Selling a Used Car

zBone · 11-16-2011, 03:57 PM

BIMMERPOST / Classifieds

Asking Price:

None

Item Interest

This may be off topic for this section, but I need some advice - and I know I'm asking a lot, but I could really use some help. Here's the story:

I'm selling my Z3. I've got a guy in Iowa 50 miles from Des Moines interested. He said he'd pay $500 above my asking price if I would drive it there. After figuring out gas/tolls/cost of a flight home/hotel, this works out to about even from a $ standpoint (I don't care about the time it would take to drive there).

My question is: what do I need to make sure I do? Should I get his license/personal information beyond name/number beforehand? Should I ask for a down payment first, in the form of a certified check or direct wire, or paypal payment?

My first choice would be to sell it for my asking price and have him handle shipping - however, in a private party situation, how does that even work? Has anyone done this? I THINK auto transport is $600 - $1,000 but I really have no idea. How do I ensure payment - do I get payment up front, then put the car on the transport once it has cleared my account? Do I get a down payment, send the car without a title, then send the title once the balance has been paid? Are there any specific taxes/laws I have to abide by (I'm selling from Ohio)? Do he and I have to appear in person to transfer the title?

I'm pretty motivated to sell; I have two cars right now and need to get rid of this Z3. Winter is coming to Cleveland, and this is only going to get harder to offload (Oh, and I own it free and clear).

I realize that I might sound a bit... naieve. And I am - I've never sold a car out of state before. Really, thanks for your help in advance.

pokeybritches · 11-16-2011, 05:50 PM

You need a flight home and hotel for a 50 mile trip? Or did you leave off a 0?

arggg45 · 11-16-2011, 06:25 PM

Quote:

Originally Posted by pokeybritches

You need a flight home and hotel for a 50 mile trip? Or did you leave off a 0?

Or the potential buyer lives 50 miles from des moines.

Kgolf31 · 11-16-2011, 07:07 PM

First off. How did he contact you? Was it though autotrader, craigslist, forum...etc?

When selling my E46. I have plenty of people say they would pay $1k over my asking price, then it was the typical "Oh my guy will come pick it up and we'll do MO afterwards...yada yada"

Craigslist is full of scammers. I had my car listed there for 2 days and removed it.

Anyways, I'd make personal contact with him via phone to make sure no shady business is going on. Why does he need you to drive it there? Did he even ask for PPI or even more detailed pictures? It just seems kinda weird that off the bat he is offering you extra and paying the asking price for the car. That never happened with my E46. People want a bargain.

When my car sold, the buyer was local. He paid $500 down to hold the car for a week, then $8000 cash the day of the pick-up. There was still $1500 to be paid, so it was given in the form of a check. They took the car, and keys...but I kept the title. Once the check cleared into my account, I did overnight fed-ex the title. It was all agreed upon prior.

If you were traveling there, IMO I would want cash up front. Especially being far away, I wouldn't take anything else. Agree on a price, have it in email, writing or some official form so that it's fixed when you get there, if you do drive it.

Shipping PP is easy. I'd make sure the money clears, then you can send the title.

FYI - From Texas to Cleveland, where I do live, it was $550 to ship my Z4M.

Best of luck

beta · 11-16-2011, 07:23 PM

Usually you exchange the car for the cashier's check but keep the title, it's a good idea to draw up a sale document (you can download one from the dmv) and have it notarized.

Once the funds clear you sign the title over.

You gotta be careful for the check to really clear, the bank by law needs to make the funds available within 1 or 2 days, but if it turns out to be a bad check they'll just reverse it and pull the money back out.

beta · 11-16-2011, 07:26 PM

Quote:

Originally Posted by Kgolf31

Anyways, I'd make personal contact with him via phone to make sure no shady business is going on.

Oh and this ^^^

If ANYTHING at all seems fishy, just pass. If any alarms/bells/whistles go on in your head don't dismiss them, just move on to the next buyer.

Mirko · 11-16-2011, 09:34 PM

Quote:

Originally Posted by beta

Usually you exchange the car for the cashier's check but keep the title, it's a good idea to draw up a sale document (you can download one from the dmv) and have it notarized.

Once the funds clear you sign the title over.

You gotta be careful for the check to really clear, the bank by law needs to make the funds available within 1 or 2 days, but if it turns out to be a bad check they'll just reverse it and pull the money back out.

