I am in desperate need on how to handle payment for a used car private sale.I am purchasing a 2003 Honda S2000 in California from the seller in Florida.
The seller doesn't want to go through any escrow service to handle the payment. He says that any problem there and the escrow service will hold his money.
I remedy his situation but how to I protect myself in this situation?
This only leaves payment by Cashier's check or Bank wire. Seller says he wants the money in his account before any action on the vehicle.
Any ideas on what I can do here?
As a seller i wouldn't accept escrow either. There has been previous discussion where buyers nit picked cars that were returned, or tried to renegotiate the sale price. With escrow it's my opinion the buyer pretty much holds all the cards. In my humble opinion, Escrow was never intended for motor vehicles.
I would have a professional inspect the vehicle so you know for sure it's as seller described. Be sure the car title is in the sellers name, and has no liens. The inspector should cover this in the inspection. Google mobile vehicle inspection and possibly narrow down search results by cars location / zip code.
If all is well then send payment. Personally I'd rater use a bank wire transfer to send payment. See our car buying tips article for more information.
Best wishes for a successful transaction, Doc
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