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View Full Version : Need some help, overseas buyer for a car....



andy01
05-18-2007, 07:37 AM
I know there are a ton of scams on buying and selling cars on ebay and such. I have someone that wants to buy my Vette from the Corvette Forum I have it on. Here's his e-mail. The only thing that looks fishy is dropping the car before they release funds.
Anyone delt with this before? What is the safest way to handle this for both parties involved? I told the guy I would do it if it was simple and safe on my side.
"I think it is simple, but you may not. I will explain how it is done to protect both you and me seeing as we have no idea who each other is.
Firstly I deposit the complete amount in a special trading bank acct, when you are sure the funds are there (check with the bank), you take the delivery documents to the bank and they release the money to you. The bank act as a go between. You do not release the car and title until the money is in the bank. The bank do not release the money till you show them the local delivery docs. I cannot get at the funds once they are in the bank unless you default at your end.
The only complex thing is me getting to car delivered to the port in Los Angeles (I forget the address at the moment). I can arrange and pay for that. You could even deliver the car and get a receipt for it if you wanted to.
This is a fairly std way of doing transactions across countries when the parties have no idea if the other can be trusted. I forget what the acct type is called, but a simple call to the bank will let you know.
I do hope we can work together, I am VERY interested in your car, it looks great. I just bought another C3 after my other one was stolen but the only thing pleasurable about driving those things daily is getting out of them.
Can you tell me a bit about the car, any accidents, vin# etc.
Thanks"
Thank you for any help,
Andy

yopengo
05-18-2007, 07:40 AM
Don’t do it. All I ever hear about overseas auto sales is that most are scams. This may be a legit one but is it worth the risk? My 02

ChumpChange
05-18-2007, 07:45 AM
It's called a "letter of credit" and yes they are done every day. Although I set up the letters of credit, I do not monitor them so I can't give you too much detail on the logistics of them. My international department handles it. His email pretty much hits it on the head though.

Mandelon
05-18-2007, 07:47 AM
There has to be companies that do this on a regular basis. Escrow, exchange and shipping. Why chance doing it yourself.

mondorally
05-18-2007, 07:52 AM
Is he insisting on picking the escrow company?

Mr. Crusader 83
05-18-2007, 08:08 AM
Andy, my uncle just bought a car on ebay. It wasnt a diff country but from the east coast. He bought it through ebay and the car got shipped the money got put in a escrow account and the money was not released untill the car was signed for on the other end. He also had the right to refuse the car if it wasnt what was disclosed to him first. So i think there are some financial companys that will beck you up on this if its a scam.

jdogginla
05-18-2007, 08:57 AM
make sure you pick the escrow company. there have been scams where people feel safe because they think they are using an escrow company that the buyer picked.....but in actuality the escrow company is a fake one that was established for that large ticket purchase. Just my .02

Baja Big Dog
05-18-2007, 09:22 AM
Seller beware....Scams like this all the time...Dont wanna see you burned, or we may have to visit a foreign country and give a little ole fashion ass woppinnnn!:D

Steamin' Rice
05-18-2007, 09:26 AM
Are you a regular on that vette board? Do you know of any others who can vouch for the guy who wants to buy your car? I'd be leery of a scam, but would feel more comfortable if others on the board who you trust know the guy.

Legal Chemistry
05-18-2007, 09:33 AM
This has SCAM written all over it... I wouldn't do it!

Benjhamina
05-18-2007, 09:40 AM
Don't use an escrow company, most of them are not legit. Insist on using your own bank for the transfer and talk to the bank to make sure there is no way of his funds getting withdrawn or bouncing after you ship the car. Explain it to the buyer and if he has any problem then don't do it. 99% of the time these are scams.