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quikryptonite
02-21-2011, 02:54 PM
I am looking at a 330i in Dallas, TX. Does anyone have any suggestions/words of wisdom that I might want to know about if I am seriously considering flying into Dallas to buy a car?

What is the best way to proceed once you decide you want to buy the car from a private party seller in another state?

pyreguy
02-21-2011, 02:56 PM
Arrange for a prepurchase inspection at a local BMW dealer. This will require the cooperation of the seller to make sure the car gets there.


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danewilson77
02-21-2011, 03:12 PM
This is a good read here...

http://www.bimmerfest.com/wiki/index.php?title=BMW_E46#What_should_I_look_out_for .3F

mimalmo
02-21-2011, 03:32 PM
If the car has a lien on it, do the transaction at the bank where the loan is held if possible.

Marcus might have some legal advice.

Oli77
02-21-2011, 04:52 PM
Make sure you don't pay sale taxes in both states!

I bought mine in TN and drove it to KY, and then paid the taxes when I registered it (in KY). Perhaps there is a deal between TN and KY.

Laws are likely to change from state to state though.

Marcus-SanDiego
02-21-2011, 04:56 PM
Make sure you don't pay sale taxes in both states!

I bought mine in TN and drove it to KY, and then paid the taxes when I registered it (in KY). Perhaps there is a deal between TN and KY.

Laws are likely to change from state to state though.

Good advice, Oli. Chances are that if you pay taxes in the originating state, you'll pay the rest of the taxes in your home state (assuming they're higher). California is infamous for that.

I purchased a car in Idaho (6% sales tax). Moved to California less than a year later. I had to pay the difference. If it had been longer than a year, I would not have had to pay the difference between the two states.

Go Horns!
02-21-2011, 07:50 PM
I just bought a ZHP in Phoenix from a dealer, and I live in Texas. I had a blast driving it back. It was the second time I did an out-of-state purchase. The one thing I did not do either time was plan extra time to hang out in the city. Because of work, I had to get back home. If you have never been to Dallas, give yourself some time to take in the city. I'm still kicking myself for not playing some golf in Phoenix.

As for doing the deal, this is how I did mine.

1. Agree upon a price, with the condition that you can backout if anything bad is revealed by the PPI. Because I bought from a dealer I got to use a credit card for the deposit. Hopefully, you can proceed without a deposit.

2. If the PPI reveals anything, get the owner to lower the price or fix the problems.

3. Confirmed from the mechanic that the fixes were done.

4. Bought a one-way plane ticket.

5. Salesman picked me up and we went to the dealership to finish the paperwork.

For you, step 5 will be different because of the private party sale. I have never done a private party buy, so others will have to help you out with that part. FWIW, I would make sure the owner will take a bank draft of some type and to do the deal at the bank.

iZHP
02-21-2011, 08:13 PM
make sure to get good pictures of the car. High detail, and many pictures of every aspect. Communicate with the seller, establish rapport...ask how maintained the car was, and how many service records are available. Were the parts that wear at a certain mileage changed? Just tips that will save you money once you have the car.

Marcus-SanDiego
02-21-2011, 08:18 PM
I bought my ZHP from a private party. There was no lien holder. Therefore, all we had to do is have him sign over the pink slip to me. I paid cash, so there was no lien holder on my end, either.

I bought the car with a cashier's check. I walked into my bank -- in Denver -- and had them issue me the cashier's check. My seller then walked into his bank with our cashier's check and verified funds.

After we exchanged money and the title documentation, we hung out at the owner's house for a little bit. It was a great visit. I had a chance to learn about the previous owner and I had a chance to learn about all of the love he poured into the ZHP. I knew I bought the car from an enthusiast who loved the car.

iZHP
02-21-2011, 08:27 PM
I bought my ZHP from a private party. There was no lien holder. Therefore, all we had to do is have him sign over the pink slip to me. I paid cash, so there was no lien holder on my end, either.

