Car selling / Payment / Bill of sale help

white87911 · white87911's Garage

Hello,
As some of you know I am selling my 911. I have a buyer who wants to fly in on Saturday and drive the car 800 miles home.

I have spoken at length with this person on the phone and he has paid for a PPI etc. and I an confident that he is legitimate.

In an email I received this morning he stated that his money is in a Investment account and he would not be able to have a Bank Check by then.

So I believe he is suggested giving me a personal check from this account. Of course I am concerned as he will leaving with the car and title and I will have a check that he can stop payment on.

If this is the only way for the deal to happen, would it be safe for me to write up a bill of sale that specifically states the payment (bank name, check # and amount) and that in no way should this payment be stopped and that the funds are available and have us both sign it and have it notarized when we do the title paperwork. Would this give me any recourse in the event of there being some sort of problem?

Just looking for some advise from someone who may know the legality of thing like this.

Erik

javadog · 03-01-2007, 04:30 AM

I'll suggest you speak to an attorney but I'll offer my perspective. It is up to the buyer to make his own arrangements. You shouldn't have to wave goodbye to a car with no money in your pocket. Frankly, it annoys me that the buyer thinks this is fine.

Think of it this way. If he can't get a bank check that also means that when he hands you a personal check, that account will also not have enough money in it for you to cash the check. Relying on "float" is a bad idea for both parties.

You can always postpone delivery of the car, until he has funds available. He can also arrange a short term loan from his bank, if he has decent credit.

Point being, there are ways around this problem, if he has any interest in meeting his obligations. I don't know the buyer but personally, I'd never turn over a car until I had funds in my account. Not a check in my hand, even a bank check.

Good luck,
JR

white87911 · white87911's Garage

I believe that he has the funds available it is that it is in an Edward Jones Investment account and not a regular bank, therefore there is no branch to get a Bank Check from.

javadog · 03-01-2007, 04:57 AM

He has two days before Saturday to get his money. He can have the money transferred from his investment account to a personal account. It never took me more than a day to to this. He can also wire the money directly to you, if time is an issue.

Not to mention, he could have planned ahead a little. When I am looking to buy a car, I usually make sure I have money available.

My point was I think it's a little ridiculous of him to even ask you to turn over the car to him without you having collected funds in your account.

Just my opinion, you may do what pleases you and hope for the best.

Hope it works out,
JR

stomachmonkey · 03-01-2007, 05:10 AM

Quote:

You shouldn't have to wave goodbye to a car with no money in your pocket. Frankly, it annoys me that the buyer thinks this is fine.

Agree with that. No money, no car. Not your problem, it's his.

Simple wire transfer. Any bank can do it. If it's an investment account then he has a rep that can do it for him.

He probably does not want to do that until he has seen the car and is 100% sure that he is taking it.

svandamme · svandamme's Garage

wire transfer

or

cash

and if cash, agree to handover at a bank, where you can deposit it straight away...
there are punks that have accomplices ready to rob of the cash the second he drives off with your 911

doing the handover in a bank works around that possibility

either way, no cash , no car

javadog · 03-01-2007, 05:18 AM

If the buyer doesn't want to part with the money until he sees the car, that's understandable.

There are seven days in every week. These transactions can occur on Fridays, when banks are open. I am quite sure anybody could arrange one vacation day from work, if they were so motivated.

Just another option, if this transaction is really important to both buyer and seller.

JR

jyl · jyl's Garage

Your solution doesn't give you any practical protection. If he stops or bounces the check, you just have a piece of paper, not much better than the piece of paper that is the check.

I would not hand over possession of a car without a cashier's check at minimum, better yet take the cashier's check to the bank, verify funds, and deposit right there in front of the buyer.

There is no reason why he cannot do this. If he has to wait a week for the car or take a weekday off work, so be it. You have something he wants, so you are in the drivers' seat.

Christien · Christien's Garage

You would definitely have legal recourse if he stopped the payment or bounced the cheque, but in the end that may not be worth much. First, you can't get blood out of a stone. If he doesn't have the money, he doesn't have the money. You could spend a year going through legal proceedings leading up to garnishments of bank accounts and wages, and after 10 years you may get your money. You could take a lien on the car pending clearance of the cheque, then if it bounces, call a bailiff and have the car repossessed and returned to you - figure $1K to do this, over 800 miles distance.

So sure, you've got legal recourse, but I learned in my line of work (sub-prime financing) that sometimes this doesn't amount to squat.

No money, no car would be my advice. No personal cheque, only bank draft, wire transfer or cold hard cash.

If you do decide to accept the personal cheque, at the very least get photocopies of ALL his ID, including driver's license, passport, birth certificate, etc. Even recent bills with his address, so you can be sure where he lives. It may sound like you're being a dick, but businesses make such requests all the time, why can't you?

Even still, I think it's a bad idea.

Rot 911 · 03-01-2007, 06:20 AM

Or, if he really has this investment account, he can go to his bank and get a short term personal loan to buy the car. You should not be the one that has to assume the risk here.

turbo6bar · 03-01-2007, 06:42 AM

Seller beware. I would only accept wired funds or cashier's check subject to verification. If he wants to be sure your car is perfect, he can arrive in the morning and then have the wire transfer done in the afternoon.

Like others said, having recourse is no guarantee of collecting.

stomachmonkey · 03-01-2007, 07:08 AM

Quote:

and if cash, agree to handover at a bank, where you can deposit it straight away...
there are punks that have accomplices ready to rob of the cash the second he drives off with your 911

Once sold a car for cash.

Guy I knew casually had the same car and he called saying an associate of his "Eddie" was in town and was my car still for sale.

As soon as I met the guy I started to have second thoughts.

I never asked what line of work Eddie was in but he was accompanied by a big goon who had a suspicious lump under his jacket.

Got the cash late on a Saturday and could not deposit it so I went to my mom's house and put it in her safe. Stayed at mom's for the rest of the weekend since I was not sure if Eddie would want to "renegotiate" the deal in the middle of the night.

bigchillcar · bigchillcar's Garage

agreed. no way. way unfair for him to ask you to assume this risk. transfer the money from the investment acct to personal account, get cashier's check or wire the funds to your bank where you meet him to sign over title, do bill of sale, etc.

K9Torro · 03-01-2007, 12:26 PM

THREE WORDS

(1) CASH
(2) WIRE
(3) TRANSFER

That having said if you go with option one have a test pen available and radomly check a few bill's...

If you go with option two/three telephone you bank prior to turning over the vehicle and make sure the funds are clear and not pending as these tranfers can be cancelled.

Todd

white87911 · white87911's Garage

As it stands now, he has had the funds wired from his Investment Account to his Bank and will have the bank issue a check. I have asked for a copy of the check to be faxed or scanned and sent to me before 5:00 Friday so I can call the issuing bank directly to very that they issued the check and that everything is legit. I think that seems pretty reasonable.

K9Torro · 03-01-2007, 12:47 PM

Not trying to worry you or anything but any issued check for a bank ie cashiers check can be cancelled or stop paymented.

Had it happen to me on a Bank Of America Cashiers Check, did not even know it could be done at the time so was out the car and the cash still tied up in court (I was the seller)

Todd

SLO-BOB · 01:34 PM

Saw your car in Pelican classifieds. Very nice car. Now.....

edit.....nevermind.

Congrats on selling a very nice car

bigchillcar · bigchillcar's Garage

again, this is business. i don't care how nice or legit the seller 'may sound'..it just isn't professional or courteous for him to put you into this position. most everyone knows, understands and 'gets' this..it's nothing personal. i'd have trouble trusting a buyer who presumes so much.
ryan