Private Party Deal - Secured Transaction Suggestions?
06-10-2020 | 01:57 AM
#16
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Joined: Sep 2014
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From: Denver / Miami
How the hell is he gonna sell a car he doesn't have possession of? Again, this is very common. Confirm lien with lien holder, draw up bill of sale, take car and get title when funds are cleared and new title with no lien holder is issued.
OP you have to take the car. Why would you wait? Just give a deposit to hold the car and then pickup when you can. Always better to put eyes on the car also.
OP you have to take the car. Why would you wait? Just give a deposit to hold the car and then pickup when you can. Always better to put eyes on the car also.
My reason for posting here is to see if there is a company in WV that can hold the car, and act as an intermediary to secure both parties interests.
06-10-2020 | 03:53 AM
#17
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Joined: Aug 2017
Posts: 712
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From: Reno, NV
You must have (selective) trust in people to be successful in business. Trust the guy, and if he crosses you just take out his kneecaps! haha...but I know what you mean in this day and age...
06-10-2020 | 12:29 PM
#19
Three Wheelin'
Joined: Dec 2009
Posts: 1,272
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From: Bay Area
Issue is I cannot simply take possession of the car at the time funds are transferred as I am in Colorado, Seller is in West Virginia.
My reason for posting here is to see if there is a company in WV that can hold the car, and act as an intermediary to secure both parties interests.
My reason for posting here is to see if there is a company in WV that can hold the car, and act as an intermediary to secure both parties interests.
I've done well with SoCal vehicles (Viper GTS, my 996 Turbo, and a Harley) as it's probably the biggest car market in the country.
I also rejected several cars prior to making my decision.
my 2 cents.
06-10-2020 | 01:12 PM
#20
Race Car
Joined: Jan 2015
Posts: 3,752
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Asking on Rennlist is not gonna get you any positive answers. I've bought/sold over 40+ cars. If you like it buy it. If you're an attorney, you should not be asking these questions. If you're too worried, buy a different one. Simple.
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FRUNKenstein (06-19-2020)
06-10-2020 | 01:13 PM
#21
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Exactly. You will get nowhere in life if you distrust everyone and everything.
06-10-2020 | 01:53 PM
#22
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06-10-2020 | 01:58 PM
#23
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this right here would be a red flag to me, i would walk. If it were any other year i would still be hesitant. There is a huge amount of trust here to a stranger during trying times. I may be paranoid here but theres a chance dude might take the title and double dip, sell the car to someone else, and have you chase him down.
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FRUNKenstein (06-19-2020)
06-10-2020 | 02:38 PM
#25
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Joined: Mar 2016
Posts: 73
Likes: 36
From: MI
I recently purchased a 2018 Macan GTS sight-unseen from 500 miles away.
My wife, my bank, and his bank thought I was insane, but I trusted the seller and paid off his bank loan and wired the remaining balance directly to his account.
We both completed and signed a bill of sale prior to the transaction.
I did consider using an escrow service (https://www.escrow.com/cars), but ended up not doing it that way.
It looks like their fee is 0.89% for cars over $25,000, so $356 on a $40,000 car might be in your range.
I have no affiliation with this site and have never used their services.
I do agree with my paranoid friends on this site that buying a 19-year-old sports car from afar with no PPI is a risky proposition; indeed, quite a bit riskier than buying a 2-year-old CPO SUV.
There are definitely many more 996T fish in the sea, especially all those beautiful California cars that I still can't help noticing.
I bought my 996T from a local seller and had a PPI at a Porsche dealer - in hindsight I should have had the PPI done at my (now) indy shop.
Best of luck with your decision - these cars are amazing!!!
My wife, my bank, and his bank thought I was insane, but I trusted the seller and paid off his bank loan and wired the remaining balance directly to his account.
We both completed and signed a bill of sale prior to the transaction.
I did consider using an escrow service (https://www.escrow.com/cars), but ended up not doing it that way.
It looks like their fee is 0.89% for cars over $25,000, so $356 on a $40,000 car might be in your range.
I have no affiliation with this site and have never used their services.
I do agree with my paranoid friends on this site that buying a 19-year-old sports car from afar with no PPI is a risky proposition; indeed, quite a bit riskier than buying a 2-year-old CPO SUV.
There are definitely many more 996T fish in the sea, especially all those beautiful California cars that I still can't help noticing.
I bought my 996T from a local seller and had a PPI at a Porsche dealer - in hindsight I should have had the PPI done at my (now) indy shop.
Best of luck with your decision - these cars are amazing!!!
06-10-2020 | 07:59 PM
#26
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From: Denver / Miami
06-10-2020 | 08:00 PM
#27
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From: Denver / Miami
06-10-2020 | 08:28 PM
#28
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From: Vancouver
06-10-2020 | 08:32 PM
#30
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From: Atlanta, Georgia