PLEASE HELP: buying an out-of-state NSX...dont know the process...

Joined
Apr 11, 2008
Messages
75
Location
Huntington Beach, CA
I'm in the process of buying an out-of-state NSX. I will down about 40% of the value of the car; the rest of the amount will be covered through a car loan (which i'm already approved for). My bank (credit union that only has location in california) told me that it needs the owner to physically be at the bank to transfer the title and release money. Also it requires the out-of-state NSX to pass CA smog test before it starts the process of tranferring the title and releasing the money. And the owner and car are in another state, some 1000 miles away. So i have two problems and I would like some advice on how to overcome them.

problem 1: owner needs to be at the bank
problem 2: car needs to pass CA smog test

I was thinking that the best way to solve these problems is by giving the owner a down payment and then (if possible) ship the car back to cali. Once i smog the car, i will have to fly the owner to CA to complete the paper work. Doing all of this with the assumption that the owner is willing to participate.

The whole process is expensive, time consuming and very risky for both parties. I need some advice. please help!!!

-John
 
Joined
Jul 15, 2006
Messages
4,341
Location
So Cal & On the Colorado river
I doubt that the seller is going to go for that scenerio.

I suggest that you take these steps.
  • Obtain a a signature loan or cash advance on a credit card for the balance needed to purchase the car. (temporarily)
  • Request seller to take the car in for a Pre Purchase Inspection by a reputable NSX tech of your choosing including a compression check and smog cert to verify emissions results. You pay for the PPI over the phone with a credit card.
  • Upon satisfactory PPI results that are faxed to you, purchase a round trip plane ticket.
  • Get a cashiers check with security features and download buyers checklist in the Wiki.
  • Fly to sellers location and meet at a public place for a test drive and inspection by you as to the condition of the car.
  • Upon satisfactory results, look at the title to make sure its clean. Look for the state seal and ensure no words like Salvage are on it. Verify registration is up to date.
  • Complete a Bill of Sale for the purchase price and seller can call the bank to verify the cashiers check is valid. Seller then signs the title releasing interest to the vehicle. Both of you sign the Bill of Sale.
  • Drive the car home with bill of sale and title in hand. (Its worth the time and lost wages for the experience.)
  • Otherwise, stay until witnessing the shipper loading the car into the transport.
  • Once car arrives in Cali, take it in for a smog check.
  • Take the car along with the signed title, Bill of Sale and smog cert to the bank you want to finance it with and they can get the DMV paperwork done for you via power of attorney.
  • Finally, repay the temporary credit card or signature loan wiith the funds of the financed loan.

Good Luck!
 
Last edited:
Joined
Apr 11, 2008
Messages
75
Location
Huntington Beach, CA
But the bank requires the seller to be present to release the money. In your scenario, i assume the title is under my name and that to the bank, it's kinda like i'm loaning to buy the NSX from me? ...I'm the owner and the buyer at the same time?
 
Joined
Jul 15, 2006
Messages
4,341
Location
So Cal & On the Colorado river
But the bank requires the seller to be present to release the money. In your scenario, i assume the title is under my name and that to the bank, it's kinda like i'm loaning to buy the NSX from me? ...I'm the owner and the buyer at the same time?


No, that is not necessary. You will have title in your possession when you go to the bank. The bank only needs the title and the bill of sale. They will also collect california sales tax from you at that time.

The title will still have the sellers name on it and you will have the Bill of Sale signed by the seller and yourself that proves you bought/own the car. At this point you are just re-financing it. The bank will hold title as a leinholder.

I have already done this and it works. I bought my car in Denver and drove it home to Cali. I also purchased a boat out of state using the same method.
 
Joined
Dec 20, 2007
Messages
449
Location
socal
is the seller willing to do all the steps???:confused:

why dont u look for nsx in california?

in fact, you dont have to rush. just wait until u find a correct one. i have seen a few that are selling for 40k-45k. i saw your BMW M3 is selling for 25k.

i found mine by 30k few months ago. but salvage title:frown: . only have issue with the seat switch. others are all ok. nothing wrong. nothing leaks.
low mileage.
 
