How do you buy a Porsche (or any car) out of state
06-21-2018, 09:58 PM
#16
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If there was a reasonably priced escrow service that worked well, I would definitely use it. Daylorb's eBay suggestion is a nice workaround, but of course it only works if the seller is also a reputable eBay seller.
The idea of escrow combined with PPI and shipping is appealing, but obviously it would need to do all of those things well.
Personally, I'm not all that interested in titling, as I can do that at my local DMV fairly quickly. But I realize others might be.
The idea of escrow combined with PPI and shipping is appealing, but obviously it would need to do all of those things well.
Personally, I'm not all that interested in titling, as I can do that at my local DMV fairly quickly. But I realize others might be.
06-22-2018, 11:45 AM
#17
Rennlist Member
What about the tag and insurance when you buy a car from a private party from out of state? If you plan to fly in and drive the car back, you will need them both. I believe for you to get the tag and insurance you must own the car. This means you will have to complete the deal before you actually see the car. If this is the case, it makes buying from a private party afar less appealing at least to me. Is there any way around this except for making two trips?
As far as the money transaction goes, I think the buyer can bring a bank check for the agreed upon price and can always deposit it back to his own account if the deal fell through.
As far as the money transaction goes, I think the buyer can bring a bank check for the agreed upon price and can always deposit it back to his own account if the deal fell through.
06-22-2018, 12:23 PM
#18
Insurance is easy: I just ask my agent to add a binder for the car. I don't pay anything if I don't buy the car. Also, in most states (maybe all?) insurance covers new purchases for up to at least 3 days (sometimes longer).
Temp plates can also be easy: if you buy a car from TX, you can get the plate to drive it home online for $5. If you buy a car from here in NM, we have privatized shops that will sell you a temp plate for about $30. I've also convinced these same people to give me a temp tag ahead of a purchase out of state. I suspect most states are similar in that if you have a bill of sale, you can drive to the nearest DMV office and get a temp plate (or 1-time transit plate if in TX).
Titling is a piece of cake in every state I've lived in: you just bring a signed title (and sometimes a bill of sale) to the DMV, pay the tax and registration, and walk away with registration, a plate, and a title.
Paying is HARD and getting harder. Cashier's checks are treated like personal checks nowadays, and banks aren't helping. Most banks place holds on cashier's checks even though they can confirm them on the spot. Wiring would be ok (after inspecting the car in person), except you might be stuck waiting overnight because again, many big banks will not post the wire until the next day. At the very least, you'll be kicking around for a few hours waiting for the wire to clear. Cash is obviously king, but it's hard to get that many big bills, and if you take anything over a few $k through the TSA, you are risking harassment and seizure without cause... and you will most likely NOT get that money back.
The only thing I've found that works sufficiently well anymore is to get at least a partial loan from my credit union for the car I am are purchasing. The credit union will often work directly with the seller, and that makes the seller feel more comfortable when you bring them the cashier's check. My credit union then issues me the check, I fly out, bring the car back, register and title it, and have the DMV send the title (with lien) to the credit union. The downside is that it takes a little bit extra time to take out a loan.
Temp plates can also be easy: if you buy a car from TX, you can get the plate to drive it home online for $5. If you buy a car from here in NM, we have privatized shops that will sell you a temp plate for about $30. I've also convinced these same people to give me a temp tag ahead of a purchase out of state. I suspect most states are similar in that if you have a bill of sale, you can drive to the nearest DMV office and get a temp plate (or 1-time transit plate if in TX).
Titling is a piece of cake in every state I've lived in: you just bring a signed title (and sometimes a bill of sale) to the DMV, pay the tax and registration, and walk away with registration, a plate, and a title.
Paying is HARD and getting harder. Cashier's checks are treated like personal checks nowadays, and banks aren't helping. Most banks place holds on cashier's checks even though they can confirm them on the spot. Wiring would be ok (after inspecting the car in person), except you might be stuck waiting overnight because again, many big banks will not post the wire until the next day. At the very least, you'll be kicking around for a few hours waiting for the wire to clear. Cash is obviously king, but it's hard to get that many big bills, and if you take anything over a few $k through the TSA, you are risking harassment and seizure without cause... and you will most likely NOT get that money back.
