Purchasing an out-of-state vehicle questions.

[Embassy]

To those of you who have purchased vehicles from an out of state private party, how did you pay for the vehicle, exlcuding a cashier's check?

For example, if you're taking out a bank loan, how would you prove to the seller that once the title is in the bank's hands, he/she will have the money?

What are the alternatives?

Thanks in advance.

[Todd]

To those of you who have purchased vehicles from an out of state private party, how did you pay for the vehicle, exlcuding a cashier's check?

For example, if you're taking out a bank loan, how would you prove to the seller that once the title is in the bank's hands, he/she will have the money?

What are the alternatives?

Thanks in advance.


I bought my Marauder from someone in NJ (I am in Fl) which was a member here.

I had my credit union contact his bank and they arranged to have the money transferred up. It took a few days to get it worked out but was worth it.

[Embassy]

I bought my Marauder from someone in NJ (I am in Fl) which was a member here.

I had my credit union contact his bank and they arranged to have the money transferred up. It took a few days to get it worked out but was worth it.

Interesting. So how and when did you or the bank receive the title......and the Merc?

Was this a loan or did you transfer money from your exisiting funds?

My bank will not release the funds until they have the title or "goldenrod" in their posession. They first give the seller a letter of credit that guarantees payment upon receipt of the title/goldenrod.

http://www.investorwords.com/2774/letter_of_credit.html (http://www.investorwords.com/2774/letter_of_credit.html)

[TiTo35]

:2thumbs: @ Todd

My CU contacted my seller's CU and I really didnt have much to do but go get the car and get my insurance situated. The seller mailed me everything on the car title, service records, sticker...you name it.

The private seller, if you are going thru a CU, will know the money is somewhere(I dont know where you want the money to go) because the CU will contact him or the person at their institution.

Matter of fact, I liked buyin thru private then a dealer, 1 because my seller became family almost, thats how must we were in contact and 2 it was just less hassle...I got a piece of mind, but I had to pay tax tags and title when I got back to MD...I knew it would be high but hey...I got my MM!!!


Hope this could help...

[Embassy]

Thanks for the replies, gentlemen.

Did both of you pay in cash or was the car financed through a bank? I would be doing the latter and am looking at what options I have to pay the private party seller.

Thanks.

[Green96]

My bank sent me with a certified check made out to the seller. The bank had the VIN #, so I am not sure if they can flag the title as having a lien. If not I guess they just trusted me.

edit: I held the title, the bank was just listed as a lien-holder.

[TiTo35]

Thanks for the replies, gentlemen.

Did both of you pay in cash or was the car financed through a bank? I would be doing the latter and am looking at what options I have to pay the private party seller.

Thanks.


My CU sent his CU a check...Your institution should send the seller a check...easy as beer!
Good Luck
:beer:

[Aren Jay]

I bought from a Dealership out of province. Just sent a UPS with a Money Order.

Private party you might want to take more precautions. but talk to your bank.

[Mike Poore]

Your bank talks to his bank and transfers the funds, once his bank sees the title transfer documents, and bill of sale. Really, it sounds much more complecated than it is. Sometimes, a couple of phone calls seal the deal. :)

Good luck with the new ride. :D

[Todd]

Sorry for the delay, I hadnt subscribed to the thread and just got back to reading it.

They transferred the funds and the title (or equivilent) was next day air'd down a day later. When the car was officially paid off I set the date with my shipping company to bring her down in their enclosed trailer.

It was a loan through my credit union.


I am very sure there was paperwork between my bank and his that I didnt know about. But I admit, there was a few days where I was legally responsible for the car but it was still up there in NJ. I fully and completely trusted the seller as he was/is a member here, a police officer, and a generally nice guy. But if all that hadnt been the case, I would have been a little worried. Although I had already gotten insurance on the car as well so it would have been covered.



Interesting. So how and when did you or the bank receive the title......and the Merc?

Was this a loan or did you transfer money from your exisiting funds?

My bank will not release the funds until they have the title or "goldenrod" in their posession. They first give the seller a letter of credit that guarantees payment upon receipt of the title/goldenrod.

http://www.investorwords.com/2774/letter_of_credit.html (http://www.investorwords.com/2774/letter_of_credit.html)

[Embassy]

First, I want to thank everyone for the insightful replies. I've learned a lot.

Since my primary bank will not release the funds until the car is titled in my state, I am shopping around with other banks. These banks will actually.....gasp......allow me to take a check out to the seller's locale and if all checks out, exchange the check for the title and the car. What a concept.

After a stressful evening I am glad to see that there is hope that I'll still be driving the car soon.

I'll probably have a few more questions later on. Thanks again for the assistance.

[Hadamustang1]

I used roadloans.com for a interstate sale. they handled everything including a pre sale insp.


http://www.roadloans.com/loans/content/rl/index.jsp

[TiTo35]

First, I want to thank everyone for the insightful replies. I've learned a lot.

Since my primary bank will not release the funds until the car is titled in my state, I am shopping around with other banks. These banks will actually.....gasp......allow me to take a check out to the seller's locale and if all checks out, exchange the check for the title and the car. What a concept.

After a stressful evening I am glad to see that there is hope that I'll still be driving the car soon.

I'll probably have a few more questions later on. Thanks again for the assistance.


Good JOB...its one of those sigh of relief moments arent it?
Well Good luck and Happy motoring:banana2:

[Embassy]

Good JOB...its one of those sigh of relief moments arent it?

Indeed.

I'm approved and ready to roll.

Thanks again, everyone.