Wire transfer, buying car from out-of-state?

[patrickffitz]

I live in California, looking to buy a car in North Dakota.

I'm looking to buy a classic car from out-of-state. I cannot go pick the car up myself. I've had the car inspected, so I am confident that it exists. I've done some internet research on the seller and I believe that he is who he says he is and lives where he says he does. The seller insists that he must have all funds in his account prior to sending the title to me and prior to releasing the car for shipment. He will overnight the title once the funds transfer is complete. This is reasonable on his end, however does not protect me, the buyer in any way.

What is the safest way for me to complete this transaction and what legal paper trail can I create in order to protect myself? He prefers a wire transfer or a cashier's check. Perhaps a bill-of-sale that states legal ownership is transferred to myself once all funds have been received by the seller? My concern here is that between the time he receives the funds and I receive the title, I am vulnerable with no legal recourse.

 

[Zigner]

I live in California, looking to buy a car in North Dakota.

I'm looking to buy a classic car from out-of-state. I cannot go pick the car up myself. I've had the car inspected, so I am confident that it exists. I've done some internet research on the seller and I believe that he is who he says he is and lives where he says he does. The seller insists that he must have all funds in his account prior to sending the title to me and prior to releasing the car for shipment. He will overnight the title once the funds transfer is complete. This is reasonable on his end, however does not protect me, the buyer in any way.

What is the safest way for me to complete this transaction and what legal paper trail can I create in order to protect myself? He prefers a wire transfer or a cashier's check. Perhaps a bill-of-sale that states legal ownership is transferred to myself once all funds have been received by the seller? My concern here is that between the time he receives the funds and I receive the title, I am vulnerable with no legal recourse.

Research escrow companies online - there are several, I'm sure. The buyer sends them the money, the seller sends them the title, then the escrow company will send the title to the buyer and the money to the seller.

 

[FlyingRon]

Precisely. Use an escrow service. Many larger banks can handle it as well.

 

[adjusterjack]

What is the safest way for me to complete this transaction

I've been a car collector for 50 years.

The safest way?

As far as I am concerned this is the ONLY way.

Get on a plane to North Dakota. Meet the seller, inspect the car personally, have the cash waiting for you at a North Dakota bank (or bring it if you are comfortable doing so). If all is as it should be, pay the seller and get the title. Make sure your insurance is effective that day. Have your transport company on standby or move the car to a local storage unit until the transport company can pick it up. Do not leave the car with the seller after you bought it. Get back on the plane, go home and await delivery.

An escrow company might be a good idea but not personally inspecting the car is often the kiss of death.