How to pay for an Fcar 2k miles away? | FerrariChat

How to pay for an Fcar 2k miles away?

Discussion in 'Ferrari Discussion (not model specific)' started by UConn Husky, Dec 17, 2006.

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  1. UConn Husky

    UConn Husky F1 Rookie

    Nov 11, 2006
    4,425
    CT
    Full Name:
    Jay
    Like it says, I'm close to changing my name from 'Ferrariless' to something else!!! But now the details...how have you guys actually paid a seller who's far away? Some kind of escrow service or something? Just to make sure you don't send money and no car shows up.

    Thanks!
     
  2. Steve King

    Steve King F1 Rookie

    Feb 15, 2001
    4,367
    NY
    Simple , go buy an airline ticket and carry a certified check . Make necessary shipping arrangements and you're done.
     
  3. LetsJet

    LetsJet F1 Veteran
    Owner

    May 24, 2004
    9,334
    DC/LA/Paris/Haleiwa
    Full Name:
    Mr.
    Depends who you are dealing with.....

    I've done a wire tranfer to a dealer 2k miles away.
     
  4. Gershwin

    Gershwin F1 Veteran

    Feb 21, 2005
    6,415
    Kentucky
    Ditto

    of course if your dealing w/ a bank and financing you can have them act as the intermediary as I did. Got a personal banker, give him/her a call.

    ciao,
    G
     
  5. Gershwin

    Gershwin F1 Veteran

    Feb 21, 2005
    6,415
    Kentucky
    ...meant to say if your dealing with an "individual seller" then use a bank as an option.
    If dealing w/ a dealer as LetsJet said, wire transfer.
     
  6. UConn Husky

    UConn Husky F1 Rookie

    Nov 11, 2006
    4,425
    CT
    Full Name:
    Jay
    Thanks for the feedback; it is a small family run business who is selling it. To simplify things financing is all from a home equity LOC, then will take care of that after. I would fly down there, no cost to me with all the damn frequent flier miles from work! It's just very inconvenient this week with several other things going on.

    Here's an idea - wire transfer after I call the exotic car shipper to verify the car is in his possession. And my trusted co-worker just saw the car /met the sellers today so there is some added comfort level.
     
  7. Jackmb1

    Jackmb1 F1 Rookie

    Dec 27, 2005
    3,329
    I did the same thing and it worked well.
     
  8. miketuason

    miketuason F1 World Champ
    Owner Silver Subscribed

    Feb 24, 2006
    15,808
    Cerritos, CA.
    Full Name:
    Mike
    Why not drive it home if you can?
     
  9. Cincy Ken

    Cincy Ken Karting

    Jan 24, 2004
    219
    Cincinnati
    I bought my 328 using an online escrow service. Although I had already seen and driven the car, by the time it got the PPS, I was back home and needed a way to close the deal. Obviously, the seller didn't want to ship until paid, and I didn't want to pay until the vehicle was received and verified to be in good condition. I looked into banks and attorneys, but found that the least expensive option was using an escrow service. The way it worked is that the seller and I documented our sales agreement at the online escrow site, and, upon mutual agreement of terms (including shipping, taxes, etc.), I wired funds to the escrow service. Upon confirmation that the escrow service held the funds, the seller shipped the car. I had something like 5 days upon receipt of the car to verify condition and iron out any problems (none), after which I acknowledged that all was well, and the escrow company released the funds.

    Now this approach is fraught with potential problems, and you really need to approach this cautiously. Apparently the internet is rife with scam escrow services that will be happy to take your money. After a lot of diligence, I went with escrow.com. I also went with Horseless Carriage, a reputable carrier that would know the caliber of the vehicle being picked up, at least from casual visual inspection.

    Anyway, people do this all the time, but when it's your money and future car, you need to find your comfort level and take proper precautions.
     
  10. Cincy Ken

    Cincy Ken Karting

    Jan 24, 2004
    219
    Cincinnati
    Yeah, and I also did the airline ticket and certified check routine with my wife's car. Two different cars, two different situations, and two different approaches. But hers was only a few hundred miles away, and it was a beautiful day for a road trip.
     
  11. h00kem

    h00kem Guest

    Dec 15, 2004
    734
    Texas
    Airline ticket & certified check in hand!
     
  12. RossoCorsaItaly

    RossoCorsaItaly F1 Rookie
    Rossa Subscribed

    Jun 9, 2004
    4,683
    LA & OKC
    Full Name:
    Kevin
    Do a search on the dealer and see if they're reputable or not (assuming they sell Ferraris) if so I'd feel comfortable wire transfering although it's VERY highly recommended that you check the car out in person. I'd fly out there and drive it back or ship it (BORING!)
     
  13. TwistedRace

    TwistedRace Rookie

    Jul 21, 2004
    12
    jumped on my jet, checked out the car, had someone else check the car , told my Banker to call his Banker, then had the car shiped home. The only way to buy ! In Person.
     
  14. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,368
    Houston, Texas
    Full Name:
    Bubba
    Yep, with slight variations I'd agree...

    Advance check out of car, by locals.

    Tentative price agreement with Owner and wire deposit to hold deal.

    Fly out, swap check for title.

    Drive or deliver home.....

    Escrow is good if required but I always let banker talk to banker, you talk to seller......that keeps it clean.
     

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