Guys, As mentioned on a few previous threads, I've been looking at a 355 out in the SF CA area. I live on the east coast and for a number of reasons wouldn't be able to get out to CA to do the deal in person if it goes through. I'm curious to see if anyone here has actually executed their deal remote and advice you can provide. Right now the car is at a shop being prepped - fresh major, clutch, and a few other minor things - this is being done at the direction and expense of the seller. Based upon the advice I've been given, I'm planning to do a PPI with another independent on my dime. But essentially the car would be purchased and shipped to me sight unseen, relying upon the reports of the two shops (his and mine), along with photos and descriptions for anything cosmetic. So a few logistics questions: - Any recommendations on how to broker the transaction? Would it be appropriate for one of the two shops to execute the deal as a third party - exchanging the payment and car? Escrow service? I've never done this before, so I'm at a complete loss for what's "conventional" and also safe for both buyer and seller. - Transportation? I've been told to check out Exotic Car Transport - do you guys have experience with these guys or any other recommendations? I'm expecting this to cost $2.5k - $3k to ship across the country, is that about accurate in your experience? My biggest concern would be proper handling and safety of the car over cost. I welcome any and all feedback. Like I said, I've never purchased a car this way before, and for many reasons (one of which is a baby on the way in short order), it's impractical for me to get out to CA at the moment to see this through in person. I'd love any feedback from anyone who has successfully gone through such a remote deal. Thanks!! Eric
I can tell you how I handled it. I sent a deposit via credit card/paypal (in case I needed to be able to dispute if the car turned out to not be as advertised), then flew down and inspected the car, took it to a local shop to have them check it out and paid the balance via cashiers check once it checked out. Prior to flying down to do the deal, I faxed a copy of and had the seller verify the validity of the cashiers check with my bank so that both sides were comfortable with the deal. Then I drove the car a thousand miles home over 2 days. If the car didn't turn out as advertised, I would have had to eat the cost of the flight down (for 2, my father came with me) and transportation home, but I had already worked out the logistics on that as I could have hopped on an Amtrak train home. If I had an extra day or two, I could have put the car on the Amtrak auto train but I wouldn't have had time to get to the station on the day I bought the car and they only run once a day. The station was about 2 hours away from where I purchased the car and it dropped off about an hour and a half from my house, so I'd still have had to do about 250 miles of driving but would have had the car with me the whole time and it would have been cheaper (and more fun) than having it shipped. Driving it home was the best option, though, by far. I don't think I could spend that much without actually seeing the car myself. If you can stomach it, your plan sounds pretty good. I'd talk to the shops as it's likely they've dealt with this type of transaction a few times.
I've bought (and sold) plenty of cars remotely. Recently as a dealer, which makes things easier, but I also did a few private transactions. I've never had an issue with just overnighting paperwork back and forth; titles and such. Then you just wire the funds to their bank account. Of course, by the time I've gotten to a purchase, I've vetted the seller (or buyer) quite well. Was there a risk? Sure, but I tried to minimize that risk as much as I could. I guess I got lucky as well. If something doesn't feel right, don't move forward. Ultimately, the best advice is to make time to fly out there and do the deal in person, even if you ship the car home. I'm probably going to fly out next week to buy a 360 just to check it out, do the deal in person, and fly back home. It's worth ~$600 (travel costs in this particular case) for the peace of mind of a roughly $100K transaction.