When I was selling my car I had a bunch of people email me saying they couldn't see the car in person but would wire me money and have their "agent" come pick up the keys. Ended up getting 3-4 of those in a row and figured it was a scam.

Did find a legit buyer and he paid with a certified check from a major bank in Canada. We were both at my bank and I tried to deposit it and confirm the total amount but the said they had to call the other bank and confirm it was legit. So ... even if it is a certified check you should take it to the bank and have them verify it before you hand over the keys. Spent 2hrs sitting in the bank branch waiting for them to clear it on the other end before I gave the guy the keys.

MakoBimmer1 · 11-16-2011, 09:57 PM

If he wants the car that bad, he should/will come to you. Sounds fishy to begin with based on him wanting to pay you more and not haggling with you at all... When I sold my Mini Cooper, the guy lived 350ish miles away and he came to me because he wanted the car bad enough. You set the parameters that you are comfortable with as you are the one at risk. Only accept cash or a certified cashier's check, period. You just want to sell the car so dont even mess with shipping on your end or anything that sounds too complicated...leave that up to the buyer. The right buyer will come along.

KLH · 11-17-2011, 08:07 AM

$500 Non-Refundable deposit. The rest POD.

Post an ad in all surrounding C/L's for possible back up offers....keep your cell phone with you at all times....you might sell it enroute if your original falls through.

zBone · 11-17-2011, 09:11 AM

Quote:

Originally Posted by Kgolf31

First off. How did he contact you? Was it though autotrader, craigslist, forum...etc?

When selling my E46. I have plenty of people say they would pay $1k over my asking price, then it was the typical "Oh my guy will come pick it up and we'll do MO afterwards...yada yada"

Craigslist is full of scammers. I had my car listed there for 2 days and removed it.

Anyways, I'd make personal contact with him via phone to make sure no shady business is going on. Why does he need you to drive it there? Did he even ask for PPI or even more detailed pictures? It just seems kinda weird that off the bat he is offering you extra and paying the asking price for the car. That never happened with my E46. People want a bargain.

When my car sold, the buyer was local. He paid $500 down to hold the car for a week, then $8000 cash the day of the pick-up. There was still $1500 to be paid, so it was given in the form of a check. They took the car, and keys...but I kept the title. Once the check cleared into my account, I did overnight fed-ex the title. It was all agreed upon prior.

If you were traveling there, IMO I would want cash up front. Especially being far away, I wouldn't take anything else. Agree on a price, have it in email, writing or some official form so that it's fixed when you get there, if you do drive it.

Shipping PP is easy. I'd make sure the money clears, then you can send the title.

FYI - From Texas to Cleveland, where I do live, it was $550 to ship my Z4M.

Best of luck

So the guy saw my ad on Autotrader. He called me, we talked several times, he asked for additional pics, and then he asked my bottom line price. We DID haggle back and forth a bit and his offer was $7,250 if we met halfway (I'm in Cleveland, he's in Iowa, 635 miles between us), and $7,500 if I dropped it off in IA. I did the math and realized that wasn't a good deal at all, and countered with $7,400 picked up or shipped (at his expense). That's when he said he'd pay me $500 (essentially taking the price of the car to $7,900) if I dropped it off in IA. Basically, its because he'll probably pay more than that to ship it, so it does make some sense, at least to me.

This may be a dumb question - but what's "Shipping PP"? And whats PPI?

Thanks for your insight! I appreciate it.

zBone · 11-17-2011, 09:12 AM

Quote:

Originally Posted by pokeybritches

You need a flight home and hotel for a 50 mile trip? Or did you leave off a 0?

Sorry - buyer is 50 miles from Des Moines. I am 635 Miles from the buyer.

Silververtu · 11-17-2011, 10:03 AM

PPI = Pre Purchase Inspection

Kgolf31 · 11-17-2011, 10:05 AM

Quote:

Originally Posted by torabone

So the guy saw my ad on Autotrader. He called me, we talked several times, he asked for additional pics, and then he asked my bottom line price. We DID haggle back and forth a bit and his offer was $7,250 if we met halfway (I'm in Cleveland, he's in Iowa, 635 miles between us), and $7,500 if I dropped it off in IA. I did the math and realized that wasn't a good deal at all, and countered with $7,400 picked up or shipped (at his expense). That's when he said he'd pay me $500 (essentially taking the price of the car to $7,900) if I dropped it off in IA. Basically, its because he'll probably pay more than that to ship it, so it does make some sense, at least to me.

