Buying out of state. safe payment methods?

[MCM]

What's the best way's to transfer ownership
(safe for both the buyer and seller) when purchasing a car out of state?
Is setting up an Escrow account the way to go?
Can a large bank's like B of A do this?
Have a 3rd party help with the exchange?
It would be nice to pay at the same time the title gets signed over.
What are the safest options?
Thanks!

 

[TyraNSX]

Certified bank check(s), have seller or current lein holder get title ready ahead of time. If this is a CA paperless title & you will not have a lein you will not get a paper title on the spot. Then you have to play the waiting & trust game. Try to set up as much ahead of time with the seller & his bank. Good luck.

 

[MCM]

"Then you have to play the waiting & trust game"

That's what I want to avoid. :redface:
There are other options, just not sure which one to go with.
I know its done by Prime members often, would like
some info on what worked well for them.

 

[drew]

1. Create and fill account at bank close to seller. Preferably with a notary on site.
2. Fly out to seller. Verify the authenticity of the VIN and ownership papers (both can be counterfeited). State police will usually have a program in which they will verify the VIN belongs to the car.
3. Go to bank, stand in line: have bank give money to seller in the form he likes best.
4. Concurrently with step #3---Have him sign over the car. Use a notary to authenticate a Bill of Sale at said time/date.

There is always the possibility that the seller is trying to sell off a stolen car, may not be apparent at the time. Example: the car's real owner is out of town and person you're dealing with is not the true owner (ie owners evil crackhead brother that borrowed his ID and the car keys) Check with your insurance company in the event of such an incident.

The seller may intend to report the car stolen after the transaction, but you'll have the notary paperwork to prove your case.

That about covers it I think. If the bank still owns the car, then you should create an account at THAT bank and go from there. The good thing about that is that you buying the car from the bank, so ownership is difficult to dispute.

Drew

 

[nsxtasy]

I don't have experience with this - sorry! - but I think the way you handle it is different based on whether you are picking the car up in person (so you can go to the DMV and the bank together with the seller) vs having the car transported.

 

[TyraNSX]

This is what happened to me, I am telling you my experience. It would have been 20x easier if: 1) CA did real paper titles for every car regardless of lein status and 2) did not want to rape the out of state buyer for CA sales tax to give them a new title.

Definitely do the bill of sale & have it witnessed & notarized while waiting for the title.

"Then you have to play the waiting & trust game"

That's what I want to avoid. :redface:
There are other options, just not sure which one to go with.
I know its done by Prime members often, would like
some info on what worked well for them.

 

[MCM]

The twist , I do not plan on meeting the owner (PPI done by Prime member good enough) and will not see the car until it shows up on the truck.
I hate to fly across the country just to hand over the $$$ and sign the paper work. I will if I have to, but there has got to be a way to do this safely?
Also, the car is coming into Ca. from another state.

Drew, thanks for the tip's.!
MCM

 

[Synthesis]

Buying out of state. safe payment methods?

in person

 

[drew]

I hate to fly across the country just to hand over the $$$ and sign the paper work.

Well, the only option would be an escrow service.

I would use Ebay's escrow, but they charge +6% of the purchase price.

Unless your time is very valuable or the purchase price of the NSX is very low, it would be well worth your dime/time to make the flight.

Anything other than the "tips" I have outlined would put you at some pretty good exposure.

Personally, I would make it "a vacation" and drive the car back for fun.

Good Luck

Drew

 

[mraudr]

I have bought 3 cars off the internet and have followed the same routine for all of them. Two were private owner and the third was a dealer. I did not pay cash though. I used Capital One Auto Finance and they actually tell you what to do. Their paperwork requirements help everyone get the warm and fuzzies. First thing I do though is get a mobile inspection. DO NOT USE Coast to Coast Auto Inspections out of CA. They still owe me $144 and have failed to answer the Sacramento BBB. Assuming you are satisfied with all the pics you requested from the buyer, then the paperwork can start. It also helps if there is a lien on the car. The more sets of eyes watching the deal make it better in my opinion. Its hard to give advice in this area since states vary in the way title is transferred and time frames for processing etc.
Good luck

 

[mraudr]

I'm sorry to have to reply again but I could not let you go on thinking you would be inventing the wheel as some previous replies led to believe. This type of transaction is done thousands of times of day. It's simply called business. I have reviewed some of the earlier replies and want to assure you that if you document every detail of the transaction and involve third parties such as CarFax, your lender, their lien holder, and a third party inspector, there is no reason why you cannot have a smooth transaction. My S500 came from CA, my NSX from TX, and my Lexus LS430 from IN. All without a hitch because I was vigilant and respectful of standard business practices. Beware a seller who is not as willing. I did not physically inspect any of those cars. I had a third party do that. I also asked the seller for additional pics. Between the inspectors and the sellers, I ended up with over 120 pics for each vehicle. I also had basic mechanical inspections performed. The nice thing about dealing with high-line cars is the more detailed meticulous nature of the seller. It would be harder to get a seller to work so hard to sell their Taurus. Actually, I had a more pleasant experience dealing with private owners. The dealer is looking to move a car. The owner is probably having to say good bye to a car that was or still is their baby. Hell, it took me 15 months to sell my 92 Jaguar XJS V12 because I didn't like some the questions people asked. They weren't Jag ready! Check out my stable at Myspace.com Username is oscarlares. My new Lex isn't on yet just my 1991. If you want some more input from experience, hit me back.

 

[Ric]

Another option could be asking a local dealer (independent or acura dealers) to buy the car and you will buy the car back from them once the car arrived. Let the dealer deal with all the out-of-state paperworks. I was in the market for an NSX also, and it’s hard to find a good one locally in Seattle, so I asked ParkedPlace dealer in Bellevue to do it for me thru what they call “Locator Service” or something like that. Of course this way you will have to pay extra for the fee. I rather pay extra than dealing with all the hassle of buying the car out-of-state. Peace of mind, you know.

Currently my NSX purchase is on hold since I am working out of state. Once I return to Seattle and ready to get one, that is what I’ll do.