Club Cobra - Selling Car Overseas??????

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Selling Car Overseas??????

I have just sold my cobra on e-bay to a gentleman who lives in Rome, Italy.

I am curious if anyone has done a transaction like this before.

I just got off the phone with Paypal and they are going to charge 3.9% of the total value just to do the "across the border" transaction. That's Like $1300!!! Too much!

I have checked with my bank unfortunately it is Sunday and all calls are being routed to India. A wire transfer though sounds like the way to go.

So, I guess my questions are:

1. Does anyone know a good way to assure international payment?

2. Title transfer? Does a US title even mean anything in Europe? or do they just need a bill of sale??

I am very cautious of this transaction as I remember reading about some fraudulent cobra puchases a while back on this forum. I think those were from Nigeria or something like that.

Any help would be appreciated....

Thanks,
Jack

Jack-

BE VERY CAREFUL !!

A wire transfer is the way to go. Any major bank can set it up for you. Once arranged, you just send your buyer the routing information and his bank can do the transfer. As far as title, once the car is gone, notify Springfield that the car is sold out of state or out of country if you like. They will remove the Illinois title. I would send him ONLY notarized copies of the original title for his use to obtain Italian paper. The hardest part is shipping. I'd let the buyer arrange that and only comply with what he wants to do and only after ALL of the money is in your hands or an escrow account. There are probably folks that do this sort of thing all day long, look in Hemming's Motor News for a turnkey solution if you want one. We know Nigerians can be fradulant but Italians- noway, they're all honest, just like all of us. BTW, I'd put a time limit on the funds to get to your account. Good luck. It's probably all OK.

Bob,

Thanks for the tips...

The car will not be leaving the comfort and safety of the garage until all the cash is in my hand or in the bank. Rest assured.

He has informed that the shipping company he has chosen will be contacting me very soon. So I will wait for that call.

He seems to be a very honest guy and we have corresponded quite a bit on e-mails, but I am sure that any that has ever been scammed has said "but they seemed to be so honest" as they are looking at the big fat "0" in their checkbook!!

I am just wanting to "CYA" myself on this deal so I don't do anything stupid.

Thanks for the help,
Jack

Jack,

Open up a new "stand alone" bank account. Once the funds have cleared, close it out ASAP!!!! If you are handling the exporting of the car, check with the shipping company you plan to use, as they will require not only the title (in your name), but a notarized Bill of Sale when the car is picked up and ready to be shipped. Sometimes they request this information before the car is picked up as well. However, at no time do you send original paperwork (faxing copies is OK) to anyone until the car has been paid for, and the funds have cleared. If the buyer is taking care of the exporting of the car from the US, then again, make sure the wired (only) funds have cleared first (I cannot stress this enough), and that they have been transfered into another account not attached to the one you are about to close.......You can then follow the rest of my instructions on dealing with any and all paperwork that needs to be done in order to release the car to the shipping company and it's agent.

I do hope you find this helpful.

Sincerely,

Bill S.

PS: Almost forgot, make sure when you either drop off the car, or have it picked up, that you take a picture of it, and you get a receipt for it as well.........