Kcreager1

The banker says as soon as the wire is in my account I am ok - I will move it just to be sure. I will keep you posted.

Garth S

From the perspective of the buyer, that is exactly the procedure I had followed when purchasing my last vehicle from the USA several months ago (Toyota Tundra - OK, more mundane, but same process ). I had offered 10% down via a bank draft - the seller countered wanting a brown bag full of Yankee dollars . In a stale mate, I offered a wire transfer: the seller would not provide bank transfer codes, worried that I might siphon out his stash. Finally, I suggested ( as in above advice) that they open a fresh account to receive the 10% wire - and followed up several days later with the balance.
Once mutual confidence was established by the 10% down payment wire, this method worked to everyones advantage - as the buyer, I had perfect documentation of my declared importation price, for receipts are frequently challenged at Customs .... and the seller was pleased.

As I understand the function of Banks, a wire transfer is cash - it may be possible to default on the buyers end, but I am not aware of how that could occurr. Were it to happen, I would think that the sending bank would be on the hook.

Kcreager1

Garth -

As a buyer buying at such a long distance, through different governments, laws, etc, were you not afraid that once you sent the money that you would not recieve the car? What made you feel secure in doing th transaction that you did?

While this unusual transaction worries me a little, I would think it would be more troubling for the buyer.

Thanks

goofballdeluxe

+1. Just make sure the wire clears FIRST and you should be good to go.

Land Jet

Make the banker sign off on it and have the paper in hand in case they try to come back at you. I was a potential victim of a Nigerian, as I listed my previous car on Rennlist, but was saved by my Rennlist brothers who knew the MO. Thanks guys. Good luck with the sale and getting full asking price.

melman911

My brother just sold his 94 3.6 turbo to a guy in Norway. Everything went smooth. Guy paid full price. Wired the money in. Got what he was asking. Sold. There is a good argument that can be made on the weak dollar theory. It's that bad.

+1

-1 (Not exactly how it goes down there cowboy)


I work for a bank. When funds are wired into an account there is very little chance of getting it back (not saying it hasn't ever been done but, it is the exception). The sending bank will take the loss if the funds were fraudulent in the originaltors account. The reason being. The funds in the originators account have to be available for the federal wire to be sent. If the originating bank fails to put the recommended hold on the item and it comes back then they take the loss. Its how it works 99% of the time. This being said. Wired money in not 100% but its pretty close. At least that what my experience has been.

Kolbjorn S

Spot on. When I lived in Texas I had to pay 9.50 Norwegian kroner for a dollar. As we speak, it is 4.948 - IMAGINE THAT! I can buy a $100k car today for the same NOK (non-adjusted) that bought me a $52k car 6 years ago

As others have said - get money in bank, then sell!!

dcdude

As the Dollar continues to soften vs. the Euro, I think we'll see more legit offers from Europe. Just price it accordingly to cover your inconvenience.

Garth S

I think that any deal has an element of trust to be extended - regardless of the levels of precautions taken: in my case ( and in several similar deals, including buying a Porsche from Japan), establishing both a written and telephone dialogue comforts that inner voice letting you know that negotiations are moving in the correct direction.
While there are no absolutes, the initial risk as a buyer is 10% - which is generally an affordable loss if things go badly. Fortunately, still batting 100% on completed deals ...

Kolbjorn S

What amazes me is that repeatedly the seller is worried for such transactions. See it from the other side. I buy parts and accessorites from all over the place, since it generally is not available here. Dealing from the Middle East it is cash first, then wait for the goods. So, I'm in the hands of the seller, and can only hope he's a thrustworthy person who ships me the stuff after he gets the transfer. That's one of the reason I only deal with shops and people I meet through places like Rennlist. So far so good.

Kcreager1

Well - the info has been sent to the guy - I will provide an update later.

Thanks

Juha G

Very good advice from fellow rennlisters here!

I'll throw in my two cents as well.

The dollar is really weak; Our Porsches look very attractive to people with Euros etc.

I'm in the process of purchasing a 9974S for a friend of mine in Italy, just because they're so much cheaper here than in Europe.

I have also sent many cars to Europe (Spain, Finland etc.) some of them to my close friends who have 100% trust in me and vice versa and some to friends that I have trough the internet (that I have never even met).
I allways get the money wired and wait the 2-3 days to have them guaranteed.
This method requires a lot of trust from the buyer, but it works and is the only way I would as a seller go.

Toga

Be careful to secure the transfer, but it's right that the euro at 1.6 $ makes everything very attractive. At 1.8, I'll start looking to buy a cabin in Montana or Washington...:-)

clipstone

Not much to add from the above, save that 911s on this side of the pond are a LOT more expensive ... my 993 cost the equivalent of $53,000 USD - a 993 turbo in the UK would cost $100,000 USD.

I looked at importing a US car, but could not put up with a left-hooker - however in France they drive on the wrong side of the road also () so would make a good deal for them, supposing their used prices are similar to the UK.

billa77

I would not worry if the buyer initiates a bank transfer: Such a transfer will only be initialized by my bank if there is money on my account and be directly transferred from my bank to a correspondence bank in the US which will then credit your bank account. So there is no way to empty your bank account.
The Nigerian fraud is to send you a counterfeit credit note that and then they try to take your car before your bank notices that the credit note is counterfeit.
Why will there be more and more requests from European buyers:
The $ exchange rate of course, not many air-cooled Porsche cars available in Germany, France, etc.
At the first glance the us cars are really cheap but once you add the transfer to the harbor, transport in a container (which is mandatory), insurance, transfer from the arrival harbor & custom fees 10%(calculated on the bill and the transport)and VAT 19% + the costs for the technical conversion needed so that you can drive here: Direction Lights, Change of Headlights a little wiring for the rear Fog lights, the change of the speedometer (MPH > KMH) and last and least taking a cosmetical change by removing the US bumpers. Once you have converted the car you have to pay another little 100€ to get the technical certificate allowing the car to get the license plates so that you can drive here.
Conclusion: As a European buyer you better have to find a car you are really dreaming about, if you want to make a “bargain”. Personally I believe that it is more interesting to import the car from Switzerland which does not belong to the CEE: No conversion needs to be made, very often low mileages and beautiful cars but for the rest Customs 10% and VAT 19% and the technical certificate is the same
Or
Spent some holidays in an interesting area in the US, find my car, drive it trough the US and ship it to Europe.
Have a nice Day