OK so megan found a car in ames iowa today. 02 WRX 4eat 90K for 8K. But i've never bought a car outta state with a loan neither has she. So we were wondering how does that work? Does the bank give you the money first or do they need a title or what. Like i said i have no idea on it so any help would be appreciated. But again we arn't 100% sure on this car becuase she hasn't even seen it yet so i know that will factor into things if you tell the bank you arn't 100%. Hope that little rant made scense. Thanks.
As far as I know the party has to send your bank the title with mileage and other stuff they then give you the money and you go pick it up.
^^depends on credit. most will just give you the money up front, all you have to do is give them the car information (vin #), etc, etc once you get the car then go to the bank to finish up, if even needed
honestly, it might depend on the bank too... and the state its being purchased from. for instance, if you try to buy a car from NY, a lot of times you are SOL because that state puts liens on the cars titles which makes it damn near impossible to ever get things in order and to work out remotely smooth
I bought my STI in misourri and when i did it the bank gave me the check for the car and since i had never seen it they said if i didnt want it just bring the check back or else bring the title back to finalize
All I remember about buying my turbo RS from the guy out in Boulder, CO was flying out there on a round-trip ticket with a bank check in my hand for the amount I was willing to offer, test driving the car in the mountains, signing the title and handing over the check, then driving it alllllllll the way home to Minnesota. He owned the car outright so I didn't have to mess with lien releases or any of that. Like MN titles we signed two portions of the title and then he tore off the postcard that he would send into CO DMV to let them know he no longer had the car. I then took the title and the car (and the license plates need to stay on) back to MN and to the DMV to pay tax and title. At that point you tell them the bank is the lien holder so they can add them to the title. Then you sometimes need to fax a copy of the title to the bank but I think the DMV dispatches copies to you and your lien holder so you may not even need to do that. My bank cut me a check in the seller's name without much trouble, but then they're a credit union and were able to be pretty lenient with members. Don't procrastinate taking the car in to be titled or else they're going to fee the life out of you. Make sure you do it within a week to be safe.
Flat4 has got it right, I went through Chase, they just sent me a check for the loan amount and Matt and I flew out to TN to pick her up. They said if the check wasn't used in 7 or so days they will void it. The title was sent to Chase before I received it.
