Need advice for long distance sale

[coldhammer]

So I have received an offer for my car that I find acceptable. The title to the car is currently held by capital one. The buyer has agreed to wire the money to capital one. Capital one will then deduct the amount left on the loan and send me a check for the remainder. Capital One will also send me a clear title. Upon receipt of the title I can then send it to the seller.

The seller has requested that I draw up a bill of sale and email it to him for him to sign and fax back.

I have two questions.

1) does giving a bill of sale to an individual without giving them the title, give them any legal claim to the car?

2) is having the seller wire the money to the bank a safe way to conduct this sale? Is there any sort of scam that the seller could employ that could cause the bank to come back in a few weeks and request the money be returned?

 

[dx3]

Not unless it is signed. Don't sign the bill of sale until you verify that capital one has received the wire.

Once Capital One receives the money and verifies it, then you are in the clear.

Jonny

 

[MartinSD]

I bought mine long distance. You can go through an auto broker, but it will cost you. Money cannot be un-wired after it clears. It is safe after Capital One verifies that the money has cleared. My B of A personal banker told me all of these things that make you worry when you purchase a car long distance -- the title arrive overnight delivery from the dealer the next day. Is the new owner going to drive it home or ship it?
Martin

 

[coldhammer]

they are supposed to arrange for a shipping company to pick it up.

 

[MartinSD]

Do a very meticulous walk around on the car with the shipper and document EVERYTHING -- dings, paint chips, scratches on rims. I would probably take pictures too. Send a copy to the new owner so that he knows the exact condition of the car when it left your possession. There won't be any questions about the condition of the car when the shipper took possession.
Cheers