale, you need the physical (and unaltered) title card. If you meet at a bank to tranfer funds, the bank can notarise a bill of sale from the seller so you know the person selling the car is who he says he is. A call to any state DMV will usually get you verification the car VIN and owner listed on the title match. Even if the seller is not the person so named on the title, as long as you have a notarised bill of sale stating the seller has a right to sell the car, and you recieve a clear title, your should be okay. But on a car costing many thousands, if the title is from another state and the owner listed on the title is different from the seller, you would be wise to contact the listed owner and ask questions.

But dont expect me to be showing up with a suitcase full of $100 bills to buy your car. I will bring a certified cashiers check made out in your name, and the transfer will probably take place at YOUR bank. If we agree to a price below the amount on the check, your bank can give me back the balance, either in cash or in the form of another cashiers check. I will check the title and registration through the state DMV the title is from, and I will recieve a notarised bill of sale from YOU. Unless of course you will accept my personal check. But while I dont terribly mind taking a $1000 car home without a title and a promise I will recieve it later after my check clears, I would never in my life hand over a personal check for a large sum and not recieve the title in the transaction. It takes 10 minutes to stop at the bank and have them issue a cashiers check, its almost rediculous for any buyer to show up without previous purchasing arrangements having been made. This includes that I take the time to call YOUR bank and make sure they will accept a cashiers check from MY bank, or to make other arrangements like using a wire service.

It should be noted that in some cases and in some states, a cashiers check can be stopped payment on. In cases where you do not trust a cashiers check, have the buyer wire funds to another bank or make other arrangements. But because of what has been discussed with using an escrow service, as a seller I would never accept that service. You wont get my car until I get the money. Period.
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Thank you,

Chris.

christopher · Sep 29, 2008

When contacting a carrier,

Should I/can I expect one to show-up to pick-up the car after the deal is done?

My worry is paying for the car, leaving and the car not showing up or arriving damaged.

How is this best facilitated?

Thank you,

Chris.

Basura · Sep 29, 2008

Glad to see you found the car you have been searching for

christopher · Sep 29, 2008

I knew that patience would pay-off.

It's pretty much (according to seller), every thing I was looking for, a little on the pricie side, but I'm not going to fuss, as it toolk a lot of cars to just find one that me the criteria...

Appreciate to good wishes!

Regards,

Chris.

christopher · Sep 29, 2008

Is it simple to do?

I have the vin# already.

Thanks, Chris.

jjsaustin · Sep 29, 2008

I just did this about 2 mos ago. Here is what I did (some may not apply to your situation given the location, etc.):

Owner sent me a carfax that was clean and the service records from the dealership that it was serviced.

I had the car flatbedded to another Ferrari service center and they checked it out, and I flew out to meet the mechanic and review the PPI results

Once you finalize the price, I would ask to see the title (make sure no liens and the name matches).

Draw up a contract, document miles and any visible damage (state what you are buying and the purchase price)

Take pictures of each of the body panels etc. (in case their are issues with shipping or car is damaged before pickup)

Wired the money to owner's bank

Line up shipping using a reputable transport company (many examples - I used Regal Transport and Alex did a great job). I had it shipped in an enclosed truck and they wrapped the car in plastic (in case the car above dripped any fluids).

The owner took pictures of any damage that the shipping company was calling out and emailed them to me

Once the car is picked up, sit back and relax.....

Truth be told I ended up calling the transport company called twice a day, luckily it only took them 2 days to get it from LA to Austin. Alex was great about it though.

Good Luck!

Artvonne · Sep 29, 2008

christopher said: ↑

Is it simple to do?

I have the vin# already.

Thanks, Chris.
Click to expand...

I dont know about the 308 your looking at, but mine dont have a 17 digit VIN and so .... no carfax.

christopher · Sep 29, 2008

jjsaustin said: ↑

I just did this about 2 mos ago. Here is what I did (some may not apply to your situation given the location, etc.):

Owner sent me a carfax that was clean and the service records from the dealership that it was serviced.

I had the car flatbedded to another Ferrari service center and they checked it out, and I flew out to meet the mechanic and review the PPI results

Once you finalize the price, I would ask to see the title (make sure no liens and the name matches).

Draw up a contract, document miles and any visible damage (state what you are buying and the purchase price)

Take pictures of each of the body panels etc. (in case their are issues with shipping or car is damaged before pickup)

Wired the money to owner's bank

Line up shipping using a reputable transport company (many examples - I used Regal Transport and Alex did a great job). I had it shipped in an enclosed truck and they wrapped the car in plastic (in case the car above dripped any fluids).

The owner took pictures of any damage that the shipping company was calling out and emailed them to me

Once the car is picked up, sit back and relax.....

Truth be told I ended up calling the transport company called twice a day, luckily it only took them 2 days to get it from LA to Austin. Alex was great about it though.

Good Luck!
Click to expand...

I appreaciate the deailed information. Thank you!

Chris.

christopher · Sep 29, 2008

Artvonne said: ↑

I dont know about the 308 your looking at, but mine dont have a 17 digit VIN and so .... no carfax.
Click to expand...

It's a 77 so no, only five digits...

Thank you, didn't know.

Thanks,

Chris.

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