advice on internet deals

what have you guys done as far as buying and selling on the internet with the exchange of larger amounts and car titles? what's fair for both parties? i'm working a deal for a truck and have to have it shipped. i wont be there at the time of exchange. thanks boys.

ruralrod

 

I have bought and sold several vehicles over on the internet auction site-usually send or accept bank cashier's check or wire transfer to the bank. The cashier's checks have to clear before the car can be picked up. I have accepted large sums of cash on pickup of the vehicle-I have a pen that checks the paper on the bills. I usually ship the title overnight to the buyer, if that is what he wishes. Then wait for the carrier or buyer to show up to get it!

 

so i send cash and he sends title same time? or i take the chance of him sending title after the cash gets there? sounds elementary. i dont want to get screwed.

thanks

 

When doing long distance transactions, there is an element of trust - you sending money and he sending you the title. If you don't trust him, why buy something from him.

You could also go with an escrow account. You send the money to an escrow agent (bank?). The agent is instructed not to release the money until he has the title. The seller gives the title to the escrow agent and the agent releases the money to the seller. Then the agent sends you the title.

 

I used PayPal for the deposit.
Had my banker contact his bank and deposited a certified bank check into the seller's bank account.
Seller FedEx'd me the title overnight when the funds arrived at his bank.
Seller notified me when the transporter picked up the vehicle.
Worked pretty seamless, but there was alot of phone calls and emails back and forth, and as stated, defiantly an element of trust.

Good Luck!

 

I sell a lot more than I buy,But when I sell I have the money in hand before the title or vehicle leaves my grubby little hands.If I deliver I am also paid in advance. You can tell a lot about someone by talking to them on the telephone when you are setting this up.

 

Joe, your avatar looks like a negotiation is underway! Can't tell if you are talking...or listening!

 

thanks guys. you're right about getting a feel for a guy on the phone. this is guy sounds llike a straight shooter. i go by the element of trust everyday. today wont be any different. i'm sending the check and he's sending the title. it's a HAMB deal. so if this guy flakes we'll go after him right?

thanks again
rural