Best practice on purchasing process - money exchange

Joined
13 April 2013
Messages
578
Location
New Hyde Park, New York
Hi everyone,

I've done my research via he wiki but could not find much on this topic. I'm trying to find the best way to make a out of state purchase. The money exchange is the most important, then come the title transfer. I also need to know how to deal with title with a bank lien.

Thanks

lamchop168
 
I just did this over a month ago. You may need to give the seller a deposit to hold the car. You should if possible do that through PayPal. On both of my both out of state NSX purchases the seller and I were comfortable with each other so a deposit wasn't needed. But on my Imola the seller had a very small balance with Pen-Fed. I had the funds ready at my bank with Pen Fed's wiring instructions. I didn't have a PPI done on mine because the seller emailed me copies of the important Maintenance receipts for TB/WB...etc which all checked out. Once I got there and the car checked out, I called my bank and had the funds wired. His bank verified that the funds were received with in 30 minutes. We used the time to fill out a bill of sale and go through the operation of the car and the items included with the car. I had Pen-Fed mail the title to me. It was a cash deal on my end with no bank financing or lien. Then I drove it 1,600 miles home. (That was the best part.) This all works much smoother if you and the seller trust each other. I ask the seller a lot of questions that only a true NSX enthusiast would know the answers and some minor personal info like what profession he is in how puts miles on the car...etc. In my case, I have a great rapport with the seller and we pass emails from time to time as we are both "car guys". If you are having the car shipped things can be more complicated and a little nerve racking. My friend, Red-NSX has gone that shipping route and is going the shipping route on his recent purchase. You may want to PM him for his views. And others on Prime may have done the transaction differently especially if they had their reservations about the seller and the condition of the car.
 
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Thanks Lostbuckeye! It's really difficult for me since I've only been in the forum for a month and not that I don't trust someone but it's difficult. I'm not going the shipping route since I'm going to enjoy that ride back to NY wherever this car is at. So far I've got a few leads. Don't you need the title to get a temp reg to drive the car back home? Or there's other ways to get that temp reg. I really appreciate you writing all this out for me. If any other primer can give me their story, that would be great. I just want to get some best practice on this how to since I've never purchased a used car before.

Regards,

Lamchop168
 
It's a pleasure to help. As far as temporary tags, that would depend on your state. Texas is pretty straight forward. All you need is year, make, model, Vin# and $25 to get a 30 day tag. I took the tag with me to Virginia and attached it to the car and I was good to go.
 
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