Advice for buying car from member of the forum - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Smike47 · 05-27-2010, 08:19 PM

What would the steps be for purchasing a vehicle from someone through the forums with and outstanding balance on their loan? Any tips or advice would be appreciated.

IROCanSS · 05-27-2010, 08:23 PM

Involve a bank on your end, wire the money to their bank. Its just like buying one off eBay or a private owner who has a lein on their car. Piece of cake.

I.E say they owe $15,000 and you are buying the car for $20,000. Your bank wires his bank $20,000, his bank give him $5000 and sends your bank the title.

Say he owes $25,000. Your bank wires his bank $20,000 and he gives his bank $5,000 to release the title to your bank.

If you are a cash buyer, work with your bank for a short term loan. When your bank has title in hand, pay off the loan and take the title.

It's really not a big deal. Shipping the car is another thing...

Smike47 · 05-27-2010, 08:38 PM

Thanks for that. Shipping isn't an issue... Gonna be driving her home. Was just curious about title transfer and such.

GaryTucker · 05-27-2010, 08:53 PM

If you are using a "verifiable" bank (a bank that verifies their cashier's checks electronically), then you can probably get a lien-release the same day. You'll probably need to meet at the bank where the loan is now during business hours to make things work out. Weekends suck in trying to do these types of things as no one is usually available to handle the paperwork.

You can check with your bank about the verifiability of their cashier's checks (or have the seller check with their bank about taking your cashier's check). It may take some phone calls between you, the seller, and your respective banks, but it is an easy process when you plan ahead.

If you are a cash buyer-

I'd never take cash to a sale like this...just too many variables-too many opportunities to lose your cash-even before you get to the exchange. Also, that much cash may make some people uneasy about where it came from and the amount (I'm sure the car is over $10k) must be reported to the IRS...even if it is legally earned tender.

05-27-2010, 08:19 PM	#1
Smike47 Drives: 2010 2SS CGM M6 Join Date: Mar 2010 Location: Tennessee Posts: 98 View My Garage	Advice for buying car from member of the forum What would the steps be for purchasing a vehicle from someone through the forums with and outstanding balance on their loan? Any tips or advice would be appreciated.

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05-27-2010, 08:23 PM	#2
IROCanSS Account Suspended Drives: 89 IROC 350 Join Date: Mar 2009 Location: Back roads, southern Ohio Posts: 12,504 View My Garage	Involve a bank on your end, wire the money to their bank. Its just like buying one off eBay or a private owner who has a lein on their car. Piece of cake. I.E say they owe $15,000 and you are buying the car for $20,000. Your bank wires his bank $20,000, his bank give him $5000 and sends your bank the title. Say he owes $25,000. Your bank wires his bank $20,000 and he gives his bank $5,000 to release the title to your bank. If you are a cash buyer, work with your bank for a short term loan. When your bank has title in hand, pay off the loan and take the title. It's really not a big deal. Shipping the car is another thing...

05-27-2010, 08:38 PM	#3
Smike47 Drives: 2010 2SS CGM M6 Join Date: Mar 2010 Location: Tennessee Posts: 98 View My Garage	Thanks for that. Shipping isn't an issue... Gonna be driving her home. Was just curious about title transfer and such.

05-27-2010, 08:53 PM	#4
GaryTucker Drives: 09 Vette GT1, 06 350Z, 82 MSE Join Date: Jul 2009 Location: Oklahoma Posts: 573	If you are using a "verifiable" bank (a bank that verifies their cashier's checks electronically), then you can probably get a lien-release the same day. You'll probably need to meet at the bank where the loan is now during business hours to make things work out. Weekends suck in trying to do these types of things as no one is usually available to handle the paperwork. You can check with your bank about the verifiability of their cashier's checks (or have the seller check with their bank about taking your cashier's check). It may take some phone calls between you, the seller, and your respective banks, but it is an easy process when you plan ahead. If you are a cash buyer- I'd never take cash to a sale like this...just too many variables-too many opportunities to lose your cash-even before you get to the exchange. Also, that much cash may make some people uneasy about where it came from and the amount (I'm sure the car is over $10k) must be reported to the IRS...even if it is legally earned tender.