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Bank needs to see the car Im purchasing

 
Old 05-16-2018, 03:58 PM
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2016mwk4sporsche
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Default Bank needs to see the car Im purchasing

Im purchasing a 911 C4S from a person in San Diego and I live in Sacramento. My Credit Union needs to see the car before they will fund the loan but they do not have a branch in San Diego. Has anyone run into this issue before. I don't think the seller will be good with driving to LA, a 2 hour drive, to show the car to the credit union. Any ideas would be helpful. Thanks, Mark

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Old 05-16-2018, 04:09 PM
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Originally Posted by 2016mwk4sporsche View Post
Im purchasing a 911 C4S from a person in San Diego and I live in Sacramento. My Credit Union needs to see the car before they will fund the loan but they do not have a branch in San Diego. Has anyone run into this issue before. I don't think the seller will be good with driving to LA, a 2 hour drive, to show the car to the credit union. Any ideas would be helpful. Thanks, Mark
Maybe a PPI from a Porsche dealership would suffice their requirements.
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Old 05-16-2018, 04:13 PM
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Not at all. My CU funded my account and I arranged a wire to the seller at a specified time at which point the PPI should have been completed. I instructed the bank to wire the funds at that time unless they heard otherwise from me. Bank asked no questions other than to make sure I had all the wire info correct as once it goes it, it doesn't come back.
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Old 05-16-2018, 04:16 PM
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Yeah, my credit union did something similar to me. They wouldn't fund the loan for my first Porsche until I had the car smogged, because I was buying it out of state. So I basically had to pull all the cash from savings, buy the car, and then get all the paperwork in California done before the loan was approved. It was a pain for sure, but the credit union wouldn't budge.
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Old 05-16-2018, 04:27 PM
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Never heard of that. In my experience credit unions tend to be more cautious but nothing at that level. Could it be that they do almost zero loan business in this price/type of vehicle? Is it a private sale or dealer?
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Old 05-16-2018, 05:00 PM
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Tell them to kick rocks. Banks always try to play tricks like this. if they don't budge, someone else will gladly take your business.
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Old 05-16-2018, 05:14 PM
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Originally Posted by 2016mwk4sporsche View Post
Im purchasing a 911 C4S from a person in San Diego and I live in Sacramento. My Credit Union needs to see the car before they will fund the loan but they do not have a branch in San Diego. Has anyone run into this issue before. I don't think the seller will be good with driving to LA, a 2 hour drive, to show the car to the credit union. Any ideas would be helpful. Thanks, Mark
the loan is secured by the vehicle and you are purchasing it from a private party... Iĺd want to see the car if I were the lender. If it were an unsecured loan, they would just give you the money and not be a lienholder to the asset... but you would pay a higher rate.
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Old 05-16-2018, 05:20 PM
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Be thankful. There was a post about 2 weeks ago in our OT Forum, guy was buying a car, and a finger-print and a notary was required.
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Old 05-16-2018, 05:23 PM
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Originally Posted by LexVan View Post
Be thankful. There was a post about 2 weeks ago in our OT Forum, guy was buying a car, and a finger-print and a notary was required.
Say what?!?!
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Old 05-16-2018, 05:26 PM
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Originally Posted by Hurricane View Post
Say what?!?!
Uh hu:

https://rennlist.com/forums/off-topi...-purchase.html
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Old 05-16-2018, 06:08 PM
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Fingerprinting?! Never heard of a credit union doing that. In PA there is a Vin verification form that can be notarized that usually suffices if they needed further verification.
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Old 05-16-2018, 06:12 PM
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Originally Posted by 2016mwk4sporsche View Post
Im purchasing a 911 C4S from a person in San Diego and I live in Sacramento. My Credit Union needs to see the car before they will fund the loan but they do not have a branch in San Diego. Has anyone run into this issue before. I don't think the seller will be good with driving to LA, a 2 hour drive, to show the car to the credit union. Any ideas would be helpful. Thanks, Mark
This happened to me as well. I was going to buy a 997 Turbo from a guy who lived in Palm Springs, and my C.U. needed to see the car in person in order to fund the loan. They would not accept the PPI, they had to physically see it in person. Lucky for me the guy never showed up at the bank for our appointment, and I never even heard from him again. Just no call/no show. Ended up buying my 991 locally instead.
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Old 05-16-2018, 06:28 PM
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Originally Posted by LexVan View Post
WOW.
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Old 05-16-2018, 06:29 PM
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Originally Posted by LexVan View Post
Be thankful. There was a post about 2 weeks ago in our OT Forum, guy was buying a car, and a finger-print and a notary was required.
When I bought my car last year, the dealer arranged for a local notary to come to my house and have me sign off on the all the paper work and collect the 50% bank check for down payment. According to them, they had been burned a few times by out of state buyers. Finger print was taken as well.

Bank I financed the remaining 50% from could care less about anything but a call confirming the transaction.
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Old 05-16-2018, 06:46 PM
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Damn......crazy.

I guess that's the difference between getting an auto loan from big bank compared to a CU. Mine approved in less than 30 mins without having to go through hoops.
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