hoobastnk90

Just bought mine out of state with a check from my bank, the seller knew this is how it worked and it took a few days to clear. I think if your honest with people and have them talk to the bank if necessary people know how these things work and will usually work with you.

funcoland

Same, I bought my car from out of state and was very upfront with the seller and he worked with me. I gave him the bank check, we signed the papers and all is good. I'd say in this case the brunt of the risk was probably in the sellers court however.

One thing to absolutely keep in mind when buying a car out of state is if/when you find a seller who will agree to your terms.. be sure to bring everything from your local DMV that would help you with getting it registered to your name. Bill of sales, power of attorney forms etc. I'd even say that getting the forms from the seller's state is worth as well just in case. Do it at a bank and notarize if you can, because there's no hurt in it.

There's nothing worse in the world than being in the DMV except maybe the doctor's office. Even worse, go to the DMV and then get rejected after an hour of waiting because of one missing form or signature.

Also, I know someone else made a comment on not financing toys but my opinion on that is if you have all other financial obligations met in your life then by all means finance to get the car you want. It's only money, and given interest rates today it's really not that much interest on an average 15000 dollar loan for 3/4 years.

Just please don't be one of those people taking out a ridiculous 8 year loan or something and you'll be okay.

GT350RS

It makes perfect sense to leave money in the bank gaining interest if the rate of repayment is much lower.

This is the reason I haven't paid off my GT350 yet. There's just no sense in pulling out 50K when that money is making money Maybe if the markets start tanking, but right now Its too good, far better than the interest rate on a loan the bank would offer on a 12 year old car...

That being said, I just paid cash for my S2K so this might be somewhat hypocritical, lol...

simbabear

Thanks for all of your responses. Good to know these kind of transactions aren't rare. Just have to wait for the right car and the right seller....

SiClone

Bought my S out of state from a private seller via bank cashiers check. He helped me load up the S on my trailer and we drove 20 minutes to the next town where he banked at. This was on a Saturday morning. He was able to payoff his loan and obtain the lien release within 10 minutes or so. This was completed via the drive thru window, too.

SiClone

Best to find out what the protocol is for the seller's bank.

I had to wait for US Bank to send me the lien release on a purchase 4-5 years ago. Seller gave me the title while we completed the sale in the bank. I wasn't worried because the banker was going to handle mailing me the release.

DL771

No idea who the financial institutions involved are, but the last car I sold had a lien on it as well. Prior to selling, my bank allowed me to temporarily hold the title for 30 days (yes, this IS possible).

My buyer flew in from Arizona, and was funding the car from two different financial institutions that were both different than mine. So in total, 3 financial parties were involved.

Buyer supplied me with cashier's checks from both institutions, we took them to my bank, they verified the legitimacy of the funds, issued my buyer a lien release, and I signed off the title to him.

Buyer was in and out in a matter of hours, and was successfully able to register the car in his home state - zero issues.

simbabear

Finally found a car in my price range with the color and milage that Im happy with. The car is out of state, and it happens to have a lien, but wait there's more! the sellers physical bank (USSA) is 4.5 hours away from where he lives. Im thinking of flying out, making him verify my funds, give him cashiers check, have him write a check to USSA for the remaining balance and physically watch him send it out....and wait for the title and car, as i will be getting it shipped.

GT350RS

You shouldn't have to go through all of that. First call the seller's bank and ask about their lien release policy. Once you know that, ask the seller to meet you there to transact the business. If the seller has no interest in doing so, why continue to do business with him?

What all of these stories have in common is mutual trust and credibility through the process. If you remain cautious through each step and go slowly, the shady ones will inevitably reveal themselves...You just have to remember that they are just as wary of you as you are of them. That usually leads to both parties being careful and it all works out...

nMeOnE

I had a buyer buy a car from me in cashiers check that was over 50K. One way to verify the cashiers check is to call the bank which issued it. You have to call with the person who purchase the cashiers check.

Once the bank verify the cashiers check its good to go. If buyer is still feeling reluctant about it, let them hold the title until the funds are cleared 100% but get a bill of sale from them.