The only thing I've found that works sufficiently well anymore is to get at least a partial loan from my credit union for the car I am are purchasing. The credit union will often work directly with the seller, and that makes the seller feel more comfortable when you bring them the cashier's check. My credit union then issues me the check, I fly out, bring the car back, register and title it, and have the DMV send the title (with lien) to the credit union. The downside is that it takes a little bit extra time to take out a loan.
06-22-2018, 12:43 PM
#19
Rennlist Member
Insurance is easy: I just ask my agent to add a binder for the car. I don't pay anything if I don't buy the car. Also, in most states (maybe all?) insurance covers new purchases for up to at least 3 days (sometimes longer).
Temp plates can also be easy: if you buy a car from TX, you can get the plate to drive it home online for $5. If you buy a car from here in NM, we have privatized shops that will sell you a temp plate for about $30. I've also convinced these same people to give me a temp tag ahead of a purchase out of state. I suspect most states are similar in that if you have a bill of sale, you can drive to the nearest DMV office and get a temp plate (or 1-time transit plate if in TX).
Titling is a piece of cake in every state I've lived in: you just bring a signed title (and sometimes a bill of sale) to the DMV, pay the tax and registration, and walk away with registration, a plate, and a title.
Paying is HARD and getting harder. Cashier's checks are treated like personal checks nowadays, and banks aren't helping. Most banks place holds on cashier's checks even though they can confirm them on the spot. Wiring would be ok (after inspecting the car in person), except you might be stuck waiting overnight because again, many big banks will not post the wire until the next day. At the very least, you'll be kicking around for a few hours waiting for the wire to clear. Cash is obviously king, but it's hard to get that many big bills, and if you take anything over a few $k through the TSA, you are risking harassment and seizure without cause... and you will most likely NOT get that money back.
The only thing I've found that works sufficiently well anymore is to get at least a partial loan from my credit union for the car I am are purchasing. The credit union will often work directly with the seller, and that makes the seller feel more comfortable when you bring them the cashier's check. My credit union then issues me the check, I fly out, bring the car back, register and title it, and have the DMV send the title (with lien) to the credit union. The downside is that it takes a little bit extra time to take out a loan.
Temp plates can also be easy: if you buy a car from TX, you can get the plate to drive it home online for $5. If you buy a car from here in NM, we have privatized shops that will sell you a temp plate for about $30. I've also convinced these same people to give me a temp tag ahead of a purchase out of state. I suspect most states are similar in that if you have a bill of sale, you can drive to the nearest DMV office and get a temp plate (or 1-time transit plate if in TX).
Titling is a piece of cake in every state I've lived in: you just bring a signed title (and sometimes a bill of sale) to the DMV, pay the tax and registration, and walk away with registration, a plate, and a title.
Paying is HARD and getting harder. Cashier's checks are treated like personal checks nowadays, and banks aren't helping. Most banks place holds on cashier's checks even though they can confirm them on the spot. Wiring would be ok (after inspecting the car in person), except you might be stuck waiting overnight because again, many big banks will not post the wire until the next day. At the very least, you'll be kicking around for a few hours waiting for the wire to clear. Cash is obviously king, but it's hard to get that many big bills, and if you take anything over a few $k through the TSA, you are risking harassment and seizure without cause... and you will most likely NOT get that money back.
The only thing I've found that works sufficiently well anymore is to get at least a partial loan from my credit union for the car I am are purchasing. The credit union will often work directly with the seller, and that makes the seller feel more comfortable when you bring them the cashier's check. My credit union then issues me the check, I fly out, bring the car back, register and title it, and have the DMV send the title (with lien) to the credit union. The downside is that it takes a little bit extra time to take out a loan.
As far as the money transaction goes, I should be able to figure something out. I wasn't aware that cashier's checks were not accepted as a sure thing. I used it 2 years ago to buy a house with no issue.
