How do you do a long distance deal?

You need to vett the seller and then have some trust. You will need to pay in full before the car gets loaded. It is what it is. Get a copy of the title so you can be sure it has no liens and the seller really owns the car. Go out and see the car in person and meet the seller

 

Got to see the car and title in hand before any money changes hands, ebay can be a rough place.
I always have someone run the vin in the police database also

 

The answers to some degree are dependent on whether you are dealing with a dealer or a private seller. Your assumption about the refundable deposit is generally correct particularly if you dealing with a private sell but may not apply if it's a dealer especially it's a Ferrari dealer. I've spoken with dealers while searching and some wanted full payment refundable upon inspection but would not accept a deposit. The question about the PPI is probably dependent upon how far the shop is from the seller and how much inconvenience this causes. Of the three cars I inspected but didn't purchase I covered the cost of the PPI itself but nothing additional. Yes, I would think you would have to make final, full, payment before the seller will release the car/title and before the shipper picks up the car.

 

If you are dealing with a dealer get some info about them. Often a state department of commerce and/or DMV can provide info about dealer licenses and reputation. Make sure you example a copy of the tittle. Make sure there are no leans outstanding. If you are dealing with an individual use an escrow service and pay for the tittle guarantee. These escrow services will hold your money until the car arrives and is inspected by you.

Escrow Accounts ? Taking the Stress Out of Buying/Selling a Vehicle DMV.org Articles at DMV.org: The DMV Made Simple

 

Hi Brian,

If you buy from a dealer, things become very easy. Financing is easier if you would like to go that route and claiming the title is easier from them. Most banks will not loan for a private party purchase on a 20 year old car. Wells Fargo generally will.

Many times a private party sale will save you sales taxes. In my state AZ, sales tax on a dealer vs private party sale will save you up to like 9-10 percent with all state and city taxes figured in. Registration then runs me like $100 a year.

So it can be worth going with a private party although there can be more time or hassles.

On my recent purchase of a second 355, I called the seller and agreed to a price. I agreed to wire a $500 deposit to the seller to hold the car for me while a PPI was being conducted at my cost. Normally this shows you are a real buyer and can be non-refundable unless something is discovered during the PPI. The seller agrees to drive the car to the PPI location - normally an authorized Ferrari dealer or exclusive independent shop. That will run you 350-500 dollars. You need to try to get service records to view on the car before this so that you don't waste anyone's time or your money. Many times the seller will have a number of options that are close to their area and reasonable or a mechanic might make a house call for a more general approach. The seller does not charge you for his/her time. Hopefully they will be accommodating if they want to sell the car. Once that checks out. Go to your bank and get a certified check for the purchase price or complete the final car specific information with your financing institution. You had best get most of this ready and conditionally approved if not paying cash.

Set a date to pick up the car.

Fly down for a day, stay the night.

Meet the owner. See the car. Drive the car to the bank. Give the seller the check and notarize a bill of sale. If the title is clear in hand, then the seller will sign it over to you. He can hold the title and fedex it to you once funds clear into his account. If the seller has a lien on the car then a title from the bank will take a couple of days to be cleared and then sent out.

In a perfect world. You leave that day with the car and have the seller fedex you the title when funds have cleared and the title is available from the bank.

Even dealers will fedex you the title days after a sale.

Drive home and be happy. When the title arrives, go get it registered.

If you have to ship the car, then you rely on the seller to assist with your scheduled transport. Or you need to have the transport arranged to be there when you complete the transaction. This is easier to pull off with a very small outfit using s 1-2 car enclosed transport.

I will let others chime in on other easy ways to complete a transaction without traveling there in person. I would not want to buy a private party sale without boots on the ground.

That is one benefit to a dealer. They can arrange everything and you can sit back and just enjoy waiting for the car...

Best.

Robb

 

Penfed as well, which is who I use. They don't care how old the car is as long as the value is there.

 

Penfed is awesome!!!!

 

Ask for a copy of the title and be sure to inspect it CAREFULLY. A few months back, I sold a Diablo for one of my clients. He had paid cash for it ten years ago and had never looked at his title after it arrived from the DMV. Just for the heck of it I compared it to the number plate on the car. It had a typo in the VIN #. The mistake had been made by the previous broker when the car was registered in another state. The new buyer was financing the purchase and there was no way the bank would accept a title that didn't match the car. Fortunately the new buyer was patient and after about two weeks of phone calls, faxes, emails and personal trips to several DMV offices in two states and a check for $300 to cover special handling, the deal closed.

Nobody was trying to cheat anyone but it was a big hassle nevertheless.

 

To add to this: I would highly recommend getting a copy of the seller's driver license, as well as a copy of the title FRONT AND BACK. Compare the name on the driver's license to the name on the title and make sure they are the same. Make sure the title has not been reassigned (this is why you need a copy of the back of the title).

Many sellers out there are "curbstoners", meaning that they are selling cars with open titles. In other words, they never took title for the car, meaning they never paid tax (and they are not a dealer). Happens all of the time, but just realize that you are exposed to a host of problems if you buy a car with an open title: you will have trouble titling and registering the car if your state needs to see a bill of sale from the person who is on the title (which most states require for private sales) and there is always the chance that the owner on the title could report the car stolen.

Plus, it's not fair to dealers who have business overhead and license requirements (insurance, bond, location, etc.). If you find a curbstoner, I highly recommend reporting them to your state DMV.

 

Most sellers will not allow both the car and the title to leave until the funds clear. You could offer to supply the check and ask for the title and tell the seller to hold the car until the funds clear.

As I said prior, you need to do your homework and then extend some trust.

 

So I see a common statement of check the title for Liens. Many cars out there from private sellers have loans against them so how would you handle it if the car has a lien, the seller is too broke to pay off the lien and needs the money from the sale of the car to do so? Do you just do the deal and hope the guy pays off the loan and sends you the lien release papers? I ask because I've done this more then once before and it worked out fine, they paid off the loan with the money I gave them but it seemed if I wanted the car giving the money and hoping was the only way it would happen. One of the local cars I bought I actually went to the credit union with him and handed them the cash to pay off the car myself but that was not possible in long distance deals.

 

Yeah, this is how I've done it as a seller and a buyer.

Nest day air payment to seller. Seller receives payment, deposits it, and sends the signed over title next day air back to buyer. Buyer schedules transport which generally takes more time to arrange than the payment does to clear. Transport company shows up and car and keys are handed over.

 

No mention of where you are or where the car is (if so I didn't see it). Depending on where the car is located, a local F Chater may be able to help you out.

 

Again, this is something easily handled by an escrow company. You give them the cash. Buyer gives then tittle. Car is shipped. When you accept it the escrow company pays off the load and clears the tittle. Remaining proceeds go to seller. Tittle to buyer. For a few $100 it's worth it, IMO. If the seller objects to escrow I'd be uncomfortable dealing with him, but I'm paranoid when it comes to these things.