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07-15-2015, 09:24 AM | #1 |
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Out of State Sale
Looks like I have a buyer who is located in another state. The tentative plan is once the financials are complete, buyer will arrange for shipping to him. Never having done a transaction as this, what is the recommended way so that both buyer and seller are protected? And yes, I seriously hate to see it go.
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07-15-2015, 09:35 AM | #2 |
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You might want to ask this in one of the general forums where there is a larger audience. I'm thinking you can use an escrow service of some sort, but doesn't the seller always have the upper hand in a transaction? I've always been paid in cash prior to releasing the title and vehicle to the buyer. If you use an escrow service or anything that costs money the buyer should be paying the costs, not you.
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07-15-2015, 11:40 AM | #3 |
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Also, the Buyer should arrange for and payment of shipment to him, that way the liability is between the Buyer and shipper.
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A manual transmission can be set to "comfort", "sport", and "track" modes simply by the technique and speed at which you shift it; it doesn't need "modes", modes are for manumatics that try to behave like a real 3-pedal manual transmission. If you can money-shift it, it's a manual transmission. "Yeah, but NO ONE puts an automatic trans shift knob on a manual transmission."
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07-15-2015, 12:10 PM | #4 |
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Do you already have the title? When I sold my car I paid off the loan to a bank in another state and it ended up taking a month and a half before they released it.
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07-15-2015, 12:41 PM | #5 |
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Car is owned outright, title "in hand".
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07-15-2015, 02:55 PM | #6 |
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WOW!!! Misread this as ESCORT SERVICE the first time.
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07-15-2015, 09:12 PM | #7 |
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Draft a simple "bill of sale" as a contract between buyer and seller. List the buyer/seller details, sale price, car details with VIN and mileage. A copy of the bill of sale is sometimes required by titling by different states (buyer will need this). After you've both signed, buyer pays seller. Seller confirms funds, and can then release title immediately to buyer. You can mail it to him prior to car receipt. then the buyer's shipper can come in to retrieve the car.
When the transactions like this are remote among parties, there's always a degree of trust that has to be present. (in the above, buyer trusts you with his funds, and you return the favor with the title after a little delay.) You can confirm with the shipper if they will transport a car without title--not sure about that. |
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07-16-2015, 02:00 AM | #8 |
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I would never sign over a title until I have the funds. For lower value cars (under $10k), I've always said I wanted to be paid in cash. For a car worth at least $20k, I don't think thats reasonable, in which case I would want a bank check (not the same as a money order or certified check), or a wire transfer. A wire transfer can sometimes be recalled up to 24 hours later though, so with a wire transfer you have a 24 hour wait period to account for.
Agreed, he should be arranging for shipping so that he's responsible for liability concerns. |
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08-13-2015, 11:40 PM | #9 |
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I bought my car out of state. I was thinking of using an escrow service, but in the end I didn't. I had spent enough time talking with the seller that I trusted him and just sent a bank check.
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08-14-2015, 12:32 PM | #10 |
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Sale in process to forum member, will report back when everything finalized.
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08-17-2015, 07:54 AM | #11 |
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I sold a $6500 GTI to a guy in Regina, Saskatchewan. He wanted the title before he got to Cincinnati so he wired me the money in full, I picked him up at the airport, he dropped me off at my house and drove the 22 hours home.
Had only seen the car online and talked to me on the phone. His opinion was you talk to the person, get information and a feeling of them and in the end have to trust people somewhat or things can be very difficult. I was worried he wouldn't like the car and the only thing I could do would be to take him back to the airport where his flight back would have been a huge expense.
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08-17-2015, 09:06 AM | #12 |
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Car delivered and accepted by buyer. Once the process is complete I will post comments concerning shipper and online escrow company.
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08-20-2015, 09:55 AM | #13 |
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Sale complete.
Shipper was Intercity Lines out of Warren, MA. Enclosed transport, knowledgeable driver, dispatch easy to deal with. Load up took about 30-45 minutes and was professionally done to include inspection and covering vehicle inside of carrier. My understanding is there was a small delay in arranging pickup due to them being very busy with Pebble Beach show cars. BGR (buyer) on this forum will probably chime in with scheduling and receiving end comments. Escrow.com was used to hold funds and co-ordinate paperwork transfer. Communication was internet based. From my end (seller) things went smoothly and once buyer accepted vehicle, a check was mailed the first business day after acceptance. Overall, the entire process went well. My car has found a good home with a fellow forum member and one who is great to do business with.
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Last edited by Incompatible; 08-20-2015 at 10:01 AM.. |
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08-20-2015, 02:10 PM | #14 |
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That is an interesting way to go about it. So you shipped the car to BGR without having been paid for it? What if he didn't like something about the car? Would he have paid for the shipping to/from your location(contractually)?
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08-20-2015, 05:18 PM | #15 |
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Money in possession of escrow company prior to shipping vehicle. If for some reason buyer opted not to purchase upon inspection, buyer responsible for return shipping via same carrier.
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08-20-2015, 09:36 PM | #16 |
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Congrats bud, sorry to see you sell her. I remember when you and I were the first si owners looking for aftermarket options. Guess you were good about fighting the temptation haha.
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08-21-2015, 08:47 AM | #17 |
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I am suffering serious withdrawls. I did come close to doing a lsd, dual exhaust,... but I could see the writing on the wall even back then so I just enjoyed what I had. I'm glad to hear that the new owner is doing the lsd "as we speak". The best laid plans.....
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08-21-2015, 01:06 PM | #18 | |
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