I bought the car with a cashier's check. I walked into my bank -- in Denver -- and had them issue me the cashier's check. My seller then walked into his bank with our cashier's check and verified funds.

After we exchanged money and the title documentation, we hung out at the owner's house for a little bit. It was a great visit. I had a chance to learn about the previous owner and I had a chance to learn about all of the love he poured into the ZHP. I knew I bought the car from an enthusiast who loved the car.

literally sounds exactly like what I did...the guy was a complete enthusiast and had nice cars that were taken care of (E34 M5, e30 M3, my ZHP, and a few older 3 Series) it had a ton of records, and I knew he took care of it.

mimalmo
02-21-2011, 08:45 PM
I just bought a ZHP in Phoenix from a dealer, and I live in Texas. I had a blast driving it back. It was the second time I did an out-of-state purchase. The one thing I did not do either time was plan extra time to hang out in the city. Because of work, I had to get back home. If you have never been to Dallas, give yourself some time to take in the city. I'm still kicking myself for not playing some golf in Phoenix.

As for doing the deal, this is how I did mine.

1. Agree upon a price, with the condition that you can backout if anything bad is revealed by the PPI. Because I bought from a dealer I got to use a credit card for the deposit. Hopefully, you can proceed without a deposit.

2. If the PPI reveals anything, get the owner to lower the price or fix the problems.

3. Confirmed from the mechanic that the fixes were done.

4. Bought a one-way plane ticket.

5. Salesman picked me up and we went to the dealership to finish the paperwork.

For you, step 5 will be different because of the private party sale. I have never done a private party buy, so others will have to help you out with that part. FWIW, I would make sure the owner will take a bank draft of some type and to do the deal at the bank.

This is good advice.

I would also add to point number 4 to check and see if a round trip is cheaper (it sometimes is). There's been a number of times that my company has bought me round trip tickets and I've not used the return portion (just a few weeks ago in fact). Airlines don't like it but then maybe they should price their fares correctly.

Nivo
02-21-2011, 09:11 PM
I Live in Mass and bought my car from Florida.
I had it inspected at a local BMW dealer, didn't get much as far as pictures or even a report except for, wiper blades need refills, washer fluid low, oil change done, chassis good.

I then ordered a SGS Automotive report:

389
390
391
392
393

Those were just a few of the pictures I received, I also got a report on tire wear, how the car drove and overall thoughts on the car. If there are problems they see they tell you.

On my car it had a small chip on the left rear quarter panel which the inspector shows with an arrow. this gave me bargaining power.

I had my car shipped up to Mass by intercity vanlines for cheap because I had used them for my Z car.

I paid Mass state taxes when I registered the car here.

otto99
02-22-2011, 01:32 PM
I bought mine from a dealer in Birmingham, Alabama and drove back to Memphis. They prepared everything I needed for easy registration once home. The only thing was Alabama doesn't issue drive out tags, so if you get pulled over, you present the sales paperwork to verify registration. That might be fine in Alabama, but made me somewhat uncomfortable driving through Mississippi and Tennessee to get home, so I screwed the plate from my traded E34 onto the car. I know, that's illegal, but far less suspicious to a cop looking for revenue than no plate at all. Once home, I was able to get a temp tag until I could get the real plate.

billschusteriv
02-23-2011, 08:35 PM
^^^^ This. Getting a transfer tag from the state of purchase or the state you are registering the car in can be the tricky part. PA, for one, does not offer temporary transfer tags. This is something you will have to research on your state's DMV website.

I have found buying a car from out of state from a private party is a delicate back and forth and requires some trust on the part of both parties.

Here's a synopsis of one of my experiences:

When I was living in Upstate New York, I bought a Ducati from a seller in Chicago on eBay. We overnighted a swap of the title and a bank check at the same time. I think it was a Monday or Tuesday. When received, I re-registered the bike in New York State and got a one way plane ticket to Chicago from Albany that Friday. I had a cab take me out to a hotel with easy access to a metro train. I took a train in the morning to a station where he picked me up and took me back to his house. We waited until about 12 noon on Saturday when the check was confirmed to clear at his bank.

