Long distance purchase information

Hi all! Once you agree on a price how do you exchange title and money and in what order? What is the best way to do this?

 

You have to pay the seller first. Money first then they send you the title.

 

And then maybe even the car

 

Here is what I did when I puchased my 328.

1. Obtained a Cashiers Check at my bank. On the memo section of the check, I had the bank print the the following "Payment in full for the purchase of a 1987 Ferrari 328 GTS vin #11111111111111111".

2. Once the seller received the check, we had agreed the he would send the vehicle's title via FedEx.

Then I contacted the seller via telephone, and we made arrangments for shipping the vehicle.

Hope this help you out.

Milton

 

Well, you never let the car go before you receive payment in full. Normally, shipping doesn't happen overnight so it is payment, title then shipping car but this doesn't usually happen for one week.

 

Money, car then title but may vary dependent on seller and buyer. Remember, the seller wants your money just as you want the car. So, don't turn spineless if demands are not to your liking. JMO.

Dane

 

It's always seemed strange to me that the buyer has to trust the seller while the seller dosen't trust squat. In other words, the buyer sends payment in full, trusting that the seller will forward the title (a crummy piece of paper) and hopefully the car will show up in a week or so........I realize that this is the conventional order of things, but when you think about it, dosen't it seem ass backwards?

 

Thanks for the info guys. I guess the buyers have more to loose!

 

You could use a trusted third part as in intermediary. Or maybe do a bank to bank. The seller gives the title Fed-Ex package to his branch or asst branch manager. You give the wire instructions to yours. Yours initiates the wire. Upon receipt the other branch manager calls your branch manager says he/she has received it and sends you the Fed-Ex package with the bill of sale and title information. Still have to trust but requires more reputable people and transparancy involved.

 

I've always bought cars from people with whom I've been comfortable. My latest is no exception. I passed on a car when I discovered the guy was a jerk. If the two parties are comfortable with one another, the transaction should be smooth and enjoyable, just the way it should.

Dane