How do you insure/ensure/assure a smooth Car sale Transaction ??

[2002_Viper_GTS_ACR]

Hey Folks,

What’s the best way for selling a car (viper or otherwise) when it comes to transfer of funds for the purchase, and insurance coverage for the vehicle as its being driven by the new owner to his/her home hours/states away? When you don’t know the individual personally?

I know that we have had this discussion before, but since things are ever changing, and lessons learned. I want to know what the best way to sell a car is, with Bill of Sale and Title and what that new owner should do about insurance coverage to drive the vehicle home after the sale (since its going to be driven home, not transported).

Thanks for all the help.

Jon

 

[V10SpeedLuvr]

The way I handled the $$ deal when I bought my car was I showed up with a bank check in the full amount. The bank had called the owner to confirm VIN #, sale amount, mileage, etc. and while they were talking the owner confirmed that the check was 100% guaranteed to be good. I drove my car back from North Carolina and had to have it insured by my insurance company if anything had happened on the way back. I had called them the day before and gave them the info on the car and had the policy go into effect at 12:01am the day I was going to pick up the car. They faxed over a copy of my insurance card for me to have on the trip back.

 

[DodgeViper01]

Best way, no matter what car you are selling, is to set it up so that it goes "ultra-smooth." What many people do not know is that Bank Checks and Money Orders are not 100% full proof. They could have either been stolen or cancelled before they are handed to you. The best way to purchase a car is to go to the bank of the seller and then both of you sit at the table and watch the money be transferred from one account to another. Of course both of you using the same bank would be a plus since it is faster but this is definitely not necessary. This I have found is the only way to insure certified funds, since the screen right in front of you is not lying to you.

Now as for insurance, no matter who it is, have them put it on their policy first. DO NOT make the mistake of letting them drive the car on your policy as it can cost you if something goes wrong, let alone all the possible legal ramifications.

Hope this helps!

 

[FrankBarba]

Once you purchase a vehicle. simply call your agent. you are insured.

 

[Brian E]

Hey Jon.
When I sell a car I ask for a wire transfer. You cant fake one of these.
In Indiana we have 30 days to notify our insurance agant of a vehicle purchase. The only hitch to this is that you are covered with a policy similiar to what you have. So if you only carry liability, thats all the coverage you have on the new purchase.
Good luck.

 

[2002_Viper_GTS_ACR]

More interested in the transfere, not so much the insurance. But let me ask you this, what do THE new owner(s) do about the TAG? Its not realistic that they will have their own tag, what should they use? Go Tagless ? (sure fire call to the cops).

What do you do if the buyer doesnt use a bank that has a branch in your area? Then you cant quite do F355's recommendation, which of course, is ideal.. but probably not possible/probable.

I'm feeling better about this, as I called his bank with him on the line, and we verified funds.

Jon

 

[2002_Viper_GTS_ACR]

Thanks Brian,

But how do you ask for a wire transfer when they havent verified the car yet! Thats the problem with out of state buys. It doesnt help we are doing this on Sunday either?

Jon

 

[Brian E]

Thanks Brian,

But how do you ask for a wire transfer when they havent verified the car yet! Thats the problem with out of state buys. It doesnt help we are doing this on Sunday either?

Jon

I remember some advice fellow VCA member and all around good guy, Steve Fess gave me about 8 or 9 years ago.
If you are buying a Viper from out of state, contact one of the local VCA members to have them look the car over for you, then if it looks good have it inspected by the local Viper technician.
Short of an in person inspection, this is about the best you can offer the potential buyer.

 

[Flyviper]

There are companies that will act as "escrow" companies and their prices are very reasonable. Don't know names off hand but do a search and you'll find them.

 

[AMong]

When we are selling cars , especially the high dollar cars. I always deliver the car personally, for a few reasons. 1. to make sure the car is represented correctly and so that I can handle/ answer any of the buyers concerns, right then and there. 2. to oversee the entire process, to ensure a smooth transaction. and 3. to be at the bank when the wire transfer is done.

I ussually deliver the car, after inspection by the buyer, we both go to his local bank branch and have the money wired into my account, with both of us present.

This is the best way for both the buyer and seller to feel comfortable. I especially try to make the buyer feel comfortable, bad transactions or misrepresented cars can give you a bad reputation and therefore give you trouble with dealings in the future.

-- when buying cars, I first ask the seller do to the same as I explained above, if they will not agree, i will travel to them and go through the same procedures. If there is not one of my bank's branches in that area, I will direct the deal with my bank over the phone or have some one back home at the bank.

-- I realize with busy schedules, people that buy and sell cars frequently, do not have the time to do this kind of traveling, so in those cases, send someone you trust or a family member in your place.

 

[DodgeViper01]

More interested in the transfere, not so much the insurance. But let me ask you this, what do THE new owner(s) do about the TAG? Its not realistic that they will have their own tag, what should they use? Go Tagless ? (sure fire call to the cops).

What do you do if the buyer doesnt use a bank that has a branch in your area? Then you cant quite do F355's recommendation, which of course, is ideal.. but probably not possible/probable.

I'm feeling better about this, as I called his bank with him on the line, and we verified funds.

Jon

I would make the drive to their bank branch but yes once in a while you may have one where they do not have any in your region but I would say that would be a lot less often.

