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I sold my car

Discussion in 'Ferrari Discussion (not model specific)' started by richanton, Jan 21, 2004.

  1. richanton

    richanton Karting

    Nov 3, 2003
    54
    Well, I sold my car (not the Ferrari, my Lotus S4). I didn't really want to sell it, but I just have too many toys right now.

    Anyway, the buyer purchased the car sight unseen from pictures I sent him. He is going to wire me $1,000 and then he wants me to fed ex the title directly to his bank. Once the bank gets the title they will wire me the balance, and once I have been paid in full we will make arrangements to ship the car. I already checked the bank address he gave me, and it is legit. Is there anything else I am overlooking? Has anyone else sold a car like this before? I am pretty sure this guy is for real, but I just want to cover all my bases. It would be a real pain if someone skipped with my title. Any suggestions?
     
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  3. henryr

    henryr F1 World Champ
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    Nov 10, 2003
    17,890
    Atlanta
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    Juan Sánchez Villa-L
    bill of sale. signed by both parties with all pertinent information. would have an original copy in possesion before that title went out.
     
  4. ILuv4Res

    ILuv4Res F1 Veteran
    Lifetime Rossa Owner

    Aug 8, 2002
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    Fred
    You could post here on F-chat what location the bank is in. Perhaps someone could verify the bank address and/or personally deliver the title. Also, if it's a national bank, you could probably bring the title into a branch where you are.
     
  5. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,967
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    Maybe it's just me, but I NEVER turn over a title until I have verifiable cash in hand. That means either cash or a check verified good by both issuing and receiving banks. Sounds like a recipe to lose your car.

    It's the buyer's responsibility to get the money and get it to you. Unless the transaction was done in person at the bank in question, no way would I go through with this.

    Mark
     
  6. FLATOUTRACING

    FLATOUTRACING F1 Rookie

    Aug 20, 2001
    2,684
    East Coast
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    Jon K.
    NEVER, EVER SIGN OVER TITLE !!!!!!!!!!! until you have all the money in hand.

    Once you sign over the title the car is his regardless if it's in your garage and he still owes you money.

    The title is the last thing turned over to the buyer.

    Regards,

    Jon P. Kofod
    www.flatoutracing.net
     
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  8. goyal99

    goyal99 Karting

    Mar 5, 2002
    185
    Upstate NY - USA
    Full Name:
    V K
    Do NOT send the title of your car to anyone!!

    I bought a couple of cars sight-unseen and all my bank wanted to secure a loan was a COPY of the title (front and back) plus a signed bill of sale myself and the seller...He faxed me a notarized bill of sale and I simply signed it..

    You can never be too careful out there, especially when people are willing to "buy" expensive stuff sight-unseen (like cars and property).

    Best of luck

    VK
     
  9. henryr

    henryr F1 World Champ
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    Nov 10, 2003
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    sorry - i misread your post.

    NO CASH IN HAND = NO TITLE

    if he objects, try using an esrow attorney. if theres still a problem, something is wrong.

    no offense, but who the hell would by an expensive car sight unseen????

    i assume you are going to note "as is" on the bill of sale. has he has the car PPI?
     
  10. Exoticbro

    Exoticbro Karting

    Nov 1, 2003
    203
    St.Louis, MO
    Full Name:
    Chuck Ligon
    Get a name(s) at the bank and call them.
    There should be a loan # and so forth.

    I will say, they should send you the check before you
    send the title.
    In this day and age I would not let a seller sign and
    release a title till the Check Cleared or I or seller
    has verified the check(even Cashiers) is good through the issuing bank.
    At least they say wire transfer.
    Be careful.
     
  11. Greg G

    Greg G F1 Rookie

    very simple... you shld never release the title until pymt made IN FULL.

    On the other hand, when I look at buying a used car, I get a kick out of people who want to use my money to pay off their existing loan. I tell em... no title no sale.
     
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  13. sjmst

    sjmst F1 Veteran
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    Jul 31, 2003
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    Correct. A copy of the title for him should suffice.
     
  14. richanton

    richanton Karting

    Nov 3, 2003
    54
    I called the buyer and told him I just wasn't comfortable sending the title without payment in full. He said that he understood, but that the bank wasn't comfortable sending me a lot of money without a title. He told me that in order to secure the loan he was using a down payment of 20%, and he could wire it to me in advance. I told him to check with his banker and find out what other proof they will accept, I will be happy to fax a copy but I just can not send the title till I am paid in full.

    Maybe his banker will suggest escrow, I don't know. I've never used it before. Anytime I've sold anything I've always demanded a bank check, until four months ago I was given a fake bank check for $9500. Any other suggestions how we can make this transaction go smooth? I do think this guy is for real, he already wired me the deposit.

    He is very brave to buy the car sight unseen, I would never do it. Luckily for him the car is mint, low mile and he is getting a very good deal.
     
  15. ILuv4Res

    ILuv4Res F1 Veteran
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    Aug 8, 2002
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    Fred
    Hire an Attorney that is local to the buyer to go with the buyer to the bank. As an escrow.
     
  16. Cavallino Motors

    Cavallino Motors F1 World Champ
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    May 31, 2001
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    Martin W.
    Use an attorney and pay the $200 he will charge you. Tell the guy he can pick the attorney in your city.
     
  17. Exoticbro

    Exoticbro Karting

    Nov 1, 2003
    203
    St.Louis, MO
    Full Name:
    Chuck Ligon
    I would call the bank myself and ask them what they need.
    A voice on the phone may be all the bank needs to issue
    the funds.
    At this point if he has paid the 20% the rest of the process
    is between you and the bank.
     
  18. Meeyatch1

    Meeyatch1 Formula 3

    Dec 28, 2003
    1,335
    State of confusion.
    Full Name:
    Mitch
    As others have said, do NOT release that title until paid. Most banks are okay with a copy of the title, so I would call them and talk to the person your buyer is dealing with and simply tell them you are not comfortable sending the title to an exotic sports car to someone until paid. They should understand that.

    Remember that even if he sent you 20% already, if you send him the title he owns your car for that if he never sends the rest. As an example, if you could buy a $100,000 car for $20,000 you would, right? It would be a great deal. Sadly all the bad people in this world make this caution necessary even when dealing with good people.
     
  19. 410SA

    410SA F1 Veteran

    Nov 2, 2003
    8,391
    West Coast
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    A
    Most real estate title and escrow companies (depending on the State) will gladly act as the go-between between Buyer and Seller for a nominal fee. They will hold cash from the buyer and exchange title for cash at the agreed time, and when whatever delivery conditions are stipulated have been met.

    There is no way I would ever part with the title to a vauable piece of property directly to the Buyer's representative (his bank) without receiving the cash - simply no way!
     
  20. richanton

    richanton Karting

    Nov 3, 2003
    54
    I faxed the buyer a copy of the title this morning, the money was in my account this afternoon. Turned out to be a very smooth transaction. I will fed ex the title tommorow and the transporter will be here to pick the car up sometime next week. I'm sad to see it go, but at least it means more money to spend on the F-car.
     
  21. KKSBA

    KKSBA F1 World Champ
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    Oct 31, 2003
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    SBarbara-La Jolla CA
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    KKSBA
    It's nice to hear the stories that end well.
     

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