Our Hagerty Plus member states he is in the process of buying a car in another state and plans on having a transporter pick it up. Is there a way to safely handle the financial transaction so that both parties are free from risk? When doing this type of transaction, do people use a 3rd party such as a bank to hold the funds and signed title until everything is processed and both parties sign off on the transaction? He's never done this before so any help would be appreciated.
Generally the scenario you describe is used, but instead of a bank, it is a lawyer that administrates the funds. Perhaps choose a lawyer that neither you nor the seller knows, in a town part-way between you, and arrange to have them work as the intermediary so that once the check clears, the signed title can be sent on, etc. This seems to be a popular method of protecting both buyer and seller in such situations. Simply split the cost of the lawyer between the buyer & seller. Hope this is helpful.