I am not sure if I missed something but a few questions for you -
1. When is seller coming back from UK?
2. Can you guys draft a "notarized" contract perhaps?
3. If you know someone local RL member that can help will you be more comfortable doing the transaction?

 

Hi Eric, I know you do not know me too well but if there is anything I can do to help on this just let me know. (Former Porsche club of America regional president and long time forum member)

By the way, I was the one who looked at the car in person and it checked out fine.

David

 

Just curious Eric,
How many miles is a low mile car? I have a 2004 C4S cab Excellent condition. Still with 1+years of CPO warranty left. I bought it last year and love it, but cant stop thinking about the Turbo

I could perhaps be convinced to part with my baby...Let me know specifically what you are looking for, and I can let you know if my car has it.


Jon

 

Answers to your questions:

1. He's not (at least in the next month or so)...which is why he's selling his car...and at such a good price (IMHO). By the way, I confirmed with Rector that the RMS and IMS seals were done in 2006 and he replaced his clutch last year before putting it into storage! Unfortunately, he didn't also do his IMS bearing at the same time!
2. Yes, but enforcement of international contracts is difficult and expensive. An intermediary is our preferred method and based on our conversation, he will be engaging counsel in CT. I will deliver payment EFT from his counsel's office and will collect the title, extra keys and bill of sale at that time.
3. I know someone local and David also helped out by checking out the car. The problem is that he doesn't have someone on the ground local to handle it for him...but I think we've got that covered now.

At this point, we're arranging final details but the goal is to have the car flat-bedded to the dealer for PPI (along with his separately packaged OE muffler, OE airbox and Porsche Sport Exhaust Tips which he's selling with the car). After PPI, assuming the car is acceptable, we'll exchange payment and title in CT. I will have the dealer do an oil change since the car has been sitting for a while and we'd like to have the car stay there for pick-up by the shipper (assuming the dealer agrees). I've confirmed from one shipper that their truck will be in CA next week.

Any suggestions or comments on the process?

David, thanks again for taking a look at the car! I left a message for Jeremy yesterday but haven't heard back from him.

Jon, sent you a PM but you should know that the seller and I are both pretty close to finalizing details on the current car.

-Eric

 

PM replied

 

I recently went through a similar long distance sale as the seller. In my case, I’m located in Canada, the car was at our vacation property in Florida and the buyer in New Jersey. One big difference is the sale price of the car was ~$4.5k so there was significantly less at risk, but I’ll give you our arrangement and maybe some of it will apply to you. Since the buyer did not have the option to look at the car, I gave him the names of several independent mechanics that dealt with the marquee and he selected one to conduct the PPI at his cost. Once He was satisfied with the condition and we had negotiated a final price, we made arrangements for the mechanic who performed the PPI to hold and store the car, I drafted a sale contract outlining the sale, then he sent funds to me via a bank transfer. Once the funds cleared and were in my account, I FedEx’d the title and Bill of sale to him. At this point the car was his and he made arrangements with the mechanic who agreed to store the car while shipment was scheduled. There was a great deal of trust on both our parts that was established after several phone conversations.

 

Seems that you are covering your grounds on the process. I will also share a similar experience as Aron did. I recently sold my Audi and buyer was from the East Coast. I suggested my local Audi dealer for PPI which he accepted. He 1st sent me a wire for $1000 to hold car and the remaining balance in about 1 week. We maintained communications via email/phone all the time. We did not use any escrow/intermediary as there was some level of trust. I promised him what I told him I will do and he did his part. I only emailed him a statement about the sale price and what I will do. This was a RARE/Special case were transaction went smoothly. Now we remain friends and share car stories

 

I think the seller and I are both at the point where we trust one another as much as anyone can trust someone they don't really know over the Internet. Based on the diligence I've done, my gut tells me that I have nothing to worry about. I get the impression that he feels the same way from his recent comments to me. Regardless, we're both proceeding cautiously and prudently. There's always a leap of faith that goes into buying a used car and, in this case, I haven't even driven or seen it myself?! I'm okay with some of the leaps I'm making but throwing $41K over the pond with the promise that someone will FedEx me "a car" is a little too big of a leap -- I'm just too risk averse by nature.

For those who think, "yeah, but you can draft a contract to cover that," I invite you to check into the wonders and excitement of litigating claims between parties in different countries.

-Eric

 

Sounds to me like you and the seller have worked out most of the details for a smooth transaction assuming the PPI goes well. GL and keep us posted.

 

Looking forward to seeing this deal consummated with a happy ending!

 

Eric:

I have worked with a lot of contracts in the business world, and I have drafted a few "agreements" for personal dealings. A contract is not a guarantee of anything. It is only as solid as the person who signed the bottom line. If the guy on the other end is interested in screwing you, you will end up being screwed in the end. The cost of forcing performance of a contract is usually prohibitively expensive.

I have always felt that the purpose of a contract is to lay out the fine points of any agreement between two parties. It keeps the honest people honest, and makes sure that there are fewer issues to resolve. And, if you have done a certain amount of due diligence, then the contract just makes you feel that much more comfortable.

BTW, don't worry about not having seen or driven a car that you're buying long distance. Lots of people do it. I bought a car in Houston, and flew down to drive it back to Chicago (that was cheaper than trucking it.) A friend bought a Turbo S in Seattle, and had it trucked to Chicago. No issues.

I can't wait to see pix of the car when it lands in your driveway. Keep going as long as it all looks good. You shouldn't have to force fit the deal. All the best.

larry

 

Exactly my point -- which is why I haven't even talked to the seller about it. He's in the UK. Hiring foreign counsel and litigating internationally is a horrific mess. Our mutual focus has been on finding an appropriate intermediary -- which I fully support.

While it's not a perfect solution, if I can walk into his attorney's office, review the documents (title and bill of sale) and confirm that they will be released to me as soon as my bank has released the funds to him via wire transfer, I can then click "send" on my computer to authorize the disbursement and we should be done. Of course this is a bit of a generalization of what will happen but I think you get the point.

-Eric

 

...not to mention different COUNTIES!

 

the big question is, did u PPI the car?

if u are happy with PPI, u and the seller can both fly to bay area over a weekend, finish the transaction face2face.

u may save money and time this way

 

Hey Eric, at least you know the car exists and drives under its own power right!

David