Want international car selling advice

JB · 10-28-2005, 05:47 AM

I have a car for sale and I'm being solicited by an overseas buyer who I suspect may be fraudulent. Does any body have any advice on how to safely conduct an overseas transaction for $50+K? They are offering a cashiers check.

Any help from those who have been through this is appreciated.
JB

ken_xman · 10-28-2005, 06:29 AM

BIG SCAM !!!!! RUN. ... or bend over.
Tell them to fex-ex you an envelope filled with american cash.

domtoni · 10-28-2005, 06:34 AM

Ask them to wire the money to your bank, or give you a confirmed irrevocable letter of credit payable upon demand.

Don't take a cashier's check.

If the foreign banks work like U.S. banks, they can probably give you a U.S. dollar check payable at their bank in the headquarter city.

That's as much as I remember from my days in international trade !!!!

ttweed · ttweed's Garage

When I sold a '66 911 to an Aussie several years ago, we used a wire transfer directly to my bank. He paid in full up front before I delivered the car to the docks in Long Beach.

TT

ken_xman · 10-28-2005, 06:48 AM

Wires are only as good as the source. If you accept a wire, please be sure to have your banker call to verify "cleared funds". Don't take a western union wire, they can scam the system.
Keep in mind the issuing bank can recall the wire after you first see it, if there is a problem clearing the funds used to initiate the wire. There one minute... gone the next.
I would accept the wire, call verify, and wait 3 days to be sure it stays cleared.
FYI- I am a Commercial Banker

imcarthur · imcarthur's Garage

Yup. Bank to bank wire transfer. I bought mine that way & even talked to the bank manager at the other end to confirm receipt (as did the PO). If they are legit, they would not have a problem with it.

Ian

Brian Cameron · 10-28-2005, 07:09 AM

If you end up still dealing with this buyer, also suggest you use an escrow service, like www.escrow.com (ebay's recommended service).

The buyer wires the escrow agent the $$, they ensure funds clear, then OK you to release the goods. There's a fee, of course, probably a couple hundred bucks or so, but good insurance from my perspective.

I did a deal through these guys for some wheels off the pelican board and it was very painless.

gaijindabe · 10-28-2005, 07:39 AM

$50+ ?? Dont waste your time. If they have that kind of money - they would have an agent here, with cash, and you would not even know it was going overseas.

Quicksilver · 10-28-2005, 01:34 PM

If you do a bank to bank wire transfer make sure you use an empty account. With the your bank's routing number they can drain the account and once the money is overseas there is nothing you can do.

JB · 10-28-2005, 02:18 PM

Thanks everyone for all of your excellent input. Good advice for any sizable transaction. I'll post if anything happens.
JB

Fishcop · Fishcop's Garage

I've bought a few bits and pieces from the US, UK and NZ for my car over the past 5 years. There has to be an element of trust, and when I think about it, nearly everyone has been a pelican

so I know I'm generally dealing with enthusiasts.

As a buyer, I accept that I have to pay up in full before goods are sent to me. If the purchase was really large (say a whole car) then I suspect I'd come over personally to buy or have an agent conduct my business.

As the seller, make sure you hold the cards. Money cleared into your protected account - before you release the goods.