question on selling a car

i sold my car, and the buyer wants me to fax him the title tonight. he will wire money to me tomorrow. i'm pretty sure it's safe to fax a title, right? he is a straight-up guy but i just want to know the downside of faxing.

thanks
john

 

A fax is not the original, and cannot be used to transfer ownership, so I don't see any harm in this.

 

I agree that there is little to worry about. The fax is not the origional. He may be wanting to be sure you actually have the title and that the title contains the correct VIN, dates and description of the car.

As long as you do not sign over the title to him until you have the $$ in the bank, I see no problems.

 

goody, thanks for the replies.

 

So the 328 is gone?

 

I think the buyer wants "something" before sending the money. That's only reasonable. I think it's safe to send him a bill of sale contingent on receiving the money as well. (or immediately after he sends it)
Put yourself in the Buyers position, it makes you a little nervous to send $40k or so with nothing to show for it, with all the fraud out there these days.

 

Make a copy of the title, write "Property of (your name)" across the copy and fax that over.

 

Should be ok, let us know how it works out.

 

This is a common practice. The buyer wants to make sure you really own the car. You'll be surprised how often the Ferrari world someone sells a car they do not own. Then the fur really begins to fly.

Steve

 

hehe, not the 328. it is the 550!

 

Oh, why are you selling the 550???

 

two reasons. first, i no longer have the garage space. i can only store two cars now; second i decided to keep the 308 and continue with my plans to buy another testarossa. so i couldn't figure out where to store the 328 and 550. sad, as i want to keep them all!

john

 

I see. Well a new Testarossa should be nice.

 

Can you not rent some garage space? I suppose if you had the property to build another garage, you would have done so.

 

Great choice!

 

i'm the kind of guy who likes to have his cars close by, in the garage. yup, no space to build. oh well, have to rethink the collection i had planned!

john

 

I guess I'm just lucky. I rented space in a public storage facility for my T-Bird, keeping the Ferrari at home. I schmoozed the owner and he looks out for me and is only five minutes away. I wouldn't put the Ferrari there so I sympathize.