Then I rode the bike the 900 miles back to Albany from Chicago in about 22 hours, which included a 5 or 6 hour stop in a Erie, PA Motel 6. When I got back, I was so excited and had the adrenaline pumping making it with my bike home, I rode around for the next few hours. Even still, I missed the 1000 miles in 24 hours for the Iron Butt award/patch.

quikryptonite
02-24-2011, 07:59 AM
Anyone can order one of these inspections? It doesn't have to be an ebaymotors transaction does it? That would totally be worth the $100 in my opinion.

kpro
02-24-2011, 08:10 AM
I bought my ZHP from a private party. There was no lien holder. Therefore, all we had to do is have him sign over the pink slip to me. I paid cash, so there was no lien holder on my end, either.

I bought the car with a cashier's check. I walked into my bank -- in Denver -- and had them issue me the cashier's check. My seller then walked into his bank with our cashier's check and verified funds.

After we exchanged money and the title documentation, we hung out at the owner's house for a little bit. It was a great visit. I had a chance to learn about the previous owner and I had a chance to learn about all of the love he poured into the ZHP. I knew I bought the car from an enthusiast who loved the car.

Thats almost exactly how our purchase of the NSX went, and it was in Dallas too. The only difference was that I had a transfer set up at my bank and once I got to see the car in person I called my banker and he put the transfer through and it went to the sellers bank account. We hung out with him that afternoon and drove home on his plates. Got the car re-titled and registered the following Monday and Fed-Ex'd his plates back to him. It was really easy actually.

Marcus-SanDiego
02-24-2011, 08:12 AM
Kristen, always nice when things turn out so well, eh?

Our situation was a bit different with the plates. In Colorado, the owner keeps the plates. The owner controls the plate -- and can move the plate from car to car.

So, we drove home with no plates. LOL.

iZHP
02-25-2011, 08:10 AM
I just put on my NJ plates (registered to my old car) and drove back from New Hampshire with no problems (6 hour trip). Of course, insurance was active though.

imola red zhp
10-19-2011, 08:11 AM
I'm asking for some help regarding the process of an out of state purchase from a private seller that still has a note on the car. Has anyone made a purchase this way?

This assuming the car is already completed all PPI's and checks and ready for purchase.

Owner wants me to pay him directly then he will pay bank and bank will send title to my home state. ( I will be paying cash for the vehicle).

Is there a process or checklist to follow in this type of purchase?

I'm worried about the gap time between me paying off his note and receiving the title. I don't have any real insurance during that time against any fraud or problem with bank getting me the title. Even if I take possession of the car the title could still be placed in his name since bank doesn't do the transfer of title. (Calif. DMV will do transfer as long as I have title.)

Thanks in advance for any information....

Marcus-SanDiego
10-19-2011, 08:15 AM
Good question, Dennis.

A nice checklist would be a great addition to the forum.

mimalmo
10-19-2011, 08:28 AM
Not that I know but, couldn't both parties sign a bill of sale that was notarized?

Buy a car from a dealership and they do a bill of sale, then mail the title out weeks later.

Hermes
10-19-2011, 08:31 AM
I would not do it that way, I don't like the chance that it could be a scam of some sort. I would pay bank directly and balance (if he made a "profit") pay to PO

das boots
10-19-2011, 08:31 AM
To my understanding, your lender will be the one to deal with the note of the seller's bank. It will be between financial institutions. Because the pink slip will be sent directly to your lender. If the seller does not like it that way, he needs to confer this with his institution. All are done by wire transfers. And if he still does not like it, then T.S. That is how transactions are done these days. If you do not have a bank and this is your own, then you will have to deal with his bank. Again, if he does not like it, then T.S. Banks hate it when they are by-passed by owners. His bank will deal with you. The bank has the final word and the final amount of loan. Seller might say one loan price, but bank has another amount on loan. Deal with the bank. You have a good repertoire with them, they will take care of you. Now, as for insurance, my insurance (ACSC) covers any vehicles that was purchased until you have the vehicle in your driveway to let them know that you have it in place. Because they will be asking for the mileage, VIN and other stuffs like the lien holder (or not) etc....You can call your insurance to confirm converage. Hopefully this answers your questions.

