Buyer check

Rich Gas · 09:32 AM

Thanks

NYNick · NYNick's Garage

Have him wire the funds. Don't release the car or the title until everything clears. Careful of these long distance transactions. I've done two, and everything was fine, you just have to protect your interests at all times.

Rick Brooklyn · 08:36 AM

Some people have a job and a family and can't fly out at the drop of a hat.

No idea who that guy is, but I would be doing exactly the same as you're describing, using escrow for "just" a measly $35k. As a matter of fact, i was working on buying a car out of state last week, from a private seller, and he had no issues when I said I wanted to transact on escrow.com. the deal fell through for other reasons.

I would never, ever wire the money straight to a seller, any seller, in the hope that he sends the car once "everything clears".

techweenie · techweenie's Garage

Escrow services are a great choice if you have doubts.

But - not to be a broken record - almost all of the risk is on the buyer.

Matt Monson · 07-20-2015, 08:43 AM

Quote:

Originally Posted by techweenie

Escrow services are a great choice if you have doubts.

But - not to be a broken record - almost all of the risk is on the buyer.

This.

As a buyer, if I needed to wait a week to fly in, I would try to negotiate a deposit with cash payment in full upon arrival. Some people worry about traveling with cash. Another solution is to cash a check once you arrive.

I bought my recent car with nothing more than pictures and the recommendation of a Pelican that the seller was a straight up dealer. I wired the money. I won't see the car for at least another month. I'm not losing sleep over it. We all have our own comfort level that we choose to work in.

MrAlien · 07-20-2015, 08:44 AM

Sewell is dealer, just a few blocks away from me actually. I agree a wire would be best, though a check is not a bad thing, you can call the bank and verify, and make sure all his information matches up.

Rich Gas · 07-20-2015, 09:33 AM

Thank you for the feedback.

Rich

LoneStarMike · 07-20-2015, 10:19 AM

Hey guys! I'm here. In Dallas. Trying to buy Rich's car. I hate that it has come to this. I'm just trying to protect myself by offering an escrow transfer. Yes, I work for a dealer. A very respected one at that. I'm also just a car guy looking to buy a car. I'm not a buyer for the dealer, I'm a collision estimator. My dad had a red 911 when I was kid and he recently passed away. Rich seems like a great guy when we talked on the phone and I've even offered to meet face to face when I head to Sausalito for Labor Day. I even had Tom Amon look at the car. If a pelican would like to come shake my hand and verify I'm actually who I say I am, please do so. I'm at the body shop on Cedar Springs.

Skwerl · 07-20-2015, 10:43 AM

So you're saying the car won't be relisted in the foreseeable future?

LoneStarMike · 07-20-2015, 10:51 AM

Quote:

Originally Posted by Skwerl

So you're saying the car won't be relisted in the foreseeable future?

Not if I have anything to say about it!

Reddy Kilowatt · 07-20-2015, 11:20 AM

Good luck to both parties on the transaction.

Rich Gas · 07-20-2015, 11:43 AM

LoneStarMike, check your email.

Rich

Reddy Kilowatt · 07-20-2015, 12:50 PM

Quote:

Originally Posted by pmax

Protect yourself from what exactly ?

Kidding, right? This isn't about Rich, it's about sending tens of thousands of dollars to someone you don't know. You seriously can't conceive of any risk?

LoneStarMike · 07-20-2015, 03:12 PM

Quote:

Originally Posted by pmax

Protect yourself from what exactly ?

Where's the buyer protection in wiring $35000? That's the same as handing over cash with no recourse, no title in hand and no product received. I'd be operating on faith that, if I'm shipping the car, that my shipper would actually receive the car. If you have a better way to perform a protected transfer than an escrow account, please educate me.

Rick Brooklyn · 07-20-2015, 03:19 PM

Quote:

Originally Posted by pmax

Only on buyer acceptance does he get paid.

Yes, and the buyer has no way of getting the money back other than shipping back the car at his expense, so the seller is very well protected. The money has left the pocket of the buyer and is not going back to him unless the car is returned.

LoneStarMike · 07-20-2015, 03:19 PM

Quote:

Originally Posted by pmax

Not really.

The buyer's protecting himself so he should have no issue or "bad feelings" about the seller checking him out.

If I understand the escrow process correctly, Rich doesn't get his funds when he releases the vehicle to the shipper.

Only on buyer acceptance does he get paid.

I have no bad feelings about any of it. I was asked to wire money, my offer of escrow was not well received. Again, where is the buyer protected? I like the car, I like Rich. I have the money and shipping is simple because of the business I'm in. I also trust Tom's PPI. But now, I've got to fly to San Francisco to get the car. Hopefully this all works out because I've been running in circles with excitement since I got the PPI back on Friday.

Matt Monson · 07-20-2015, 03:45 PM

The run up in prices has made everyone paranoid of getting ripped off. It's a shame really. Several times I have sold cars to Europe. Funds were wired. A truck showep to pick up the vehicle. It left and went to Europe. That's how it used to be done. Now you have these CL scams trying to get the greedy to send money to pay for a car they are afraid will vaporize with a buyer getting there faster. Hell, they've even invaded Pelican and last week a guy was relisting cars that were right here in our classifieds section. Greed has made the market ripe for rip offs. Sad state of affairs.

I've never met Rich but I would wire money to the guy right now if I wanted to buy his car. I personally see no reason to infect him with what's going around.

Reddy Kilowatt · 07-20-2015, 04:00 PM

I also would buy from Rich remotely and I don't know the guy. But that's me. But to totally dismiss the idea that escrow can protect both parties in a remote sale seems shortsighted to me. But there are lots of ways to skin the cat. The best one for me is still a deposit, an airplane ticket and a couple of days to drive home.

This thread also underscores for me that any public negotiation and discussion of the negotiation is generally unproductive. Just my 2 cents. And LSM should just go pick up the damned car.

Asking a seller to wait for a few weeks isn't cool IMO.

Ronnie's.930 · 07-20-2015, 04:45 PM

I would buy Rich's sister - how much, and to which account do I wire the funds, Rich-has-Gas?!?!

vracer · vracer's Garage

Quote:

Originally Posted by Rich Gas

My sister is butt ugly....my car, on the other hand, is gorgeous!

Funny, that's what she said about you - with a couple of additions.