This may be a dumb question - but what's "Shipping PP"? And whats PPI?

Thanks for your insight! I appreciate it.

Quote:

Originally Posted by Silververtu

PPI = Pre Purchase Inspection

Shipping PP was a typo, should of just been Shipping.

PPI is above.

We all gotta meet up, we are all in the Cleveland Area.

dekaliber · 11-17-2011, 10:39 AM

Even if he's a legit buyer he might be looking to put you in a disadvantaged negotiation position by having you drive 600+ miles. If he finds a few things to nitpick about and tries to get another $1000 or so knocked off the price once you're there, you're forced to weigh that loss against the loss of your time and the minor loss of value of having accumulated another 1000 miles on the odometer.

I think you should make him travel to you. That's typically how out-of-state deals are done. Or, if he's willing, buy sight unseen and have you arrange shipping on his dime.

If he really wants you to travel, you need to secure a non-refundable deposit to make it worth your while. If he tries to talk you down you always have the option of walking away. $500 in earnest money would be the bare minimum I think.

Ovaltine · 11-17-2011, 10:48 AM

Quote:

Originally Posted by dekaliber

If he finds a few things to nitpick about and tries to get another $1000 or so knocked off the price once you're there

High likelihood of that happening. It's been said already, but the buyer should come to you or have it shipped if he/she can't take the time to come get it.

I recently sold my wife's VW Cabrio to a guy in Toronto (I'm in Cincinnati). He drove over 8 hours then wanted to haggle on price. I felt justified in standing firm since I'd already sent over 30 pics beforehand. He had no leverage, I had the car, and I could see he didn't want to drive home empty handed. Similar situation to yours except the roles are reversed.

smellyborrelli · 11-17-2011, 11:45 AM

$500 Non refundable deposit via certified check from a major bank. cash the check at his bank, not yours... once you get there dont let him negotiate price at all, laugh at him if he tries.. worse comes to worse you got yourself a free road trip... Dont take anything but CASH for payoff..fill out a simple bill of sale with all of the cars info(may have to be notarized depending on state laws of the state you are selling to), and sign the title. be sure to make him sign it, otherwise the car is still legally your responsibility until he does(learned that the hard way).

zBone · 11-17-2011, 11:53 AM

Quote:

Originally Posted by Kgolf31

Shipping PP was a typo, should of just been Shipping.

PPI is above.

We all gotta meet up, we are all in the Cleveland Area.

Agreed! Ideas?

Kgolf31 · 11-17-2011, 01:32 PM

Quote:

Originally Posted by torabone

Agreed! Ideas?

Too late for me, the car is in storage.

Sign up on Ohiobimmers.com

Cars all from Ohio do meets. We're thinking of a Columbus winter meet sometime soon. So sign up and post.

txz4 · 11-17-2011, 02:25 PM

the best is to go to the bank with them and have them get a certified check with you watching. done it before and its the absolute best if they agree.

pokeybritches · 11-17-2011, 04:01 PM

Quote:

Originally Posted by torabone

Sorry - buyer is 50 miles from Des Moines. I am 635 Miles from the buyer.

Sorry, I misread your post. I agree you should get a deposit, so that if it doesn't work out you can recoup your expenses. Good luck!

IWantAnE92 · 11-17-2011, 04:18 PM

Surely it costs less than $500 to ship the car 650 miles so wouldn't that be the best option? Request for payment and ship the car once the payment has cleared...

VitaminT · 11-17-2011, 11:39 PM

I have sold quite a number of cars and the buyer is responsible for getting it out of my driveway. They can come get it or pay a shipper to do so.

Like others have said, you can almost guarantee that price negotiations will come up to beat some money out of you versus going home with the car.

If for $500 you can pay for gas to him and fly home then why can't he fly to you and pay for gas home?

I also like to deal in cash or cashier's check (although on rare occasion they can be fraudulent). Just make sure it clears before you release the title. The only time I have requested a copy of the guys driver's license, etc is when i sold my SLK55 but that was $35k and the deal seemed a bit odd.

