Wayne Brazinski wrote
My good friend just sold his Cobra replica on Ebay to a guy in Italy. We
are concerned about how such a transaction would be completed. Some specific
thoughts include:
1) Assurred International Payment
2) Title tranfer
3) How is this guy going to send all this money, and have it clear my
buddies account, without having the car?
To keep the LBC theme relevant and to imitate the method Standard-Triumph
used for decades on its international sales, your friend could take the
advice of his bank. I'd recommend that payment takes the form of a
*Confirmed Irrevocable Letter of Credit* in a currency stated by the seller
opened by the buyer in favour of the sellers bank. This is as good as hard
cash because it means the seller will definitely be paid but he can't be
paid until the car is on its way to Italy. Simply, its the guarantee to
buyer and seller that one gets the car, the other gets the money - and the
bank ensures fair play. The bank will be able to advise the appropriate
wording but it's likely that "payment in full at sight on presentation of
shipping documents" will be the clincher. But no way does the car leave the
seller's hands until the CILC is received by his bank and he is told it is
fully in order!!!!
Jonmac
---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.766 / Virus Database: 513 - Release Date: 17/09/04
|