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HELP! I'm Buying My First Cobra!
I have a couple of quick questions for you guys. I'm possibly buying a cobra from out of state. The whole registration aspect has been tackled but I have some shipping questions. I'm flying out to inspect the car but if I decide I to buy it how does the transcation work to protect both the seller and the buyers interests. Who gets what money and when. Any information on this would be helpful because I'm definatly a rookie. Thanks a lot!
-andreas |
Andreas,
When you inpect the car and before you leave: 1) get a copy of the car's title and registration. 2) get a copy of the owner's driver's license as a condition of putting down a deposit. 3 get a receipt for the deposit explicitly stating that it's for the car with it's VIN # and owner's name on the receipt. This should protect you from fraud in 99% of cases and give you legal recourse should the seller really fink out. But, if you really want to be careful, you should fly out and exchange the money as you receive a NOTARIZED bill-of-sale. If you're lucky, you could have the transport company there at the same time and supervise loading of the car. I don't know how far you're shipping the car, but I'd recommend an enclosed transport with one of the companies advertising on this site. If they're here, they're quite good and well-respected. |
That is the exact information that I was looking for. Thank you so much and wish me luck!
-andreas |
I'll append to Clay's number three on his list:
... "and the balance due". This leaves no doubt as to the actual cost your paying now and later when you take delivery. Also, be sure you both understand the deposit.... is it refundable should you change your mind? On the other hand, a non-refundable deposit on your part shows your serious about the deal. Good luck too! |
Good additions Jim......
Good luck Andreas. When you meet the seller, hopefully you'll be able to see where he/she lives, does business, etc., and accurately gauge the level of risk of the transaction. As an example, I helped my brother buy a very nice Cobra replica sight unseen. The owner was an elected representative in the State of Florida, and before my brother flew to see the car, sent him copies of invoices for the car, engine, and all components, title, registration, etc., etc. Needless to say, when we saw all of the documentation and found out who the seller was, we had no discomfort with the transaction. |
Andreas,
Can you let us know alittle about this car your going to check out? Might want to make a post as to where your going and see if any Club Cobra people know of it. Not saying we/they know it all but for my money you can't find a greater group of "brothers/family" than this group, and I'm sure someone would be willing to assist you. Good luck and be careful, if your hair stands up or it becomes a "you gotta buy it now" forget about it. Don't jump! Bob |
Safest thing is to use a Title company, pay the fee(I know it's an addtional cost), but it all but guarntees that you funds are secured until you recieve both car and title--if the seller balks at this---WALK AWAY!
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andreas,
I agree with Gary, either use a Title Company or have an attorney draw up a bill of sale contract for you. Pay the money! In the world of Cobras, there's always a snake in the grass. Chris- slithering |
There was a very good piece on this subject that was written by an Attorney on behalf of an article he wrote for Sports Car Market. Email me you fax number and I will shoot a copy to you tomorrow. I have the piece at home. It is very good and deals with some issues regarding warranty that you may find interesting.
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Myself I like to get the title, signed by all parties involved. OK I guess I'll take a bill of sale, but the TITLE is king!
Ernie |
AS WE SPEAK
ANDREAS IS ON THE WAY TO HOUSTON TO LOOK AT THE B&B PARTIALLY ASSEMBLED CAR THAT WAS QUESTIONED EARLIER LAST WEEK. HE ARRIVES THERE AT 2:00. I DON'T THINK HE WILL BE DISAPOINTED FROM WHAT I KNOW OF THE CAR. ALSO THE SELLER IS PRETTY UP AND UP.
ERNIE THAT SHOULD ANSWER THE EMAILS YOU SENT ME THAT I HAVE BEEN REMISS IN ANSWERING. ERGO THE POST. JAY |
There are also escrow services out there that will help. I used one when I sold my old '80 Corvette on Ebay. They took the buyers money and held it. They buyer then paid to have my car shipped to him. Once he inspected it, he either approved or disapproved of the car. If he approved, he released the money to me. If he disapproved, he had to send the car back to me at his cost in the condition he got it (the cars' condition was WELL documented at shipping). He only had a limited time to do this. If he did nothing and just tried to ignore me, the money was released to me by default. Or if he refused the car but didn't return it, again the money would have been released to me. So either way I was protected. Luckily the guy was very straight forward, but it was nice to have backup.
As mentioned, post info on the car. You'll get great advice on this forum. Steve |
I just wanted to say thanks for all of the responses. You guys gave me some great info and for what it's worth I'll let you know what happened. I flew to Texas, and Jack the owner picked me up from the airport (about an hour away). He was an extremely helpful and knowledgable guy not to mention one of the friendliest guys I have ever met. We checked out the cobra and it was everything that he had described over the phone and then some. Needless to say I was impressed with the so I gave him a healthy deposit to hold it for me until I can pick it up. In turn he gave me a bill of sale, a reciept, the title to the car, and every reciept he had on the car down to the grade 8 bolts that he had bought for the suspension. Also included were printed out e-mails of discussions that he had with manufacturer from when he had encountered problems. It was a great transaction and I can't wait to pick up the car. On the way out since the car is not painted he took the cobra badge off of the front of the car so that I wouldn't go home empty handed. So thanks again guys and look out because I'm going to have this cobra on the road soon!
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Andreas,
It's always nice to hear when it works out the way it should. Congratulations! |
Hey
:3DSMILE: Goopd luck with your purchase. You have obviously got some great advice and help here. Post some pictures of the new purchase. **) Cheers Bernie |
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