All of the responses in this thread are from the seller's prospective. What is the opinion on safest way to protect oneself as a buyer? For a long distance transaction, I totally understand a seller demanding a completed wire transfer before signing over the title. But it seems if at some point the seller has all three of the key items in his/her possession (the car, the title and the funds) then the buyer is at risk.

 

I agree… you are giving out way too much financial information to a stranger with wire transfer. Talk to your Bank first. I wonder if a dealer would help you out for a small fee?

 

Wow nobody has a sense of humor here I see.

 

Set up a new separate account to receive the wire transfer. Transfer to your regular account. Then close temporary account.

 

Take the advice of Louvin and Louvin, esq.



No money down, no credit plan, no time to chase you, I’m a busy man.

 

I've sold two cars in the last three years to out of state buyers. The first was a 2015 C7 where the buyer wired the money to my bank, it cleared, and he told me to drop the signed title in the glove box for it's trip to him in an enclosed trailer he sent to pick it up. No issues.
The second was a 2014 MB E350 AMG and the buyer flew in, met me at the bank, I watched while he got the cashiers check, and I handed him the title and keys. He drove away. No issues.

I have also sold three cars to local buyers in the last two years. My parents both passed away in May 2020 and I was the Executor for their estate. They owned a 2015 Toyota Rav4 and a 2003 Toyota Sienna van. I took personal checks from people who I knew for those vehicles.
I sold my 2009 C6 in March 2021 to a local buyer. I met him at his bank, watched the banker get the cashier's check, he handed it to me, and I gave the key to the buyer and the title to the banker since he had a small loan on it.

There has to be a certain amount of trust in these transactions and as long as the seller makes clear to the buyer what is expected and the buyer is willing to meet the seller's requirements then there shouldn't be an issue. I've been on the other side of that coin as well although I was working with a dealer. I bought my 2009 C6 from a dealer 1000 miles from me. The salesman was very helpful throughout the entire transaction and we essentially made the deal via text message and email. I wired the money and it was a week before I could find a reasonable flight price to get to them. They kept the car for me, completed most all of the paperwork during that week, and when I got to the dealership I completed the paperwork in less than 20 minutes and then walked out to a very nicely detailed C6 that was exactly as advertised. It goes both ways.

 

While it won't help with the money, to make sure what you're looking at is real, you can contact LemonSquad.com, it's a nationwide inspection service that contracts with dealership technicians. When I sold my father-in-laws truck the buyer didn't know if it was real and used them. The technician showed up and was VERY thorough, tested modules I didn't even know the truck had. Sends a detailed report to the buyer and you at least know the car is real and not some fabrication on the internet. If the seller is legit, they shouldn't have any issue handing over the title to their local banker that can send it to you after they receive the funds. At least with a banker you could call the bank and talk to them.

 

I ended up selling to a guy who collects Pace Cars, it only had about 1,000 miles on it thus the high price.

 

this

and keep your own banker in the loop

 

Several years ago I bought a BMW M3 with the 4 liter V8 for $55K. I bought it from someone in Arizona and I was in Ohio. I had the car inspected by a third party for $250. The car had 4,000 miles and was like new. I then used an escrow agent and sent them the funds and the seller sent the title. I paid to have the car shipped to me. Once I got it I checked it over and authorized the agent to release the funds. I received the title a few days later. Seemed to be safe but of course you have to trust the escrow agent.

 

Direct wire to your bank account, then do a follow-up with your bank to be certain that it is 100% valid and secure.

 

I would sell it local only and go with purchaser to his/her local bank and then get a certified check. Trust no one!

 

I hope you are kidding !

 

Having bought and sold 60+ cars privately, all you need is a certified check or wire transfer. If cash, I always verify the bills at a major bank. Simple.

 

And then you returned from the future to tell us this story?

 

If the buyer is local.....What about opening a bank account at the buyer's bank, and then going to the bank with them, and the buyer asks the bank to transfer the money into your account, and then when the bank confirms the money is in your account you hand the buyer the title and the keys?

 

With the understanding that the buyer gets the title when the check clears

 

You didn't know? The C9 is already out!

Good catch. I fixed it.

 

Not the case. The buyer would have to give you/your financial institution his banking info. You wouldn't have to give him yours. Your Bank or Broker already has it.

 

When I sold my C7 that's what I requested, money is drawn from one of their accounts and bank verifies to having sufficient funds to cover the amount.