I have a car for sale and all the interested parties so far are from overseas (Japan and Germany) what is the prefered method or procedure to do this? I would assume they would wire transfer the money to my bank then I would release the car to a shipper that they have made arrangements with to pick it up?
I have my buyers do a direct wire transfer to my bank. Then as for the title - depending on Customs requirements (some require original title) I send the copy or original to the buyer immediately. I also offer trailering the car to their shippers (for a minimal fee) because its easy for me and really difficult for the buyers sometimes to coordinate it from the other side of the planet.
As for transfer of funds ask your banker what the best way to do it is. My go to banker can either make things work or knows who to call to find out.
Wire transfer,probably the safest you for the seller,your bank can help you and the cost is minimal. HRP
I think that someone the other day said to open a bank account, have the money transfered into the account then to empty the account and close it. I would ask someone at the bank if that is the better way to do it with my own interest in mind. The main thing is to have the cash in hand before the car changes hands, that is my best advice no matter if you are selling me a car or selling one in Nigeria.
Mike, I sold the roaster some time back to Japan. Went great...Wire transferred the money... Something you can do with your bank, you can have the money wire transferred to the bank, and they can just hold it. That way you don't have to give out your checking or savings account number. Your bank can either notify you that it has arrived, or you can check back with them. Once you know the money is in the bank office, THEN you can have it deposited to your account. The buyer made all the arrangements to have it picked up here at the door. and away it went. As far as the title goes, I made a copy of the title and bill of sale signed, so the truck driver could carry. The originals, I certified mailed to the new buyer. Forgot to add....On those copies of the Title and Bill of sale...I marked across the face of them in nice big blue ink...COPY HellRaiser
Thanks for the replies, I will speak with my banker on Tuesday to see what they say too. I was just wondering what you guys have done in the past and maybe avoid any hassles. Dallas thats a good idea on the paperwork, I will do that too.
"I think that someone the other day said to open a bank account, have the money transfered into the account then to empty the account and close it." no need to do that. it offers no extra security, and is of no benifit if the transfer somehow gets reversed. I've never done one, but should I ever need to, I will ask the people at my bank.
All you have to give the buyer is your bank router number,,this is customary and no chance of them having your personal account number. I recently sold my '32 4 door to a gentleman in Japan and can assure you it was incredibly ease,,your personal banker can handle everything you need to know. HRP
Like has been said, international money transfer. Most important thing is to talk to them on the phone. Both you and the buyer will get a good idea of the person from just talking to them, after all we are all gearheads so have something in common. As an overseas buyer another important thing to remember is they, the buyer, are taking the biggest risk. They are sending you money, they can't hang on to it until they get the car, you get to have the money first, then let the car go. If you make sure the money is in your account and can't be returned for any reason you have nothing to loose. I have bought several cars like this and only one has been a problem. The guy had the money and my transport guys turned up to pick up the car and he sent them away saying he didn't have the time. I got billed for the transport and had to rearrange and pay again. Once the car had been picked up he then refused to pass the title on. He refused to answer my phone calls, which cost a fortune from across the pond, and I had no way of shipping out of the U.S. without the title. Lucky for me he came up as a real estate agent when I google'd his name and address, a quick phone call to his office and I get his boss, told him the story and that I was just about to contact the local PD to have them look into his conduct and the title was posted later that day. What I'm trying to say is that the buyer had my money, he had nothing to loose and I had everything to loose with no easy or cheap way to get it sorted. I just got very lucky. Pete
Pete, The best advice ... Nothing beats talking on the phone ... If you can - buy from a HAMB member Jim
Or,E-mail,,I don't speak Japanese and Mr. Akari didn't speak English,,amazing programs on the internet to help get around the language debacle. HRP
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