First let me just begin by saying that I live in Canada, and have done many transactions both in-person and online. Sold quite few cars. I've recently been in a situation where I was completing a transaction with a private citizen in the US, and I want to get some feedback on what was being asked of me. It might work diferently in the US (although I don't believe so) but here's the sitiuation:
I just won this car on Ebay and paid the $1000 deposit.
Vehicle: 1991 Porsche 911 Carrera 2 / Carrera 4 (WP0AB2961MS410253) (btw. carfax is clean but autocheck shows 2 accidents on the car)
Porsche : 911 964 in Porsche | eBay Motors
When the seller contacted me to say that the deposit was recieved we began to discuss the terms of the sale and how to proceed with the transaction. He provided me with a listing of local shops to have the PPI done and I said that I would get back to him the following day.
We agreed that the PPI will be preformed and I indicated a shop I wanted to have the PPI done (pelican recomendations) and he agreed he would bring the vehicle there and complete the PPI.
Part of our ongoing discussions concerned the transfer of the vehicle across the border. I sent him the relevant information for the customs officials required and said that either he or I would need to fax the documentation including photocopy of the title to customs and form (sort of like a bill of sale) 72 hours prior to vehicle export - this was the customs requirement, as I do not want to spend 3 days for customs to clear the vehicle .All I got from him was that title would not be turned over until the full balance was wired or cheque be mailed to him for clearing.
I explained to him in our ongoing discussions that I would not be wiring the money, instead I would be providing a bank draft upon viewing the vehicle and making sure that all was clear, handing it over to him. He kept insisting that I wire the money and that the bank draft is not verifiable, and requires 5 days to clear. I explained to him that bank drafts are certified by the bank and that I would be happy to go with him to a branch to verify the funds were there prior to him turning over the keys and my driving off with the car and the title. He was insisting that I wire the funds otherwise I would not be getting the title.
Copy of the title will not be shown/faxed until I (again) wired the money in full or mailed the draft and it clears.
We were at a stalemate. I needed a copy of the title (not even the original) to be faxed to customs so that I could cross with the vehicle and he wasn't willing to fax it to them until I turned over the full balance. I asked then that my deposit be refunded because I was not comfortable with him having the car, the full payment and me just a couple of emails saying that this transaction was going to take place.
I'm not sure if this is common practice in Porsche/US car circles, to just wire the money? Wait till drafts clear? Any thoughts?
Cheers,
Adrian
