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I'm a once-C3 guy, soon-to-be-C3 guy again, and I've always valued the feedback I've gotten in this forum. I'd certainly appreciate more now, please.
I just "sold" my c5. I know there are a lot of long distance scams and though this doesn't feel like that I wanted to make sure I've covered my bases.
I've agreed to sell my 01 convertible for full asking price to a gentleman I've primarily texted with and exchanged voicemails with. I've sent pictures galore and he says that's all he needs. He wants to send a cashiers check for $5,000 now and the other $12,000 a week from now when he frees up the money. Aside from pictures, all he has asked of me is a name and address to send the money to; in addition to storing the car for him here in the bubble it's already in until March. I agreed figuring that would give me time to make sure all payments clear before giving up the car. We have not yet discussed "Receipt" or "Bill of Sale." The car's title is free and clear.
For those of you who have done distance sales or buys, how should I go about protecting myself, so there's no funny business in the sale. I'm reasonably savy about some of the fraud long distance sales, but I want to be sure I'm not missing anything. The buyer is in state, but 8 hours away. I understand not wanting to come get the car immediately as he has no real use for it until spring. Area code matches the area he claims to be from and all communications seem reasonable and on the up and up.
Not sure what else there is to say, aside from "please, help me trouble shoot this remote deal."
The part about 5K now and 12K later sounds odd to me. Why not one check all at once? Also, he didn't ask enough questions or request pictures of what's the frame looks like to spend 17K. I don't think a cashiers check is the best way. I've always done a bank to bank transfer. It is what my bank recommended.
My $.02
EDIT: After looking at your car and the car capsule it's clear that it is very well cared for and thus the photo's you sent were more than adequate to come to a positive conclusion of it's condition.
I don't see an issue if the checks clear before picking it up.
+1 ...and the car and title remain with you until the cash is "in hand". I would ask for his full name and address so you can make out a receipt, then google him and confirm it all adds up.
I've bought cars long distance and usually wire the funds but that can be risky too.
Don’t let the car out of your sight until checks have cleared and cash is in your account. Any type of check can be faked with today’s printing and scanning technology. Trust cash in hand only. You should have the buyer meet you at the bank for verification of funds,trust no one when selling car.once he drives away with your car, it’s gone. Many of tjese scammers will never show up when you say meet meat the bank.
He wanted to send the first $5K to secure the car, since I have two other parties wishing to see it at the end of the week / weekend. I wasn't going to say he didn't need to send that much, though he didn't. Bank to bank transfer is what I'll suggest when we speak before he sends the cashier's check. Thank you for the suggestion. The only suspicious thing to me, is that he agreed to asking price without inspecting it himself, in person. I don't think I'd have done that, personally. The car is in excellent condition, and the other buyers are real. Maybe he was afraid of losing exactly what he was looking for. Hard to say, I guess. It's not really something I want to ask him.
I sent probably 30-40 pictures of the car including the 20 he saw on Craigslist, most of which are posted here in the c5 forum and for trade in the c3 forum, in case any of you were curious. Again, I think I'd have wanted to see it, crawl under it, drive, etc. That made my spidey-senses tingle a bit, thus the message for help troubleshooting the sale.
You should have the buyer meet you at the bank for verification of funds,trust no one when selling car.once he drives away with your car, it’s gone. Many of tjese scammers will never show up when you say meet meat the bank.
When he comes down to pick it up, we can do that, though by then I'm thinking my bank will know... We're talking completed deal in January and car won't be picked up unitl March.
I’m always leary when someone talks about “freeing” up money, or moving money around. I would be concerned the week waiting for the 12G’s could turn in to several weeks with excuse after excuse and tying up the sale of your car until he can get the remainder of the money together. Maybe a bill of sale with a definite payment schedule stipulating a portion (75%?) of The 5G’s will be returned if the 12G’s is not paid in the week or two. Myself, I don’t let a vehicle leave my driveway until I am 110 % sure the money is in my account and secure...that includes certified cheques bank drafts and E Transfers. I have been accused of being too suspicious and mistrustful but I don’t care. My 2 cents.
I’m always leary when someone talks about “freeing” up money, or moving money around. I would be concerned the week waiting for the 12G’s could turn in to several weeks with excuse after excuse and tying up the sale of your car until he can get the remainder of the money together. Maybe a bill of sale with a definite payment schedule stipulating a portion (75%?) of The 5G’s will be returned if the 12G’s is not paid in the week or two. Myself, I don’t let a vehicle leave my driveway until I am 110 % sure the money is in my account and secure...that includes certified cheques bank drafts and E Transfers. I have been accused of being too suspicious and mistrustful but I don’t care. My 2 cents.
Sadly I agree 100 % with what you are saying. All sorts of warning flags start to go up when buyer starts to manipulate the transaction with offers that are almost too good to be true. Having been witness to the many fraudulent scam artists out there, I no longer trust the public. The more accommodating the buyer is, the more nervous I become. It would worry me too keeping the car after he buys it. Ask yourself if you would want the seller to keep your car after it’s paid for. That to me is another warning flag. As a seller whoever shows me the cash first it’s gone. It is difficult for many not to be nice, but you have to be extremely careful as there are too many scammers out there with no moral code or values. Ask an attorney what he thinks of the buyers offer, money for advice well worth it.
Well, this sounds weird to me. Practiced maritime law so this is a little out of my league, but 5 grand is a bit much to hold a car. Paying for the car and not picking it up creates a "bailment" situation with you holding the responsibility for the vehicle. Scams these days have a lot of angles which honest folks don't have the time or inclination to investigate.
