89vette

Looks like I may be doing it! 7500 miles and it has the F45 suspension. Car is reported to be very nice and well maintianed. He is the original owner. Anyway, an out of state bank holds the title because the guy still owes $6000 on the loan. I want to make one trip with cash in hand and then drive the car home if it checks out. Carfax came back good. However I have a feeling that he does not have the money to satisfy the loan in order to get the title so we can make the deal. I'm not experianced in this but what do people normally do in a case like this? I assume I need the title or a pink slip to get the temporary tags?
Thanks! And someone buy my 89 so I don't have to store 2 vettes in the garage all winter!
Jason

Mr Mojo

In NJ, you can drive a car home without plates as long as you have an insurance policy, don't know what PA law is.
If the guy can't produce a title, I wouldn't buy it.

OURRUBY

You have to have a title to register it so I wouldn't buy it without one. If the title shows the bank is also listed, he needs to supply a letter from the bank showing the loan has been paid off.

89vette

Yea that's the thing. He needs the $6000.00 to pay off the loan in order to get the title. That's the part I do not understand. How does he expect to sell the car when he needs the money to pay off the loan so he can get the title?:crazy:
Jason

Corvette ED

You said he still owes $6,000 on it. You will have to get the current payoff for the loan and ask how long it is good for, because it will change because the intrest is added every day. Once you know this figure deduct it from the price you are paying for the car. You will have to get a cashier check and send it to the bank to payoff the car.

Now comes the fun part most of these banks jerk around before they send out the title. You could get it in as little as 5 days or 5 weeks. Once the title comes back to the owner then you will have to have him sign it off as the seller and your will have to sign as the buyer and have it transfered.

Option#2
Go to the bank office where the titles are kept with the seller and pay it off and get the title handed to you on the spot.

Option#3
If you really like the car and want it, the only other way to do this with less hassle is if you know a car dealer have him buy the car for you. The dealer can pay the seller minus the payoff have him sign what is called a secure power of attorney form so you don't have to go back to have him sign the title off after it comes back from the bank. The dealer can pay it off and the bank will send him the title instead of the owner. The bank will not send you the title if you pay it off yourself only a dealer.

CowboyNVette

I would opt for option no. 2...go to the bank with the seller and get it done at one time.

Marcho Polo

Option 2 is the best way, but not always possible.


What I did when I bought my '90..... I called his bank. They told me that he had in fact recently called for the payoff amount, and it was the same amount he told me. I asked the bank to mail the title to me when he paid it off. They said to have the seller include a signed letter requesting the title be sent to me, which he did. I went to the dept of transportation and got a Power of Attorney form. I don't know about other states, but in Texas, anybody can be given power of attorney for an automobile. When I paid the guy my 9 grand, he signed the bill of sale, and the power of attorney form. He sent a cashiers check overnight to the bank. The bank then sent me the title in about 4 days. I take the title, POA, and bill of sale to the DOT and sign the title over to myself.

The power of attorney form gives you the right to sign on his behalf for that one automobile only.

You still have to cross your fingers hoping that the seller pays off the bank and wait for the title. In my case, I bought the car from a 30 year veteran of the air force, and met him at his house on several occasions, and felt he was trustworthy.


Good luck whichever route you take!

MBVette

what I did when I bought my car from Vette92 (I think thats him s/n) I just sent Chris a check and he paid it off himself and as soon as he got the title he sent it to me and I registered it. Dont know if you want to do that, I would just keep the bill of sale in the car with you at all times.

89vette

Option one seems too dangerous. He wants me to pay the loan off and have the title sent to him. I then meet with him, pay him the balance and he signs the title over to me. What stops him from telling me to **** off after I pay off the loan?

Option 2 would be the best but the bank is in another state.

Option 3 I actually thought of but didn't know weather or not that was possible. I have a friend that owns a local Chevrolet dealership. I'm going to call him this morning to see if that's viable and to see weather or not he has any contacts located where the car is.

Jason

Andymi

Unfortunately it does not sound like there are any good alternatives in your case.

