Any suggests for escrow service to sell Viper to a European?

[PhoenixGTS]

Due to Gary Almond it looks like getting the car to Europe physically is easy, and perhaps a facilitating buyer would wire money prior to pick-up and make it very easy, but any ideas on some sort of escrow service that could be used to facilitate the deal?

I know someone who is a famous car collector and I am going to reach out to them later today - but they will probably want some part of the deal and I'd rather not go downthat road.

 

[PhoenixGTS]

Wow! 68 views and not one suggestion? I smell a business opportunity here.

I called my buddy who is in the collector car business and he says some of his wealthy clients will get help from their bank, For example, the US sellers bank would contact the Euro buyer's bank to facilitate a wire transfer to the US, then not release the wire to the seller until the title is brought into the bank and notarized. He said he has even seen transport drivers go by the bank to show the banker the VIN number of the car in the trailer. In other words, the bank offers an informal escrow service. Went to Wells Fargo where I bank, pitched the idea to them, and they looked at me like I had three heads. I guess when you are not a rich guy using a boutique bank you don't get that level of service.

Easiest idea is if the Euro buyer has a friend in the seller's town. That way the seller could effectively sell the car to the friend, who in turn would sell it to the Euro buyer. Problem is my potential buyer does not know anyone here in Phoenix.

 

[Y2K10 SRT#39]

Call JonB- I know he has exported at least one car.

PBR

 

[Martin]

I'm surprised that someone buying a car from overseas would agree to do it without coming over here and making sure that their car is all sorted out, etc., before starting the delivery process. I always envisioned these kinds of deals working so that the buyer comes over here, inspects the car, you go through the usual transaction steps with your bank and title, release the car to them, and they work with the shipper directly. No way in heck I'd put my car on a boat to head overseas without a cashed check in my bank account first. Even if you do an escrow deal, who shoulers the risk if the shippers screw something up? What if the buyer decides to stiff you and not take delivery? Who pays to ship it back home and deal with customs, etc.?

 

[PhoenixGTS]

No way in heck I'd put my car on a boat to head overseas without a cashed check in my bank account first. Even if you do an escrow deal, who shoulers the risk if the shippers screw something up? What if the buyer decides to stiff you and not take delivery? Who pays to ship it back home and deal with customs, etc.?

You are correct sir in that the deal requires more faith from the buyer than the seller as long as the car does not go on the trailer until the purchase price is wired to seller's bank. Insurance is easier to deal with in that the Uniform Commercial Code (adopted in all 50 States) talks about timing of legal delivery. Customs and the payment of the necessary taxes are the buyer's issue across the pond. Given that the car is not moving until I have the money, I am trying to find some comfort for the buyer. Might be as easy as Gary Almond's crew saying "car is on the trailer and notarized title is in hand" then you just have to deal with the time difference and time for the wire to move.

 

[FrankBarba]

Talk to Bernie @ Tomball or BJ Motors he has sold to quite a few overseas buyers. I'm sure that he would help you...

 

[JonB]

Call JonB- I know he has exported at least one car.
PBR

PartsRack has escrowed funds on several new exports. We have been able to provide references that allow the buyer some peace of mind. And Oregon has no sales tax!

 

[ViperGeorge]

The buyer needs to get a letter of credit from his bank. The letter of credit is a bank product used to facilitate international trade. His bank issues a letter of credit to you (which is usually sent to your bank) that states you will get paid upon presentation of certain documentation. Documentation includes things like shipping bill of laden, invoice, and other stuff. Once you present the documentation to your bank, you get paid. Your bank then claims payment from his bank.

 

[viperbilliam]

I would think getting the car past customs in Europe is where most of the headaches are.

 

[PhoenixGTS]

I would think getting the car past customs in Europe is where most of the headaches are.

The buyer has a service to help with that. Scary part is he has to pay 29% tax when bringing it in! Ouch.

 

[slaughterj]

The buyer has a service to help with that. Scary part is he has to pay 29% tax when bringing it in! Ouch.

So they pay $49k for car detailing service before shipping and then $1k for the car itself?

 

[Neil - UK]

we have lots of imported vipers in our UK club, 29% is about what we have to pay before the car can be released from the customs, getting away without paying much tax is pretty impossible, they know all the scams

some have flown over for a vieiwing, but most dont bother

speak to Chuck T or Bill @ Woodhouse they have has sent a few vipers/rams over here

 

[ViperGTS]

For Germany it is 10% import tax and on top 19% VAT.

And that is for the sum of (price of the car + shipping + insurance)

+33% is a much better estimation...to get it released from customs

 

[InjectTheVenom]

The buyer has a service to help with that. Scary part is he has to pay 29% tax when bringing it in! Ouch.

Yup, pretty moronic The term for it in our system is BPM by the way.