simbabear

I have decided to take my search for an s2000 out of state and came across a road block. Ill be financing a large portion of the vehicle. My credit union only offer a cashiers check, but it seems to
pose 3 big issues when buying a car this way.

1. Although the buyer's bank can call and verify with my bank that have sufficient funding, it seems it will take 4-5 (possibly more) days until it clears... and they seller won't release the car or title until the funds clear respectively.
2. That means i have no car/title during the 4-5 days, while I'm left with nothing and hope that the seller dip out with my money.
3. Since I'm out state, I would have to fly back and fourth to drop of check, go back, wait and go back to pick up car if seller doesn't rip me a new bung hole.

Anyone that has experience selling/buying a car out of state please chime in

Luc203

I'm actually trying to do the same exact thing. Financing a good portion of it as well. I'm curious to hear thoughts on this. BOA won't let me finance anything over 10 years old and the cars I'm looking at are AP1s. Any suggestions on who to go through, preferably in the state of Arizona?

simbabear

Yeah, that's one of my option too, is to find an 2007 or later so i can finance via BOA so they can witness me getting a check at the bank.

Chuck S

This is, of course, your problem. Financing toys has never made sense to me.

Not sure who's funding this but electronic funds transfers happen every second. Money changes hands instantly. I just bought a house in another state and the payment went this way. No reason it won't work with a relatively inexpensive car. My wife's car was wrecked (rear ended) on the way to work one morning two years ago and she bought a new car and drove home that afternoon via electronic check. Everything was done on the phone while the dealer cleaned up the car for delivery.

At worst the seller just mails you the title when the check clears -- which should take less than a day, not 4 or 5.

-- Chuck

Car Analogy

5 years ago I bought my S this way out of state. It was a long drive, not a flight, and I went twice. First to inspect car, second to buy it.

They were an older couple (50 something), we are an older couple, everyone trusted each other. That was key to this working in our situation. It could of course still have gone sideways. But it didn't.

One way to have such trust would be if the seller (and you) is on this forum, and has a long history here. That of course guarantees nothing, but it helps...

cosmomiller

Yep, electronic transfer is fast: close to instant. Don't forget a bill of sale, even handwritten, is a binding legal document.

GT350RS

I bought my last two cars, the S2k included, out of state. The process is pretty simple. Here is what I did both times:

1) 2016 GT 350

1. Found the car, obtained a large amount of pics
2. Send a large amount of pics and video walk around of my trade.
3. Agreed on numbers contingent upon final inspection.
4. Obtained loan based on Buyer's order from CU - Took CU check with me to meet the dealer.
5. Met the dealer half way in another state (both from mine and the state the dealer is out of).
6. Test drove vehicle and agreed on condition. Took car, title and buyer's order with me. The dealer took my car, the title and the keys with him. Job done.

2) 2005 Honda S2k

1. Found car, obtained a large amount of pics. (actually from three dealers in two states....)
2. Negotiated price, settled on the one I wanted.
3. Took out cash from bank in the form of a cashier's check.
4. Flew to dealer's state.
5. Test drove car and verified its condition as stated.
6. Gave the dealer the check, took the title, paperwork, car and keys. Drove 350 miles home.

You can do a wire transfer but as stated above, this is risky if you do it before hand. You can wait until you get to the see and verify the vehicle but not all wires come into the seller's bank as soon as they leave yours. You might have to wait until that period is up. If you do so, you should request a notarized buyer's order/bill of sale and the car's title to hold while the seller is waiting, if he/she doesn't want to release the car to you. Most places will take a cashier's check from a recognized bank, you can always offer to meet the seller at their bank to conduct the transaction (preferred if you're not buying from a dealer), that will usually get you access to a notary at the same time.

Good luck and enjoy the new ride!

AngryTurtle

Thats great and all but buying from a Private Party is not the same as buying from a dealer.

GT350RS

Yes, I noted that in the last paragraph. The steps remain the same but I wouldn't wire anything until the car and paperwork is verified. In that case allow extra time for the process to take place or request a cashier's check to be filled out at the seller's bank. If your bank won't give you a blank check keep the detachable coupon in a safe place. That would be your failsafe if the guy tried to grab the check and ditch you.

All in all, if you feel like the deal is sketchy in any way, look elsewhere. Sometimes it pays to pay a little more to buy from a reputable source.

amani

What about getting a notary/escrow service? It should cost <$300. $300 out of ~$15000 is a grain of sand.