Considering Buying Model 3 that doesn't have Title Yet

[Bafflerock]

I have been negotiating with a sell on a new Model 3 that will be delivered in 4 weeks. Since I won't have title in hand when I purchase the car, I'm looking for what I need to do to protect myself from a fraudulent transaction. This is an Ebay transaction.

1. I assume I should use an escrow service on the payment for the car. They are asking $1k now and the remaining payment in 14 days.
2. I know a Bill of Sale should be executed. Does there need to be specific language regarding the timing of the title? For example, it may take a month after the sale to actually get the title.
3. Once the Bill of Sale is properly documented, could the seller still "sell" the title once he receives it? I know that would be illegal but is that something that could/does happen?
4. I intend to pay cash. I assume this doesn't add/reduce risk?
5. Will my insurer insure the car even though I don't have the title? Along similar lines, will my county register the car?

Any help here is appreciated. These kinds of questions have been what has prevented me from buying a used Tesla already.

 

[Lloyd]

Be careful!! Common scam!

 

[Bafflerock]

Be careful!! Common scam!

I understand it could be a scam. That's why I'm checking in to see what I should do to protect myself. Obviously a lot of people are buying 3's in a similar manner though.

 

[Lloyd]

If you are giving the guy $$ you have to trust that he has a reservation, and will forward everything to you once the sale is complete. You will not get the federal tax credit!! Check on sales tax in Atlanta.

 

[Bafflerock]

If you are giving the guy $$ you have to trust that he has a reservation, and will forward everything to you once the sale is complete. You will not get the federal tax credit!! Check on sales tax in Atlanta.

Thanks, Lloyd. I won't be eligible for the tax credit since I'm technically buying a used car. I've also followed up on the taxes I'll owe due to the purchase.

 

[IchDochNicht]

Have you considered buying one that is already in the hands of the owner?

 

[Bafflerock]

Have you considered buying one that is already in the hands of the owner?

I changed my mind and decided to go that route if I get a M3. There's just too much uncertainty with little guidance otherwise. I keep going back and forth but unless I get a fair deal on an M3 (which I certainly don't expect. I wouldn't sell one at cost if I could get a few grand more) I'm going to go back to our original plan of getting a MX. There's a part of me who absolutely loves getting deals but the reality is they rarely exist in the Tesla market. I'll probably wait a few more days to see if anything comes available but I'm thinking I'll buy new and get what I want.