imola red zhp
10-19-2011, 08:39 AM
To my understanding, your lender will be the one to deal with the note of the seller's bank. It will be between financial institutions. Because the pink slip will be sent directly to your lender. If the seller does not like it that way, he needs to confer this with his institution. All are done by wire transfers. And if he still does not like it, then T.S. That is how transactions are done these days. If you do not have a bank and this is your own, then you will have to deal with his bank. Again, if he does not like it, then T.S. Banks hate it when they are by-passed by owners. His bank will deal with you. The bank has the final word and the final amount of loan. Seller might say one loan price, but bank has another amount on loan. Deal with the bank. You have a good repertoire with them, they will take care of you. Now, as for insurance, my insurance (ACSC) covers any vehicles that was purchased until you have the vehicle in your driveway to let them know that you have it in place. Because they will be asking for the mileage, VIN and other stuffs like the lien holder (or not) etc....You can call your insurance to confirm converage. Hopefully this answers your questions.

Thanks das,
Points well taken
I suggested that I pay the bank directly and I have no response with the seller yet. I think he doen't want me know the actual balance....

imola red zhp
10-19-2011, 08:41 AM
Thanks JP
I'm trying to do it that way hopefully it works out.. I'll suggest that to PO that I can pay him separate from bank.

imola red zhp
10-19-2011, 08:43 AM
Good question, Dennis.

A nice checklist would be a great addition to the forum.

I will note my progression through this and update and maybe it can be come a stickie for others successful or not.

Hermes
10-19-2011, 08:44 AM
Dennis,

Where is the car/mileage/options?

webster
10-19-2011, 09:17 AM
amount he owes is irrelevant to you. whatever price you agree upon is how much his lender gets from you on his behalf to pay off the note. if he owes a difference, that's on him. by the same token, if he makes a profit, that's his money. i would advise against sending him funds directly. once the note is paid off with his lender, they will send you the title per the bill of sale agreement that you guys draw up. at least that's how it should work in theory. it should be considerably easier since you're paying in cash; if you were trying to finance as well it would be more complicated.

Marcus-SanDiego
10-19-2011, 09:25 AM
I will note my progression through this and update and maybe it can be come a stickie for others successful or not.

Sounds good, Dennis. Take notes through the process.

imola red zhp
10-19-2011, 12:20 PM
NP, Boss

imola red zhp
10-19-2011, 12:33 PM
amount he owes is irrelevant to you. whatever price you agree upon is how much his lender gets from you on his behalf to pay off the note. if he owes a difference, that's on him. by the same token, if he makes a profit, that's his money. i would advise against sending him funds directly. once the note is paid off with his lender, they will send you the title per the bill of sale agreement that you guys draw up. at least that's how it should work in theory. it should be considerably easier since you're paying in cash; if you were trying to finance as well it would be more complicated.

If the bank note is X and the selling price is Y and I send the Y price to the bank will they in turn send the difference to the seller or give back the difference for overpayment? I don't have a problem paying the fair amount even if he's making a profit, My concern is since it's a private sale my funds are needed to pay off note (as specified by him). THe loan is between him and the bank, I have no title, other a written agreement between the seller and I, the bank is only obligated to send title to the person named on the loan. Hence a loop hole for me to lose a car and my funds.

