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

 

Twere it me, and as you say, he's 'really close' ( I assume you mean distance ), then I'd propose meeting halfway and asking him to bring good ole greenbacks. Have someone follow you for the ride home ( wifey ? ), you could even offer to buy him a nice dinner at the meeting place. ( take the title with you, and when money is in hand, sign it over )

Meet during the day or late afternoon so he can be comfortable with the car's condition. Night time is a bad idea for this.

 

Howard, I did a search and came up with this. CLICK
There may be more and some may be specific to Illinois.

Much easier in person, I got my car in Florida, went to the bank of the seller handed over certified check (cashiers check?), manager notarized Florida bill of sale, I got the ownership and hit the long road home.

Good luck with the sale, very nice car.

 

So is carrying all that cash without a Brinks truck.

 

Appreciate the quick replies so far ..... By CLOSE, I meant in the negotiations, buyer is in California, and I'm in Illinois. sorry for confusion.

Dave ... that link was helpful. Thanx As grouchy as you are, YOU ARE DA MAN. LOL

 

Dave is right, and it does vary state to state. When I've bought / sold across state lines, (done this twice) money was either owed on the car, or borrowed to buy the car, so the transactoin was supervised by a bank (to protect them, which also protects the buyer and seller!)

Also, when I bought my car in AZ, I had to title and register it there before leaving the state - it's the law. It cost me $15 is all, but again, the agent at the DMV guided us both thru the transaction and even notarized the paperwork.

A call to your DMV or secretary of state might help, 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

 

Good point. Forgot to add : make sure you also tote a Glock 9.
Seriously, since you are not physically meeting, the above advice is what I'd go with.

 

Thanks to you all .... just what I was looking for .....

 

Good luck with the transaction Howard