Car Payment Question:
Instructor
Joined: Jun 2008
Posts: 203
Likes: 0
From: Camp Hill PA
If I may add onto this question - how do you handle the plates in a private transaction? Once you pay for it, you have to drive it home with plates on, do you use the seller's plates, or do you somehow get temporary tags? (if so, how?).
Also, what if the car has a lein on it. Sure you can pay the lein holder off using a wire-transfer, as stated above, but does the lein holder then immediately give you the title, if not how do you get it?
Also, what if the car has a lein on it. Sure you can pay the lein holder off using a wire-transfer, as stated above, but does the lein holder then immediately give you the title, if not how do you get it?
Liens can be very tricky. Don't ever buy an out of state car without proof of the lien being paid first. If the car does have a lien, insist on going to the bank that holds the lien to pay the car off in their presence so the lien title can be released directly to you w/ doucumentation of lien being satisfied. Then you just need the title, lien report and bill of sale in most cases.
Last edited by Ryan040675; Dec 9, 2008 at 06:54 PM.
Racer
Joined: Nov 2008
Posts: 484
Likes: 0
From: North Dallas area TX
Just make sure it has a clear title before you do the transaction to avoid any liens that might be on the car.
I bought a Camaro Z28 through a private party once. Had no problems registering the car, however, the previous owner had 12 speeding tickets in it. If there was a cop within a mile of the car, I was getting pulled over. I probably got pulled over no less than 100 times during the 5 years I owned it because of the prev. owner's speeding tickets. I kept going to the DMV and explaining to them what was happening, but there was no record of the tickets there. What a PITA it was!! I finally sold the car just so I wouldn't get pulled over any more!
I bought a Camaro Z28 through a private party once. Had no problems registering the car, however, the previous owner had 12 speeding tickets in it. If there was a cop within a mile of the car, I was getting pulled over. I probably got pulled over no less than 100 times during the 5 years I owned it because of the prev. owner's speeding tickets. I kept going to the DMV and explaining to them what was happening, but there was no record of the tickets there. What a PITA it was!! I finally sold the car just so I wouldn't get pulled over any more!
Burning Brakes
Joined: Aug 2007
Posts: 992
Likes: 3
From: Chesterfield Michigan
St. Jude Donor '08-'09-'10-'11-'12-'13-'14
A down payment is usually necessary via paypal. Most banks will cut you a blank check to fill in the amount of the purchase price or else a check for the exact purchase price to take with you.
When I bought my car from Florida (I live in NC), I flew down there over 4th of July weekend with a blank check and inspected the car then drove it home. I actually wrote the check for $500 more than the car cost then went to the bank with the seller and he took out $500 cash and gave it to me. Had a hell of a vacation with a new Z06 and $500 cash in Florida.
When I bought my car from Florida (I live in NC), I flew down there over 4th of July weekend with a blank check and inspected the car then drove it home. I actually wrote the check for $500 more than the car cost then went to the bank with the seller and he took out $500 cash and gave it to me. Had a hell of a vacation with a new Z06 and $500 cash in Florida.
Drifting
Joined: Jul 2000
Posts: 1,713
Likes: 3
From: Atlanta GA from Boston MA
If you are on the selling end, beware of accepting bogus counterfeit cashier's checks now floating around. Best bet is to call the bank the cashier's check is drawn on to make sure it is legitimate.