UdubBadger
10-19-2011, 12:35 PM
yeah thats correct but thats where having a loan on your end would help. If it takes too long, your bank will go after him/his bank to get the lien of the car they just paid for.

webster
10-19-2011, 01:07 PM
the bank that holds the title for the other guy should send you the title and proof of sale after they receive payment and instructions per the bill of sale you draw up with the seller. then you take that to the DMV and pay the taxes and fees to title wherever you live.

imola red zhp
10-19-2011, 01:10 PM
yeah thats correct but thats where having a loan on your end would help. If it takes too long, your bank will go after him/his bank to get the lien of the car they just paid for.

Understood Udub, yes it would much easier that way but I'm not pre qualed for a loan and would rather pay cash. That's what makes it difficult dealing with a seller who doesn't have the title. Thanks

sent from Dennis' Droid using tapatalk

imola red zhp
10-19-2011, 01:13 PM
the bank that holds the title for the other guy should send you the title and proof of sale after they receive payment and instructions per the bill of sale you draw up with the seller. then you take that to the DMV and pay the taxes and fees to title wherever you live.

I like it hope it works out that way. If it works out that way I can take the car and be confident the title will be sent to me....

sent from Dennis' Droid using tapatalk

aurelius
10-19-2011, 01:17 PM
Do the deal at seller's bank. Which means you'll have to do it during biz hours, of course.

If they don't have title in-hand and or aren't willing to give it to you until payment clears, you'll at least have paperwork for any necessary follow up.

You might also inquire with seller's home state DMV to see what they want re license plates. Make sure you & seller are on same page re plates.

UdubBadger
10-19-2011, 01:19 PM
^ thats a good idea

imola red zhp
10-19-2011, 01:45 PM
Just emailed seller about bank info and payoff amount as well as DMV requirements.
Thanks for all your input, great advice.. will update ...

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Oli77
10-19-2011, 02:11 PM
I remembered we talked about this before...


Here it is http://www.zhpmafia.com/forums/showthread.php?1274-Out-of-State-Car-Purchase&highlight=bought+tennessee

Merge?

danewilson77
10-19-2011, 02:20 PM
I remembered we talked about this before...


Here it is http://www.zhpmafia.com/forums/showthread.php?1274-Out-of-State-Car-Purchase&highlight=bought+tennessee

Merge?

Good find. Will try to merge on the TB

HTC Thunderbolt+TT

imola red zhp
10-19-2011, 02:42 PM
Thanks DW and Oli
:biggrin

echo46
10-19-2011, 03:17 PM
I'm from New York and bought my ZHP in Detroit. The guy in Detroit had a lien on the car so the bank has to be satisfied first. In fact the lien holder has the title so until the lien holder is paid the title cannot be released. I called michigan DMV and they informed that after the lei holder was satisfied and the titlep transferred to my name I had to purchase a temporary michigan registration and plates for $14. They said that I would need to show them the title, temp insurance and bill of sale. Here's what I did:

1. Agreed on price and payment method.
2. Bought my plane ticket to Detroit. I wanted to see, inspect and drive the car before I finalized the deal.
3. Went to my insurance company and got temporary insurance.
4. Flew to Detroit, met PO and loved the car. I prepared a Bill of Sale. You need the Bill of Sale to get temp registration and to register in your state.
5. We drove to his bank where we paid off the loan and had the bank release the lien. Then he signed the title over to me.
6. I drove him back to his house and he unsuccessfully attempted to remove his plates. He stripped the plate screw and I didn't trust him to drill it out. I got him to agree to let the plates on the car, let me drive it back to New York, get the plate off and send it back.
7. I was going to get the temporary plates but it was a lot easier just driving back with his plates. I figured it was still validly registered and insured so no harm. However, the correct way is to got to that state's DMV and get a temp registration and plates to drive it back. It's a bit of a pain but then you have no worries.
8. One thing to be aware of is to make sure all the parties on the lien sign the back. When I went to the NY DMV to register the vehicle I realized the the guys wife's name was on the title and she failed to sign it. I had to send it back to the PO and have it signed and sent back before I could register.

Rustyh
10-20-2011, 05:36 AM
Seems the OP's thread sort of split into two different discussions, so just to be clear I'm speaking to the OP.

