Watch out for: Eduardo Baptista
06-30-2014 | 06:12 PM
#18
Three Wheelin'
Joined: Aug 2013
Posts: 1,317
Likes: 32
From: North Jersey
you always gotta ask for a copy of the title front and rear and the seller needs to be on that title, and if not, well, the risk increases. some dealers keep "open' titles which may be against state law, etc. the most dangerous are those consignment deals wehre the owner holds the title and only gives the car to the seller/broker/agent. the agent enters a sale, once funds are received from the buyer, he asks the owner to endorse and send the title along.
the owner could object. change their mind. they could send their monies and the broker takes money from peter to pay paul. he goes bankrupt in the interim. he is a complete fraud and never pays the owner, thus the owner never gets the money. the title could have an issue on it, a signature in the wrong area.
i always demand a title and i inspect that title like the legal instrument it is. i inspect the title as diligently as id try to inspect the car. a wrong date, someone signs ont he wrong line, and the title in the state of nj is invalid. now,on the titles some dealers can sign the dealer endorsement areas and so tom owns the car, sells to ABc deler who buys it , endorses it as the owner. he sits with it for 2 years. sells to XYZ dealer who can accept it , endorsing as the buyer on the back...since its dealer to dealer, it can all be signedoff on the back of the title, no taxes . then XYZ sells to mike jones. mike mistakenly signs on the wrong line as he headsinto the stateof NJ dmv. nj says sorry, no scratches, white out or other errors permitted. they have to go all the way back to the owner 3 years prior tom. hopefully tom helps out. else, trouble.
its just not that as siple of thing.
yes, the agreement said he had it free of liens and what not, but that doesnt mean as well that the instrument is transferrable. here, he didnt own it free and clear, apparently.
generally i never want the car title and cash all with the same person. car and title shoudl be with me at same tiem cash goes to seller. or i had better ensure its done right and there is trust.
i had a gt1. boughtit from a big dealer in texas. super rare 993 gt1. very expensive. wire to them as the car was retrieved. beforehand we knew the title would take some time.they had a german title in "open: form. itall checkedo ut. we did the hPI checks in europe, etc. all fine. the issue wasnt that they didnt want to do it, but that the car had travelled to nJ upon wiring the monies. and now Texas DMV wanted to inspect the car to verify mileage since it was conversion of a europe instrument to texas instrument. it took 6 months to convince them to accept the affidavit of a local NJ policeman who helped out. then they got Texas title and overnighted it to me. my recourse was we kept $200k in reserve subject to title.
the owner could object. change their mind. they could send their monies and the broker takes money from peter to pay paul. he goes bankrupt in the interim. he is a complete fraud and never pays the owner, thus the owner never gets the money. the title could have an issue on it, a signature in the wrong area.
i always demand a title and i inspect that title like the legal instrument it is. i inspect the title as diligently as id try to inspect the car. a wrong date, someone signs ont he wrong line, and the title in the state of nj is invalid. now,on the titles some dealers can sign the dealer endorsement areas and so tom owns the car, sells to ABc deler who buys it , endorses it as the owner. he sits with it for 2 years. sells to XYZ dealer who can accept it , endorsing as the buyer on the back...since its dealer to dealer, it can all be signedoff on the back of the title, no taxes . then XYZ sells to mike jones. mike mistakenly signs on the wrong line as he headsinto the stateof NJ dmv. nj says sorry, no scratches, white out or other errors permitted. they have to go all the way back to the owner 3 years prior tom. hopefully tom helps out. else, trouble.
its just not that as siple of thing.
yes, the agreement said he had it free of liens and what not, but that doesnt mean as well that the instrument is transferrable. here, he didnt own it free and clear, apparently.
generally i never want the car title and cash all with the same person. car and title shoudl be with me at same tiem cash goes to seller. or i had better ensure its done right and there is trust.
i had a gt1. boughtit from a big dealer in texas. super rare 993 gt1. very expensive. wire to them as the car was retrieved. beforehand we knew the title would take some time.they had a german title in "open: form. itall checkedo ut. we did the hPI checks in europe, etc. all fine. the issue wasnt that they didnt want to do it, but that the car had travelled to nJ upon wiring the monies. and now Texas DMV wanted to inspect the car to verify mileage since it was conversion of a europe instrument to texas instrument. it took 6 months to convince them to accept the affidavit of a local NJ policeman who helped out. then they got Texas title and overnighted it to me. my recourse was we kept $200k in reserve subject to title.
07-03-2014 | 08:52 PM
#19
Nordschleife Master
Joined: Oct 2004
Posts: 7,306
Likes: 7
From: Vacuuming Cal Speedway
07-03-2014 | 10:11 PM
#20
Rennlist Member
Joined: May 2008
Posts: 17,108
Likes: 259
From: Somewhere in a galaxy far, far away....
Eddie doesn't own the vehicle. It was leased from Anthracite Leasing of South Florida who is the legal owner. Eddie sold the car,took the money and never paid off the leasing company.
How do I know all this? I am the owner of the leasing company. We also took back the GT-2 that he probably told everyone was his.
The entire matter is now being handled by law enforcement. Eddie is headed for big trouble along with his wife as she had to co-sign the lease for him.
I am a long time PCA member and a national DE Instructor. I am well known around Florida and the entire Northeast.
And the GT-2 is available for sale or lease. And we can provide proof of ownership. We have that title along with the title to the RSA. We also hold both a NJ and Florida dealer's License.
How do I know all this? I am the owner of the leasing company. We also took back the GT-2 that he probably told everyone was his.
The entire matter is now being handled by law enforcement. Eddie is headed for big trouble along with his wife as she had to co-sign the lease for him.
I am a long time PCA member and a national DE Instructor. I am well known around Florida and the entire Northeast.
And the GT-2 is available for sale or lease. And we can provide proof of ownership. We have that title along with the title to the RSA. We also hold both a NJ and Florida dealer's License.
07-11-2014 | 10:36 AM
#22
Three Wheelin'
Joined: Aug 2013
Posts: 1,317
Likes: 32
From: North Jersey
07-17-2014 | 10:46 PM
#30
Racer
Joined: Dec 2010
Posts: 478
Likes: 7
From: Silicon Valley, CA
Really sad, I've spoken with him many times he knows his stuff, seemed really nice. I've actually completed 2 other transactions with him with absolutely no issues...