Out of state vehicle purchase

[Carlrx7]

Can anyone give me some tips on the safest and easiest way to purchase a car thats out of state from a private party?

the car is in Maryland

the guy still owes a lot on the car

i will be financing it, yuck, at least until i hit the lotto..

anyways.

i have faith that the car will be everything it has been promised it is, I've already given a deposit.

but i would still like to check out the car before my bank sends any money.

what i was planing on doing is fly up to maryland on saturday (10th), check out the car, get a bill of sale (VR-181). then sign the electronic documents to send the funds to his bank. then drive it home.

what about the title? will it just go back to him and i have to rely on him to send it to me to get the car titled in my name?

does that sound good?

thanks

-Carl

[MARTYROBBINS]

no the tittle should go to your bank if it is listed on the loan as colatteral and where in maryland i have family there that might go look at it brfor you go there

[schardbody]

find out what financial institue he has it financed with, his name, etc... give that info to your bank and they will take care of paying the vehicle off and starting the new loan in YOUR NAME, if its a used vehicle loan.

if its a personal loan you are responsible for doing everything, however you can pay his loan off directly and he signs a few papers and its now in your name straight from the finance company to you, then you just give him the additional amount over what he owed if there is any.

i would seriously go to a SC DMV and tell them the situation and find out exactly what you need to transfer a title from Maryland to SC they require different things when coming from different states. i purchased a car from florida once and they made me get the title notarized which meant i had to meet the seller during the week and bank business hours to get it done, this was years ago so could have changed by now but the DMV will know best.

[Carlrx7]

Damascus MD

ok, i know his bank and loan info, so just goto the dmv here and ask them what ill need. i hope it doesn't need to be notiarized because ill be arriving at 11:00 am on a saturday.

-Carl

[WTFWSAT]

I got a car off ebay a few years ago. I had my bank call his bank and to get the title snail mailed and then they transferred the funds.

In your situation where you want to check out the car first i would get a cashiers check for the amount then when i got there and everything checked out go to his bank to finalized title transfer.

[Sean]

It may take a day or 2 for the funds to transfer. WHen I boiught my truck in TN, the past owners bank wanted to wait on the certified check to clear from my credit union before they would let the title go. We had to talk them into releasing it there since it was Friday and the plan was to drive back Sunday.

[bambooi]

Your bank pays off the loan. His bank releases the lien. Then he is suppose to sign the title over and send it to you. Then you get it retitled in your name and put your bank as the lien holder and send the title to your bank.

[Sean]

What I like about my Credit union is they gave me the title even though it has a lien on it still.

[ForceFed4g63]

Carl I don't know if you've already bought the plane ticket yet but I'm driving up to Laurel, MD on the 9th, if you want me to go check it out while I'm up there I'd be happy to.

I bought my SRT-4 out of state, it was a huge pain in the ass, I'm going to try to avoid that again if I can. If you need to know any details let me know and I'll tell you what you need to know.

You do not need to get it notarized for the sc dmv.

[blkscls1z]

When I bought the Z06, I had the Seller's bank call my bank to verify the check so the funds did not have to wait a couple of days to clear. The seller's bank also mailed the title to my bank after it was signed over.

Have you checked with your insurance on coverage for the drive back?

BTW, you can just call the DMV instead of going up there and waiting in line.

Also, if you don't have financing yet, check out Pentagon Federal Credit Union. 1.99% on used cars. You qualify for membership since you are in the military.

[schardbody]

yes the 2 banks should be the ones dealing with the title and the payoff, your banks rep should know exactly what needs to be done, or be willing to call his bank to explain the situation and see what needs done for an easy transaction. you will likely never get or see the title.

i dont think you can handle what needs to be done on the weekend though, i would try for a thursday meeting/inspection that way if something comes up you have thursday and friday to figure it out.

also keep in mind that if something is not what you were told you will have to figure out a way back.

[WWhittle]

Make sure the funds go straight to the bank. I bought a roller mustang once from a guy in Kentucky on the way back from the NMRA race. I paid him $5000 cash and scribbled up a little bill of sale. He said he still owed a couple of dollars on it, and would pay it off that Monday and send me the title. Well, he never went and paid it off and I caught hell getting that straight. I finally had to track down his MOM! and get her involved. She went and paid off the loan in exchange for me not coming back to Kentucky to collect my money.