If I read correctly, you're speaking about buying from an individual in Tx. I live here and I just sold my ZHP a couple of months ago to another Mafia person.

Don't know if the seller has the title or if he has a lien on it, but even if it's the latter it's a simple exercise. Too much is sometimes made about the complications of a seller not having the title in hand, and maybe in some states it is an involved process. But not in Tx. I've bought a few cars where that situation existed and it involved filling out all of one additional form (and it's very short). The bank(s) handle the rest.

We (myself and the buyer) did our deal on a Saturday, so obviously the DMV wasn't open, most banks are closed, etc. But it was still a piece of cake deal.

He flew into DFW on Friday night. I picked him up at the airport Satureday morning and we went to a local branch of Wells Fargo (his bank). They have loan officers available on Saturdays. They provided me with a bank guaranteed money order for the amount of sale, he and I signed the title, and off we went. He dropped me off near my house (where my wife picked me up) and he was on his way back to San Diego.

Later that afternoon I went to the DMV site and completed a Title Transfer form, which amongst other things includes car info, plate #'s, etc and who the title was transferred to (know his name, address, tele#, email address if you can). Took about 3 minutes.

That's it. And btw, the buyer was concerned about not being provided Registration, which he needs in CA. Deal is, in Texas we don't have Registration forms we have to carry in the car like they do in CA and other states, so don't be freaked out about not getting one. Basically, our "registration" is in the form of a sticker on the windshield.

So the whole deal took about 30 minutes at the bank and a few minutes on the computer when I got home to do the title transfer.

He's actually at more risk than you are. I was warned by every bank person I talked to about being careful about taking Money Orders, Cashiers Checks, etc because they see a lot of fraud with those instruments these days. So if your seller has been told some of the same horror stories I was, be understanding about him being a little shy about being provided one of those w/o it being generated right in front of his eyes.

Also, and this may apply everywhere, but you won't pay a sales tax if buying from an individual here.

Good luck,
Rusty

Hermes
10-20-2011, 08:08 AM
Rusty,

I might be wrong but I think the car is in Ohio

Rustyh
10-20-2011, 08:35 AM
Rusty,

I might be wrong but I think the car is in Ohio

The OP's thread seems to have been hijacked and I haven't really followed everything, but the first post seemed to suggest the car was in Dallas.
Maybe not. The thread seemed to develop a life all it's own. I'm not really sure how many directions this thing's going now. lol

Rusty

aurelius
10-20-2011, 08:55 AM
It's a bit confusing because 2 threads were merged. The member we have been addressing recently is no longer the OP of this thread.

Just keep it simple and do the deal at his bank. You'll get the title eventually and you won't risk traveling with car, keys, and title with you simultaneously.

Be sure seller has all available keys and service records at time of sale. There were 4 keys when these cars were new: 2 masters, a valet, and a plastic "wallet" key.

See what your state requires to register the car. Aside from the obvious state emissions/safety inspection and proof of insurance, a seller-signed and dated bill of sale comes to mind.

zj96sc
10-20-2011, 12:17 PM
Do the deal at the seller's bank. If they don't have the title at the branch or the seller is unwilling to comply, that's enough for me to walk away....there are other fish in the sea and if it gets too difficult to close the deal that's probably a sign.

No matter what "paperwork" or "bill of sale" form or "documentation" you walk away with, if you leave without your money and without a signed title and a valid title exists somewhere without the owners signature at your name on it, you do not own the car, period, and are at risk.

The one time I bought a car with a lien on it, we went to the seller's bank. I gave him a bank of america cashier's check for the agreed value of the sale. He gave it to the teller, the teller gave him his title with lien released, and he signed the title to me. I called my insurance ahead of time to have active insurance on the car starting on the day of the transaction.

