at7000ft

Would like an opinion from anyone that has purchased a bank financed vette out of state from a seller. I have the cash but I can't just fly out there, check out the car, hand over the dough, get the title and drive home or have the car shipped. Could take a week to do the paperwork and sounds like it may be easier for me to take out a car loan from my bank, let them handle the paperwork then just pay off the loan in a month or two.

Still would have to trust the seller to get the car to a shipper after the back paperwork is complete or fly down there a second time to pick it up.

Or should I forget this deal and just deal with remote sellers that have the title in hand?

thanks

rick

Top_Fuel

Having your financial institution act as a "middle-man" in the transaction is a good idea. It puts an interested party between you and the seller. Your bank won't get ripped off by the seller, and the seller should feel comfortable dealing with a loan officer at your lender instead of with you directly. Even better if the seller doesn't own the car outright. Then it's just the two lenders dealing with eachother.

That being said, I assume you are going top make at least one trip to actually view the car? I'd say at that point you need to size up the seller and judge for yourself if you can trust the guy to cooperate with your shipper. It's not like there's a lot to do. Just give the shipper the keys when the truck shows up (assuming you are using a top notch carrier like Intercity Lines).

I have been on both ends of deals like this. Is the seller a dealer or at least a Corvette enthusiast? If so, I wouldn't worry too much as long as you check the car out thoroughly.

kctay

Just did exactly this in an out of State purchase where a lienholder was involved.

at7000ft

Thanks for the info Top_Fuel, I didn't realize that InterCity would pick up at the seller's home (this is a private seller). Thought he would have to drive it to the nearest transport company lot or something after the bank processing was finished. Makes it almost sound less error prone than dealing directly with a seller with cash.

derty01

If unable to fly out or drive out to check out your purchase you could post a help needed post in the region of the car and see if any Corvette Forum members are willing to lend a hand. I actually just did this and had many members email me who were willing to help me out. I had a guy check out a car I was looking at and he did everything I would if I were to look at it myself. This forum is very helpful in everywhere I can think of. I guide every corvette owner I run into to this forum.

TORQJNKY

I guess it depends on the seller and how comfortable you feel with him. I bought my car from a very nice older gentleman in Texas (I live in VA) using a bank loan check. I flew down and met him at his home with the bank loan check. I looked over the car and drove it. We chatted about random stuff, then both of us signed a Bill of Sale and I gave him the check. It will take a few days for the check to clear and even longer for the bank to release the title. As soon as the check cleared, I made arrangements for a shipper to pick the car up at his house and he ensured the car was loaded incident free then he overnighted the title as soon as it showed up at his house.

My bank loan check required me to write the VIN # of the vehicle on the check. You also need the name of the financial institution who holds the title. So, there is little risk of the seller just cashing a bank loan check and not sending you the vehicle, where a personal check could be risky.

This is not the first time I've done it and have had good experiences each time.

Top_Fuel

As long as they have decent in/out access on the guy's street for their rig, they will pick the car up right in front of the guy's house. If not, they will coordinate with the seller to pick the car up from a nearby street or parking area where there is good access.