Easy Rider 1

Just spent 45 min searching this. I am sure its been asked but I cant find anything on it, so dont flame me!
As many know, I am looking to buy a C2. I started looking within a reasonable driving distance and have recently expanded my search to the rest of the country. My question is, how do I buy a car without being there in person to take delivery?
For example: Say I want to buy a car (Yes, I had it checked out by a vette guy) several states away and plan on having it shipped to me. How is the transfer of car and cash done so neither party gets ripped off?
I asked a couple of sellers how they would work the transaction and they said "wire the money to my bank acct, then I will overnight mail the title/bill of sale" I have done that kind of thing on a $40 transaction, but not a 40k transaction. Whats to prevent him from not sending me the title/bill of sale ( besides honesty). Plus, he may have to hold the car for a couple of weeks till the shipper comes to get it. Whats to prevent him from selling it again?
Does anyone have a solution to this? Does anyone use escrow agents? How do you do it?
Another question. I assume I should place insurance on the car as soon as I send the money, right? Not sure how that will work with my ins co because they always ask where the car is presently garaged. Is there special ins for this?
Thanks for any advice. I know this is done all the time but I have never done it and with my luck, there will be some problem.
Mike

Subfixer

I have done both my cross country car purchases with a bank check. I have not had any issues, but if the sale seems to be going south, you can have the bank stop payment.

mrtexas

I looked into escrow companies a while back. I remember them costing about 1%+/-. I didn't end up using one but they seem like a good idea to me. Here is one: https://www.escrow.com/support/calculator.asp

I would definitely meet the seller in person before paying. You can get a cross country plane ticket for $400 or less on SouthWest with only a few days notice(1% of $40,000). Consider flying out the day the car is picked up by the trucking company and transfer the money at a bank in the morning, taking possession of the car at the same time. Catch a taxi to the airport or let the seller take you there. Even two plane tickets are only 2% of the purchase price.

A couple months ago I bought my C2. I flew in to the airport in the morning and the seller happened to be a car dealer only 5 minutes away. I then went to the nearest bank and transferred a deposit. I flew back the same afternoon. I got copies of the title and paper work. After returning home I wired the rest.

Frankie the Fink

Wiring the money to a seller's bank account before you hold title to the car is a bad idea...even eBay warns against it. That action is nearly immediate and irreversible...the seller could withdraw the funds and skip town....this is called the 'car delete' option for purchasing.

tnc1965

Well, having JUST gone through this, (not that I'm an expert, just recently experienced) I can share with you how I completed the purchase of my car. I was uncomfortable wiring cash without seeing the car or having the title, so after a positive report from a forum member, I booked airfare for a quick trip out. I managed to find a realitively cheap fare using the "name your price" type website (roundtrip DFW to Charlotte for $250) and a cheap hotel to boot. Flew out, inspected the car, had my bride wire the cash and took possesion of the title before flying back. With hotel, car rental, flight and meals, I was into the trip for about $550. For me, it was worth that to ensure that the paperwork was in order and that the car was as good as described (but only after much help from a couple forum members), plus I got to meet some nice people and actually see my car get loaded on the auto-transport.

wow

Mike, this is always a toughie because so many contingencies can exist. Are you going to go where the car is and present a final check, or are you buying it sight unseen (not as uncommon as you would think these days)? Are you paying cash or financing? Is the title clear or with a third party like a bank? Are you having it shipped or driving it home? So many different ways this process goes, but none of them impossible to work out. I once flew to Austin, Texas to buy a car, drove it, liked it and handed the seller a check. Drove it home 1100 miles. Anything is possible. Let us know when you have a few more specifics and advice can be a little more informative. Good luck...Nick

bmcnitt

I sent a check to a guy I had never met in Wisconsin after paying an inspector to look at the car. He didn’t send the title or car until the money cleared. Looking back on it I think I was unbelievably stupid and can't believe I did it as I am naturally suspicious and untrusting. I knew the guy worked at the same place and lived in the same house for a long time so I guess I concluded that he was not a scam artist that would skip out. I got really lucky cause I was very pleased with the car I bought but I would never do that again. Flights are cheap and its an important investment I would go meet him in person.

Hitch

I always find it interesting that people will wire money to someone they don't know. Airfare is not that expensive.. I would fly to see the car with money if you want to do the deal. JMO>>>>

Dave

Easy Rider 1

I have been looking at some cars on the west coast and I am on the east coast. I have looked at airfare and am not seeing anything cheap. The cheapest was $1500 round trip unless you book way in advance. Add a cheap motel and cab fare and thats another $300. Add that to about $2000 shipping and my car just cost me an additional $3800.
I would love to be able to do that, but it prices me out of a lot of cars, so was hoping there was a way to do this without being there and not getting ripped off.
Maybe a lawyer or escrow agent is the way to go?

Easy Rider 1

I have talked to several sellers who told me that they will not take a bank check because it can be stopped.
Mike

MiguelsC2

Escrow. Priced a lawyer lately?

joshtried

i sent all money car unseen and not inspected.. mine was only 3500 though.. then the dude was trying to tell me walmart money orders couldnt be cashed through his bank.. that turned scary fast.... luckily, i have my car, and things were fine.....

