Sale Protocol | FerrariChat

Sale Protocol

Discussion in 'Ferrari Discussion (not model specific)' started by Drew Altemara, Sep 28, 2016.

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  1. Drew Altemara

    Drew Altemara Formula 3

    Feb 11, 2002
    1,534
    Tuscaloosa, AL
    Full Name:
    Drew Altemara
    What is the usual sequence of events for a private long distance sale and purchase?

    Buyer sends funds, seller sends title, buyer sends pickup vehicle.

    Or buyer and seller simultaneously send money and title via wire and or FedEx.

    Just trying to get an idea of what is fair to both buyer and seller when no one knows the other.

    Is there a service that will do this for you if you pay them?

    Thanks,

    Drew


    Sent from my iPhone using Tapatalk
     
  2. 19633500GT

    19633500GT F1 World Champ
    Rossa Subscribed

    Nov 9, 2010
    13,130
    Blueberry
    Full Name:
    Muffin-Tops
    If selling, I prefer to first, ask for their wire information, then exchange signed, concrete, bills of sale (ensuring both parties are satisfied with the information). Once each person has a signed and dated copy of that, I am ok sending a wire for the full amount, and ask that upon receipt, the buyer FedEx overnight/1-day the title, and if possible, and smaller extras that can get "lost" during transport.
    Then ask the buyer to please arrange pickup/shipping in a timely, but reasonable schedule (try to accommodate best you can, but meeting a truck at midnight off the hwy, should be avoided ;)

    That's just me.
     
  3. Julia

    Julia F1 Veteran
    Silver Subscribed

    Feb 22, 2014
    9,111
    Houston
    Many years ago, I used escrow.com for a long-distance transaction. It worked well.

    Last spring, I sold a low-priced ($10,000) vehicle to a gentleman in San Diego. He sent me a check; after it cleared, I sent him the title, and he then arranged pickup.
     
  4. lear60man

    lear60man Formula 3

    May 29, 2004
    1,829
    Los Angeles
    Full Name:
    Christian
    This has been my usual transaction in a long distance deal:

    Contact seller ask bunch of questions.
    Run Car Fax.
    Ask seller to take said car to a shop you find that will do a competent PPI according to model.
    If all goes well draw up a sales agreement, exchange Drivers License pictures etc. and send over a sizable down payment. In return they send you the signed title, books.
    Then send over the remaining payment.
    Car then gets shipped.

    This is only if both parties get the warm fuzzies from each other. Like two long standing board members on Fchat. Or two people who can verify each other online.

    Any auto transaction can open up both parties to fraud in multiple ways. I bought a used 911 last year and the seller was all sorts of shaky as to what type of payment she would accept. She was worried about fake checks, fake money orders, wire transfer being cancelled after I took possession etc.

    In the end, I had to take a train down with a brick of $100's, meet her at a bank so they could verify the money wasnt counterfeit and run it through a counter. Thats fine.

    Another time I bought a Ferrari with a loan check that required my signature. I was so excited about getting my first Ferrari......I forgot to sign the check. I had the car, the title and in theory the money. I felt so bad for the seller as he was ready to call the cops after I got home 800 miles away. I finally calmed him down, he fed exed the check, I signed it and fed exed it back with the Fed Ex employee on the phone to verify I was actually in the store.

    I would use an escrow service if I got the faintest hint of scam from a buyer or seller.
     
  5. It's Ross

    It's Ross Formula 3

    Jul 30, 2007
    2,028
    Barrington, Ill. USA
    Full Name:
    Ross
    This sounds like a good method if you are convinced the car will be what you expect.
    @OP How far away and how much $$ at stake?
    Given that I've walked away from several after committing to travel to see in person I'm money and headaches ahead from where I'd be if bought sight unseen.
    Unless very confident in the seller, independent inspector and your own judgment from afar I strongly recommend a face to face transaction.
    Just read some of the threads here.
    For Ferrari money I want to see it and all the documents for myself first, period
     
  6. NYC Fred

    NYC Fred F1 World Champ
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    Sep 28, 2010
    16,482
    Fort Lauderdale, FL
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    Fred C
     
  7. lear60man

    lear60man Formula 3

    May 29, 2004
    1,829
    Los Angeles
    Full Name:
    Christian
    #7 lear60man, Sep 30, 2016
    Last edited: Sep 30, 2016
    Not gonna lie...I felt like a bum. I saw the whole transaction from the sellers eyes......and I just scammed him. Argh. The twist was after the dust settled, he stiffed me on some of the spares he promised to ship. I just chalked it up to the learning curve.

    A long distance deal is all about the warm fuzzies. If you dont get them, get a cheap flight to lay eyes on the car. Period.
     
  8. ///Mike

    ///Mike F1 Veteran

    Dec 11, 2003
    6,097
    Bugtussle
    You're a good guy, Christian. I would have felt the exact same way. Too bad the seller wasn't as constrained by his conscience.
     
  9. It's Ross

    It's Ross Formula 3

    Jul 30, 2007
    2,028
    Barrington, Ill. USA
    Full Name:
    Ross
    And after you proved yourself honorable.
    No good deed goes unpunished.
     

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