Joined
Jul 15, 2006
Messages
4,341
Location
So Cal & On the Colorado river
is the seller willing to do all the steps???:confused:

why dont u look for nsx in california?

in fact, you dont have to rush. just wait until u find a correct one. i have seen a few that are selling for 40k-45k. i saw your BMW M3 is selling for 25k.

i found mine by 30k few months ago. but salvage title:frown: . only have issue with the seat switch. others are all ok. nothing wrong. nothing leaks.
low mileage.


Sometimes you need to travel for the right car. If you limit yourself to Cali, you will miss out a lot of good cars.

Sellers will understand that in order to make a sale, they need to take the car in for a PPI at the buyers expense. The rest of the steps are simple and do not take any extra time.

Salvage title cars are a lot more difficult to sell, most new owners don't want them.
 
Joined
Dec 20, 2007
Messages
449
Location
socal
i know that. just wont sell it within 10 yrs.

but he can have a few choices CA.
CA has a lot of nsx. i dont think he needs to travel to another state.

and he needs to drive 1000 miles alone. he probably sleep in his nsx in 1st few days.ha
 
Joined
Apr 1, 2008
Messages
350
Location
San Fransisco Bay Area, CA
Still at a loss why the bank needs the seller there. Have they never had a customer buying a car from out of state? IT seems pretty obvious to me that the bank should understand the seller can't come in form out of state; they must have some other plan for such cases. If they want your business and interest you should exploit it :-\.
 
Joined
Apr 11, 2008
Messages
75
Location
Huntington Beach, CA
Thanks for the advice you guys! I guess the plan for now is that I'll try to get a personal loan or a line of credit to buy the car. Once i ship it back to SoCal, i'll smog it, register it and finance it with an auto loan. I'll keep you guys updated.

John
 
Joined
Jan 30, 2001
Messages
22,197
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Pa
Do you have any friends or family in the car sales biz,a dealer could be your middle man for a small fee,less than the cost to fly the seller out,hotel/food/ect.
 
Joined
Dec 17, 2004
Messages
4,823
Location
SoCal
I ran in the same problem when I bought my car from New Hampshire. I was pre-approved for the loan, but since the car wasn't registered/smogged in CA the bank wouldn't give up the money. Kind of a Catch 22.

I ended up having to take a temporary loan from my dad (for a week because his Line of Credit limit was higher than mine) so that I could get the car here, smogged and bring it to the credit union. Once I was there I had the credit union write the check to my dad (and I paid him back any interest accrued during that time in cash). I was basically buying the car from my dad.
 
Joined
Dec 20, 2007
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449
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socal
as we can see, this can be his potential problem. strongly suggest him buy something in california instead of flying to somewhere else.
 
Joined
Dec 17, 2004
Messages
4,823
Location
SoCal
as we can see, this can be his potential problem. strongly suggest him buy something in california instead of flying to somewhere else.

It all depends on what you want. I got mine in New Hampshire with 21K miles. The equivalent car here in LA I was looking at was the same price, similar condition and had 61K miles (and was black in color as opposed to Red).

My experience was excellent. Seller was extremely understanding and very helpful. Transaction went as smooth as can be. Can't say everyone will be same, but there are plenty of nice NSXs out of state. You are definitely limiting yourself and in a big way by only looking in CA.

And you don't have to drive it. Though I kind of wish I did. I had it shipped via Intercity Lines. Great white glove service. Price might be higher now though with gas prices being what they are.. .
 
Joined
Jun 14, 2003
Messages
298
Location
chicago
unfortunately, I dont. :frown:

The car is currently owned by a member of this forum. I think his member name is nsxchi-town. Do you guys know him?

Hey John,

How come you never said anything about this. I thought your plans were to fly to Chicago on the 20th. Pay for the car and ship it back? I'm sure we could work something out for a small fee.
Why not just call me.

thanks again.
 
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