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! :D
Jason


[Modified by 89vette, 5:50 PM 11/19/2001]

SharkAttack

You definitely need to meet him at the bank that holds his lien and close the deal there. The bank should know all the requirements. If they question something or hesistate, ask for someone more experienced or a supervisor.

When I purchased a '92 Vert a number of years ago, the sellers' bank (lienholder) lost the title and I was paying cash. It all worked out, but I was very demanding and nearly walked away from the deal.

PRNDL

7500 miles? it should be nice! and of course carfax means you have the vin which means you know it's a real GS. MJ


[Modified by MNJack, 10:24 PM 11/19/2001]

jopod

Do it at the bank, for sure.
They will give you a release of lein and hold him financially responsible for fulfilling the loan. The $ goes to the bank to satisfy his loan first, then he gets whatever is left. If there is a shortage (he's upside down) the bank will usually short-term finance the difference @ a really high interest rate. Like a personal loan or something.

MVR 155

Another vote for doing the transaction at the financial institution where the title is held.

Good Luck

Mike

89vette

Closed the deal and am picking the car up Tuesday in Charlotte. Thanks to Joe Bock forum member SloJoe, I was able to buy the car sight unseen. He inspected the car for me last night. I have a letter or guarentee from his bank and a signed bill of sale. Details:
GS 530 Coupe
7500 miles!
Black interior
F45 Suspension
All options
One owner

I can't believe its going to be mine!
Jason


One owner car



[Modified by 89vette, 1:27 PM 11/28/2001]

SlowJoe

It was my pleasure. The only downside of it is now I'm really ready to get rid of mine and get one of those!!!

SharkAttack

I have been keeping track of GS prices, and would like to know how much you paid for the car. Thanks.

Hutch

Congratulations, Jason! You just got a very sweet ride.

Will be looking for you on the Grand Sport Registry group email list. That's open to everyone, BTW. Visit http://groups.yahoo.com/group/grandsport to check it out.