For some time now Iv had my 41 Olds for sale on Hemmings. A person saying they are from Israel has e mailed me 5 times on the car. By some odd chance this is for real what should I look for. Iv never done a sale overseas. They say they are sending a fellow to come look at it late this month.I assume I would want cash? It would be an understatement if I said I was just a bit concerned on this issue.
Go ahead and schedule meeting.Just have your local sheriff there also.
Swedish car enthusiasts and dealers has bought old cars from the US since the early 70's, so it's not an uncommon phenomena buying cars abroad when you can't find the type you want in your home country - or if they are found cheaper elsewhere.
Cash payment from someone coming and looking at it and picking it up at the same time looks like a dream scenario without many pitfalls.
Fraud schemes are also common - but then checks are usually involved, like they're sending a check for a larger amount, trying to get you to forward a smaller sum to their shipper. Then, weeks later, the check turns out to be bad and you're out of the forwarded sum and in worst case the car too So, if you don't accept anything less than cash (or some payment service safer than checks, like paypal) you shouldn't have to worry much.
Have you tried googling the potential buyer? It's sometimes amazing what you can find with Google.
Will, from the other end perspective of the deal, as a buyer recently, you should expect there to be someone to check out the vehicle. I tried to arrange this but my contact was at Hershey and the ebay listing would not wait!! This inspection can be taken as an indication of a genuine interest.
Your normal cautions as for any deal apply after this. No car until secure payment has been made and credited to your account. Pick-up and transport costs to be arranged and paid for by the purchaser, with your organisational help as far a you are prepared to go. You will have more idea of how to do this than the buyer. Just point him in the right direction.
Depending on the fellow involved, you may end up with a new friend for life. I did, but then he is a T owner and they're a bit different.
Hope this allays your concerns,
Allan from down under.
if you are going to accept cash, get one of those pens that test the ink on currency. The pen is cheap insurance.
Very good point there, Bob !!! I'm going to start doing that at the swap meets.
I certainly agree with Bob regarding the pen for currency, and as another suggestion, from past experience, nothing beats a good old fashioned electronic transfer from one bank to another. These are completed within the same business day, and either a phone call to the bank or online can tell you when the money is safely in your account. No guesswork regarding the "real" Ben Franklin, and even so-called Certified or Cashiers checks anymore cannot be trusted, as they too have been successfully counterfeited.
Just my opinion
Just remember that a check is a check. Be it a personal check, Cashier's check, Bank Check, Traveler's Check and most all Money Orders. As such, checks take time to clear the originating bank and can be stopped until they do clear.
The currency test pens are 50/50, at best, and can be tricked. Use an UV light to verify the hidden ink and/or check that the ribbon matches the denomination for large bills. (I'll let you be the judge of what's large.)
Don't use an escrow holder.
All very good suggestions, Thanks everyone. If he does buy the car I think I will go with the bank transfer. That sounds the safest way.
Bob, is that pen needed to detect counterfeit notes? We have had plastic polymer notes for years now and they are almost impossible to copy with any degree of sophistIcation. They are different colours for each denomination so are easy to identify as well. And you can wash them, with out turning them into a soggy mess!!
Allan from down under.
I have sold several cars that left and went over seas.
One was paid for on the spot with cash. Before the sale was closed, both the new owner and I went to the Bank for them to check out the money. It was all good!
With the next car, I went to our Bank and explained that I wanted to set up a separate saving account so that the over seas Buyer could have his bank wire the money directly to this new account. The Bank notified me when the money was deposited in the account. You can then transfer the funds in another account and then close out the separate saving account. There is a form the bank fills out giving the information that the buyer/his bank will need to make it all happen.
You do not want to have anyone gain access to your normal bank accounts. Only set up a separate saving account for out of the country money transfers.
Never let the car go until you have cash in hand or until the Bank notifies you the money has been transferred to your separate saving account.
I do not care what kind of check you are offered...do not let the car go until the check clears the bank and turns in to cash! It may take 15 day's or more for a check to clear.