 

[2002_Viper_GTS_ACR]

More interested in the transfere, not so much the insurance. But let me ask you this, what do THE new owner(s) do about the TAG? Its not realistic that they will have their own tag, what should they use? Go Tagless ? (sure fire call to the cops).

What do you do if the buyer doesnt use a bank that has a branch in your area? Then you cant quite do F355's recommendation, which of course, is ideal.. but probably not possible/probable.

I'm feeling better about this, as I called his bank with him on the line, and we verified funds.

Jon

I would make the drive to their bank branch but yes once in a while you may have one where they do not have any in your region but I would say that would be a lot less often.

I'd say this is the case, more times then not, IF you are dealing with out of state buyers. Often times exotic cars require/attract out of state buyers (smaller market, so the audiance is far more broad), and therefore unless you have a TRULY national bank like Bank of America, chances are you are going to have to deal with a check drawn on a bank (or credit union) thats probably not in your state.

Jon

 

[v10kingsnake]

i didnt read the previous posts so dont flame me and say it was already said, i am only trying to help answer your question. call you insurance company because it may vary by state or company, but my company, allstate will give you the courtesy of the same type of insurance you currently carry for a short period of time i believe up to 48 hours even when you dont notify them prior to actually buying the car and driving it. in your case, demand the buyer shows you proof of insurance and call his company if possible to verify but cancel you coverage when he takes possesion and he should have temp. coverage under his policy. they do this when you buy a vehicle on a weekend when most companies are not open to do the paperwork etc...

 

[2002_Viper_GTS_ACR]

Thanks v10kingsnake,

but what I am trying to gain ascertain here, is wether what should the buyer do about a tag? I have received significant proof of the insurance for the car by his carrier, but what Tag is he to use to drive the car home? Obviously his state wont give him a tag until he registers the car, and often 30 day tags, take damn near 30 days to get. So what do you do with valid insurance, bill of sale, but no tag, and you want to drive the car?

Jon

 

[v10kingsnake]

i bought a car from a guy in delaware. we had to go to the dmv in his state together and transfer ownership in front of them at which time i was given a temp tag to put in the back window to drive the car home. i am sure it is likewise in your state. stop by or call your local dmv and ask them. good luck.

 

[Eric H]

Jon, you have the buyer get either a temp tag from his state or you cn get one in NC. I sold a car to a guy from VA, he walked into the DMV, showed them the bill of sale and they gave him a temp tag to get him home. He can call the DMV beforehand and set this all up as well.
Best for him to just go to his home state DMV and get a temp tag. They can give you one for a "temp car" so even if you havent purchased a car yet you can get a tag. Done it many times.

As for insurance thats their problem, they can just call their insurance co. and have the vehicle added, or simply let them know what they are PLANNING to do, most states have a 30 day grace period based on the highest coverage you have on your policy as stated above. The only way for you to be liable on your insurance, is if they had your tags, no bill of sale and no proof you sold the car.

You can use a bank certified check, just have your bank call the bank its being drawn from to verify funds.

 

[2002_Viper_GTS_ACR]

HOLY CRACK PIPE BAT MAN !!

That was the information I was looking for !! OMG... and Eric provided it !!


Thank you. I now avenue to go with this.

Jon

 

[v10kingsnake]

jon, do yourself a favor and stop by the local dmv and ask them. like i said you had to be there in person (BOTH PARTIES) in delaware to make this transfer and obtain a tag. plus i am not sure how your dmv is but getting the phone number for them is a royal PITA. each state IS DIFFERENT.

 

[2002_Viper_GTS_ACR]

The problem is, we are doing this deal on a Sunday, and then I'm flying back out that day, and he is driving home.


As long as we get ONE of our states to kick down a 30 day tag, thats all I care about. Thanks for the advice folks, thats why I called on the viper family for help.

Thx.

Jon

 

[Eric H]

yeah well, dont expect anymore good advice from me, thats all I have. So, selling your ACR?

 

[2002_Viper_GTS_ACR]

Yeppers... and I had no problem selling it..

Its actually documented in a funny post where another guy is trying to sell his 02 ACR.

Jon

 

[Eric H]

See, even when I try to be nice you're a ****. :-/

 

[2002_Viper_GTS_ACR]

***.. who is being a Dick.. wow dude, you might be super sensative to me. I take it now, that you took that as a reference to your ability/inability to sell yours? Wasnt even going there.

Jon

 

[Casey]

Jon,

Talk to the bank directly, and have them send you a copy of the check they issued for the purchase. Simple as that.

 

[cobramadness]

The problem is, we are doing this deal on a Sunday, and then I'm flying back out that day, and he is driving home.


As long as we get ONE of our states to kick down a 30 day tag, thats all I care about. Thanks for the advice folks, thats why I called on the viper family for help.

Thx.

Jon

Don't worry about the tag issue, you have 30 days to get one(from date on bill of sale).

 

[2002_Viper_GTS_ACR]

Thanks for eveyones help.

As of about 30 minutes ago... my Baby was driven of by Mike (D.K... user id on here).

SUPER NICE GUY. Omg, it makes it soooooooooo much less painful knowing my car is going to a genuinly good person. The car is going to be loved, and taken care of. I am almost as envious of the car, as I am of Mike (for having my car).

Please Welcome Mike to the Family, we have a class act with him. (vs me )

SAFE TRIP MIKE !! ENJOY THE CAR !