Safe way to buy a pre-owned Tesla from out-of-state - URGENT HELP PLEASE

[G2019]

Need urgent help, please! I have agreed to buy a pre-owned Tesla from an existing owner (sounds very honest person) via phone chats. Since we never met each other in-person, what's the safest way to complete this transaction for me and him? Is it recommended that we meet-in person before transferring the full amount to him and signing the title?

Any and all advise is greatly appreciate - thanks in advance.

 

[thefortunes]

There are 3rd party escrow companies that live in this space.

Having said that, I bought our S private party, out-of-state without ever seeing the car. My daughter (who was in that state) went to inspect/pick it up and, when I was satisfied (based on her inspection), she gave him the certified check.

I have also purchased a boat out-of-state where I went to pick it up and, after inspecting it, wired the money to their account.

 

[G2019]

Thanks for your reply - I never used a 3rd party escrow companies for anything...do you know roughly what are their fees associated with a huge transition like Tesla (over $50K)?

Currently, I don't have anyone local to go inspect/pick-up the vehicle. He's requesting that I transfer the full amount to him with a Bill of Sales and some paperwork and he'll ship the car via truck. what do you recommend?

 

[SSonnentag]

I've always met the buyer at my bank to get the title notarized. That's when the money changes hands. No personal checks.

In your case, you'd meet at the seller's bank. The bank can verify funds and you get a notarized title.

 

[Tam]

Thanks for your reply - I never used a 3rd party escrow companies for anything...do you know roughly what are their fees associated with a huge transition like Tesla (over $50K)?

Currently, I don't have anyone local to go inspect/pick-up the vehicle. He's requesting that I transfer the full amount to him with a Bill of Sales and some paperwork and he'll ship the car via truck. what do you recommend?

Too risky for my taste.

How about checking out:

Securely Buy & Sell Vehicles Online - Escrow.com

It charges 0.89% or $445 for $50,000 car.

Both buyer and seller can share the fee or I would go ahead to pay it all for the peace of mind.

1. Buyer and Seller agree to terms - The Buyer or Seller can initiate a vehicle transaction. All parties have an opportunity to agree on the terms of the transaction including shipping fees and inspection periods
2. Buyer pays Escrow.com - The Buyer submits a payment by approved payment method to our secure Escrow Account. Once Escrow.com verifies the payment, the Seller is notified that funds have been secured 'In Escrow'.
3. Seller ships the vehicle to Buyer - Upon payment verification, the Seller is authorised to send the car via the agree shipping method. The seller submits the tracking information to Escrow.com who verifies that the Buyer receives the vehicle.
4. Buyer accepts the vehicle - When the buyer receives the vehicle, they have an amount of days equal to the agreed upon inspection period to inspect the vehicle. If the vehicle meets the requisite standard, the buyer informs Escrow.com they have accepted the car.
5. Escrow.com pays the Seller - Escrow.com releases funds to the Seller from the Escrow Account.

 

[Kuhz]

Basic rule of thumb is to do the transaction in person especially since it sounds like you don’t know much about escrow or buying or selling a vehicle (I don’t mean that in a bad way).

How far away is the car? A one way domestic flight is under $200. And you’ll have tons of fun driving it home. I’ve done this before and would do it again.

 

[ordel]

Where is the car? You can harness the power of the forum to find someone to check it out for you in person, to provide you comfort that you are dealing with a legit person.

 

[Akikiki]

$50,000> purchase without seeing the car, the clear title and not knowing the person? No way. Shucks, I love my brother, and I might on a good day give him $50,000 for a car, but that's the only person in the world. Is $50,000 worth the cost and time of a quick plane ticket? Would be me.

 

[G2019]

I really appreciate all of your responses - thank you. a lot of valued info here - thank you to everyone. The car is based in Florida and I live in Texas. I don't mind flying to Florida to meet him but the drive back with Tesla after the transition is way too much, I think - about 20 hours, although fun driving a newly owned Tesla.

Please share any other thoughts. Thanks!

 

[Akikiki]

Getting it back to Florida is separate after you own it. While in Texas you could find a car carrier that will haul it to Texas for you.

 

[HankLloydRight]

How did you find this car.. on craigslist perhaps?

 

[Kuhz]

I really appreciate all of your responses - thank you. a lot of valued info here - thank you to everyone. The car is based in Florida and I live in Texas. I don't mind flying to Florida to meet him but the drive back with Tesla after the transition is way too much, I think - about 20 hours, although fun driving a newly owned Tesla.

Please share any other thoughts. Thanks!

20 hrs is a piece of cake in a Tesla with AP

 

[G2019]

How did you find this car.. on craigslist perhaps?

Yes, via a forum posting (not Craigslist).

 

[HankLloydRight]

Yes, via a forum posting (not Craigslist).

A forum post on TMC? I would tread very lightly... meet them in person with a signed title at a bank, or no deal.

 

[Triplett]

when I sell I meet at their bank, get a certified check for the sales price so I know I'm getting legitimate paper, then I sign over the title and take an uber home.

p.s. never take your eye off the cashier's check in the bank. It goes straight to you, the buyer does not put it in his pocket or hold it for any other reason.

 

[Akikiki]

G2019, Also, make sure you have insurance coverage on your new car as soon as you own it. Whether you drive it or ship it, don't move it without insurance. You don't want to risk a wrecked or damaged car setting in Florida if you live in Texas. Just think about the mess of effort it will take to over see and get it repaired if you are a thousand miles from it - even if its insured. Surely worse if you are paying to repair it because there was no insurance coverage.

 

[Zarwin]

when I sell I meet at their bank, get a certified check for the sales price so I know I'm getting legitimate paper, then I sign over the title and take an uber home.

p.s. never take your eye off the cashier's check in the bank. It goes straight to you, the buyer does not put it in his pocket or hold it for any other reason.

This is exactly how I've done it as well. Takes all risk out of the sale. I was buying a car from someone and had them meet me at my bank with title in hand and car in the parking lot. I had the bank cashier hand the certified check directly to the seller after the title was signed an notarized.

 

[G2019]

How does the FL Title look like and how can I tell if it's original and real title - is there anyways to confirm?

 

[G2019]

I had the bank cashier hand the certified check directly to the seller after the title was signed an notarized.

Which part or side of the Title do you get notarized? Sorry, I never heard about getting the title notarized.. thank you for your help.

 

[Akikiki]

I don't think you get a title notarized. You get a Bill of Sale notarized. Are you going to take a Notary into the DMV? I don't think so Tim.