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selling to overseas buyer


big blue jim's Avatar
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10-10-05, 08:23 PM   #1  
selling to overseas buyer

i have a 1996 Oldmobile for sale and the buyer that has been contacting me is from France. it seems very weird to me but he is sending a certified check. i am not exactly sure on how to proceed. he said after I recieve the check I should e-mail him so he can contact his shipping company for arrangements. What must be done for transfer of the vehicle.
I'm just affraid this is a scam.

Big Blue Jim

 
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bobaftt's Avatar
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10-11-05, 09:46 AM   #2  
bobaftt
scams

It probably is a scam alot of times when people use a cashiers check from overseas it turns out to be a bogus cashiers check and it usually will come back on you as far as the bank is concerned. You can call the bank that issued the check to see if it is a good cashiers check before depositing it.
Craig

 
big blue jim's Avatar
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10-11-05, 02:06 PM   #3  
it was a scam

My wife talked to the state police and confirmed it was a scam. They said a person will send you a check often for twice what you are asking for the car and request you to pay for shipping with the other half. The check you receive is bogus and the funds you use will come straight out of your account. They will end up with your money and often your title.

jim

 
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10-24-05, 12:15 AM   #4  
Just a note:
For international transactions involving goods, request an irrevocable letter of credit(preferably drawn on a US. bank) from the buyer. An alternate method is a wire transfer. This is a direct payment to your bank account from the buyer. (Rare between unknowns).

The letter of credit states the terms of sale between the buyer and seller, including documentation that the seller must satisify before the bank releases the funds to them.

A short overview of an interational transaction (trasfer of goods) . This overview is not all inclusive.

Buyer contacts Seller.

Seller ensures the Buyer is not a barred or excluded person. Barred or excluded by the United States Government to conduct international transactions (for one or more reasons).

Seller send a Proforma Invoice to the potential buyer. The Proforma Invoice states the terms of sale explicitly.. Typical inclusions: "Quantity" How many. "Unit" -each, set, ect.. "Description". Full and complete in every detail. "Payment" USD (United States Dollars) upon an irrevocable letter of credit. "FOB" point. Who pays freight charges. FOB Origin - the buyer pays all. "Customs Duties" Who pays.

Buyer accepts; then arranges a letter of credit upon deposit of funds.

Buyer sends a purchase order to the seller, and a copy to the bank. The bank sends the letter of credit to the seller (copy to buyer).

The seller constructs a Commercial Invoice. It's very similar, if not the same as the Proforma, but it's titled differently.

The seller sends the Commercial Invoice to a Freight Forwarder, or directly to an Ocean or Air Carrier.

Typically a Freight Forwarder would be involved, unless prior arrangements are made directly with the Ocean or Air Carrier (You must be a "Known Shipper" to do make arrangents directly with a Carrier).

Acting as an agent for the Buyer or Seller, (depending on who pays the freight), the Freight Forwarder would file a SED (Shippers Export Declaration).

The Commercial Invoice and the SED would be sent to the Carrier.

After the Carrier completes their documents (Ocean Carrier: Master Bill of Lading), they would send an Ocean Bill of Lading (includes: Original "clean" and copies) to the Freight Forwarder. In turn the Forwarder would send the "Clean Bill of Lading" (original, and unaltered) to the seller.

The seller sends the Commercial Invoice and the Clean Bill of Lading to the bank as proof of the transaction. Once the bank authenticates them the seller is paid.

 
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