Out of state purchase

[ULCajun]

How do you guys do it?

I've been screwed over by a few sellers/dealers now. Looking for particular thing but I am super picky. Finally baited and am reeling in an out of state truck. Private party sale but I am financing through a local bank. Putting half down through certified check. The bank I am financing through will not release the rest of the payment without the title (I would drive back with it). Of course the seller would not want to release the title without full payment. (Makes sense to me)

What do I do?? My next step is to call a local bank around the seller to see if they would finance me.

 

[CXS]

Can you get an uncollateralized loan for a 30 day period? Otherwise I have no idea.

 

[Sisente]

Bank pays, you get the loan, the bank gets the title until the loan is paid off

 

[CXS]

Bank pays, you get the loan, the bank gets the title until the loan is paid off

The bank I am financing through will not release the rest of the payment without the title.

:tape:

 

[Velonici]

Ive done this and it sucks and really is up to the seller if they want to do it or not. I had them send the title straight to the bank. I showed up with the money and collected the car (both were MR2's ironically). First guy was ok with it. Second one was a little more weary about it and we both signed a contract that outlined what the plan was.

 

[ncpinz]

That will be very seller dependent. It sounds like buying local is going to be a better bet than out of state for your situation.

 

[vr4z06gt]

I had the same issue when buying our 4Runner. I went to purchase it about 16 hours away, the bank wouldn't touch it even though I was buying from a large dealership network. Thankfully I was able to have a family member bankroll me for a few weeks until the title transferred to Mass and the bank gave me a loan to repay my family member. Do you have some collateral you can borrow against, Home Equity, another car, family member (or worse case a 401K) for a few weeks to a month to get the car home and then secure a new loan with an instate title?

 

[BrianSD_42]

Shouldn't you both just walk into the bank with the title.

That has always worked for me.

 

[ads2539]

ElizabethManning is a SPAMbot. Ignore her posting, and don’t contact her for anything to do with your money, personal info, etc.

 

[importman]

I've done this several times. It helps if you have good credit and a good relationship with your banker. What I did was get a 90 day unsecured note for the purchase price and got the vehicle. When I got back I did one of two things: In one case I sold the vehicle I was replacing and used that money to pay off the note. In the other cases I got a standard car loan from the same banker to pay off the note. It helped that my banker is an old friend whose sister I almost married back in the day.

 

[inscarguy]

There's 2 different ways this could be handled.

Get a personal loan. I did that when i bought my 08. You keep the title and you get the money up front.

Let the bank handle all the transactions. Let them send the seller the money directly and let them get the title. They have to get it anyway if you take out a car loan.

 

[sincerelyadam]

When I bought my 08 from out of state I got a loan through Lightstream. They call it an auto loan but it works like a personal loan, where you still keep the title. It's the first time I ever financed a vehicle and it was really easy. I do not work for them or anything.

I think it's of note that I bought from a small dealer sight unseen. I don't think I would be comfortable doing that with a private seller.

 

[FjHugo]

I ONLY buy local. The right car will come up eventually, unless you’re crazy rural. And then there is no pressure or obligation to buy. Take your time......