OT: Advice on buying a car from out of state
04-22-2003, 05:04 PM
#1
Racer
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OT: Advice on buying a car from out of state
I found a used car I want to purchase from a private party in NY. I got approved for the loan by my credit union for the car, but they now say the car has to be here in CA and smogged before they will issue a check. Obviously the owner is not stupid enough to let the car go until he gets a check. I then checked with B of A, and they have the same rules.
Has anyone financed a car from a private party out of state before? Any suggestions on how this can be done?
Has anyone financed a car from a private party out of state before? Any suggestions on how this can be done?
04-22-2003, 05:37 PM
#2
Burning Brakes
I purchased my 993 from a private individual after having the car PPI'd at a Florida Porsche dealer.
Will your Credit Union accept a New York Porsche dealer doing an emission check after determining what California standards apply - just a thought.
Will your Credit Union accept a New York Porsche dealer doing an emission check after determining what California standards apply - just a thought.
04-22-2003, 09:20 PM
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Burning Brakes
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I have unsecured lines of credit for $100,000 each with two banks and the rates are variable; prime and prime plus one. You can write a check to the seller or buy a cashier's check....once you have the car in hand, deal with your credit union at your convenience.
Good Luck
Good Luck
04-22-2003, 09:29 PM
#5
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You could finance it through the dealer - just make sure you don't pay interest in advance (Rule of 78's, I think it's called). Then bring it back and re-fi the thing through your bank after you've registered it here in the CA.
Personally, the line of credit idea is a better idea in this situation.
Good luck.
Dan
'89 930 3.4
'97 993tt
Personally, the line of credit idea is a better idea in this situation.
Good luck.
Dan
'89 930 3.4
'97 993tt
04-22-2003, 09:37 PM
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Racer
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</font><blockquote><font size="1" face="Verdana,Tahoma,Helvetica">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Helvetica">Originally posted by Dan89_930:
<strong>You could finance it through the dealer - </strong></font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">The only problem is that there is no dealer in NY.....it's from a private party who owns the car outright. And I already used most of my home equity line to buy the Porsche....... . I don't want to go through the trouble of refi-ing my home equity just to buy another car......
<strong>You could finance it through the dealer - </strong></font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">The only problem is that there is no dealer in NY.....it's from a private party who owns the car outright. And I already used most of my home equity line to buy the Porsche.......
. I don't want to go through the trouble of refi-ing my home equity just to buy another car......
04-22-2003, 10:23 PM
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You can get a private party check from Peoplefirst.com for any used car, site unseen. The rate is 6.10% and after you qualify, they can over night you a bank draft. I have used this in the past and it's a great way to get access to some money quick. Send me an e-mail if you go this route and I can give you a tip that will keep the title in your hands rather than the banks.
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04-23-2003, 02:14 AM
#9
Passed On
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Over the years I've bought about 5 cars from out of state and brought them into PA. Never had a problem. This includes bank financing. Then again, never had to deal with the La-La Land numnuts.
04-23-2003, 11:45 AM
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Racer
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Peoplefirst is a very good solution and very reasonable rates. I have had 3 loans with them.
For private party though, they do require each party to be present at a Notary Public to sign the documents... other than that it is pretty easy.
For private party though, they do require each party to be present at a Notary Public to sign the documents... other than that it is pretty easy.
04-23-2003, 12:01 PM
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I would agree with Atlanta Kevin. Peoplefirst.com is one of the fastest ways you can get your money. You interest rate will depend on two things. 1. Your Credit History. 2. How old the vehicle. You should be able to get a lower rate than 6.10%. Good Luck
Jermiah
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04-23-2003, 03:56 PM
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Racer
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Well, Peoplefirst.com didn't work out. They require both the seller and the buyer to be together when the transaction takes place. I'm not flying to NY, and he's not coming to CA. But good news.....I did find another way to complete the transaction. Thanks anyway to all for all the advice!
04-23-2003, 10:34 PM
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Hi Mark,
I have to agree with everyone else on peoplefirst.com. I used them as well to purchase my car out of state, and they give you a bank check to fill in the blanks $$$. If your other option does not work out, I'm sure you would be able to overnight the check/paperwork and make this happen. Good luck!
Adam
I have to agree with everyone else on peoplefirst.com. I used them as well to purchase my car out of state, and they give you a bank check to fill in the blanks $$$. If your other option does not work out, I'm sure you would be able to overnight the check/paperwork and make this happen. Good luck!
Adam
04-24-2003, 01:13 AM
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</font><blockquote><font size="1" face="Verdana,Tahoma,Helvetica">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Helvetica">Originally posted by adambos:
[QB] If your other option does not work out, I'm sure you would be able to overnight the check/paperwork and make this happen. Good luck! /QB]</font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">I was told by a customer service rep that there was no way around having both parties in the same place. It's possible that Peoplefirst.com has changed the rules since you used them, or that rep was wrong. Either way, I found an easier way......but thanks!
[QB] If your other option does not work out, I'm sure you would be able to overnight the check/paperwork and make this happen. Good luck! /QB]</font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">I was told by a customer service rep that there was no way around having both parties in the same place. It's possible that Peoplefirst.com has changed the rules since you used them, or that rep was wrong. Either way, I found an easier way......but thanks!