Author Topic: Bought a Car On Ebay.......Now What? (Read 1136 times)

joesgt281 · « **on:** December, 19, 2008, 11:14:24 AM »

Well I've been looking for a Saleen S351 for quite some time and finally came across an actual deal on one, so I bought it a couple days ago on Ebay.
I paid the guy a $500 deposit.
The car's in Maryland, and I'm in Texas.
Now what?
I don't want to drive it back, since I don't really know it's road-worthiness.
My current thinking is to hire a transport to bring it home.
What's the best way to handle the payoff/title exchange/taking possession in this instance to insure I don't get ripped off?
Obviously if I went there it wouldn't be an issue.
But if I don't (don't want to add to the acquisition cost by flying up there), it complicates things.
If I send him the balance of payment, then what's to keep him from keeping the money, car, and title?
Should I ask him to send me the title before sending final payment?
I don't really see a risk free way to do this.

AzPete · « **Reply #1 on:** December, 19, 2008, 11:23:00 AM »

First of all, put yourself in his position. Would you give up the title without full payment cleared thru a bank? I would not. I also would not like giving full payment without ensuring a clear deal. The transport company may have some info on that also. I am sure there are clearing houses that will help you. What about someone from here that might be close? Most everything will cost some so compare that to a ticket there and you might be better off going yourself.

Of course, you could send me the money plus plane fare, I will go get it and first time you are in Fl., you can pick it up. :dance

joesgt281 · « **Reply #2 on:** December, 19, 2008, 11:34:37 AM »

Yeah both parties are really at risk when handled this way.
I've talked to some transport companies and they don't want to get involved in the "deal" part of the thing.
There is a clearinghouse called Escrow.com that basically holds the money from me, and the title from him, until I get the vehicle. He gets assurance that the funds are real and there, and not revocable by me. But they want a pretty penny for that service.
I wonder if using his bank for that would be an option?

AzPete · « **Reply #3 on:** December, 19, 2008, 11:38:43 AM »

I don't believe a bank would hold anything because they would have to hold both items just as the clearing house. I doubt they are setup to deal in that way.

My last option is still open.......lol

joesgt281 · « **Reply #4 on:** December, 19, 2008, 12:03:53 PM »

Quote from: AzPete on December, 19, 2008, 11:38:43 AM

My last option is still open.......lol

duly noted!

joesgt281 · « **Reply #5 on:** December, 19, 2008, 02:03:22 PM »

oh, and please don't hesitate to tell me i'm a frickin moron for trying to do it this way.
if the guys honest, there shouldn't be any risk.
these S351s are very well documented, and he's basically the original owner.
should i throw out my trusting nature and assume the worst and take all necessary precautions (at whatever cost of time and money) to protect myself in this deal?

blue65coupe · « **Reply #6 on:** December, 19, 2008, 05:52:09 PM »

Where at in Maryland? I live in NC and could possibly assist in this after Christmas. I've got plenty of room (garage space) that it could be stored. Hell, anything is gonna be easier than the last time I offered help. (Dave will vouch for that if he reads this)

JeffTepper · « **Reply #7 on:** December, 19, 2008, 05:59:45 PM »

What were the seller's payment terms in that auction? By bidding, you agreed to his payment terms. Unless the seller is extremely trusting, he will not release the car for shipment until your funds clear his bank. If that doesn't work for you, get your cash in an envelope and show up at his doorstep.

Beyond that, getting the car home is generally not the seller's problem. I suggest you google for classic car transportation and start researching your shipping options.

joesgt281 · « **Reply #8 on:** December, 19, 2008, 06:16:21 PM »

Quote from: blue65coupe on December, 19, 2008, 05:52:09 PM

Where at in Maryland? I live in NC and could possibly assist in this after Christmas. I've got plenty of room (garage space) that it could be stored. Hell, anything is gonna be easier than the last time I offered help. (Dave will vouch for that if he reads this)

i hate to ask what happened last time, and I do appreciate the offer of assistance.

joesgt281 · « **Reply #9 on:** December, 19, 2008, 06:27:19 PM »

Quote from: JeffTepper on December, 19, 2008, 05:59:45 PM

What were the seller's payment terms in that auction? By bidding, you agreed to his payment terms. Unless the seller is extremely trusting, he will not release the car for shipment until your funds clear his bank. If that doesn't work for you, get your cash in an envelope and show up at his doorstep.

Beyond that, getting the car home is generally not the seller's problem. I suggest you google for classic car transportation and start researching your shipping options.

Shipping is not really the problem, it's the exchange of funds for car and title.
Terms for payment are that the balance of funds is due within 7 days.
I spoke to an exotic car dealer today and he says he never gives funds directly to a seller.
He has his bank deal with the seller's bank, and so each makes sure the others part is legitimate.
Not exactly sure how to make that happen, especially after talking to my bank about it....they just wanted to loan me money :icon_silent:
But your point is well made....I may just not be able to get comfortable without going up there myself.
Just seems like this has been done a million times before so there's got to be a sure way.
I did read that there are ALOT of scam escrow companies out there that take your money and run.
http://www.carbuyingtips.com/fraud.htm

68EFIvert · « **Reply #10 on:** December, 19, 2008, 08:09:55 PM »

You could always get the loan from your bank but make sure there is no prepayment fees. They will make sure you have all the documents in order. You may have to pay a small loan fee but it could be worth the piece of mind. Once the car arrives then pay the loan off. I used to be a banker in an earlier life. ;)

joesgt281 · « **Reply #11 on:** December, 20, 2008, 10:39:56 AM »

Quote from: 68EFIvert on December, 19, 2008, 08:09:55 PM

You could always get the loan from your bank but make sure there is no prepayment fees. They will make sure you have all the documents in order. You may have to pay a small loan fee but it could be worth the piece of mind. Once the car arrives then pay the loan off. I used to be a banker in an earlier life. ;)

hmmmmmmm

joesgt281 · « **Reply #12 on:** December, 21, 2008, 08:32:52 PM »

Well, i just couldn't get comfortable with essentially buying sight-unseen.
So I'm cashing in some frequent flyer miles and heading up there to seal the deal.
Wish me luck that there's not a window in the side of the block...... :doh

daveSanborn · « **Reply #13 on:** December, 22, 2008, 07:59:41 AM »

Joe,

I've done it almost every way imaginable..... but the best way to do it is to show up with the cash/cashiers check in hand and complete the transaction in person. It leaves no margin for error and there is no "pucker factor".

