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Discussion Starter · #1 ·
A friend of mine selling her 1973 Mustang droptop was approached by a car dealer in Europe. Being a retired state trooper, she is suspect, but I assured her that American muscle ( and yeah a 351 Windsor ragtop 'Stang is muscle to them! ) is quite the thing over in the EU. He wants a video of the car running and lots of other documentation, so I think he is legit.

Anyway, regarding payments. I was familiar with Letters of Credit ( LOCs) back in the 1980's, yet for those who have done this, how was the payment/deliver sequence structured?

TIA for any dope.
 

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Bank wire transaction only, NO checks. After her bank confirms cash is there and clear tell buyer its ok to be picked up. if skeptical on giving out personal banking info then open a dummy account just for the wire
 

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Having lived in Germany and other countries, I know several that bought cars in the U.S.

As Malibu stated, they were all but two by Bank Account transaction. The other two were cash paid by the buyers representative (family or friend living in the US) that inspected the vehicles.

Yes they all requested videos and pictures. Plus driving and warmup idling videos.

I would also say that everyone of the vehicles sold were completely finished cars. Im sure some of our overseas guys can attest to the cost of shipping and VAT for parts. Much cheaper for them paying a premium for a complete car. All cars were sold well at the top or over the U.S. Market value because of that.

Mike
 
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Discussion Starter · #4 ·
Well she thinks she'll get her top asking price this way. It is a nice complete driver+ quality car with fresh paint.
 

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my 68 el camino went to Sweden. but there's a Swedish guy that travels western US buying up cars to ship. He told me he ships about 300 cars a year to Europe
jim
 
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Jim is right.............now that Pomona swap meet is opening again next month, a lot of cars will sell to buyers from foreign countries. I've sold about a dozen cars that way there, and I know of a lot more. Many times it the buyer themselves, sometimes it's a broker. The difference is, there you get paid, in cash, and they take the car to Long Beach to be put in a container for shipment. I personally like the cash transaction method, but I suppose a prearranged deal could be handled thru your bank.
 

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There's quite a bit cars coming from US to here Finland all the time also.
I think that seller has no risk selling overseas as the money is transferred before the car changes owner and moves away from seller. The risk is more on buyer side as you are buying based on photos and promises. So you are transferring your money and then just hope that you'll get the car many months later and it is what you are expecting.

Also shipping overseas costs thousands, so you are very involved with the car after you wire transfer the money.

There are also quite a bit middlemans used at least when we are talking about more pricier cars. That way buyer has some one to check the car before money is transferred. Sometimes the middle person also may pay the money to seller in cash if it is preferred. However there's been also some cases that buyer has sent the money to some middle trader and never got the car or money back. That's why some prefer to wire transfer money directly to the seller.

So as said the risk is more on the buyer side I think.
 

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don't forget the taxes they have to pay getting a car into Europe or Australia. trucks are extra cost. Buddy had buyers in Australia, they loved wagon project because they would fill the car with all sorts of extra parts and claim it as parts for the wagon. jim
 
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Discussion Starter · #9 ·
So as said the risk is more on the buyer side I think.
Truth to that JPE, which is why he is asking her for alot of documentation, video etc. He is a broker, not the buyer.

A nice burgundy droptop Mustang with tan/saddle gut would make a nice EU cruiser! V-8!
PS my buddy Glen over in Rochester NY sold his cherry, AACA style cherry, 70 Elky to Sweden I believe.
 
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That's right, Jim. I sold a 69 C20 to a guy from Australia at a Pomona swap meet on Saturday, and Sunday morning it was still in the same place, and full of parts. I talked with him and he said "Mate, it costs me the same to ship it home empty as full". He told me he was picking up parts others had told him to get, to help defray the cost of shipping..
 
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