Sight Unseen Purchase from US & Funds Exchange Question

remedy451 · 03-11-2009, 07:55 AM

Hey folks,

Well I'm in the final stages of purchasing a 2002 996 C4S from Scottsdale, Arizona. This is the first time that I am purchasing a vehicle from the US, let alone purchasing a vehicle without ever having seen it. So needless to say I'm being overly cautious.

My question to the forum is how do I ensure that the current owner follows through on the sale after the money has been handed over to him. This is what I've arranged so far:

1. The local dealer did the inspection and said that an oil change, though not needed, would be a good idea since the car has been sitting idle. So I'm going to have the seller take the car to the dealer for that at which time he will leave all the keys, transferred title, prior service records, etc. with the dealer.

2. The shipper (more than likely TFX) will pick up the vehicle from the dealer once they're done with the oil change.

The only issue is that of the money. I was thinking of couriering the bank draft to the dealer and having them hold it until the seller brought the car in for the oil change but they won't do that. They are only willing to hold the car and the paperwork/keys/stuff.

Any suggestions on how to provide the funds to the seller only after his delivery of the vehicle to the dealer that would sit will with both myself and the seller?

Thanks again for all the assistance! Sooooooooooooo close now!

911JC911 · 911JC911's Garage

The seller might ask for the funds to clear before releasing the vehicle. Even with a draft, the US bank might hold the cheque. Is flying down for the weekend (enjoy the warmer weather) to transfer cheque/keys etc not an option?

I did everything remotely (PPI, answering questions via email etc), but when it came time to pay, I flew out to pay in person and to do a final inspection myself to ensure everything that was said via email and phone was infact true. If you fly down, you can arrange for the seller's bank manager to contact your bank manager to verify sufficient funds.

remedy451 · 03-11-2009, 08:34 AM

At this point flying down personally is not a likely option - however, that may be the only option I have if I can't find another viable solution - even if its just for the day.

rpollock · 03-11-2009, 09:48 AM

Quote:

Originally Posted by remedy451

At this point flying down personally is not a likely option - however, that may be the only option I have if I can't find another viable solution - even if its just for the day.

You need to find an escrow agent to hold the funds and the Bill of Sale. I do it with airplanes all the time. I only know the aviation one though. Once the funds are in escrow and the Bill of Sale and Title is in escrow, both parties can authorize the agent to release funds concurrent with the Bill of Sale. Perhaps the dealer has an agent they use?

911Rob · 911Rob's Garage

+1 on the escrow agent. It might cost you a couple points, but it's a MUST!

Be cautious about using a Seller suggested service; my buddy "almost" got stung like that once too.

Myself, I've only bought one car from CA; I hired a guy and sent him down on the bus. He did the trans and drove the car back for me (it was a 944); worked out well for me and the guy ended up doing it a few other times for others after that.

Good luck, sounds like a really fun car! Pics please when you can?

remedy451 · 03-11-2009, 03:11 PM

Thanks for all the suggestions! Down to escrow service or go down myself...

Shack2112 · 03-11-2009, 05:53 PM

Remedy451

Purchase a ticket for me and I will deliver the cheque for you. I would even drive it for you !!

Sorry someone had to be a smart ass.

remedy451 · 03-12-2009, 08:42 AM

Shack2112 - You weren't quick enough to volunteer your services so I had to resort to getting a friend of a friend who lives in Phoenix to go...

mark '87 930 · mark '87 930's Garage

Damn.. I would have gone in a heartbeat also!

remedy451, I bought my car from Minnesota much like you did. I had a great experience and the buyer was a down to earth chap. I was so pleased with the experience, that if I had more money, I'd do it again. There are obviously large risks, but again, I'm so happy with the experience and the car. Best of luck.

Anthonycanada · 03-18-2009, 11:52 PM

I almost bought a 996 from Ohio last year and was also very uneasy about completing the transaction remotely. My recollection is that the seller has to sign over the ownership paper and I was going to hire an agent to witness the transfer and have the agent give the seller a certified cheque.

Others have used a bank manager or the dealership manager if there is a loan on the car.

Just an idea, not sure if it works.