Old Apr 26, 2013 | 11:13 AM
  #7 (permalink)  
DTMenace's Avatar
DTMenace
Senior Member
Joined: Apr 2006
Posts: 2,509
Likes: 205
From: West Chester, PA.
Default Re: Need advice ASAP regarding sale of car out of state ...

Originally Posted by IBLUBYU
I am currently in negotiation with an out-of-state buyer on my SRT roadster. I have had several conversations with him, and feel (gut of stomach) that he is legitimate. We are very close, and my concerns are that not really knowing him, nor him knowing me, how can a deal be handled so that we both would be comfortable. Things like security deposit, handling of the title, wire transfers of $$$. He probably will have the car picked up by a transport company. Can this type of sale and transfer be handled thru a bank? Do I need a third party to act as a transfer agent, or not (preferred). How has this been handled by you previously.
Things used to be so easy back when ..... give me the money and I'll give you the car. LOL. Not anymore.....
Appreciate any input on this ....... Howard
Howard
There are several security issues related to "out of state" purchases when selling/buying autos. Let's rule out a meeting place and look at this as an unseen transaction.

The first step is to visit your bank branch and ask the Branch Manager for the securest way of transferring the funds into your account, ACH (free) or EFT (Charges associated). Ask them what is the waiting period, that the funds cannot be withrawn by the sender, it maybe up to 3 days. Once the funds are available, you may release the car and title to the shipper chosen by the buyer.

These transactions are considered "blind" transactions, since you or the buyer never meet face to face.

Just my 2 cents...

Dennis
DTMenace
 
Reply