As far as tags are concerned, call the seller state DMV and ask what the procedure is. Most will sell you "transit" or "temp" or "10 day" or "multi-purpose" tags for <$20 that allow you do drive the car home. They'll require the signed title and proof of insurance to issue, CT requires the declarations page of your policy as well.

My first ZHP seller was concerned about the validity of a cashier's check from Chase bank, so we went to a Chase branch and cashed the check and then drove to the seller's bank and he deposited it. No lien in this case.

imola red zhp
10-20-2011, 12:37 PM
The OP's thread seems to have been hijacked and I haven't really followed everything, but the first post seemed to suggest the car was in Dallas.
Maybe not. The thread seemed to develop a life all it's own. I'm not really sure how many directions this thing's going now. lol

Rusty

Rusty OP's thread was from a few months back, I started a new one yesterday and it was merged with OP's. The info is pretty close to the same. Very useful.
Thanks for the inputs..

imola red zhp
11-01-2011, 06:16 AM
Update, I purchased the car in Ohio, I wired the funds to the owners bank from my bank through the account and routing number given by the owner. The owners bank will clear the note and if there is any additional funds leftover that will go to the owner.
THe owners bank will send the title to me directly and the request of the owner, since the bank was the lienholder there is no title for the owner to sign, basically the bank sign over title to me(the new owner). All I have to do is when I recieve the car is to get it smogged, and bring title to DMV and do a transfer of ownership. Actually is was a lot easier than it seemed. It helps also that the previous owner is willing to work with you too.

Thanks for all the support and information..I hope this helps anyone else in the future doing an out of state purchase.. any questions you can PM me or post

zj96sc
11-01-2011, 06:38 AM
I was always under the impression that you still own the car but the bank holds a lien on it, meaning the bank has to release the lien and then you have to sign the title to sell the car.

Guess I was wrong.

aurelius
11-01-2011, 07:24 AM
Update, I purchased the car in Ohio...

Is this the Imola sedan with 20k miles that's been on AT for like 2 years?

imola red zhp
11-01-2011, 07:33 AM
Negative, this one has 65K, just passed PPI,

imola red zhp
11-01-2011, 07:39 AM
I was always under the impression that you still own the car but the bank holds a lien on it, meaning the bank has to release the lien and then you have to sign the title to sell the car.

Guess I was wrong.

Zj maybe not, in this case or (mine) to protect myself, my bank wired the money to the owners bank, the bank would then release title to the person on the loan which would be the current owner. However I requested the bank (owners bank) that when note is satisfied they send title to me, they said they would but the current owner would need to specify that to them in writing which he did and I have a copy of that letter.

Thanks Zj I probably should have mentioned that, but I thought it was too much detail.

zj96sc
11-01-2011, 09:40 AM
No problem, that's good information.

I'm pretty sure you have to assign power of attorney to the bank to allow them to sell the car for you....but.....I'm sure this is one of those things that is 100% variable by state.

I know in texas, the driver ("owner") is listed as the owner on the face of the title, and also holds the title in his possession with liens noted on it. The car I almost bought had liens noted with paperwork indicating satisfaction of the lien. Either way, the "owner" still had to sign the title to indicate transfer of ownership, not just the bank.

Seems like that would have to be the case for, say, a situation where the loan was only worth 20% of the car. The bank can't sell the whole car without the agreement of the owner, even if their stake is satisfied.

In GA, your bank holds the title until the lien is satisfied. I'm not sure whose name is under "owner," but I know with my first ZHP I had to assign power of attorney to my insurance (also my bank) to allow them to satisfy the lien and sell the car without the title ever coming to me to sign.

Ah well, I'm no expert and I'm sure there's probably about....50......right answers.

Congrats on the car!

imola red zhp
12-16-2011, 07:18 AM
Update to this thread, The car is officially mine as of 12-07-2011 w/ Ca. plates and title.