11-16-2011, 03:57 PM	#1
zBone Megatron 5 Rep 207 Posts Drives: 2007 IB Z4MC Join Date: Sep 2011 Location: Cleveland, OH iTrader: (0)	Selling a Used Car BIMMERPOST / Classifieds Asking Price: None Item Interest This may be off topic for this section, but I need some advice - and I know I'm asking a lot, but I could really use some help. Here's the story: I'm selling my Z3. I've got a guy in Iowa 50 miles from Des Moines interested. He said he'd pay $500 above my asking price if I would drive it there. After figuring out gas/tolls/cost of a flight home/hotel, this works out to about even from a $ standpoint (I don't care about the time it would take to drive there). My question is: what do I need to make sure I do? Should I get his license/personal information beyond name/number beforehand? Should I ask for a down payment first, in the form of a certified check or direct wire, or paypal payment? My first choice would be to sell it for my asking price and have him handle shipping - however, in a private party situation, how does that even work? Has anyone done this? I THINK auto transport is $600 - $1,000 but I really have no idea. How do I ensure payment - do I get payment up front, then put the car on the transport once it has cleared my account? Do I get a down payment, send the car without a title, then send the title once the balance has been paid? Are there any specific taxes/laws I have to abide by (I'm selling from Ohio)? Do he and I have to appear in person to transfer the title? I'm pretty motivated to sell; I have two cars right now and need to get rid of this Z3. Winter is coming to Cleveland, and this is only going to get harder to offload (Oh, and I own it free and clear). I realize that I might sound a bit... naieve. And I am - I've never sold a car out of state before. Really, thanks for your help in advance.
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11-16-2011, 05:50 PM	#2
pokeybritches Colonel 479 Rep 2,782 Posts Drives: ESS/G-Power Z4M, VF Z4, 996tt Join Date: Sep 2009 Location: Los Angeles iTrader: (12) Garage List 2006 BMW Z4M [10.00] 2006 BMW Z4M [8.50] 2003 BMW Z4 3.0i [9.00]	You need a flight home and hotel for a 50 mile trip? Or did you leave off a 0? __________________ VF Engineering Z4 3.0i, ESS Z4M, G-Power Z4M, 996 Turbo
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11-16-2011, 07:07 PM	#4
Kgolf31 Brigadier General 459 Rep 4,531 Posts Drives: 2007 Z4MC, 2012 128i Join Date: Sep 2008 Location: Ohio iTrader: (4)	First off. How did he contact you? Was it though autotrader, craigslist, forum...etc? When selling my E46. I have plenty of people say they would pay $1k over my asking price, then it was the typical "Oh my guy will come pick it up and we'll do MO afterwards...yada yada" Craigslist is full of scammers. I had my car listed there for 2 days and removed it. Anyways, I'd make personal contact with him via phone to make sure no shady business is going on. Why does he need you to drive it there? Did he even ask for PPI or even more detailed pictures? It just seems kinda weird that off the bat he is offering you extra and paying the asking price for the car. That never happened with my E46. People want a bargain. When my car sold, the buyer was local. He paid $500 down to hold the car for a week, then $8000 cash the day of the pick-up. There was still $1500 to be paid, so it was given in the form of a check. They took the car, and keys...but I kept the title. Once the check cleared into my account, I did overnight fed-ex the title. It was all agreed upon prior. If you were traveling there, IMO I would want cash up front. Especially being far away, I wouldn't take anything else. Agree on a price, have it in email, writing or some official form so that it's fixed when you get there, if you do drive it. Shipping PP is easy. I'd make sure the money clears, then you can send the title. FYI - From Texas to Cleveland, where I do live, it was $550 to ship my Z4M. Best of luck
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11-16-2011, 07:23 PM	#5
beta Lieutenant Colonel 80 Rep 1,663 Posts Drives: 2006 M Roadster Join Date: Mar 2011 Location: CA iTrader: (2)	Usually you exchange the car for the cashier's check but keep the title, it's a good idea to draw up a sale document (you can download one from the dmv) and have it notarized. Once the funds clear you sign the title over. You gotta be careful for the check to really clear, the bank by law needs to make the funds available within 1 or 2 days, but if it turns out to be a bad check they'll just reverse it and pull the money back out. __________________ modification journal
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11-16-2011, 09:57 PM	#8
