Hey guys, long time lurker, n00b poster.

I'm finally looking to pull the trigger this year and buy an X.

Has any of you financed through your bank while buying from an individual?
Trying to figure out how it would work exactly, with title transfer etc.

Thanks,
Wade

 

A) The seller needs to know you are planning to finance the car and he/she must be willing to go through the process with you.

B) You and the seller have to go to your bank (usually make an appointment) with the car. They will sometimes go outside just to ensure the car actually exists and isn't some broken down POS.

C) Bank will go through the paperwork with both of you and you're off.

Btw, this process becomes slightly more complicated if the car has a lien (ie the seller still owes money on it and his bank has the pink slip). If that is the case, you will need to go to HIS bank as well.

Google "buying a car from private party". It will have all the info you need.

 

Thanks.
This may be even more complex, as the car I'm looking at is in another state and my bank is only local.

Thanks for the tips!

 

I bought a car from an individual on this forum, and he was from another state. First, contact your bank and get approval for the loan amount...etc.
If there is a lien on the car, get the seller's bank address/loan # and VIN # and give that information to your bank and (with a small fee) they will continue the transaction through a third party.
It's really simple.

 

I am in VA and flew down to FL to get mine from another member on here. The car had a lien, AND I was financing it locally in VA, so it was a bit more complicated. But, it's do-able if your local bank has some level of trust and history with you.

Basically, my bank rep had to contact his lien-holder to confirm payoff, vehicle info, etc. Then, the seller and I both signed a legal document outlining the process that we were going to follow. It came down to this:

1. Using the legal document, my bank gave me a check written to the the seller's lien holder, I flew down to FL, gave the check to the seller, and drove the car home with all the documentation and bill of sale

2. The seller sent in the check to release the title and was instructed to send the title directly to my bank.

3. When my bank received the title, I was able to pick it up to have the car registered in VA.

The process took a little over a week - not too bad. Everyone in the transaction just has to be dedicated and communicate well. It went very smoothly - other than the hurricane that I had to drive through to get home!

 

That's pretty much how it goes...

I flew to VA to get my evo x and drove it back down to FL (opposite of you)

I went through my credit union which happened to be his credit union also (Navy federal is worldwide) and that made the process of buying from an individual so much easier.

The dmv had the title so once we paid off the car I took all paperwork I needed and drove back home while it took a few days for the lien to be released. The seller then overnighted me the title a few days later and then I went to register it back home.

 

Awesome, thanks guys.

I called my credit union and they were super cool and helpful. Just need to make sure the seller is on board and I should be GTG.

 

I do loans for the credit union I work for and they wont do private sales out of state, unless approved by the VP of lending. Which usually means he knows you or you are longtime members of the credit union.


Let us know how it goes

i'll have some aftermarket parts up for sale in a bit if you end up having some extra cash

 

Will do.
The lady I talked to said they would just need a signed VIN verification, 10 or 20 day pay off if under lien, and either a copy of the registartion or the title. She didn't seem concerned about it being out of state. I've also been a member for around ten years and carried my last car loan through them.
My credit score is pretty damn good too.

 

Check out the car first. Make sure nothing is messed up or missing.

 

Well it's a moot point, guy sold the car already.
But I'm still shopping neighboring states.

Who does the license plates deal work, for you guys that drove cars home from other states? Did the previous owner just let you rock their plates for awhile?

 

lol, yea mine did....he let me rock his personal plates for about a week and came back with new plates from DMV and gave them to me, was pretty cool about it all, (at the time of signing everything over he ordered the plates)