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Unread 03-17-2014, 02:17 PM   #1
Cherokeekid88
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Buying a car from someone out of town

ok, so my wife and I found a car from a guy in Rocky Mount, we are in high point....about 3 hours away. we met with them yesterday in Raleigh to look at the car, test drive it, talk business, have some coffee, etc.

So we worked out a deal...working on Transferring the title from one bank to another since the guy still owed on the car.

Now here is my question.....
the credit union that we have the loan with now...need a 10 day payoff statement...which I understand...I assumed that the credit union would contact USAA (where the title for the car is currently) to get payoff amount and all the good stuff, but no, they are saying the owner has to call and get them to fax that info over to the crdit union....

Also too....credit union needs the guy and his wife to come in (both names are on current title) once the credit union to sign off that they no longer own the vehicle...which is going to be a 3hr+ drive for them.... trying to find out some info from someone who has recently gone through buying from a private seller....it seems it s abit complicated yeah?

straighten this out for me please

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Unread 03-17-2014, 08:14 PM   #2
chance_p
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From my understanding, the current owner has financing through USAA, correct? This is a pretty simple deal, I've dealt with it before. (I financing everything through USAA). Give the the seller your bank info (name, address, etc, not account info), your info, and tell them to give this information to USAA. USAA will mail your bank all the info, as well as the title. The seller can also log on to USAA and obtain a 10 day pay-off and whatever else through the website. I'm almost positive that USAA will mail the title directly to your bank.

If the seller contacts USAA with all the info, USAA should handle most of the transaction. They have been really easy to work in my opinion. Good luck!
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Unread 03-18-2014, 07:59 AM   #3
Cherokeekid88
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Quote:
Originally Posted by chance_p View Post
From my understanding, the current owner has financing through USAA, correct? This is a pretty simple deal, I've dealt with it before. (I financing everything through USAA). Give the the seller your bank info (name, address, etc, not account info), your info, and tell them to give this information to USAA. USAA will mail your bank all the info, as well as the title. The seller can also log on to USAA and obtain a 10 day pay-off and whatever else through the website. I'm almost positive that USAA will mail the title directly to your bank.

If the seller contacts USAA with all the info, USAA should handle most of the transaction. They have been really easy to work in my opinion. Good luck!
But here is my issue. My creidt union is saying that the current owners are going to have to drive from Rocky mount to my bank (which is only in my area) which is about a 3 hour drive, just to come sign over a title.....which means, they would have to bring 2 cars and just seems a bit silly and inconvenient for them.... just afraid they will regret selling to someone out of town and not wanna do the deal....USSA has already faxed over the 10 day payoff and just awaiting them to open so I can call and figure out whats going on....
My in laws just went through a VERY similar situation with buying a used car from a private seller who still owed on the car and lived about 4 hours away....they did everything within a week and had the car and the owners never had to step foot in lorillard to sign over the title..... and this what through the same credit union......
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Unread 03-18-2014, 08:07 AM   #4
MWV247
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The should check to see if they have any sister branches near by, that way the closest branch can do the physical inspection and paperwork. That's pretty normal....
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Unread 03-18-2014, 08:14 AM   #5
Cherokeekid88
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The should check to see if they have any sister branches near by, that way the closest branch can do the physical inspection and paperwork. That's pretty normal....
Ill check that out as well.
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Unread 03-18-2014, 08:14 AM   #6
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Quote:
Originally Posted by Cherokeekid88 View Post
But here is my issue. My creidt union is saying that the current owners are going to have to drive from Rocky mount to my bank (which is only in my area) which is about a 3 hour drive, just to come sign over a title.....which means, they would have to bring 2 cars and just seems a bit silly and inconvenient for them.... just afraid they will regret selling to someone out of town and not wanna do the deal....USSA has already faxed over the 10 day payoff and just awaiting them to open so I can call and figure out whats going on....
My in laws just went through a VERY similar situation with buying a used car from a private seller who still owed on the car and lived about 4 hours away....they did everything within a week and had the car and the owners never had to step foot in lorillard to sign over the title..... and this what through the same credit union......
The current owner is USSA.
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Unread 03-18-2014, 08:23 AM   #7
Cherokeekid88
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The current owner is USSA.
correct.
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Unread 03-18-2014, 08:27 AM   #8
Cherokeekid88
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Originally Posted by AKABOB View Post
The current owner is USSA.
Does that make it to where the title does not have the drivers of the car names on it?

Or is there name still on the title?
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Unread 03-18-2014, 08:35 AM   #9
festerw
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What is your credit unions reasoning for them having to drive there? A signed and notarized title should be valid anywhere regardless of where it was signed.
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Unread 03-18-2014, 08:36 AM   #10
festerw
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Originally Posted by Cherokeekid88 View Post
Does that make it to where the title does not have the drivers of the car names on it?

Or is there name still on the title?
It'll show the person who purchased it along with a lien being held by USAA (in this case) and will require signatures from all to be released.
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Unread 03-18-2014, 08:41 AM   #11
Cherokeekid88
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Originally Posted by festerw View Post
What is your credit unions reasoning for them having to drive there? A signed and notarized title should be valid anywhere regardless of where it was signed.
They haven't given us one....My wife went in yesterday to do the loan work and the credit union has to wait until they recieve the 10 day payoff statement from USAA which was faxed yesterday afternoon, but the credit union closed here early due to weather...
from what I have gathered...since the title is going to be transferred between banks, we would all have to meet at the credit union for the sellers to sign off and us sign as the new owners before the bank takes the title.

But asking around, it seems the title has to be signed in person....can't be faxed or emailed or anything like that....although I don't know why they couldn't just sign the title over at their bank where they live before it is sent to our credit union...so that the only time we would have to meet is to go pick up the car....
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Unread 03-18-2014, 09:23 AM   #12
Cherokeekid88
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wife just called credit union and they said that once the loan from USAA is paid, they could go to a local branch or sister branch and sign the title over before they send it off to our credit union.....my only concern is...I don't know of any sister branches to USAA...I thought USAA was mostly an online/mail type of banking.....
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Unread 03-18-2014, 09:56 AM   #13
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USAA is a credit union and insurance company
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Unread 03-18-2014, 09:59 AM   #14
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they need to call USAA and find a location...
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Unread 03-18-2014, 11:28 AM   #15
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seems like typical banking bs
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