I'm new to the buying process out of state, but my credit union will not finance unless the car is registered in my state. I found a great deal on a SRT 6 out of state that I cant pass up. What banks would finance for out of state cars? Is it even possible?

 

I went through US Bank. They were great to work with, and have very competitive rates. They handled everything for me. They worked with the sellers credit union to pay off his loan and cut the remaining check to the seller. They mailed me a temp tag from the state I purchased from so I would have a tag when I picked the car up, and handled the registration process with my local DMV. Auto Loans from U.S. Bank for new and used vehicles

 

Thanks. My credit union is really strict I guess. I'll give US Bank a try.

Hope to be back in the game next week.

 

I know the answer to this one!!! Your car will be registered in the state where you live. The biggest hassle with buying out of state is tax, tag & fees - not financing. Certain states will collect the sales tax for you & send it to your state but others will make you pay it at your home DMV. Of course you will still have to deal with your home DMV for tag transfers. Some regional banks won't work with out of the area dealerships, but you are essentially doing a cash deal with the dealership/private owner. All that being said you can still use a lot of national banks that do business all over or consider taking out an unsecured personal loan for the vehicle that sometimes gives you a lower rate. When I bought my XF I had the cash to pay for it upfront but didn't want to tie all that cash up in a depreciating asset (oh how depreciating!) so I put the cash in a secured account that earned a guaranteed 3.5% then took a personal loan out secured by that account that I pay back at 2.25%. Basically every car payment I make on my XF I am earning 1.25% - not a lot, but its something! I also have a clean, lien free title on my car. Creative financing can often be the way to go!

This is what I have been doing for a living for about 10 years so let me know if I can assist!

 

Your credit Union shouldn't have a problem with this at all. Best place to get the money.

Read Kim's post.


franc

 

I've bought multiple cars out of state, and financed through my credit union. Some of the details will depend on what type of temporary or travel permit your state offers; my state (Arizona) has temporary permits that can be printed from your home computer. I've taken the permit to the state where the car resides, paid with a credit union check, and driven home. Once at home, I take the car to DMV for a VIN check and registration. One benefit is that I didn't have to pay sales tax in the state of purchase, nor does Arizona require it.

Another option is to have the car shipped to you, which I've also done. FexEx the check to the dealer holding the car, coordinate with the trucking company, and have it delivered to your door. In my case, the savings on sales tax more than paid for the shipping.

Again, some of the details will depend on your state's rules on temporary registration, but I can't imagine why there would be a problem. And since the car will be registered in your home state, the credit union should be fine with it.

 

I live in MI and bought my last two Crossies in IL. The financing institution should not care where it is bought as long as you have valid VIN, proof of insurance, etc. In both cases I paid by check and the dealer collected the 6% MI sales tax in IL. I was issued a 10-day paper tag (IL) and had to go to the MI DMV to pay the tag fees and register it. I did not have to pay sales tax after showing them it had been paid in IL. (Now if it is a private sale, it will be trickier since you have to own the car and register it before you get the plates to drive it back.)

 

Thats the reason, it is a private sale. Will a national bank still finance a private sale out of state?

 

Yes, I am doing one through my credit union on Saturday, took less than 10 minutes and I was approved. Got the seller to fill out the bill of sale, signed it, and I have a check sitting on my desk to buy a new car on Saturday.

Best of luck

 

Mine was a private sale as well, which I was specifically looking for. In Georgia, you do not have to pay any sales tax if purchasing from a private seller.

 

True. Generally speaking private sellers are not required to collct sales Tax. The buyer must do so in their home state.

Again, the Credit Union cares not where, or from whom, you bought the car, only where you register the car.
They need only the Vin to authorize a lien.
So long as Kelly Blue Book gives you the financing room, you should be good to go.

franc

 

If you buy from a private seller (or a dealer), check for a clear title. Make sure there is a lien release to go with it if it shows a lien holder. Lenders don't like holding "second mortgages".

 

A lot of state DMVs have vin check on line for free. I check vin's from other states sometimes. Just google "vin check" or "vin lien check" followed by your state of interest. You can usually check for a clear title that was & also make sure the title isn't branded (a very bad thing). Down here in FL we have gone almost 100% to electronic titles, so when you sell/buy a car you don't get a piece of paper in hand. The way to be 100% sure you are ok is go with the buyer to the DMV & have them take care of the paperwork to change ownership right there. If there is something shady going on they aren't going to head to a government building with you to be outed!

 

I finance a out of state car with Capital One...I live in Texas, was working in LA. and bought a car in OK

 

I have been very satisfied with WellFargo DealerServices. I was offered a great rate, several bill pay options varying from the mundane to plain simple, customer support when you need it, I have found no hidden terms as of now, and small if any fees for paying off loan ahead of schedule.

 

Awesome! Thanks for the advice guys. I'm still going through a hellacious claim process with State Farm. Its so frustrating. I thought by now my lien holder would be paid off, but still hasnt. I cant take out another loan until its paid off. So, something with the paperwork needs to be re-processed. Hopefully I'll be in an xfire next week. I'm sitting on this damn rental and its costing me daily now. Anyone know a member near Denver, CO or Boynton Beach, FL by chance?

 

There are several members down in Florida, just not sure where Boynton beach is, but Danimal, Kimpossible, AMX1397 (sp?) and several others are acattered throughout the state. If you need Denver, contact Evan (Itsky) he is a great guy, will help you out.

John

 

If you need me to look at a car here in the Denver area, let me know. I'm in the UK right now, but will be back next week.

 

A lot of banks will give you a new loan with a letter of intent to pay off from your insurance company. There are quite a few guys in S. Florida. Boynton Beach is closest to AMX (Jim) I think. I am the Orlando area & Danimal is the Jax area. I can only speak for myself, but I am more than happy to go look at a vehicle for you. Depending on the dealership in the Orlando area I might be able to get you a better deal too. Many of the local dealers are my clients so I might have a hook up! Good luck in your hunt!!

 

itsky, when will u be back? I found 2 SRT's in Denver and FL that the owners are willing to sell for 13K with less then 40K miles on them. Clean titles. Cant pass it up. I'm doing my loan tomorrow, so I hope to fly out next week. I would appreciate the help. Keep me updated. Thanks.