tubaprde

I'm looking to buy an e63 out of state and would like to finance through the dealer (who's 2500 miles away). Dealer states that financing could take up to a week because of the holiday/weekend and that fact that they have overnight fedex documents to sign and return. They're not open to taking a deposit for the car because they say there's been a lot of interested parties... so to secure the vehicle for myself (and make sure someone else does not buy it before me with cash or wire) I would have to send them a wire for the entire purchase price. In a few months I'd refi/cash-out with my local credit union and get a loan on the car. Does this sound OK to anyone? is this normal?

They seem like a legit used car dealer with about 200 vehicles in inventory and 20 people on staff. Good reviews on google and no complaints at the BBB.

I've already had an inspection done and it got high marks. I don't want to lose this car to another buyer, however I'm concerned about wiring such a large amount of money. How can I ensure I don't get f'd over? Is there some sort of escrow that should be used? What if I wire money but another customers wire gets there before mine? Am I worrying about nothing? thanks for feedback

cetialpha5

Not sure, but the last time I bought a car, I paid by bank check. But they had written up all the paperwork prior to me dropping off the check. I think you should tell them you're buying the car, have them sign all the paperwork, and then wire them the money. That way you have a signed contract and money changing hands which makes it a valid contract. If you send them the money in advance without any paperwork, then you're just giving them money. You could still get screwed if they went out of business or went bankrupt, but that can happen anytime, anywhere. Once you have a signed contract, in theory they can't sell it to anyone else, otherwise you can sue for specific performance.

scoto

I would hire a local law firm to act as your POA an exchange money for title. Maybe 3 hours of legal time?

akmatic63

Kinda weird they won't take a deposit. Most dealers do and should. Probably because as far as I know the bank won't pay them until after you not only receive the car, but get it registered and insured. Doesn't mean they aren't trustworthy, just not good business practices IMO.

tubaprde

Yeah not accepting a deposit is odd to me too. Their pricing policy is "no haggling", kind of like Carmax, I'd say. They say that because their prices are already lower than typical dealership prices (and are fixed) they don't accept deposits...first to come up with the money equal to the asking price of the car, gets to buy. Another odd thing, they only provide autocheck reports, not carfax....they say carfax has too much misinformation

cal1

I don't no a lot about it, but the whole thing feels odd to me. Seems to me the fact that there is much interest in the car would make accepting a deposit of some sort an even better deal for them. You give them $500 and they give you a week to get them a check for the agreed upon prices less the deposit. If you don't come through, they still have a highly desirable car and $500 more.

Where is this place? Maybe you can find a member nearby that could cruise by and check them out for you. I have looked at cars for members and I know others have also.

StarvingArtist

I wired 30+ to some guy I found on autotrader. He shipped me a car a couple days later. Don't remember the details, the bank took care of it.

Ls1toAMG

Use a bank to finance the car. They do this everyday. They wired mine. It takes a few hours out of state. You end up signing all paper work on the spot. Did it a month ago. When I got home I went to my bank and refinanced it with more money down. It's an everyday thing. BTW no car dealer will ever want you to leave without full payment. They want to sell cars not sell them later.

Autocheck is legit. They probably have a deal with them. Dealers do this with after market warranties. They use what's cheapest for them. Just run the carfax yourself

cetialpha5

My dealer wouldn't really take a deposit either. I offered to write a check but they said that they're not going to cash it and just hand it back to me when I either bring in a bank check or wire them the money. I thought it was strange also. I did get the paperwork from them though but knew it wasn't legally binding without any consideration (money). Makes sense now not to take a deposit, that way you don't tie up a car with people who might flake out on you. I would get paperwork first though. I was a little worried also, but they were a new car dealer that also sold used cars so it felt a little more legit than just a used car dealer.

As for only doing autocheck, they actually do seem better than carfax. There was an accident on mine that didn't show up on carfax, but did on autocheck. Also there's no reason the dealer needs to do it, the buyer should do it as part of their own due diligence.

Also before using the local credit union, check out Penfed.org, they usually have the lowest rate on auto loans, currently 2.5 on a 3 year, 3% up to 5 years.

tubaprde

Ahh ok, I'm calling my credit union to see if they can procure that for me! If not, then calling BofA.

PeterUbers

I wired 20k for a car once and then financed the remaining 80k... Was a Benz dealership... All worked out well ... Did it all through chase

tubaprde

Thanks for all your help everyone. I've decided to let this one go...way too many red flags.. unless i can get a very cheap flight out there I'm passing.