65 fi

Why not check to see if your bank or banker may have a relationship with a bank in the seller's area. Perhaps the seller may even bank with a bank you may use. Have the bank hold the title (on behalf of the seller) until payment is received into the seller's account. The title would then be sent to you.
I would think, if you are willing to pay tens of thousands for a car, you would want to personally see the car and make sure you check it out with an expert. A personal viewing would be best. You may find you have a more critical eye than the reputed expert you may have hired.

waynec

I like to be on-site to get the car title and the car, or deliver the money, and when possible I accompany the seller (or buyer) to the DMV and bank.

I've only done one cross-country deal (a split-window coupe) and frankly it was so long ago (mid 70's) that I can't remember exactly how we did the money transfer. Nor was it a lot of money back then. At that time there used to be "driveaway" companies that accommodated (for a small fee) people wanting a car delivered, by arranging to have someone (without a car) wanting to go the other direction deliver the car, often college students looking for a cheap way to get home. They ran ads for cars & drivers, and they guaranteed the delivery. Often even the fuel costs were borne by the driver. The driveaway company got a fee from each for making the arrangement. I had a good friend who was going to that city on a business trip, so I had him deliver the money and pick up the car & title. I had it insured in advance. He then had free use of the car during his 2-week stay, and then he delivered it to the driveaway company and took a cab to the airport. I got the car about 3 weeks later.

Another time I made a cross-state deal over the phone with a distant (supposedly reputable) car dealer for an Avanti, sight unseen except for ad photos. We agreed on the price, he agreed to hold the car and I agreed to come up with the cash within a week, then I spent several days arranging for the cash (had to sell investment stock)... arranged a flight and called the dealer to tell him when I'd arrive, and was told: sorry, the car was sold to someone else. There's no honor among thieves and car dealers.

Here's some thoughts on reducing the risk...

Unless the guy who owns the car you're interested in is a dealer, he's probably about as paranoid as you are, and wants to hold the car and title until he's certain he has the cash in hand. That means you need to talk to him and see if you can come to an agreement that suits you both. It would help, of course, if you have suggestions for him

I like the idea of an escrow company, but I've never dealt with one.

Talk to your banker about making arrangements for a bank transfer to the sellers bank account (on your phone call, after you've inspected the car and the title), or buy traveler's checks that your bank will agree to verify to his bank by phone.
Maybe your bank will have other suggestions. For example, maybe there's a way to open your own account, remotely, at a bank near the seller, for the purpose of sending money in advance that will have time to clear and you can draw it out when you arrive.

Peruse Southwest Airlines or other sites for earliest reasonably-priced flight(s).
Send the guy a small down payment of "earnest" money (perhaps $500 to $1k, non-refundable if you blow your end of the deal) to hold the car for a reasonable period until you can arrive; arrange to go there within a couple of weeks to complete the deal.

Fly there and make sure you're getting what you bargained for, then go with him to his bank and execute the money transfer or cash the traveler's checks, and get the title signed over at that time.
Take possession of the vehicle and either drive it home or make arrangements to store it with the shipper and take it there.

If he's an honest person, he's likely to agree to some conditions for a safe transaction (which you can discuss with him), IF he's got some earnest money up front to ensure that you're not a flake who is dealing with six other sellers, and if there's some safety for him in the arrangements, as well as for you. Approach him from the position that you want it to be a safe transaction for you both and ask if he has any suggestions.

There are no iron-clad guarantees... he could still turn out to be a car-thief and a title-forger, or a hold-up man insisting you meet him with cash in hand, or you could be delivering counterfeit cashiers checks, so there is always some risk to both parties.

firstgear

what I have done...

bought a BMW Z3M from Denver, ebay - had it inspected, bought it through Key Bank which has branches in Colorado and Ohio. I figured if the bank had some skin in the game they were also going to protect their interest. Flew out and drove it home. Bank held title.

bought a Corvette C5 from Houston, ebay - they were willing to take a bank check. It was an internet car dealer. Flew out with check, double checked car and drove it home after paying. Title arrive 2 weeks later.

bought 1960 Corvette from Baltimore, ebay - had my dad go check it out and left $500 deposit. I drove out the following weekend and paid with bank checks. Towed car home with title in hand.

bought 1963 Corvette SWC from far eastern New Hampshire, Craigs List - had brother in law go look at car and we chatted on phone while he checked it out. Told the guy I would take it. He asked for $2k down. Sent him a check and drove out 2 weekends later with bank checks in hand took car home in trailer. Title in hand.

went to buy a 1963 SWC in Kentucky, car was not at all as lead to believe. I had $30,000 cash with me to pay for car. Didn't buy anything.

bought '78 Indy Pace Car Corvette in Georgia, sent money to good friend that completed transaction for me. Friend kepy car at his house for about 4 weeks until I was down in Georgia on business and drove car home.

I have looked at cars in California. Only way I wouild buy one is if I had a friend that could be the middle man for me. In other words, I send him money and he pays the owner for car and then friend assists with getting it shipped home.