You probably have to develop a level of trust with the Seller, and being that he is the original owner, maybe that says something about his stability.

When I bought my Grand Sport it was a couple of states away, and after I looked at it and met the owner, I felt comfotable enough to send the checks even without the car.

If you take the car with you, and have a Bill of Sale, that certainly goes a long way towards relieving any anxiety.

You should also try to find out where the car was serviced during its warranty period, and run the service history for the car.

The Grand Sports are generally pretty well documented, and maybe someone like Hutch could give you some history on it, if any is available through the Grand Sport Registry.

Good Luck.

GSDreamin'

Based on our previous email, I'd suggest you remain patient and see this one through to the end. I bought my GS from Konkens in Nebraska - 1400 miles from my home in NC. I had the bank's check with me, we met at the NCM in Bowling Green (I got my Museum Delivery...), they told me if I didn't like the car they'd reimburse me for my travel expenses. I had first refusal - if I didn't like the car, they took it back and I came home empty-handed.

No problems though, it was everything they'd advertised it to be and I drove it home.

Good luck!

89vette

Dealing with a good dealer you have a better comfort level. But generally you pay more money. I do not have a comfort level here. The guy would not give me his phone number but he wanted mine. I gave him mine and asked him to call me three times. He claims he really does not want to sell the car but is forced to because of a new house. The car is in Charlotte, NC. Anyone feel like inspecting it for me? I'll pay!

Jason


[Modified by 89vette, 7:55 AM 11/20/2001]

Springer's LT4

Have you talked to him on the phone yet??? If not and he doesn't want to give you his number, I'd be REAL carefull!

89vette

Nope never talked to him yet. Like I said I do not feel real comfortable. The title is clean though.

Jason

Thud

Same thing happened to me earlier this year, except I was the seller.

In my case, I sold the car right before I made the final payment on it though. But it still took 10 business days (for "processing") before the bank would send me the title.

However, you have 30 days (in Georgia) to register a vehicle after purchase.
But we had full documentation of the sale (Bill of Sale) with witnesses and he drove the car home. Keeping that documentation in the car before it's registered is a good idea. I faxed him a copy of my loan payout statement from the bank after I paid off the loan the next day. When the title arrived, I signed the title over to him, and then sent it via overnight mail.

So all in all it worked out well, I guess it's just because I'm a trustworthy guy.

dgoodhue

I would make a seperate post about this. I had very good luck having another forum member that checked out a truck for me.

Bones LT1

A lot of folks sell cars they don't own.
Give the guy the money minus the bank payoff. Get a bill of sale and release of interest in the car and then take the car home.
Call the bank and get the payoff and then send the bank the check.

Happens all the time. Also you can finiace the car and your bank will have to do all the paper work.
I bought my car from a friend who lived 2 states away. I sent him a check in full and 1 week later I got the title.
When you don't know the seller its different.

jbatjr

I did sell a vehicle like that, still owing some money on it. What I did was call the bank and have them send the title to the local branch telling them that I had a buyer lined up and was paying cash. Also that I was paying off the loan the same day. The bank sent the title to the local branch for me and when the gentleman came to buy the car we went to my bank he gave me a cashiers check I deposited it right there paid off the note and they gave me the title right then and there which I signed immediatly to him.

This would be my suggetion it went very well and smooth with all sides very happy!! :D :D

good luck to ya :seeya

Andymi

The separate post for someone to look at the car is a good idea.

I bought my Grand Sport after a fellow forum member in South Carolina looked it over for me. It was in a small town and I was surpised at the great response from the other members. I even had a guy offer to drive from Charlotte (2 hours away) to look at the car.

This is a great forum.

89vette

I will do that if the guy won't take it to More Performance. I did that for a guy a few years ago with a Grand Sport that was for sale locally. I even took a day off work and picked him up at the airport. I wanted that car so bad I could taste it. By giving it a good home it made me feel better.

I have everything in line here to do the deal. All I have to do is to get this guy to call me! Can you believe this? He said he would be in and out this week so I am giving him the benefit of the doubt for right now.

I'll keep everyone posted for sure.

Jason