I can see things from the opposite side, I have bought 3 cars from US and 2 I have shipped back to UK, 1 remains in US. The biggest problem I have buying cars and indeed spares from US residents is trying to prove I am not a Nigerian scammer and to try and establish a trust with them , I always phone them , more than once, and am not worried about talking Ts.
I have always said contact Langs , Chaffins etc to authenticate that I am legitimate. I have been around Ts now for over 20 years and someone always knows you and has experienced your payment history .
I always pay either Paypal for small items( not the best way )but usually by direct transfer for larger amounts( even that has issues because no one likes giving out personal details) .
If you have conversations prior you can work out who is ok generally by what knowledge they have.
My 23 roadster came from a guy who was badly deaf , imagine my fun trying to persuade him to sell the car, I said I would pay the monies you want direct into your account and you tell me when I can pick up the car that way you have my money and the your car .
Its slightly easier of late because I have a network of friends who will work on my behalf.
My first purchase of a 15 touring was a purchase from Vintage Ford magazine , no internet in those days , we remain the best of friends , talk every week and tour together that purchase was in 1996. Have some trust but remain vigilant .
Great advice. I have sold cars overseas using the advice of David, Les and others . I to set up a separate account at my bank and have the buyer wire funds to it. I work with the bank, tell them my concerns and let THEM set it up so that if something goes wrong they are on the hook. I refuse cashiers checks or personal checks as they are too easy to fake and then the bank has YOU on the hook for the bad funds days or weeks after the car is gone.
I have no concern selling to honest folks over seas
I wouldn't take cash, unless your an expert at spotting counterfeits. David Kriegel's suggestion to work with the bank is best. Do not release the car until the bank manager has confirmed that the funds are real and in your account for your disposal!
My grandpa used to say - trust everyone, but count your change twice.
Then another twist I (or my kid) sold my Mercury
on ebay It too is going to sweden. As promised the
kid got the check (deposited it) that was last
Monday. Ok so who did we sell the car to. no phone
no name ???? Now what? I'm no crook.
If it was sold on E-bay they should have the buyers information in their files. A person must be registered to sell and buy on E-bay. Look at the sold listing it should contain the buyers on line ID. There is also a E-bay site where buyer and seller can send questions to each other.
Rather than roll the dice on the accuracy of the currency pens you could request full payment with the new fancy schmancie $100 bills or have the scammers already figured out how to duplicate them ?
I have just bought a car off a Hemmings ad in the US to ship to the UK, sight unseen. Business is about trust, I wouldn't do business with anyone if I didn't establish a feeling of trust between us. We emailed and talked on the phone, I offered to give references (e.g.from people on this Forum) and, in turn, I checked that the guy had been in business for a good time and no-one said anything nasty about him.
I buy a quite a bit on Tbay using Paypal and from vendors using credit card, but for larger purchases I use wire transfer. My bank wants a fortune for international transfers, so I have found a site called www.tranzfers.com.
I give them the bank details of the payee, tell them how many $$ I need to send, they convert to my currency GBpounds (at reasonable, not rip-off rates) add a flat fee of £7 (about $10) and I wire them the money from my bank. They then wire it to my payee. Whole deal takes 3 days to get the money into the US bank, with no costs to the payee.
Now the man has my money and the car, so if he wants to skip to Caracas, there's not much I can do about it. If you want to be more cautious, use an escrow service - the buyer wires funds to the service and they then release the funds when the car is handed over to the shipper or leaves the country - whatever you agree.
Re checks: we have had warnings here about forged cashier checks. You deposit it with your bank, they look at it and say 'that is an established bank, no problem', credit the funds to your account and send the check off to the issuing bank. You then release the goods to the buyer. A few weeks later, your bank says 'sorry we're taking the money back, the issuing bank won't honour the check, it's a forgery'. Don't release anything against a check unless you ask the bank to do an express clearance on it and confirm the funds have been cleared at the other end.