When buying a VIPER unseen...

[Abq Bill]

I'm about to buy my 2nd VIPER, this one sight unseen. Thanks to the OHIO VCA club, it has been expertly inspected and test driven (thanks Keith), and now comes the moment to swap money for the VIPER.

What's the best way to exchange money for a car when the buyer and owner are 2,000 miles apart, that would make both parties feel safest?

Any stories/suggestions?

 

[01sapphireGTS]

Send me the money, I'll go pay for it (for you) and I'll call ya in a couple weeks when it needs new tires ! LOL

I have never bought one site unseen, especially with a private owner, but I would want to be face-to-face when picking up the title. Can you not come up for the day ? I know it would probably add $1000 to the price tag which does ****. I don't have a great answer, but if I can help in any way let me know !

 

[plumcrazy]

id NEVER buy a car unseen...

I flew out to woodhouse and paid, then drove it home to NJ.

 

[KWIK96]

One word on this subject:
Getontheplaneandgothereyourself

 

[Russ M]

Why dont you just go to vegas and put all the money on red, maybe you will win.

Sad thing is you are going to get better odds in Vegas.

 

[FLOORIN04]

quote:
One word on this subject:
Getontheplaneandgothereyourself


lol and agree

 

[joe117]

Vipermad will drive out to Ohio and inspect it for you.

 

[ViperJoe]

I saw where you requested help for some members to check it out for you. If you had a couple of VCA members scoped the car out I would feel that step one is now complete (and now you won't waste any of your time going to first look at it).

Step 2 - I would have to get there to at least put MY eyes on it, and to get the paper work squared away (pick up the signed over title / bill of sale, from the owner OR the bank).

I was looking at an 01 in Florida, and before I wasted MY time or the owners time, I contacted Larry Macedo to completely check it out. My plan was after he gave it the ok, I would fly down, see it for myself, get the title (or make sure from the financial institution that it was coming to me), drive it over to Larry's for some goodies, fly home and have it transported back to my home after completion.
Unfortunately it didn't work out because the owner didn't want to drive it to Larry's (to keep the miles down) and Larry had no way at the owners home to get a good look underneath or a test drive. We both felt that it was in my best interests that I should pass on it. I took his advice.
When I sold my 98, the buyer came in from Chicago. I demanded a wire transfer into my account before the car left my possession. This is the best way to protect the seller. What does your seller prefer?
Sorry for the long post, hope it all goes well!

Good luck!

 

[ViperRay]

One other thought if you don't feel the need to see it in person at its current location.

If the owner is willing (I have done this with dealers), go ahead and arrange for shipping of the car. He will sign the title and give it to the transporter.

When the car arrives at your place, you will check it out (shouldn't take long since you've already had it checked by competent people...you're just looking to make sure there's nothing obvious).

If all looks OK, you give a cashier's check to the driver and he gives you the title and keys.

If all is not OK, you pay for shipping (one or both ways, depending upon your agreement...if the car comes as advertised but you changed your mind, it should be both ways, otherwise split the tab if there are some undisclosed flaws not caught by your inspectors with the owner paying the return trip since you paid for the delivery).

The car is insured by the transporter while in transit (I always check on that ...not found it to be otherwise so far).

Good Luck.

 

[Kiaser]

Word of advice, if you're serious enough to plop down the money for a Viper then you better be serious enough to fly out for a final inspection in person. Flying out costs money but the alternative could cost you thousands more if it's not what you expected.

Out of the Vipers I looked at before buying, I had at least 4 owners tell me the car was in "perfect" condition only to find out that was a complete lie. I was lucky enough to find the one I currently own locally, but I was more then ready to fly out to see the other ones I had in mind.

 

[joe117]

I believe that in order to do a wire transfer, you need to give your account information to the other party.

If he is a crook, he can then take money out of your account.
You might be able to safely do this if you opened a new account with a minimum deposit and then used that account.

If anyone knows for sure that my understanding of wire transfer is incorrect, I'd like to hear the truth.

 

[Achilles99]

I had a trusted VCA member check out the car for me (thanks Hisserman!), and snap me a few photos of the car. I then sent Hisserman an official bank check made out to the owner of the car. Owner came and dropped the car and title off at Hisserman's house, got the check, and Gary Almond came and picked up the car a few days later.

Pretty seamless I was crunched for time, and this was the easiest way for me...

 

[ViperRay]

I was going to also suggest Achilles' method as another option but obviously it puts a lot of responsibility on the shoulders of the VCA member. Not only does he do the inspection but he also manages the transaction.

Certainly a good option if you are close with a VCA member confident enough to do this.

 

[Lee00blacksilverGTS]

I like Achilles plan also. But you might want to modify it and use Gary Almond. Do a search here, he is well respected for his honesty, Viper knowledge and careful transport. Schedule with him, send him the check, he shows up at sellers, gives them the check, takes the title AND the car, loads up and two days late he's in your drive. This is exactly what I would do.

 

[Supercharged Vipermad]

Vipermad will drive out to Ohio and inspect it for you.

LOL!!! All I need is MapQuest!

 

[Abq Bill]

Guys,

As usual, there are some excellent idea's by the "group." Doing it in person would be the best idea, having a VCA member assist is a great idea too, as is the one suggesting that G. Almond be sent the check and make the transaction.

I'll let you know what I decide.

