Need advice on overseas sale
 

Need your advice please.

I have my SPF for sale in Club Cobra and have been contacted by a person buying my car for another person in Germany. The agent asked very few questions, but will fly to my location to see the car before the deal is finalized.

$1000 has been deposited to my Paypal account to hold the car.

The agent will see the car this week and if okay wire money to my account. I must sign an aggreement and release the car to the shipper after I receive wire payment.

What action should I take to make sure this is an honest sale? I am aware of the various scams, but this deal seems good, but the crooks are getting better with various scams. I also know the devalue of the dollar makes our cars a lot less expensive overseas.

I have searched this site and found great advice from some people such as Mr. Mustang. I have established a stand alone bank acount (no connection to my daily account) and will have funds wired to this account. The bank tells me the funds will clear in a couple of hours at which time I will close this account and deposit to my normal account. The car title will be notarized after the payment has been received.

The Paypal payment could be legitimate, but Paypal payments can be "chargedback" to the buyer if the buyer decides to do so for various reasons.

Is there any way wire transfer payments can be reversed?

Anybody done this before?

Thanks for your advice

Tom
SPF1823

I would accept the wire transfer and take the money out of your account and put it somewhere elsewhere no-one can take them back, then release the car.I have sold numerous cars lately to overseas buyers... it's Christmas time for them now with the Dollar as weak as it is!! Good Luck............and don't do it through PayPal

Do not allow the car to leave your possession before the funds have cleared your bank and you have removed them from your stand alone account. Personally, I have never let a car out of my possession without the funds being 100% available after a wire transfer, be it ten minutes or two hours later. I generally will hold the car and it's paperwork for another 24 hours to play it safe. If the buyer (working as a broker for someone in Germany) is so hot and heavy for the car, and it's going to "miss the boat" unless they take immediate possession, then perhaps it's best that you put your foot down as the seller, as you have the most to lose with a fishy transaction.

Bill S.

Hey Bill,
How long does it typically take for an Internation Wire Transfer to go through?

If the wire was originated in Europe on a Friday when should it show up in the bank account here in the US?

Depends where it is coming from as each country and overseas banking system is different. Factors like how many wire transfers they do between their country and the US, along with the safeguards in place with your lending institution, but at a minimum 6-12 hours for the wire to clear the outgoing bank and your own lending institutions internal safety and security protocols. Overseas transfers done on a Friday (US date and time) may not show up to the end of business day on Monday (US day and time). Usually, most overseas wire transfer clear in 24 hours, this is one reason why I hold possession of the title and car for that time period. Have I lost sales because of my policy, perhaps, but I refuse to let either or leave my possession without the payment clearing first, no exceptions.


Bill S.

Ok. Thanks

You may want to look into a escrow service such as escrow.com.

Like it was said previous, Do not let the title or the car go anywhere until you get the money (basicly) in hand. Wherever you plan on having the money transfered to, find out from them exactly how long it will take them to process the transaction and clear the money. If they tell you 24 hours, thell the buyer 48 hours. After 24 hours transfer the money out of the account. You might have to sign a promissary note ( a legal binding one) that states that once the money is cleared the vehicle is transfered to them. Remember, It could be just as scary for them as it is for you, if it is a legitimate purchase. If they cant understand your concerns on the process then you might not want to deal with them. You also need to understand their concerns (if it is legit).
JMO, Terry

Bill gave me good advice when I sold my Superformance to a guy in Germany. Open up another checking account. When the funds are recieved transfer the money to your regular account. This will negate any chance of them retrieving the money if it's a scammer.
John

funds cannot be taken back out of an account unless you authorize it

funds transfer
 

They can remove the funds should the transfer prove fraudulent. You are welcome to sue the bank if you wish and you have my best wishes dealing with the Statute of Frauds and banking regulations in your state. Essentially, you are at the mercy of the originating transfer agent/bank. The intermediaries will be held harmless, likely. Your local judge can instruct you to repay the bank under some circumstances, even if you remove the funds. Your bank does NOT warrant/insure the transfer, nor have you paid them a fee to do that.

Swiss, English and German banks are not likely to allow fraudulent transfers. All others, beware.

Mr. Mustang and others are correct. No shipment until funds are received and moved to another account in another institution or cashed. Further, i would usually have the funds transfered at first to a local EU bank, which makes the fraud near impossible to accomplish. Use an agent/accountant/attorney/dealer/resident. Then have the funds sent here. When received, then release the car.

Slow and steady wins the race. Any rush, walk away, always. Overpayment always signals a scam. Multiple payments OK, no shipping until the last, just as careful as the first.