Peter MM

HarryD,
Thank you!!! I read the whole thing and it satisfied my need to mess with them.
Fed-Ex should be held accountable for their role.

Peter MM

After all this talk about scammers I now have an offer - and I am suspicious.
To sum it up:
1. Guy calls and wants to buy my 911
2. Says he has a business where he buys American muscle cars for export to Europe. (Is also getting requests for Porsches, Mercedes, etc.)
3. We agree on price
4. He will send somone out to look it over.
5. He will then wire funds to my bank.
6. After funds clear I fed-ex title.
7. Car is then picked up for shipment to Europe.
Right now we are discussing timelines and details.
Where can this go wrong - what do I need to watch for?

old man neri

Just as long as you call your bank and ensure that the funds are cleared I don't see an issue. This alone can take weeks from what i have heard.

That being said I was a 'foreigner' that bought car from the US. I paid via wired funds and picked up the car from the owner's girl friend, never met the owner. Catch is how much can you really consider a Canadian as a 'foreigner'?

If the funds are wired and cleared then what can go wrong. But if you still feel uncomfortable about it and have a bad feeling, just sell it to someone else. It is your prerogative.

HarryD

Talk to your banker on how to ensure that they can not create a false wire transfer that will be backcharged later. Add any related costs to the final price.

Eharrison

They never come for the car they just want the cash back....

If you cash the check you'll get a notice from the bank stating you posted a fradulent check in a couple of days, if not earlier. If you cash the check and it clears, they are really good forgers.

KC911

#5 is the key point IMO. Wire Transfers are "bulletproof" and are immediatle, irreversible, and there is no such thing as "waiting for funds to clear". Wire transfers require legitimate "financial institutions" on both ends to complete the transaction, thus avoiding the realm of scammers. Under these circumstances (and you are prudent for being cautious), if ANY other payment option is substituted...run away !

Keith
'88 CE coupe

ps: I'm just someone posting on the Internet . Harry offers sound advice...talk to your banker and make sure YOU are comfortable with "wire transfers".

gr1275

Talk to your bank... As a cautionary move, they may suggest setting up an zero balance account to deposit the funds into.

KC911

Talking to your bank is good. If they suggest opening another account for protection, I'd contemplate switching banks as they truly don't understand "wire transfers"...seriously!

theiceman

Ok I'll bite .. I don't really either.... read the earlier post though .. could you receive the wire transfer and move it to another account ?

ked

"2. Says he has a business where he buys American muscle cars for export to Europe. (Is also getting requests for Porsches, Mercedes, etc.)"

therefore he has professional & banking relationships he should provide you & you can independently confirm - in addition to being sure that his $ is real BEFORE you release the car... & document everything. there is risk on both sides, but it ought to weigh heaviest on the commercial buyer.

KC911

"Wire transfers" are how legitimate financial institutions "move" funds between themselves. The suggestion for opening a second account would be based upon the "fear" that the other party could somehow "empty" your primary account...just can't/doesn't happen. I'm not a banker, but in "previous lives" have had my share of experience with large banking environments and moving funds around. DON'T believe me however, talk to your banker ! IMO, almost every other type of exchange is vulnerable to counterfieting or theft...cash, cashier's checks, etc. A "wire" is the only way to go for large amounts particularly when dealing with an overseas buyer. My caveat about "seeking another bank" was derived from some of the small "community banks" as I could imagine how some of their employees don't necessarily deal with these type of transactions on a regular basis.

Keith
'88 CE coupe

LaughaC

When I sold my last Mercedes to an exporter I rec'd a cashier's check from a prominent US bank. I called that bank and verfied the check number, deposited it, and waited weeks before sending the car.

It went through just fine, but my bank warned me that the funds could have been rejected even months later and highly recommended a wire transfer instead. He refused to do the wire transfer saying he will always use cashier's checks to keep a hard copy of where it was deposited.

It's definitely easier to buy a car than it is to sell one, even when the buyer and seller are face to face. My preference is to walk into the buyer's bank and get a cashier's check directly from the teller. This gives us witnesses, including a security camera, and a Notary Public.

theiceman

all great info actually.

i plan to buy my next car from the US ... So i better not wear Dark glasses and a trench coat with a check in hand ... I won't be trusted ... unless of course I could find that damn hockey stick , then people would know it is me ... Hey your the guy with the hockey Stick Avatar ? !!! I get that all the time at our Rennlist get togethers now ..

KC911

That old "hockey stick is in the mail" scam...we're on to you! Seriously though, you shouldn't have any problem. If you bank with a "biggie", you have lot's of options, and "doing the deal" in person (or having the seller's institution call yours to confirm funds, check #s, etc.) are all viable "fairly safe" alternatives assuming it's a weekday when everything is open. It's those "cashier's checks" received via mail that potentially come back fradulent after a few weeks time that leave the seller out of car & cash and holding the bag. Just don't come accross the border with $25K in cash, without letting me and my pal Guido know so we can "protect you"

Keith
'88 CE coupe

theiceman

25 K in Canadian tire Money in a briefcase ,, oh , nobody has briefcases anymore..