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Letters of credit are extremely safe, I used them for production in India in my old life.
But I would not use on in this situation for the sole reason that if the buyer flakes for any reason, he could be hit by a bus while the car is in transit... even if you have legal recourse in the LoC (buyer pays for shipping back), the fact is your car is in Germany and ultimately your responsibility for getting it back.
If he won't wire you the money, he is not the right buyer for your car.
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Tru6 Restoration & Design
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