Selling a car to an overseas buyer

[twodko]

Good morning Posse,

I'm in negotiations with a buyer in Germany to
sell a car I have on the market.
I know this is done frequently but how
do such transactions go?
The buyer says he will wire transfer payment.
Obviously I wouldn't release title to my car
without verifying payment but what safeguards
are there to be sure payment isn't recinded
after I sign off the title?

Tom

[polywideblock]

             well I've bought a few now and haven't screwed anybody     

              once the money is in YOUR account don't YOU have to authorise a withdrawal   


                   not everyone is out to screw the little guy , some just want to live the dream and have an American car 

[twodko]

I very much appreciate your insight my friend. I'm not
assuming foul play by the buyer I just need to know
how these things work.

Tom

[Dino]

Yep pretty easy.  He wires you the money, you get word from your financial institution that it is in your account and the buyer arranges a transport to come pick up the car and paperwork.  Couldn't be easier.  Once you have the money I suppose you could send him a copy of the paperwork but the official documentation stays with the car.

[twodko]

Thanks Dino,

I sold my '69 Chevelle to a guy in Washington state
and the funds were wired to my account. Once verified
I Fedex overnight the title etc to the buyer and drove the car
to the transport pick up location. Indeed it was a straight
forward transaction but it was also a domestic sale.

Tom

[Dino]

Pretty much the same deal here I think.  I thought the title had to stay with the car though to send it overseas, but the buyer would probably know that.

[twodko]

That is one of the things I will find out but
it makes perfect sense in terms of customs
both here and there.

Tom

[Troy]

If the buyer contracts through a shipping broker they'll have all the information you need for things to go smoothly. The ownership paperwork has to stay with the car to make it through customs. That was my biggest worry. Most other countries seem comfortable with electronic bank transfers but Americans just can't seem to get over their distrust. Pretty much anyone can put money into your account. Taking it out is a whole lot different! If you're really worried have your bank open a second account and give out those numbers. Obviously don't take Western Union or a check for more than the amount - you know, all the usual scams. In the end, you shouldn't have to do anything except sign a Bill of Sale and collect your money. It's up to the buyer to arrange transportation and deal with customs. It's nice to be "available" when the truck comes to pick it up.

Troy

[hawkeye]

I sold a charger to a dealer in Holland and my bank created a special account to have the money deposited in.  Took about 2 weeks for everything to clear to the banks satisfaction.  The buyer was hanging out a lot more than I was.

[twodko]

Thanks for the info gentlemen. I've been researching
these things and a contract/wire transfer is the way
I'm going.

[polywideblock]

at least for Australia they need the title left in sellers name  don't transfer anything until you know what they need . also if the other party is using a broker /shipping company they normally pay for car on pick up  all I've had to do is pay the guy over here