Kcreager1

Hey guys,

My car has been on the market (err...autotrader) for about 3 weeks. Today I get a call from a guy from France who asks many detailed questions, then makes an offer for full asking price. When pressed, he sites the weak dollar (sounds plausible) and low availability of 993's there. When I asked about the logistics of the deal, etc, and he says as long as we agree on the price, he will wire the money and arrange for transportation.

I had to end the call, I was driving and meeting my wife. He gave me his email, and said he would call tomorrow.

Smells a little fishy...but after thnking about it, I wondered what I should do to see if he was for real AND protect myself. I was thingking, since I know he is going to want to wire the money, I could set up a Checking account with a $25 dollar balance. If I give the account out, there is nothing for him to take. What is wrong with my thinking?

Thank you for your thoughts....

ltc

Do they speak French in Nigeria?

Have you considered an escrow service or a professional auto broker who deals in exports, at least for a consultation?

matt777

I would just insist on a money wire. Check with your bank to make sure it is absolutely yours once it hits your account but you should be ok. You can accept a money order but I would definitely insist on making sure it clears before shipping the car. If it's a scam one tactic they use is to arrange the shipment themselves. That way they can get the car before you find out the money order doesn't clear.

vjd3

Well, scammers usually don't call you in person, they try to sucker you over the Internet. As long as the funds clear, and you can withdraw them -- in cash -- from the bank after he wires it, and you don't give him the car and until you're sure it's legit -- why not?

If he wants to send more than the agreed price and have you wire him the difference -- scam. If he wants to send a cashier's check -- scam.

Kcreager1

I have not considered an escrow service. I thought I would go to the bank in the morning and discuss with the banker. They should be able to give me instructions on how to protect my accounts and confirm payment (with no doubts).

friar93

I know someone who sold a car successfully to a guy in Belgium. same situation....same reasons(weak dollar).

Jerseybean

lots of car being shipped across to Europe. I would suggest setting up a new account at your bank just for the wire transfer, then take the money out and close the account. a 20" container to rotterdam costs about $2500.... cheap! Sales tax in europe is 20% I imagine he's going to save a lot of money.

ppashley

I am shipping my car home with me from NJ to the UK for ... 800 dollars.

Suggest you wait untill you have the cash before you ship the car.

Failing that option, then ESCROW. But make sure YOU choose the ESCROW agent.

Good Luck

geolab

Unfortunately not,
the country was split in two a century ago...
The Niger to the north under French influence, independence in 1958, and
Nigeria under British influence.

As for the thread, I think you should be really wary of the situation...
In France, we don't have a bankng system nor a judicial one.
Everyone can open a bank account WITHOUT any ID nor verified address, and close it without any trace...
The only way we buy or sell cars is by hand exchange...
The money in one's hand and the keys in the others' hand, and we exchange...
Moreover, I learn from rennlist everyday and at that same moment, I am learning from the advice all are giving you here,
"Open an account, receive the money, take it out, then react..."
It looks so bright I think the environment left me stupid here in France.
I might as well be inspired by the idea, like "Leave the money for three months in your pocket before deciding to sell, maybe you will have second thoughts..."
And by the way, , ,
Why in Hell would you want to sell your car to a French??? we don't know what a car is, less how to drive !!!!!!

Rinty

KC:

I would do the deal with a new account, then wait an appropriate time, say two weeks, for the wire to clear (or ask your banker's advice on ensuring the time period necessary to verify that the wire is bona fide). If your buyer balks, offer him the name of three attorneys in your area, one of whom he can retain, who can hold the funds in escrow against receipt of a bill of lading. But wait for a suitable period of time, on banker's advice, for the wire to clear.

It's a bit of work but can be done.

Rinty

38D

A new account with a wire should be fine. Once a wire clears, there really is no going back.

midcont

i have a freind selling his car to a guy in poland right now...sold off autotrader.
he has a 25% deposit on the car and its going through a broker.
i would certainly wait until the money is clear (i would move it again myself) before releasing the car

mjsporsche

Some random thoughts as to why I would not sell to an overseas buyer.

1. Are you taking a risk? Yes.
2. Can a bank charge back your account many weeks later for a wire transfer that they learn is a fraud. Yes.
3. Are you 100% comfortable with the transaction. If yes...no problem.
4. There are US buyers with US banking relationships that you should consider. The US banking and legal systems are on your side.
5. If selling it for the full asking price is motivating you to take the risk, think long and hard as to any recourse you might have.


In any case, good luck with your decision.

Kcreager1

I really appreciate all of the comments and insight. I have had another call from him today. I happen to have a bank in my building with free accounts for tenants, I am going to talk to the banker now. I will ask him about the timing of knowing that the wire is good - that the money is there and cannot be reversed, etc. I will ask about any pitfalls, etc. I will post the results.

The buyer would like to make a 10% deposit to hold the car, and send the rest of the money in 4-5 days. He asked for a copy of the title (fax) and says that he will arrange for shipping a few days after the wire arrives. If the banker confirms that we can verify the wire and move the money - then I will proceed.

I will continue to post what occurs

1pcarnut

Well said, even weeks later this can come back and bite you, even if you've withdrawn the funds and closed the account. Definitely find out how long you need to be 1000% sure the funds are legit.