I always assume that person I am dealing with wants to rip me off, so I do everything possible to minimize that occurance. If I can't, then I pass on the deal. If I was to loose $10k or more on a deal I would be kicking myself in the butt for a long time. It is too hard to accumulate that kind of money and then to just watch it disappear

Frankie the Fink

I don't think there is any "sure fire", absolute means to make sure there is no chance of a ripoff. The only thing I can think of is if the seller signed the title over before he got paid. Yeah right ? I flew to So. Carolina to buy my '61 after an email exchange....they buyer took me out to his farm where I met his wife, kids, dogs and chickens....we drove the car around and had a long, pleasant talk as I looked over the car. I handed him a Cashier's Check and flew home...after the check cleared, the transporter picked the car up along with the signed over title and delivered it to me in Florida and I got a 'status' email from the seller every day until I received the car. I never put a deposit down on the car...the seller gave me his word it would be mine if I showed up and liked it.

If you are buying from an individual you are largely at the mercy of their integrity and any legal recourse you might have if things go South.

I don't know about the escrow companies....I've heard good and bad about them.

Mike Terry

I live in Indiana and have bought Corvettes in Mn. Mo. Va. Ga. Fl. Pa. NY. and In. and a few other states. I usually make the deal on the phone (pending my inspection of the car) drive out with my trailer to buy the car, if all checks out then call my bank (which I have already set up for transfer) and do a wire transfer on the spot. It should only take a max of about 15 min to transfer money, then the seller calls his bank to make sure the $$$ is in his account and I get the title and load up and come home. It has always worked out well for me. I am retired so I can go in a moments notice and that makes it nice. If a car was more then a 30 to 40hr non stop drive I would fly out, check it out and do what ever needed to be done to close the deal if the car checked out. Pay for it, get the title and call a transport company to set up a pick up date and then fly back home. This way the person you are buying from know that you mean what you say and he knows that you are a straight shooter and he also know that now you know where he lives incase you need to go back for any reason. I think that you will find that MOST Corvette people ar pretty straight shooteres. I said MOST. Good luck on your dealings.

Stan's Customs

...the seller is in a quandry too. Once he relinquishes the title he's in a pinch if the check is stopped..or worse yet, a certified check is counterfeit. This happened to friend reciently on a different type of transaction. I mentioned this to my banker...he says is happens all too frequently these days.

...bank wires require a routing number, a bank account number, your name address etc. ...to much personal info to give a stranger, but it's done all the time, but not by me.

Like Frank mentioned abolve...As a frequent seller...I will pick the potential buyer up at the airport, introduce him to the dog, wife, neighbors, chickens ...hang out in the shop and talk hotrods till midnight. Offer him the guest room and feed him well...

But the car nor the title will leave till I have non-refundable funds or cash in my hand or account...especially if it's going out of state.

In short I don't know a good way...one party or the other has the advantage. You just have to convince the selller your are bonafide and trutworthy...and he has to trust you, or he has to convince you he is. Use your head, skunks are easy to smell...but you need to deal in person really.

Good luck...Stan..

DZAUTO

I FULLY realize that a long distance transaction can be a real hassle and inconvience for many people. And also, the car you REALLY want is where you find it. Personally, transportation, compared to the price of the car (as well as the risk) is a non-issue in the long run!!! I would not, and have not, bought a car long distance, or close to home, WITHOUT a personal inspection. IF, IF, IF, you know an extremely knowledgeable and reliable person in the area of the car that you're interested in, then it may be OK to have a second party inspect the car and provide an opinion. But the bottom line is that the person who inspects the car for you may or may not interpret what they see in the same way you may see it.
THERE IS NO SUBSTITUTE FOR A PERSONAL INSPECTION, and, meeting the prospective seller. Carrying cash presents it's own risk, although, as everyone knows, money talks and BS walks. So, if possible, take green stuff with you.
The last long distance car that I bought (the 70 Chevelle conv), I had communicated (email and phone) numerous times with the seller and he sent pictures as requested. I did take a cashiers check for the agreed amount and I also made it clear that if the car was not as represented when I arrived, I'd also leave without the car. When I got there, it took about 10min for me to inspect the car because it was 99% on the money as represented to me. I gave the seller the benefit of the doubt for the 1% discrepancey (his and my interpretation were minimally different). I still have the car and have ZERO regrets about buying it. The expense if the trip (1600mi round trip) was more than worth the reward! I DID NOT want to pay the premium for an SS Chevelle, I just wanted a NICE 70-72 conv in solid condition and a straight body with factory air (didn't matter if it worked) and a 4sp. I can do any and all the mechanicals and desired mods myself. I paid $8400 12yrs ago, and today I WILL NOT even talk to anyone for less than $25,000 for it.

Tom Parsons

mrtexas

Air fares. I flew Southwest from Houston to Baltimore a week in advance for $300 round trip. Hint, for SW you have to go to their website and not thru travel agencies. Try this link for Baltimore to Orange County, CA $300 round trip for next Tuesday May 6:

[http://www.southwest.com/flight/shor...C5ADA9748A9942

In my case I gave the dealer $2,500 in cash the day I looked at the car and wired the rest.