Buying a car from someone out of town

[Cherokeekid88]

ok, posted this on Jeepforum....just trying to get a wide aray of ideas.

Long story short.
Found a car that is about 3 hours from us...met the couple on Sunday halfway to drive the car, talk to them, etc. We ended up liking teh car alot, made a deal right there and told them that we would go to our credit union the next day to get the loan started on the agreed price.......
So, the car loan is currently with USAA...which I am finding out is a good company but they don't really have branches or sister branches for people to use in situations like this.

So here is my dilemma...The title is going to have to be transferred to our credit union here in town and the loan officer informed us that they would need to make the drive here once our credit union has the title to sign it over to us..... well this is not sitting well with the current owners and I am trying to figure out a way that works for both parties....

The car is perfect and doubt we could find a deal like this for a while....

any advice?

 

[x-jay vision]

Get a personal loan instead of a car loan, withdraw cash, pay cash for car, complete back of title with previous owner, drive home in new car.

Maybe I'm missing something but it sure doesn't seem hard to me. Maybe NC is different but 2 owners can complete the title by themselves. With the car loan the bank owns the car, hence the problem.


Maybe I'm just really cheap, but I don't believe in car loans and a bank owning my car.

 

[Cherokeekid88]

Get a personal loan instead of a car loan, withdraw cash, pay cash for car, complete back of title with previous owner, drive home in new car.

Maybe I'm missing something but it sure doesn't seem hard to me. Maybe NC is different but 2 owners can complete the title by themselves. With the car loan the bank owns the car, hence the problem.


Maybe I'm just really cheap, but I don't believe in car loans and a bank owning my car.

I thought it would be much easier.....problem is USAA has not free standing branches so lorillard is saying the only way for them to sign off on the title is for them to travel 3 hours here to do so...and I just spoke with the owner...he is not willing to do that....

Im getting the car for a steal and is perfect and would hate to see it slip through my fingers.

 

[x-jay vision]

I bank with USAA as well, they are a great company. My point is to not have a bank involved at all...

 

[iluv83vettes]

If your credit union doesn't trust USAA, I wouldn't trust them. Have your CU call USAA. I drove from Fort Rucker, AL to some town in NC to get my XJ from a mom and pop type shop. No problems.

 

[Cherokeekid88]

I dont think its about trust...I just don't understand why any party would need to drive out of their way to com in to sign something that takes 5 min....when it can ge notarized by selling party and then sent off my credit union....

But here is another question....lets say I got the loan through USAA....since they have no free standing branches to walk into in NC, how would the title be signed by both parties anyways? because the title goes from bank to bank

 

[x-jay vision]

So the only way I can see a title going from bank to bank is if the car you are buying isn't paid off by the current "owner". The person who you are buying the car from should have the title and be able to sign the back saying the car was sold.

My intent isn't to give financial advice, but why not save up some cash for a car and buy when you are ready?

How expensive is this car?

 

[GrimmJeeper]

x2 on getting a personal loan. if you dont have good enough credit or collateral to secure the loan against talk a parent into co-signing for you.

usually you only get a car loan when you're buying the car off of a dealer lot.

 

[Cherokeekid88]

Ok, so my manager came up with this...

My credit union will get the title after the lien has been payed on the sellers end.
Once my credit union gets the title, they will input the first lien section of the title and then my wife and I come in and sign. we then take the title and meet the sellers at a location closer to them with a notary (like BB&T) and have their sigs notarized and then take the title to the DMV to pay all taxes, fees, tags, etc. and then the DMV would take the title and send it off to have it transferred and then send it back to mt creidt union...

sound like a plan and a half?

 

[Johnnie Walker]

Sounds better.

 

[whitexj98]

Have you guys seen what the interest rates are on a personal loan vs an auto loan? Huge difference.

 

[cracked-butt]

If it works for ya... But i prefer to pay cash or get cash when dealing with autos.