To good to be true

davidd

Well Known and Active Forum User
VOC Member
A friend of mine just bought the bike. It is being delivered to a motorcycle shop C.O.D. I will fill in the details when he inspects it.

David
 

davidd

Well Known and Active Forum User
VOC Member
No. The seller shipped it immediately C.O.D. with a company that specializes in vehicle shipments under C.O.D. conditions. They allow for a two day inspection before acceptance or rejection.

David
 

Howard

Well Known and Active Forum User
VOC Member
No. The seller shipped it immediately C.O.D. with a company that specializes in vehicle shipments under C.O.D. conditions. They allow for a two day inspection before acceptance or rejection.

David

Has he paid money to the shipping company, for them to hold until he's happy?

H
 

dagriise@online.no

Well Known and Active Forum User
Non-VOC Member
Not saying its true in this matter, but a friend of me was "had" this way with a excavator. However he had paid upfront, and was somehow told that he had to aprove the final transfer.. -which of course was not true.... I cant see why a seller would risk the cost of beeing rejected, as this will generate return transport cost, risk +++ ? It will be interesting to know how this works out...

Regards Dag
 

Peter Holmes

Well Known and Active Forum User
VOC Member
Surely this can only end in tears, it is well documented that the bike was sold at auction on the 12th Jan 2012 for $46800.00 and has now been sold for $20000.00, when everybody knows that it is worth double that amount, I know the bubble is going to burst one of these days, but not like this, it just does not add up. If this does turn out to a genuine sale it will certainly be an act of great philanthropy to a lucky Vincent enthusiast, but I fear that will not be the case.
 

davidd

Well Known and Active Forum User
VOC Member
This may be a scam, but so far not one cent has been given to anyone. As I said earlier it is all C.O.D. I have some information that it is a distress sale, but of course that could be part of the scam. I will post as soon as there is some indication one way or the other. It is very wise not to forward any funds or a deposit. In a situation where funds are required, it is best to hire an escrow agent and draft an escrow agreement. Do not trust the freight forwarder. They are an agent for the seller and it could easily be a scam.

David
 

Howard

Well Known and Active Forum User
VOC Member
This may be a scam, but so far not one cent has been given to anyone. As I said earlier it is all C.O.D. I have some information that it is a distress sale, but of course that could be part of the scam. I will post as soon as there is some indication one way or the other. It is very wise not to forward any funds or a deposit. In a situation where funds are required, it is best to hire an escrow agent and draft an escrow agreement. Do not trust the freight forwarder. They are an agent for the seller and it could easily be a scam.

David

There are mentions of Western Union transfers going wrong as well, and I've seen escrow mentioned in those scams. I don't know what escrow is, so I can't comment.

Hope we're all wrong on this one.

H
 

davidd

Well Known and Active Forum User
VOC Member
Howard,

Good question. I know nothing about Western Union, but it is not the escrow itself that is important; it is who holds the escrow account. An escrow account is essentially a "trust account." If you hire a solicitor he would hold the money in an escrow account. He would write a contract stating the conditions upon which he would release the funds, like delivery of the vehicle, inspection and delivery of a valid signed title. The difference is if the freight forwarder (who is representing the seller) says "I will hold your deposit in escrow," you do not know exactly what the conditions of release of the funds are. They will always be in favor of his client, the seller. If your solicitor calls the freight forwarder and tells him he has the deposit in escrow, the forwarder will then act as if the deposit has been delivered to him, unless it is a scam. Assuming it is not a scam the deposit is being held by a third party under an agreement can be satisfied by both parties fairly. Escrow accounts are usually used in the purchase of a home. The money will sit in the escrow account until the deed is filed at the registry, at which time the money will be released. Lawyers in the U.S. are normally required to make a full accounting of these accounts to the authorities.

The lesson is to not cheap out and use the seller's agent like he is your agent. He is not. Get your own agent to represent you.

Like you I am still worried about this deal.

David
 
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