Continuing this thread.

http://www.thewolfweb.com/message_topic.aspx?topic=233652

what about possibly using a loan to buy the out of state car where the bank would have a lien on the title. Will the bank still give the loan as long as I bring them back the title? How would that work? Would they most likely just cut me a check for the amount of the loan, I could cash it/deposit it, pay the guy, get the title signed over, drive it home, transfer the title, pay registration, taxes, etc, and take the title to the bank?

1/4/2006 3:43:12 PM

i just sold my car out of state, here's how it worked for us. the buyer lives in OH.

he send me a check through his bank for the car directly to my bank. my bank paid off my loan.
then i filled out a Bill of Sale form (notorized), signed over the title at my bank, and fedexed them overnight to his bank. Then the bank took his title since he got a loan for it and it was his. then he got insurance and registered the car in OH.

then he flew down w/ a 30day tag and he was off. hassle free.

1/4/2006 4:29:19 PM

i'm trying to read that in reverse so I can figure out what he did

1/4/2006 4:34:00 PM

so basically he paid everything up front through his and my banks.

then i signed everything including the title and mailed it to him. then he signed them and it was a done deal.

1/5/2006 9:06:37 AM

yeah I got that.

well the car I wanted is sold anyway, but I found another out of state car. This one is through a dealer. I'd rather already get the loan so I know how much I can bargain with him. I could use any extra to pay the tax and title transfer nonsense. I guess i'll just go talk to the bank and see what they say.

thanks for the help.

1/5/2006 10:32:15 AM

I bought out of state and got preapproved for a loan ahead of time so I knew how much I could spend.

1/5/2006 2:54:47 PM

i'm sure i can get preapproved, but I'd rather be approved and have the money so I an go up there and look at the car, do some bargaining, buy the car, and then bring it back, using the rest of the loan to pay for NC tax, registration, and title costs.

I'm worried that if I only get preapproved then I'll have to wait till I figure out how much i'm actually paying, then let the bank know so they can wire or send the money for the loan straight to the dealer and he can send them the title.

I just need to talk to the bank.

1/5/2006 7:04:17 PM