This was an Out of State purchase from Ohio to Calif.
1. Found car on Autotrader, contacted via email. (non-member but enthusuiast)
2. Mafia Member volunteered to check out vehicle for me (kpro)
3. Mafia member recommended purchase w/PPI.
4. Car PPI by owner at local BMW dealership, mech. called me to give details and emailed results to me.
5. Made offer accepted by owner.
6. Transferred money via wire transfer from bank to bank (car had lien)
7. Arranged car to be shipped through (Uship)
8. Owner sent manual extra keys and maintenance records by mail
9. Car arrived at my house 6 days after pick/up
10. Title arrived, brought to DMV transferred title and issued new plates

This is a unique scenario I had never flown out to see the vehicle, I relied on the expertise of Kristen and JP for their input and access to info. I can say if it wasn't for their help and effort to help me I would not have been able to purchase this awesome ZHP. :thumbup:fistpump

Note: The previous owner was amazing he was only home during the weekends, he work out of town during the week and we only contacted through email, never spoke on the phone once....That was a bonus!!!!

johnrando
12-16-2011, 07:49 AM
Very cool.

aurelius
12-16-2011, 08:04 AM
Good to know Uship handles cars. How much did that cost you and what was the distance?

imola red zhp
12-16-2011, 08:20 AM
Yes, I was a first time user they were referred by a friend who's on some Corvette forums and said those guys use Uship a lot. Works like ebay post you car to be shipped from origin to destination, enclosed or open trailer and companies start bidding. All companies that list on Uship are bonded and have to have up 400k in insurance to be affiliated with Uship. pretty safe IMO.
I used an enclosed trailer from Columbus Ohio to San Ramon CA. 2400 + miles= $1450 out the door $250 deposit to Uship balance to shipper at delivery. Easy I would use them again.
http://farm7.staticflickr.com/6114/6361542533_d0f06be69a_z.jpg (http://www.flickr.com/photos/18128055@N03/6361542533/)
Come to papa (http://www.flickr.com/photos/18128055@N03/6361542533/) by da94450 (http://www.flickr.com/people/18128055@N03/), on Flickr

UdubBadger
12-16-2011, 08:39 AM
even 1/2 way into a trailer that car is gorgeous

imola red zhp
12-16-2011, 08:46 AM
even 1/2 way into a trailer that car is gorgeous

Thanks Seth hope you find yours soon, I having a blast with mine, honestly I have spent more time working and modding the ZHP more than I had ever done on my //M5

aurelius
12-16-2011, 10:31 AM
Was the driver a Russian guy, by chance?

imola red zhp
12-16-2011, 09:36 PM
Was the driver a Russian guy, by chance?

Of the transport or previous owner?

sent from Dennis' Droid using tapatalk

tracerit
12-17-2011, 09:29 AM
i read this thread and want to cry. congrats on your smooth transaction. i'm still waiting for my car, three weeks later :/

i'm also in CA, before you brought it to the DMV, did you get it smogged? were you issued temp plates or are you running plateless?

imola red zhp
12-17-2011, 09:44 AM
i read this thread and want to cry. congrats on your smooth transaction. i'm still waiting for my car, three weeks later :/

i'm also in CA, before you brought it to the DMV, did you get it smogged? were you issued temp plates or are you running plateless?

It sounded smooth but believe me it was still heart wrenching at times especailly with paperwork.

Yes before you bring it to DMV make sure you smog it here in Ca., have a bill of sale signed by previous owner, The Title should be notarized either by the previous owner or lienholder. Bring car right to the inspection line where they do driving tests. Then you can go inside and present paperwork and don't forget checkbook for taxes and transfer fee its about 10% of the purchase price. Make sure mileage is right on too, they gave me crap for having it 100 miles off.

Previous owner sent car with plates I wanted to take pics when it arrived. I drove around with it for a week and got it smogged, and sent plates back to him. No temp until I went to DMV and gave me tags and plates right there.

It does take a while, my offer was accepted on Nov.5th, I paid on Nov.6th, the car was picked up on Nov. 12, Car arrived on Nov. 18th, I got plates Dec. 13.. Just to show you process