The last two large eBay purchases made were both done with a "pucker factor". My son bought his '57 F100 from a seller in San Diego. We sent off the cashiers check and upon receipt the seller dropped off the truck at a DAS (Dependable Auto Shippers) terminal and mailed us off the title. The title and truck arrived w/o incident. A couple months ago we did a similar purchase involving an Exile cycle coming out of Gary Indiana. $18k check overnighted to seller, once the check cleared his bank he mailed off the title and assisted in the loadup of our arranged transport. We were fortunate that we didn't get screwed in either of these transactions.

joesgt281 · « **Reply #14 on:** December, 22, 2008, 11:04:44 AM »

yep, the pucker factor has been really high since doing this deal.
but the high cost of going and checking something out is tough.
you want to be able to trust people, but if you listen to the Ebay chat-room regulars, they say trust no one.
If i didn't have frequent-flyer miles, I'd probably still be wringing my hands over this, so I'll just shoot up there for a quick inspection and seal the deal.
I'll be sure to let yall know how it turns out.
Thanks for the input.

AzPete · « **Reply #15 on:** December, 22, 2008, 01:04:34 PM »

Come on Joe, I trusted you on the valve covers........lol I know, I know, lots of $$$$ difference but I had to pull your chain..

Thanks for the valve cover deal too.

joesgt281 · « **Reply #16 on:** December, 22, 2008, 01:13:09 PM »

Quote from: AzPete on December, 22, 2008, 01:04:34 PM

Come on Joe, I trusted you on the valve covers........lol I know, I know, lots of $$$$ difference but I had to pull your chain..

Thanks for the valve cover deal too.

Ya know, I thought of our valve cover transaction during the course of this as well for the very same reason.
Guess it's like you said, it's how much you have your ying-yang sticking out.
(But for the record, I'm sending your valve covers out without having your check in hand :jam (unless it comes today i guess))

AzPete · « **Reply #17 on:** December, 22, 2008, 01:18:58 PM »

Yep, I had the same thoughts. Kinda funny really. Good luck with the car. You going to drive it home since your going there?

Just remember, "The check's in the mail".......

joesgt281 · « **Reply #18 on:** December, 22, 2008, 01:41:24 PM »

Quote from: AzPete on December, 22, 2008, 01:18:58 PM

Yep, I had the same thoughts. Kinda funny really. Good luck with the car. You going to drive it home since your going there?

Just remember, "The check's in the mail".......

From a money standpoint, it would sure make sense to drive it back, but the forecast is for possibly sleeting weather.
I'm a big believer in Murphy's law and figure that what can go wrong, will go wrong, and at the worst time.
Since I don't know this car yet, I'm not taking any chances, particularly just days before Christmas.
I've shopped some delivery deals and think I've got a pretty good one lined up.

Yeah i was hoping the guy would let me take the car with just the "check's in the mail", but no go.
And I'm definetly going to need yours to help cover my cost to ship the car :dance

daveSanborn · « **Reply #19 on:** December, 22, 2008, 01:52:51 PM »

Quote

I'm a big believer in Murphy's law and figure that what can go wrong, will go wrong, and at the worst time.
Since I don't know this car yet, I'm not taking any chances, particularly just days before Christmas.

Maryland shouldn't be that bad, but you're right, better to be safe than sorry.

See my recent GumFlappers thread....

joesgt281 · « **Reply #20 on:** December, 22, 2008, 02:34:32 PM »

Quote from: daveSanborn on December, 22, 2008, 01:52:51 PM

Quote
I'm a big believer in Murphy's law and figure that what can go wrong, will go wrong, and at the worst time.
Since I don't know this car yet, I'm not taking any chances, particularly just days before Christmas.

Maryland shouldn't be that bad, but you're right, better to be safe than sorry.

See my recent GumFlappers thread....

Mudder-fugger.............that's about as bad a horror-story as I could have imagined....thank God they're okay.

So, wanna make a pickup in Maryland too? :jam

Fordication · « **Reply #21 on:** December, 22, 2008, 03:38:21 PM »

Allright when well we know. To be honest, if the guys says the cars is road worthy and he knows you are coming I can bet that the car is roadworthy. I have bought several cars off of ebay. The best way in my opinion is to show up with the cash in hand. If the guy lied to you then you can take legal action if you want. I have a 66 tbird the guy swore up and down that it has no rust. When I got there the car would barely make it out of the driveway an when I pulled the carpet back under the drivers seat it was rotted out. I made him pay me for my time and I threatened a law suit and to give him a massive strike on ebay. He gave me $300. Then he relisted the same car with the same add and talked about car was relisted because of a dead beat bidder. I was pissed but he at least paid my plane ticket.

joesgt281 · « **Reply #22 on:** December, 22, 2008, 03:45:19 PM »

Thanks Ed.
Sorry the Tbird didn't work out for you.
I'd love to have one of those one day.
Yeah, rust is definetly something I'll be looking for closely since it is a Maryland car.