[s-cars] How to sell to an out of town buyer

[Scott Justusson]

Sounds like my .02 might be somewhat expost facto.  That said, I do about 30 car brokerages a year, representing both Buyers and Sellers.  Me, I'm a cash or wire transfer guy representing either party.  The advantage to Cash, is it is simple.  The advantage to a wire is you can create a contract within the wire that must be fulfilled by the ABA member Bank or the Funds must be returned.  Just had a btdt representing a Buyer last week.  

Here's some Seller tips.

Never, ever, never, ever hold a Title as a form of payment security.  Not unless you also hold the car.  If that Buyer hits the rental car full of neurosurgeons on their way to a symposium, and you hold the Title, you *share* the legal liability for the Buyers mistake.   Full payment *clears* or just trust the guy and let him go with what you are willing to risk (it all?), but don't try to be 'smart' with holding ownership transfer.   Also Buyer must present the Seller with a copy of his insurance binder that has selling car VIN on it.  That should also be spelled out in your 'As Is' Bill of Sale.  

A Seller with a Lien should make all the Financial arrangements for the Sale to take place at the Lienholder's branch.  IME, all states (and infinitely more financial institutions) have different Title and Bill of Sale procedures.  I just did one last week in NY (one of the worst states) that the MI Seller with Credit Union Lien <insert rolling eyes>, that almost got killed mid-deal because of Lienholder ignorance.

Back to the question.  Best part of a Wire Transfer (unlike a e-transfer) for a Seller is, once that transaction is recorded and credited, that money is yours, and it takes an act of god (pretty darn close anyway) for that to be considered differently than cash.  That is a Fed ABA stamped contract, that very few financial institutions will touch with a 10 foot pole.

In lieu of a Broker that handles all this bs, the best thing a Seller can do is make sure all Bank and Secretary of State (Sellers and Buyers) policies, procedures and required papers are ready for the Buyer.  This added value in the deal, will also go a long way towards you getting/demanding top dollar for your ride.  

I could write a much longer blog on private party buying and selling, but the Seller inherently carries the lowest risk, if the deal is done right.  

HTH and my .02

Scott J




 

 

 

-----Original Message-----
From: Mike Miller <mikemilr at blackfoot.net>
To: s-car-list <s-car-list at audifans.com>
Sent: Sun, Jul 28, 2013 4:09 pm
Subject: Re: [s-cars] How to sell to an out of town buyer


Yeah - I did the electronic transfer - told the bank to move x funds 
from my acct to the other acct - took about 4 hours as it has to clear 
the ACH.  I just always referred to that as a "wire" transfer - getting 
old I guess :-)

--mike

On 7/28/2013 2:02 PM, Tom Green wrote:
>
> Erik,
>
> Those are some good tips from Mike.  Do you have a local bank branch 
> you do business with?  You will need to transfer title, and most 
> branches have a bank officer that handles loans and liens for 
> automobile titles, and so are equipped to handle title transfers and 
> notary requirements.  You could also arrange with the bank for direct 
> electronic transfer of funds to your account (not a wire transfer).  
> If you have an appointment arranged this could make for a very smooth 
> transaction for both parties.
>
> Tom '95 S6
>          '95.5 S6 avant
> Knoxville, TN
>
>
> On Sunday July 28, 2013, at 10:51 AM, Erik Addy <erikaddy at yahoo.com> 
> wrote:
>
>> So my S4 didn't get much interest, but the Passat did.? The 
>> interested party is in Connecticut, I've talked to him on the phone 
>> and he is a legit car guy.? So if he comes to pick up the car, what 
>> is the best way to handle payment to make sure I get my money?? 
>> Cashiers checks aren't beyond faking, if I recall, so anyone got any 
>> tips?
>> ?
>> BTW, the Passat is listed at:
>> http://minneapolis.craigslist.org/hnp/cto/3960752986.html
>
>
>
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