06-22-2018, 03:02 PM
#20
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Paying is HARD and getting harder. Cashier's checks are treated like personal checks nowadays, and banks aren't helping. Most banks place holds on cashier's checks even though they can confirm them on the spot. Wiring would be ok (after inspecting the car in person), except you might be stuck waiting overnight because again, many big banks will not post the wire until the next day. At the very least, you'll be kicking around for a few hours waiting for the wire to clear. Cash is obviously king, but it's hard to get that many big bills, and if you take anything over a few $k through the TSA, you are risking harassment and seizure without cause... and you will most likely NOT get that money back.
There is simply no way that 2 people can meet face to face and 1 can give the other money directly, verifiably, and instantaneously. Banks used to be willing to say "this check is good" over the phone, or just to cash a check written on that bank. But now if person A pays person B with a check, and person B takes the check (cashier's or personal) to person A's bank, the bank won't cash it. They will only let you deposit a check in your account if you have an account at that bank, and even then there will be a hold on the funds.
The only thing I've found that works sufficiently well anymore is to get at least a partial loan from my credit union for the car I am are purchasing. The credit union will often work directly with the seller, and that makes the seller feel more comfortable when you bring them the cashier's check. My credit union then issues me the check, I fly out, bring the car back, register and title it, and have the DMV send the title (with lien) to the credit union. The downside is that it takes a little bit extra time to take out a loan.
06-22-2018, 06:35 PM
#21
Rennlist Member
06-22-2018, 08:38 PM
#22
This is all great info, but one big issue here hasn't been discussed, but seems very important: in a private-party to private-party transaction, how do you deal with the money transfer?
From all the craigslist scams over the years, it seems clear that a cashier's check is no longer safe for the seller, since there is no way to guarantee it's not fraudulent. For the type of cars we are talking about, cash doesn't seem like a reasonable option at all.
Are people wiring money? If so, how does the timing on that work, since the seller doesn't want to sign over the title until the money arrives, but the buyer doesn't want to send the money until they have the car...
From all the craigslist scams over the years, it seems clear that a cashier's check is no longer safe for the seller, since there is no way to guarantee it's not fraudulent. For the type of cars we are talking about, cash doesn't seem like a reasonable option at all.
Are people wiring money? If so, how does the timing on that work, since the seller doesn't want to sign over the title until the money arrives, but the buyer doesn't want to send the money until they have the car...
Escrow.com confirmed funds had been deposited, seller overnighted title. When title was recieved and vehicle arrived undamaged, I authorized release of funds.
06-22-2018, 10:31 PM
#23
Hi Everyone,
Thank you so much for all the replies and I apologize for not coming back sooner. It is amazing how many of you guys purchased cars out of state. I have just always been a very cautious person so that just seemed so intimidating. For me though I like the Carmax approach. There is one 2 hours away from me and I like the idea of buying a car and then getting a PPI done in the 5 day period they offer. If something serious comes up from the PPI, then I can return it and get my money back less the transportation fee.
Thank you all so much for the info...very much appreciated.
Thank you so much for all the replies and I apologize for not coming back sooner. It is amazing how many of you guys purchased cars out of state. I have just always been a very cautious person so that just seemed so intimidating. For me though I like the Carmax approach. There is one 2 hours away from me and I like the idea of buying a car and then getting a PPI done in the 5 day period they offer. If something serious comes up from the PPI, then I can return it and get my money back less the transportation fee.
Thank you all so much for the info...very much appreciated.
06-26-2018, 11:32 AM
#24
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Hi there,
my husband buys cars from Europe very often. He cooperates with small companies which are looking for different unique cars and he transfers his money them without any problem because he knows them very well. We use often from this company: https://conotoxia.com/money-transfer to transfer money because we know very well polish version of this company and use it when we are in Poland. Are you intrested in companies which import cars to the U.S, so please send me a priv message.
my husband buys cars from Europe very often. He cooperates with small companies which are looking for different unique cars and he transfers his money them without any problem because he knows them very well. We use often from this company: https://conotoxia.com/money-transfer to transfer money because we know very well polish version of this company and use it when we are in Poland. Are you intrested in companies which import cars to the U.S, so please send me a priv message.