I would suggest he meet you on final payment at your bank and do a wire transfer, confirmed, give bill of sale and he take car or confirm transport pickup date.
My free thoughts!!
VERYSOON
I’m not sure I’d be too worried as it sounds like your buyer is just a trusting guy, but I certainly wouldn’t relinquish a car or title until the money has cleared your account. I’ve recently had experience with two similar transactions.
I’m once again a C3 owner, or I will be shortly. I drove a few hours from home to check out a 68 I was interested in, and a few days later struck a deal with the owner that was agreeable to the both of us. Since I plan on trailering the car home, it wasn’t convenient to bring cash or a trailer to just look at a car (I looked at 14 cars in my quest) so I mailed the seller a check on Thursday. I expect him to call me when the check clears his bank, and I’ll make the journey to pick up the car. While there’s a degree of trust that is needed for this, it at least creates a paper trail that provides some safety in the event that my money is taken.
As to “freeing up funds,” it sounds like the buyer isn’t doing anything shady, and may in fact need to withdraw from an investment account or the like. When my father bought his airplane he did just what your buyer is doing, sent a deposit and then the balance when he was able to withdraw from an investment account. Even though the cash was there, it wasn’t a transaction that just happened overnight. A few days of bank processing bs, combined with a few days to mail a check will eat up a week easily.
All of that being said, if he starts to cry about financial situations and why he can’t pay you, I’d cut a certified check for that deposit and send it his way via registered mail ASAP. I would also recommend that you suggest to the buyer that once the car is paid for, he carry it under his insurance while you store it for him and not hold you liable for anything.
One other thing to consider. AFTER the money is transferred, secured, in your account, etc.... if your state has a way to do it, make sure you notify the state that you no longer own the vehicle. In Texas, we have a form that the buyer/seller signs and is sent to the state to notify them of the DATE of sale. This removes you from any legal responsibility after the sale. IF the buyer takes possession of the vehicle and is involved in an accident 2 days later, the lawyers will come after the last registered owner.... especially if the guy says he doesn't own the car and skips town. I know this can happen because Alstate came to me wanting me to pay my share of a 60K repair bill done to a Lamborghini after the Mustang I sold crashed into the side of said Lambo. The new owner had not transferred the title into his name. It was up to me to prove to a judge that I sold the car. If I had known about the form, I would have never been named in the lawsuit.
Nope, 1st person with the cash takes the car home. No deposit no holding.
The only time I've done it was for another forum member and he flew out with his wife to inspect the car. Left me $500 deposit to hold until they got home.
Wired my bank the money and arranged a transport to pick up the car. I mailed them the title the same day the car was picked up and loaded.
I have completed a couple of long distance transactions, my last one was with a gentleman in Europe that bought my 72 road race replica.
First conversation I had was with my bank. I set up an appointment and we talked about the sale over a cup of coffee. (Yeah, they do that here). I have known my bank folks for almost 20 years and when my first international transaction came up, I had a meeting. With the fraud taking place on transactions of all types I felt it best to go to my bank where the transactions would take place. They did the footwork for me to make sure the transfer was legal and legitimate.
In my case, we authorized a bank to bank wire transfer. I knew where the money was coming from; and he knew where the money was heading. My bank handled it quickly and professionally. We opened a checking account with $100 in it and that is where the funds transferred to so as not to mingle with our regular accounts as a personal protection for us.
Opinions will vary on receiving a deposit and holding a car. That is only something you can determine. Don't get too hung up with "I might lose a sale if I don't do it" because that is exactly what a scammer wants you to believe. If you have interested parties then allow all of them to look at the car and consider all of their offers; I sure would. Just because it is a "Full Price Offer" doesn't mean it is the best deal for you. I worked for many years in fraud, counterfeiting activities for my Corporation and I simply suggest that we dealt with "teams" of people, trained in how to execute a fraud by working together, and against us. Are you certain the "other buyers" are real or could they be part of the "Team" working together to get the deal done quickly? Your car is in storage, safe and sound, waiting for Spring. What is the hurry?
Bill of Sale with date is a must. Title transfer should be another conversation with your title folks. If it is going "out of Country" there are some specific rules to follow. If it is just across the USA then find out the rules in your State, and his State. Good to be prepared. For transport I always recommend a Bill of Sale be signed by the buyer and the seller saying on the date of sale the property is legally in the possession of the new buyer. He needs his own insurance as well for transport.
Third meeting should be with your insurance agent. Let them know what may be happening and seek their guidance too.
1) Bank visit.
2) Title or DMV visit.
3) Insurance visit.
Regardless of whether this deal goes through or not you will be better informed about how to move forward with any buyer.
By the way, I am originally from Michigan as well, Southwestern, and my first year room mate at Michigan State was from Port Huron. Nice part of the World.
Good luck with your transaction, whichever you go with, and go have a cup of coffee with your banker, you won't regret it.
IMHO...Your car looks to be worth the $17K and you should not have a difficult time selling it. I would recommend that you don't take a deposit...if he gets delayed you are hung up. Wait until the person is totally ready and then do a bank to bank wire transfer.
Thanks to all responders. Very sage advice. Thanks in particular to the step by step from David Howard. I'll do all of that. I'll also let you know how all of this plays out.
Thanks to all responders. Very sage advice. Thanks in particular to the step by step from David Howard. I'll do all of that. I'll also let you know how all of this plays out.
NO NO NO !To me it has scam all over it!! In person cash only would only work for me. Why in such a hurry when you have others actually coming to check it out?
01-21-2019, 06:42 PM
Need Some Help/Advice