Bill

 

[ViperJoe]

I believe that in order to do a wire transfer, you need to give your account information to the other party.

Only if he is paying YOU to buy HIS car.

The BUYER (you) needs the SELLER'S account info to give to YOUR bank so the money goes from the BUYER'S account (yours)to the SELLERS account (his).
He knows nothing of your account numbers or information.

It sometimes takes an hour or more for the transfer to clear the Federal Reserve Banking system. I thought it was an instantaneous transaction. In my sale, the buyer called his bank (Chicago) and said go ahead with the transfer (after he inspected the car), 15 minutes later I called my bank Virginia) to see if the funds were in my account, NADA. He then called his bank back, and they assured him that it was done, but that it then has to clear the Federal Reserve (they make sure that the funds are good and to make sure that no fraud or banking laws are violated I guess). My bank verified this fact also and about 90 minutes later the funds were in my account.
I didn't want any kind of check (even a bank cashiers check) due to the fact that they can be forged, OR at the time of checking the authenticity of the check, they are good with funds in the account, but when it goes to through the banking system 4-7 days later, there are NO funds in the account, and you are hung out!
IMHO, for a BUYER, a wire transfer is THE BEST way to complete the transfer of funds and the sale.

 

[01sapphireGTS]

Bill: I can pick it up and store it in my garage for a few days or so, until Gary (or whoever) can come and pick it up. I would take care of it better than my own, and that's saying something. I can even get it detailed while waiting if you wish. The help is here for the asking...

 

[joe117]

"The BUYER (you) needs the SELLER'S account info to give to YOUR bank so the money goes from the BUYER'S account (yours)to the SELLERS account (his).
He knows nothing of your account numbers or information."

So you are saying that the two banks can do the transfer without the buyer or seller knowing the account information of the other party?

And that banks will be willing to do this?

Does anyone else know if this is really true?

 

[GraphiteGTS]

I have bought a dozen cars on eBay. I send a deposit and fly out to get the car. I take the written description and if the car doesn't meet the description I ask that the price be reduced or I ask for my deposit back.
I've bought cars from $5K to $60K.

 

[ViperJoe]

Thought it was clear in my reply above, but........

So you are saying that the two banks can do the transfer without the buyer or seller knowing the account information of the other party?

No.

If YOU are paying ME for the car, then YOU need MY account info to tell YOUR bank. They then can send it through to MY account. YOU will have my account info (that you gave to your bank)to do this, but I do not have your account
info. You could just have the banks do it 'twix themselves if you think the guy is going to run ***** nilly with your account info on the internet.

And that banks will be willing to do this?

the two financial institutions in my transaction did. One in Chicago, one in Virginia

Does anyone else know if this is really true?

LOL.....***.......you think I'm making this s%it up?


Bank wire transfers are a daily thing in the day to day banking world.

Don't use this method if you are not comfortable with it.....stick with checks and cash

 

[BadVenm]

I bought my first Viper sight unseen off of eBay.

Sent a cashiers check paid in full, got a title two days later and the car showed up about 12 days after that.

There are honest people out there.

 

[Big Medicine]

I believe that in order to do a wire transfer, you need to give your account information to the other party.

If he is a crook, he can then take money out of your account.
You might be able to safely do this if you opened a new account with a minimum deposit and then used that account.

If anyone knows for sure that my understanding of wire transfer is incorrect, I'd like to hear the truth.

The wire works one way only, deposit. In order for money to leave your account, you must authorize it. In this instance, the buyer authorizes a deposit via wire into the sellers account. Buyer DOES need the seller's account number, institution name & phone number, name on account, routing numbers, etc. but only for depositing funds. I doubt you could call & authorize a withdrawal on the account w/o express written documentation. (notarized)

This is how I recently coordinated a corporate relocation package with Prudential Relocation Services.

Escrow is another option.

 

[ViperRay]

As a seller (I have sold more than a few cars) I do not like giving all the necessary account info. to a party you don't know for wiring funds.

Even though, when operating properly, the system shouldn't allow a withdrawal without some "proof" that the account holder approves it, you would still have to put MUCH faith in that system. More faith than I can muster up.
There are still people participating in the process and therefore plenty of room for errors.

 

[joe117]

OK,
The way you spell it out seems logical. I would need to give authorization for a deposit. I wouldn't have to worry about any withdrawal from my account because I didn't authorize it.

I believe you guys.

But you know there are all kinds of people running internet scams where they tell folks that they have won some money or they will be given some money.
They ask for your bank info to make a wire deposit.

But then they take money out of your account.

How do they do this if you didn't authorize a withdrawal?

 

[ViperRay]

Joe,

That's my point. There are PEOPLE involved in the process.

I tell you what, give me your account info. and let's try it out!

 

[joe117]

OK,
The number is OU812

 

[ViperRay]

What, you don't trust me Joe?

 

[joe117]

actually,
I just went through this with my credit union. I was going to sell my Viper a week or so ago.

When I asked my credit union about the wire transfer, they advised me not to give anyone the info that would be needed for a wire transfer.

I don't really have that much faith in the information that I received from them, I suspect that they just didn't want to do it, so I was asking about it here on the site.

 

[Big Medicine]

Agreed.

I suspect I would prefer an escrow arrangement. In my case, I was dealing with Prudential. I did take the time out of my day to transfer all my money to a different account once I received it, though.