ericthepilot

Hello RLs,

There is some one that maybe interested in buying my car. Private party sale.
After my car is inspected and the PPI outcome gives us a price we both agree upon, how do we proceed from there ? The buyer does not come to me/car and inspect the car himself. He is in Las Vegas.

What procedure do you recommend ? Wire the amount, then release the car ?
Use an escrow ? Which steps do you recommend ?
I am not familiar with this, so any suggestions are greatly appreciated.

Thank you
Eric

nile13

Wire or ACH. Or have him come to your bank if it's a nationwide bank and deposit money into your account. Sign and FedEx him the title once you get the money.

I hope you've spoken to him on the phone a few times, Googled him and he actually paid for PPI with the same name/info he gave you. If so, you're fairly safe.

osugasman

2 way street on this deal. Hopefully, the PPI will confirm to buyer's satisfaction that you indeed own the car. At that point, I took out a bank check and overnighted to the seller. He deposited and waited for funds to clear. He then cleared title from his DMV and overnighted the title to me. I picked up a 30 day tag while awaiting transport and had everything up and running on car arrival. Safest way is going to be face to face with wire transfer and title transfer all in same day. Depends on how comfortable buyer is. As seller, I would NOT release title unless funds cleared.

matt777

I've used wire transfer a few times and I think it is the way to go except for local sales. The only suggestion I could make is to settle on a price subject to a satisfactory PPI. I would just be choked if the potential buyer low balled me after the hassle of getting a PPI done.

Academictech

Once funds have cleared, you can sign over the title and hand over the keys. Anything else, seller beware. You have a beautiful C2S there Eric...the buyer is one lucky SOB......more importantly, are you getting into another P-Car????

ericthepilot

Thank you Academitech.

Well after a 914, 996, 997 Targa 4S and 993 C2S, we were @ Champion looking around the other day and where they had a 991S in "Arena Red" . The Wifie is more enamored with the modern day P-car. So that will probably be the road to a next 911. We are also moving to within 3.5 miles of that dealership ......

ryano

i have been on the other end of this deal and i wasnt comfortable with the wire transfer. I would use something like paypal or there are 3rd party escrow companies that work with vehicle transports that keep all funds until vehicle and title delivery. I ended up just driving 10 hours to get the damn car to avoid the hassles...

ericthepilot

Which company specifically would you recommend ?
And what procedure would you choose ?
Tx

BobbyT

Over the past year, I have helped nine friends sell their Porsches. Four of these went to foreign buyers, two of whom did no inspection of the car, but wired full payment based on email and telephone conversations. Additionally, one distant US buyer made the deal Sunday, wired the money Monday, sent a truck Tuesday, all with no inspection. All of these deals ended with satisfied buyers, not a single complaint. Obviously, the key is full disclosure and brutal honesty in description.

Paypal takes too large a bite to be a viable alternative to wire transfer, IMHO. Wire transfer is the best for the seller. Cashiers checks and other instruments can be questionable.

There is an incredible level of trust and trustworthiness in our Porsche community.

JPP

I would use a bank to bank wire transfer even for local transactions. It's fast, cheap and totally secure with a complete digital trail. Get the money then fedex the title/paperwork.

Chris M.

I just bought from across the country. We agreed on a price and I wired half the money. I scheduled the transporter and once the car was picked up I wired the second half of the money and the seller overnighted the title. I've done something similar for each of my 911 purchases and these days you don't even have to go to the bank. It can all be done on the computer.

kg4nih

I bought "Navaho Joe's" '97 C2 listed here on RL this fall. At his suggestion (based on his prior use) we used Escrow.com. The transfer of funds was always transparent and went like clock-work. In addition to funds transfers, they'll handle lien pay-off and title transfers if needed. I'd use them.

PM me if you want more details.

ericthepilot

With escrow.com you will have to wait for the car to arrive cross country. Then hope the buyer doesn't wanna haggle, as he may see the car and say "oooh you didn't tell me aout this or that".
In the mean time he is driving your car on your insurance. And if you do agree, who is gonna pay what ? If you want to get the car back, then another headache starts.
I wish the buyer would just come and meet the car, look at it and decide, like a normal car transaction.

jcochran1

If you go the cashiers check route I would try and get him to issue the check from a large bank like Wells or BofA so you can take it to your local Wells or BofA branch and cash it. That way your bank account is not involved at all. Cashiers checks can be fabricated so there is a delay in anyone realizing it was fake. If you go to the issuing bank to cash it they know right away if its real because they issued it and can verify it.

uscarrera

Have him wire transfer the money then truck can pick up car after confirming funds are in your bank. Sometimes the buyer might feel uncomfortable with you still having possession of car suggest he work with a local shop to hold car until truck pickup, maybe the shop that does the PPI.
Rich