Thanks for the feedback guys. I'd love to get out there in person, but as I said, that just won't be possible unfortunately. I'm hoping that the shops may have some suggestions, as well. As far as an inspection goes, I know nothing compared to the guys looking the car over - so mechanically, whether I see it in person or not, they're going to know better than I whether it's solid. I'd value the cosmetic once-over and getting an opportunity to drive it, but those are also things I believe my guy doing the PPI could do for me... maybe, again, better than I could. I'm not OVERLY comfortable with not getting to see or drive it first, and relying upon the two shops here, but I think I could live with that much. What I'm having the most trouble figuring out is the actual exchange of funds and car. I'm planning to finance the car with PenFed (based upon the suggestion of a number of Fchat members - and at 1.74% that I'm in at, it's a way better option than liquidating stock), so I'll have a bank check that will need to be signed over to the seller. I'm picturing how to exchange a check, keys/car, and title from 3k miles away... and I don't necessarily see it working (safely) without a trusted 3rd party who could take possession of the car while handing over the funds. I've heard there are escrow-type services that could potentially do this, as well - but I'm definitely curious as to how others have done this on Fchat. The seller seems like a great guy, and I have no reason to feel concerned at this point. That said, I'm a cautious kind of guy, so I'd rather do it in a way where neither party feels nervous or needs to rely upon blind trust. Short of asking one of the shops to broker the deal, any other suggestions out there?
I bought mine sight unseen. This is what the PPI does for you-- your ears and eyes to the whole car. Research a good shop in SF (shouldn't be hard in that area) with great reviews. My deal shipped using Reliable, who I really liked. My dealer also said they've only had one shipping mishap with Reliable and they owned it and took care of the issue immediately. Keith
I bought mine sight unseen. Had a PPI done by a local shop. Hit up some members on Fchat and someone graciously offered to go look at the car for me. He was probably more anal than I am and took a bunch of photos and gave his honest opinion. Wrote up a sales agreement and got both signatures on it. Wired funds to the seller. Had car shipped via Intercity. I guess there was some risk in wiring funds but i felt comfortable with the seller. An escrow company might not be a bad idea though.
Eric, Intercity Lines will be glad to give you an FChat price on this move. Please let us know what cities it picks up from and delivers to and we will be glad to shoot you over a price quote. Thanks, Jim Intercity Lines Intercity Lines, Inc.
As for the funds transfer, how about an escrow company? That way, everyone can make sure everything is as it should.
When I bought my 348, I talked to the mechanic that worked on it regularly and had it inspected. I agreed to split the shipping from Virginia to Iowa. If the car did not meet my approval I would pay to have it shipped back. He sent me the car and kept the title. I gave it my inspection and drove it. When it passed my approval I had my bank next door wire the money to his bank.(He gave me contact info and my bank handled it all for me.) He sent me the title FedEx express and it all came out great. You need to both have an element of control and feel safe with each other.
I traveled from NJ to Fla with a truck and enclosed trailer after the PPI came back good. My bank in NJ has branches in Fla so that made it easy. We went to the bank together and gave him a Cert. bank check and he gave me the title. The shop that did the PPI offered to act as a go between with me and the seller and handle the transaction. I think a good reputable shop where you have the PPI done would have no probem doing that for you. Just dont get the PPI done at a place the seller recommends.
Thanks guys - the shop where his car is currently has offered to be a third party if the deal goes down, so I think that much would work - good to know! Sadly, though, we're still apart on price. The seller is a great guy from what I can tell, but the asking price is really top of the market based upon everything I can see (as well as professional input from a few shops). If I went for it, I think I'd have several thousand of "emotional equity" in the car over and above actual market value. It would be great to actually see a set of data points on cars and their selling price considering all you otherwise see is the asking price online, no less none of the private deals that never make it to the web. I'm definitely willing to pay a fair price but obviously not looking to overpay either. Anyway - sorry for the tangent!! I'm still hopeful it'll work out here, and I appreciate all of the input from you guys! I do feel comfortable with the seller and wouldn't anticipate any issue executing a deal, so having the shop broker it would be just another safety net on top. Anyone use Horseless Carriage as their transport? I BELIEVE this was one of the transport companies recommended by the shop - but I failed to write it down when on the phone going through questions quickly. The shop mentioned that they were the Ferrari authorized transport company - also said good things about Intercity. Thanks guys.
I used Horseless Carriage a year ago to ship my F355 from Cleveland to Miami. Great outfit that did the job well.
I bought a 328 last year seen only on a couple of pictures. Now buying a 360 cs, same route. Live in Switzerland but stationed in Asia for work. Hope the cs will be as a good purchase as the 328 was !
