Best to be safe than sorry.
Money Transaction??
Thread Starter
Instructor
Joined: Jun 2008
Posts: 100
Likes: 1
Money Transaction??
I am buying a Z06 from a individual and will not be able to go there to do the money transaction. The car will be shipped. I had planned on wiring the money but I understand that I have no protection at that point. Seller could keep the money & the car. Seller insists he will not do title paperwork until he has all funds. Any ideas on how to do this transaction and be protected financially?
Instructor
Joined: Feb 2002
Posts: 249
Likes: 10
From: Mesa AZ
At least if you wired to his bank account, he couldn’t deny being paid. His being reticent to do title work before payment is
understandable.
But as was said, better to do in person, or not at all if you don’t trust him.
understandable.
But as was said, better to do in person, or not at all if you don’t trust him.
Pro
Joined: Oct 2007
Posts: 607
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From: Tulsa Oklahoma
Safety Car
Joined: Sep 2012
Posts: 4,688
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From: Palm Harbor, Florida
Those of us here who have integrity and are upright, tend to think that about others, not always true, I know it's sad, but it's the world now we live in.
Last edited by Doug1; Jan 13, 2019 at 12:51 AM.
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Melting Slicks
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Do not wire the money. As others have mentioned, use an escrow service. Per Google: " a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled.".
Melting Slicks
Joined: Nov 2014
Posts: 3,399
Likes: 1,339
From: Havre de Grace Maryland
Many years ago, a person's word and a handshake is all you needed. Not now. If you have never been burned by someone's promises (I was), then do not make this financial transaction be your first. As others have suggested, don't buy unless you see the car in person and complete the purchase. Hope all works out for you.
Intermediate
Joined: Oct 2017
Posts: 41
Likes: 6
From: pensacola florida
No way I would buy anything in this manner. The car could need thousands of dollars in repairs for starters. And, once the paperwork is done, he doesn't have to ship it even if you did pay shipping. Good luck.
Melting Slicks
Joined: Jan 2014
Posts: 2,764
Likes: 375
From: Central Florida
I would only buy sight unseen from a big outfit or real car dealer and only for a newer car. I honestly have no Idea how anyone buys a used car like this. I get calls, 5 sometimes 10 times a day from unknown people selling who knows what..... world is full of scammers.
Burning Brakes
Joined: Aug 2017
Posts: 958
Likes: 177
From: Newark Delaware
I gotta be honest here. If I was the seller I would walk away. "I wanna sell my Vette". Buyer- I'll take it. We need to set up and escrow account, or I'm going to wire you money, site unseen. Sounds shady all the way around.
Melting Slicks
Joined: Jul 2006
Posts: 2,332
Likes: 31
From: Silver Spring MD
Don't do it remotely - too many scammers
Several months ago my son was looking for a Chevy Silverado. We saw many listings on Craigslist, some with lovely pictures and very low, almost unbelievable prices. Calling the phone numbers with weird area codes and no answering but going to voicemail was typical of most of the "bargain" vehicles. Got emails back with several recurrent BS. Son died and I want to get rid of his truck, Husband divorced and I want to get rid of his truck.. Have various medical conditions and need the money. NONE OF THESE COULD SHOW ME THE ADVERTISED TRUCK. Did find several people who had real trucks and most had something major wrong with them and would not pass state inspection or ran terribly.
If you want this car that bad you can drive or fly over to inspect it and test drive it to see it doesn't need a new engine or transmission. Should have a clear title not rebuilt or salvage.
Good Luck.
If you want this car that bad you can drive or fly over to inspect it and test drive it to see it doesn't need a new engine or transmission. Should have a clear title not rebuilt or salvage.
Good Luck.
Instructor
Joined: Oct 2018
Posts: 206
Likes: 85
From: Phoenix
This situation is exactly what escrow is for. Remember, the seller has skepticism too, hence the reason he's not releasing the car until funds have cleared.
Escrow is fairly cheap and simple. There are a few reputable escrow sites out there. Have a professional inspection done prior to submitting funds, put funds into escrow, have him ship the car, release the funds when you receive the car.
Escrow is fairly cheap and simple. There are a few reputable escrow sites out there. Have a professional inspection done prior to submitting funds, put funds into escrow, have him ship the car, release the funds when you receive the car.
Thread Starter
Instructor
Joined: Jun 2008
Posts: 100
Likes: 1
Guys as always, thanks for the responses and different opinions. He has just also mentioned that the state of PA requires both parties to be present at the time of title paperwork. For this reason and all of the things that have been stated above, I have decided that I will have to go do this in person. Thanks again for all of the insight from the community. Plan to see me back posting again with my new purchase!
Safety Car
Joined: Feb 1999
Posts: 4,043
Likes: 342
From: Central NJ
Guys as always, thanks for the responses and different opinions. He has just also mentioned that the state of PA requires both parties to be present at the time of title paperwork. For this reason and all of the things that have been stated above, I have decided that I will have to go do this in person. Thanks again for all of the insight from the community. Plan to see me back posting again with my new purchase!
Drifting
Joined: Jul 2017
Posts: 1,365
Likes: 471
From: S.E. Pennsylvania
Guys as always, thanks for the responses and different opinions. He has just also mentioned that the state of PA requires both parties to be present at the time of title paperwork. For this reason and all of the things that have been stated above, I have decided that I will have to go do this in person. Thanks again for all of the insight from the community. Plan to see me back posting again with my new purchase!