OK - I understand the stuff about registering the sale with the DMV via the AAA. I just got the PPI done - Don Wise at CT in Campbell said the car was in nice condition - a few minor bits and pieces, nothing to worry about in a 7 year old car. The car checks out fine on CarFax, so all seems well.

The vendor owes the bank $25k on the car, and the bank is holding the title. What is the usual procedure here? The vendor can't repay the bank until I give him the money, (presumably) the bank won't release the title until the loan is repaid, so I'm going to be left with the car, keys, miscellaneous docs, but no title, until the bank release it.

The vendor says we can get on the phone to the bank and they will send the title directly to me.

Is this the usual way of doing things? In the UK, the bank doesn't hold the V5 (vehicle registration document) no matter what you owe on the car, so this doesn't come up.

Oh - and is there anything else I can do to protect myself against the deal going bad??? It's not that I don't trust the guy, it's just that I've never bought a car privately in the US before.

Cheers,

Pat

 

You should call the bank. get the specfics....then send the bank a cashiers check made out too the bank! the seller gets a check for the differnce if any

Fed ex the check to bank, and you should get title in 10 business days or so

 

Ah - that would do it. Thanks Phil!



Pat

 

The only issue with doing it by mail is the seller (not the bank) must sign on the transfer of title form.

When I bought my 964 a couple weeks ago, the seller made an appointment at the bank and paid off the loan while I waited. We got all required signatures and I walked away with both the keys and the title transfer papers.

 

Hmmm... The bank is in San Diego, and I'm in San Jose, so I don't think that is an option.

Pat

 

Pat,

How are you getting the car? Your go south and drive it up, or carriage to your place? If you go pick it up, no issues. That's what I did when I bought my M5. The LA seller owes BMW Leasing the lease amount. I went there with cashier check payable to BMW Leasing. He signed bill of sales, gave me the car keys, etc. I took the car home. After 4 days, BMW released the pink slip to him, he signed it over to me by mail, and I registered the car.

Now if everything is done remotely, then you just have to trust him enough to pay of his bank without the car in your possession. Ideally, you have a friend in San Diego (assuming that's where the car is) take possession of the car when you hand the cashier check, or wiring the funds, to his bank.

I just bought a second hand RUF from Germany. The transaction logistics was 40% of the effort in getting the car.

Good luck.

CP

 

I went to a FedEx office with the check made out to the bank. The seller showed up with a recent statement of the payoff amount on the loan (showing that it was less than I was paying), and I sent the entire purchase price to the bank. At the same time, the seller signed the stuff over to me. FedEx had the check to send to bank (certified or cashiers, can't remember which), and I had the title transfer form. Worked pretty smoothly.

 

Set a date for the bank to have the title ready. Fly to San Diego with a certified check to the bank and one for the balance to the seller. Go with him to the Smog Check and get the certificate. Then go to the bank and present them with the check and have them sign off the on the lean and hand you the title. Give the check to the seller and have him sign off his interest in the car. Drop him off at home and have a great time driving back to SJ.

or- Get a bill of sale signed by the seller and a smog certificate, and the current registration. Confirm with the bank or get a bank statement showing the amount owed. Fly to SD and give the bank their money and the seller his money. Take the keys and the car and drive home.

Wait for the title to show up. Since you've got the car and the sellers signature on the DMV bill of sale and the registration and the smog cert, any problems will be able to be worked out.

Have a nice trip.

 

Thanks for all the advice. One detail that wasn't clear in my original question - the vendor, the car and I are all within a couple of miles of each other in San Jose/Los Gatos. Only the bank is in San Diego.

So... I think the process is:[list=1][*]Get the figure for the outstanding loan amount from the vendor[*]Have two cashiers checks made out - one to the bank, one to the vendor[*]Give one to the vendor in exchange for the car, keys and docs[*]Fedex other check to bank[*]Wait for title to arrive by post[/list=1]
Oh - I joined the AAA today, so at least I don't have to spend 2 hours at the DMV...

Cheers,

Pat

 

Pat, You're lucky that you, the seller and the car are here. I had to fly to San Diego to get the car, meet the seller and visit the bank. After that it was simply a 490 mile drive home.

 

Pat,

Another alternative to sending a cashier check via Fed-X is to wire the funds to the San Diego Bank. It is instant, and may be less cost/work than the Fed-X route.

Good luck and enjoy your new car to the tilt.

CP