MakoBimmer1 Booyakasha! 40 Rep 413 Posts Drives: '13 Mini Cooper S Coupe' Join Date: Sep 2006 Location: Kihei, HI iTrader: (0) Garage List 2013 Mini Cooper S ... [0.00]	If he wants the car that bad, he should/will come to you. Sounds fishy to begin with based on him wanting to pay you more and not haggling with you at all... When I sold my Mini Cooper, the guy lived 350ish miles away and he came to me because he wanted the car bad enough. You set the parameters that you are comfortable with as you are the one at risk. Only accept cash or a certified cashier's check, period. You just want to sell the car so dont even mess with shipping on your end or anything that sounds too complicated...leave that up to the buyer. The right buyer will come along. __________________ '08 M Coupe--AW/IR--SOLD!--My M Coupe Obsession '13 Mini Cooper S Coupe - My Maui Mobile '13 Mini Cooper S Paceman- My Maui 'Stuff Hauler'
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11-17-2011, 08:07 AM	#9
KLH Second Lieutenant 2 Rep 262 Posts Drives: 2006 3.0si Join Date: Oct 2010 Location: Plano, TX iTrader: (0)	$500 Non-Refundable deposit. The rest POD. Post an ad in all surrounding C/L's for possible back up offers....keep your cell phone with you at all times....you might sell it enroute if your original falls through.
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11-17-2011, 10:03 AM	#12
Silververtu Major 231 Rep 1,066 Posts Drives: 2015 X5 50i M Sport Join Date: Aug 2007 Location: US of A iTrader: (5) Garage List 2019 Porsche Cayenn ... [10.00]	PPI = Pre Purchase Inspection __________________ 2019 Cayenne Turbo Gone but not forgotten: 2006 2.0T A4 Avant, 2007 Z4 Roadster 3.0si, 2006 M Roadster, 2013 550i M Sport, 2015 Cayman S, 2015 X5 50i M Sport
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11-17-2011, 10:39 AM	#14
dekaliber Major 75 Rep 1,143 Posts Drives: '07 Z4MC, '11 JCW, '18 Z06 Join Date: Mar 2008 Location: Los Angeles iTrader: (1)	Even if he's a legit buyer he might be looking to put you in a disadvantaged negotiation position by having you drive 600+ miles. If he finds a few things to nitpick about and tries to get another $1000 or so knocked off the price once you're there, you're forced to weigh that loss against the loss of your time and the minor loss of value of having accumulated another 1000 miles on the odometer. I think you should make him travel to you. That's typically how out-of-state deals are done. Or, if he's willing, buy sight unseen and have you arrange shipping on his dime. If he really wants you to travel, you need to secure a non-refundable deposit to make it worth your while. If he tries to talk you down you always have the option of walking away. $500 in earnest money would be the bare minimum I think.
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11-17-2011, 11:45 AM	#16
smellyborrelli Lieutenant 45 Rep 532 Posts Drives: 2008 135i Join Date: Sep 2011 Location: south jersey iTrader: (3)	$500 Non refundable deposit via certified check from a major bank. cash the check at his bank, not yours... once you get there dont let him negotiate price at all, laugh at him if he tries.. worse comes to worse you got yourself a free road trip... Dont take anything but CASH for payoff..fill out a simple bill of sale with all of the cars info(may have to be notarized depending on state laws of the state you are selling to), and sign the title. be sure to make him sign it, otherwise the car is still legally your responsibility until he does(learned that the hard way).
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11-17-2011, 02:25 PM	#19
txz4 Major 59 Rep 1,097 Posts Drives: 2006 M coupe Join Date: Oct 2010 Location: san antonio, texas iTrader: (3)	the best is to go to the bank with them and have them get a certified check with you watching. done it before and its the absolute best if they agree.
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11-17-2011, 04:18 PM	#21
IWantAnE92 Lieutenant 31 Rep 512 Posts Drives: 2008 E90 M3 6MT Join Date: Jul 2010 Location: Harvard MA iTrader: (9)	Surely it costs less than $500 to ship the car 650 miles so wouldn't that be the best option? Request for payment and ship the car once the payment has cleared...
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11-17-2011, 11:39 PM	#22
VitaminT First Lieutenant 11 Rep 304 Posts Drives: 2006 M Roadster Join Date: Sep 2007 Location: Alabama iTrader: (0)	I have sold quite a number of cars and the buyer is responsible for getting it out of my driveway. They can come get it or pay a shipper to do so. Like others have said, you can almost guarantee that price negotiations will come up to beat some money out of you versus going home with the car. If for $500 you can pay for gas to him and fly home then why can't he fly to you and pay for gas home? I also like to deal in cash or cashier's check (although on rare occasion they can be fraudulent). Just make sure it clears before you release the title. The only time I have requested a copy of the guys driver's license, etc is when i sold my SLK55 but that was $35k and the deal seemed a bit odd.
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