Selling a DeLorean to an overseas buyer

[SBL]

As some of you may know, I have my car up for sale. I have only announced it here on the forum, no eBay or other places. I have had several PMs from people overseas who want to purchase the car. I was wondering if anyone has had experience in this arena that they could share. Are there some definite do's and don'ts? One thing I am reluctant to do, of course, is to tell anyone my bank account number so they can transfer money, but I am not sure of what else can be done.

Anyway, some advice would be helpful.

steve

[Michael]

Dracula aka Chad has sold 2 cars overseas, a DeLorean to France and just recently his Excalibur. I don't know if he posts here anymore, but he is active on dmctoday

[Alex Brooks]

Hello I sold my first Delorean 01955 to Simid ( Simon) in Australia. I posted that car for sale on here we Emailed back and forth a lot talked on the phone a few times. I had some local offers but simon seem the most real and interested. we agreed on a priced at fair value. the only way to easy get the money was to wire it. I just moved all my money out of the account for safety reason and removed any over draft protection and set the account to just decline anything over the 5 bucks i had in account. Simon sent the money it did take almost a day longer to get the money than his bank said it would Im sure we were both just as nervous about it. with the customs they needed the title to stay with the car for some reason so just sent him a package with some manuals and extra stuff I had. about a month later a shipper came and picked the car up and took it to L.A. I believe it sat there for a few weeks and they loaded it up on a ship and in about 6 weeks after that he finally got the car.

[Dangermouse]

Bank to bank money transfer is much more common in Europe than in the US, surprisingly.

I would suggest personally visiting your bank branch and talking over what you are thinking of doing and what precautions you can take . As well as the account number you will need the bank's SWIFT code and possibly the iBAN number, if your bank has one. (everyone in Europe knows their banks SWIFT and IBAN numbers; that's how common bank transfers are over there - the bank tellers in your branch probably don't even know their own banks ). One possibility is setting up a brand new account so your existing account is insulated. Your bank can advise better on costs etc.

Another option is that the buyer can actually get a check made out in $ at his/her local bank, that they can mail to you. This of course takes time, time to create the check, time to mail, time to clear.

Importantly for a sale of this size, make sure you know what exchange rates will be charged as well as any fees.

While I have not sold a car overseas, I did sell something of $3k value to a person in Venezuela of all places and just used bank transfer without issue, though admittedly I was nervous for a couple of weeks.

[David T]

Whatever you do or how you do it, do not hand the Title or the car to ANYONE until you KNOW the money is good and in your account. NEVER accept a check for more than the deal and never accept a 3rd party check endorsed to you. The sale must be done "As is and Where Is" right here in the US. Overseas buyers are willing to pay higher prices. I sold a Delorean to a buyer in Italy. The deal was handled by a broker. He made all of the arrangements including shipping, customs, etc. I also sold a car (not a Delorean) directly to a buyer in Russia through an associate here in the US. Essentially the sale was as if I sold it to a local. I got my money before they got the car and the Title. Once it left my driveway (and I had my money) it doesn't concern me about who bought it or where it goes. A legitimate overseas buyer will understand the necessity of you having the money before they get the car. You will have no practical means of recourse if anything goes wrong.

[dn010]

I've sold numerous vehicles overseas, mainly Germany, Belgium, etc. Every transaction I've done was a wire transfer and I haven't had any issues, just as long as they know how much USD you need in the end; they've always been great with the conversion on their end as it was the exact amount I sold for. I think shipping is more of a PITA than getting the funds. Of course, these were all sales on ebay with the protection they offer and you can see the buyers history/feedback, etc. On here, I'd be suspect to someone reaching out with only 1 post on their count and a brand new user ID. I'd also be suspect to those who agree to a price and don't care to see any additional pictures or ask any questions about the car. And then, of course, you have those who search for people selling cars and send you a link telling you they want a vin report through that specific site.

To add to David's post regarding overseas buyers are willing to pay higher prices - one buyer explained to me that it was much cheaper to buy classic cars in the US with all fees and shipping, than it is to purchase them overseas around their country. I'm not sure if this is true or not, but I can agree that they're always willing to pay up.

[kenny]

I think it's all been covered above. I bought my car from the USA. Buyer should arrange the shipping, Europeans use bank transfer as standard, buyer need a bill of sale and the title for shipping/ importing. There is much more risk to the buyer as the money is transferred days before the car is picked up and 4-6 weeks before the car arrives.

[David T]

Which is why most overseas buyers will arrange the sale through a broker. The broker handles the money, the paperwork, verifies the car is what is represented, the shipping etc. They are familiar with what needs to be done with customs, prepares the car for shipping, all of the things the buyer would do if he was here. It does cost but it adds a layer of protection and they can usually expedite the process. It seems there are brokers that specialize as to what countries they deal with. For instance one may only work for customers in Germany while another only does Italy or Poland. Typically they will fill a container with not only your car but all kinds of freight that goes to that country. Here in the US they are called aggregators.

[David T]

I was at the Hershey car show this year and found a broker who specializes in overseas sales. Anywhere. For anyone who is interested I am putting up his website. I have no idea if he is any good, he is just one that I found that claims to be able to do deals. Says he can handle the logistics, duty, taxes, currency, paperwork, the whole thing.

www.frommamerica.com

He is based in Paterson and works closely with Horseless Carriage who is also based in Paterson NJ. I have used H/C and they are first-class. If they are working together this broker must be good.

[SBL]

Just to wind this up, and hopefully be helpful for the next person.

I sold my car to a man from the UK, who flew over here to see it and drive it.

I set up a temporary account at my bank in order to receive the wire transfer. Because of my particular standing with the bank, there was no charge for the account, the transfer, or the currency exchange. The buyer sent a test amount to see if it all worked, and it did. He picked a company to handle the transport, and they had me send the title to the transport company. This was done right after he wired me the rest of the money for the sale, and I moved it out of the temporary account and over to another account.

The transporter came today to get the car and take it to the Jacksonville, FL port. It was an open transport vehicle. I had hoped that it was a closed vehicle for the buyer's sake, just for the added protection.

The buyer told me that he would not get the car until Dec 2nd ! To me, that is too long and I bet with some shopping around he could have cut the time in 1/2. Otherwise, the whole process was smooth and the risk was with the buyer. The fact that he came over and met me and examined the car reduced the risk somewhat, and quite frankly made me feel better too, because he knew what he was getting from first hand experience.

steve