NO MORE LOOKING! Advise needed rererence purchase Z28

[Deputy347k9]

Hoping a few of you will chime in with some words of wisdom. A neighbor, Stan, is looking at purchasing a 2015 Z28 out of upper Mass near the NH boarder. One owner that was delivered to their home by flat bed from the dealer. 80 miles on the clock, factory plastic still covering the seats! Does have AC/radio and a GM cover.

Asking price is 50K, title is held by GM as he still owes on the vehicle. If a deal is struck Stan and I would drive from Coastal NC to the NH boarder to pick the vehicle up. Z28 would be paid for by certified bank check.

Now the question: What should Stan do to ensure he DOES get the title for the car? We would have the car and a notarized bill of sale but how would Stan know that the current owner pays the car off, receives the title and then forwards it to Stan in NC? Lot of money to dish out without some sort of assurance.

Would you recommend closing the transaction in the presence of an attorney? Just thinking of protecting both parties.

Your views and comments would be greatly appreciated.

[serviceguy]

Just went thru the same thing when I sold CTF #66. Everything was done via wire transfer. Guy with a enclosed car trailer shows up and I'm on the phone with the buyer. Buyer wires the money to my bank the loan was financed thru. On the phone and they see the wire transfer come thru. had the buyer text me a pic of his drivers license and I took pics of the drivers license and plate of the guy in the trailer. Bank says 24 hours to produce the letter stating the loan was satisfied. Trust but verify !

[Deputy347k9]

Originally Posted by serviceguy

Just went thru the same thing when I sold CTF #66. Everything was done via wire transfer. Guy with a enclosed car trailer shows up and I'm the phone with the buyer. Buyer wires the money to my bank the loan was financed thru. On the phone and they see the wire transfer come thru. had the buyer text me a pic of his drivers license and I took pics of the drivers license and plate of the guy in the trailer. Bank says 24 hours to produce the letter stating the loan was satisfied. Trust but verify !

If the owner was through a typical bank there would be no problem, we could meet there and pay the car off and be assured the title would be forwarded.

He is with GM credit so I am not sure if you can just wire them money?

[MonroeZ28]

I had a similar situation when buying my C5Z06 from the second owner some years back. I live in New York State and he was selling the car in Mass. We made arrangements to meet at the office of his credit union and completed the transaction on the spot and they provided me with a lien release in exchange for the bank check I paid with. It may be possible that there is a GM credit office close to both parties that could provide a lien release in person with certified funds.

[Deputy347k9]

Originally Posted by MonroeZ28

I had a similar situation when buying my C5Z06 from the second owner some years back. I live in New York State and he was selling the car in Mass. We made arrangements to meet at the office of his credit union and completed the transaction on the spot and they provided me with a lien release in exchange for the bank check I paid with. It may be possible that there is a GM credit office close to both parties that could provide a lien release in person with certified funds.

I will research that possibility right now! Thank you.

[Deputy347k9]

Looks like GMAC does NOT have local offices where the owner can pay the car off. Seems he has to telephone them for a payoff amount, send EXACTLY that amount and 4-6 weeks later he will receive a "release of lien" that he would take to his MA DMV who would issues him a title without a lien. Then he would have to send that to Stan in NC.

I purchased one that had a local bank lien. Easy as 1 2 3. Went to bank, paid off their loan, they issued a lien release, gave me paperwork that I now owned the car. Went to my DMV and registered.

If we can't find a sure proof way of getting the title looks like we will have to walk on the Z28, really don't want to but 50K is nothing to gamble with.

[Deputy347k9]

Even though it's early a thought just came to light! Does anyone know if a car dealership might help out?

Willing to pay them for the service. They take in cars for trade all the time that have liens.

[DavidCorsaro]

What color is the car?

[Raven87]

Can your friend's banker contact GMAC to work it out? That would carry some additional clout with GMAC and better ensure he gets what he needs.

[Deputy347k9]

Originally Posted by DavidCorsaro

What color is the car?

Car is black in color. Vehicle is listed on Craig's List for the Boston area. Spoke with the owner twice yesterday, tried to call back last evening and after about 5 rings it went to voice mail. Thought they might be having dinner, left a message requesting a call back. Attempted calling again an hour later, went directly to voice mail after one singe ring? Left three messages (even though is post says calls only) and still nothing. Has not called back today.

I am thinking the young man may think that calling him was some sort of hoax or scam. I found Jeff to be extremely polite and upfront when talking about his car.

Larry

[Deputy347k9]

This evening I did hear back from Jeff. He and the wife talked it over and with her push he has decided to hold on to his gem! I am so happy for him, he truly loves the car and his late father was also a Camaro enthusiast. It was his dream of owning this 2015 Z28 and with only 80 miles the dream must continue. Best of wishes to Jeff from MA.

[SharpOldNo7]

I know he is not selling it now but You would cut two checks. One to GMAC for the payoff with all the loan information on it and cut another check to whomever you are buying it from for the difference. The seller cannot cash the gmac check and thus. has to mail it to GMAC in an envelope that you provide with overnight shipping. The GMAC check is mailed at the Post Office in the presence of the two of you.

You get a notarized bill of sale for the seller as well as a power of attorney from him over the car directing the GMAC to mail you the lien release and title.

[Supercup]

Originally Posted by SharpOldNo7

I know he is not selling it now but You would cut two checks. One to GMAC for the payoff with all the loan information on it and cut another check to whomever you are buying it from for the difference. The seller cannot cash the gmac check and thus. has to mail it to GMAC in an envelope that you provide with overnight shipping. The GMAC check is mailed at the Post Office in the presence of the two of you.

You get a notarized bill of sale for the seller as well as a power of attorney from him over the car directing the GMAC to mail you the lien release and title.

This is good advise. Another scenerio would be for your to deposit the purchase proceeds in Trust with a local lawyer to the Seller. then have the Seller go to GMAC and pay off the loan, get the lien release, go get the title and deliver it to the local lawyer, who would in turn deliver to purchase proceeds to the Seller.

This way you get clear title the day you fund. I would not fund to the seller until he can deliver clear title. That burden is and should be on the Seller, your burden is to pay for the car. the above deposit with the local lawyer would allow you to show the funds are there and the Seller to take the steps they needed to to get you clear title.

I recently sold my GT4, which has a loan balance in place with a local bank. California is an electronic title state for new car sales with a loan. So from pay off to funding it took about 4-6 weeks to receive clear title. I had an agreement with a buyer, I then paid off the loan, the title came 4 weeks later. I contacted the Buyer to complete the transaction - he did not go forward, stating he was buying another car. I was not pleased to have given up a 0.9% loan on the car. But in the end it made for a very quick sale to the next Buyer. So if you are a Seller you need to figure out how to sell, before you ask a buyer to buy.

[Deputy347k9]

Originally Posted by SharpOldNo7

I know he is not selling it now but You would cut two checks. One to GMAC for the payoff with all the loan information on it and cut another check to whomever you are buying it from for the difference. The seller cannot cash the gmac check and thus. has to mail it to GMAC in an envelope that you provide with overnight shipping. The GMAC check is mailed at the Post Office in the presence of the two of you.

You get a notarized bill of sale for the seller as well as a power of attorney from him over the car directing the GMAC to mail you the lien release and title.

Super great advise! That is another reason why I enjoy this Forum so much. When in doubt ask and you shall receive! If I face that situation again this is exactly what I will do.

The car was black in color and a real beauty. Still looking for a black or secondly red Z28, would prefer the mileage to be less than 2,500, with AC/radio and NO modifications. For the right car willing to drive the entire east coast. One will surface.