CGTSX07

So I am looking at purchasing a car that is out-of-state from a private party. I am wondering if anyone here has done this before. There is a lien on the car so my credit union will need to overnight a check to his credit union in order to pay off the lien.

How am I assured that he will not just have me pay off the lien and then when I show up to pick up the car, he is no where to be found? What can I do to make sure I am not scammed? Any advice is appreciated.

Boulder TSX

I was recently considering doing the same thing for a car in WA. (I just found another certified car for the same price, also out of state...but in that case the dealer takes care of everything.)

Anyway, I came to the conclusion that you should either go to the credit union with the owner of the car and get the title, or if you can't make the trip, arrange for the title to be sent to you upon receipt of the check. Are you planning to ship the car or drive it home?

Itchytoe

Your credit union will take care of everything. They won't release any funds if they can't establish the liens they need. Your credit union will arrange to have the title sent to them when the other guy's receives the check. Your credit union does this a million times every year. They can give you all the specifics about what they'll do, and how they'll do it. You should sit down and talk with your loan officer. You probably have other questions, and he/she will be more than happy to put your worries to rest. That's one of the perks of using a credit union instead of a money hungry bank.

SHYUperman

iTrader: (1)

Sold the TSX? Whatca picking up?

CGTSX07

yea, I sold it a few months ago.

picked up a beater in the meantime and will hopefully get this 335i by the end of this week.