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Buying Modern Car OnLine??

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  • Buying Modern Car OnLine??

    Have a couple of questions, one of which I recall was discussed here some time back. I'm looking at possibly buying a modern car on line from a distant state. First what is the best way to pay for the car ( I will be traveling there in person to buy it). I hate to bring a suitcase of cash. Secondly, and more importantly, if a car has a lien on it - as most of these modern cars would, how do you safely conduct the transaction?

  • #2
    I wouldn't go out of state to look at a car without first knowing if it had a clear title or not.

    interbank wires can generally confirm within a hour in the mornings. If you have a good rapport with your bank, I'd go to your bank officer and give them the authorization they need to wire money from your account on your phone call or email.

    if there's a lien on the car that complicates things on a one ay out of state transaction. You'll have to have a sales agreement specifying the amount of the payout to be wired to the financier, and the balance to the seller.
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    • #3
      The only time I did a transaction on a car with a lien was at the bank where the lien was held. They hold the original title and will release the lien when the loan is paid off and you can do a transfer like BK mentioned. Contact both your and his banks to set it up. Also, the payoff might be more than the car is worth so you need to find out the payoff amount vs what the guy wants for it and you need to get that info from the bank but I'm not sure if the bank will give you that info without the seller's consent. Might have to do a conference call. When I did it, both the seller and I were at his bank....

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      • #4
        I sort of figured the lien would complicate things. Often wondered how these things were done. I've been looking at some newer Challengers lately, found a couple of interest but they are both a good days drive from here.
        With the sales agreement you mention BK, is this something a lawyer would need to draft up and then get notarized?
        I'd be concerned turning over $38K to someone with even a written agreement unless I could insure it was legally binding.

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