Out of State car purchase - Advice needed!!!
11-29-2011, 11:31 AM
#28
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Join Date: Aug 2011
Location: CA/NYC/Jersey Shore
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Current 2014 Maserati Quattroporte and 2017 GLE 63 AMG retired 2007 E63 AMG
This last one was my first time buying from a private seller. He was in SoCal and i was still living in NYC...
First, i had a local friend go check it out (the car, the guy, his house, his neighrborhood, etc) All came back kosher.
Only needed the VIN to apply for the loan ( i shopped all around and BofA crushed everyone on rate/term )
Once we agreed on a price over phone, subject to a mechanic looking at it, i had him scan and fax the title. Emailed that straight to the bank and had the check via fedex like 2-3 days later.
Flew JFK-LAX last minute for 330 round trip and brought my MB mechanic pal with me. You can always walk away if you smell something fishy and your only out the chump change from the flight. I am a DIY yourself kinda guy so i figure having a mercedes trained mechanic simply look and listen is enough... if something catastrophic were to go wrong soon after buying i would just drive it through the front of his house....thats what insurance is for right?
First, i had a local friend go check it out (the car, the guy, his house, his neighrborhood, etc) All came back kosher.
Only needed the VIN to apply for the loan ( i shopped all around and BofA crushed everyone on rate/term )
Once we agreed on a price over phone, subject to a mechanic looking at it, i had him scan and fax the title. Emailed that straight to the bank and had the check via fedex like 2-3 days later.
Flew JFK-LAX last minute for 330 round trip and brought my MB mechanic pal with me. You can always walk away if you smell something fishy and your only out the chump change from the flight. I am a DIY yourself kinda guy so i figure having a mercedes trained mechanic simply look and listen is enough... if something catastrophic were to go wrong soon after buying i would just drive it through the front of his house....thats what insurance is for right?
11-29-2011, 04:09 PM
#29
Super Member
Thread Starter
Alright.... We I just got approved for the loan through BOA but they will not do it because the title and registration is in the guys dealership's name and not his name. He wanted to keep it under the dealerships name so the care would only be noted as having one owner. They will finance for a Private Seller but not a NON-Franchise/Private dealership..... .
Any I ideas.... .
Any I ideas.... .
11-29-2011, 04:18 PM
#30
+1 on the Capital One route. Marcus is right, they will hand over a check however they wont do private sales . Also they have changed their lending policy to only include major franchise dealerships.
Too bad about BofA. I remember my rate is like in the low 3'. I never would have expected BofA (my own bank) to finance my E55 at that rate
Too bad about BofA. I remember my rate is like in the low 3'. I never would have expected BofA (my own bank) to finance my E55 at that rate
11-29-2011, 04:23 PM
#31
Super Member
Thread Starter
+1 on the Capital One route. Marcus is right, they will hand over a check however they wont do private sales . Also they have changed their lending policy to only include major franchise dealerships.
Too bad about BofA. I remember my rate is like in the low 3'. I never would have expected BofA (my own bank) to finance my E55 at that rate
Too bad about BofA. I remember my rate is like in the low 3'. I never would have expected BofA (my own bank) to finance my E55 at that rate
Yeah I just got approved for 2.8. I can refinance with them right away but I need a bank take the purchase from a Non Franchise Dealership.
11-29-2011, 04:37 PM
#32
