can you set up online used car sales transaction through yahoo.finance?
We are looking at a used car at a price well below market value. Seller in Maine claims that he will set up the transaction through yahoo!finance. We should deposit funds with yahoo!, he ships the car to us in Ohio & we will have 15 days to inspect before yahoo! releases funds to him. I don't see this type of transaction available on yahoo!'s web pages. Seems suspect
Public Comments
- I checked the Yahoo site very carefully and didn't see any indication that they are prepared to serve as an escrow agent, which is what you described, in any transaction. It would be very unusual if they were in this business. Escrow agents tend to be very specialized, as they need to be because the types of risks involved vary from subject matter to subject matter (real estate v. car, for example). Used cars would be a particularly difficult set of transactions because the physical condition of used cars varies so much. Thus, the chance of a disappointed buyer is very high. Again, that does not sound like a transaction Yahoo would handle. Also a fifteen-day inspection is incredibly long. 24 to 48 hours would be closer to the norm. Fifteen days adds another "fishy" smell to the deal. There are all sorts of questions about insurance, damage to the car, and so on that could arise in a fifteen -day period. Now Yahoo does carry advertisements for escrow agents who handles deals. But they have nothing to do with Yahoo and Yahoo of course would not guarantee them. I came across this paid list of escrow agents on the Yahoo auction site. Did the seller say that he would give you title to the car? He shouldn't if he doesn't have his money in hand. And if you don't have title, then you can't get your own tag. It would be possible to leave everything in his name and you get no title, but then the fifteen days again sounds way too long. He would be assuming much more risk than a reasonable person would assume. There are several things you can do, in addition, to just dropping the deal because it sounds too suspect. For example, you could ask the seller for the names and addresses of three out of state people that he had done similar deals with. And you can ask whether he is talking about Yahoo as escrow agent or someone who advertises on Yahoo. If this is a scam, you will soon be asked to send some cash. That's usually what these scams are really about - - getting some advance cash that the "seller" absconds with. If you want to push the matter, propose as an alternative that you will set up an escrow account with an attorney in your town using the same terms he proposes. Tell him that you want an attorney so that you can have the state Bar Association back you up in dealing with the attorney if something goes wrong. It's hard to argue with that. I would bet that the seller does not accepts an alternative arrangement. But if he does, that's a very good sign. Of course there will be the question of who pays the two shipping costs if you decide to reject the automobile. That's going to be a not-trivial amount. Good luck.
- Two vehicles I tried to purchase this way ended badly...I strongly advise against!!! S. Laureys
