mikedozz

How would i go about financing a car out of state. I live in NJ and see many discounted cars out west. Assuming i checked the car fax and everything checked out plus the car would be only one or two years old so it would still be under warranty. Do i call the dealer on the phone and tell them i am interested and try to do the paper work over the phone. Or would i find a loan company or bank out here to wire them the money and just pay them every month. Then have a private company or the dealer delivery the car to me so i don't have to fly out there. Has anyone done this before, please share stories. Is it a lot harder than it seems. I know in life nothing is easy. thanks in advance.

dreyfus

Financing out of state is a no brainer. Aquire the loan from your bank with the final amount left open. When the VIN of the car and the final amounts are available, call or fax them the info (and perhaps a purchase agreement), and they then fax a payment contract back to the dealer. It's not called a payment contract, but that's basically what it is. Done deal.

Your dealer can give you all the particulars as to what they require from the lender. Your lender can tell you what information they require. Make sure you get this all worked out (who gives what to whom) before you go in to pick up your car. Otherwise, you might find out that the dealer doesn't accept the way your out of state lender does business, nixing the sale.

This is what happened to me, as the dealer required an immediate wire transfer that my credit union wouldn't do on the same day. So I could still get my car, I ended up purchasing the car through Lexus Financial, then my credit union (SDCCU) paid off the loan before my first payment was due. They kept the same terms and interest rate as I would have had if buying just through SDCCU. That was good customer service!

ES350Bob

Wow, tough dealer, you'd be shocked what mine did or did not require. Were they looking for some other financial benefit to them if they financed through their lender of choice they would not get if allowing you to use your own? Seems like it to me.

mikedozz

Thanks for the input guys, what do you think of me doing this with out ever physically seeing the car and having it shipped to me from out of state. I am thinking that not much could be wrong because it will only be a year or two old so it will be under warranty.

dreyfus

Since a car is a large purchase, I would never, ever buy one without a test drive and a thorough going over. If you can have the car shipped to you for inspection before you sign on the dotted line (no money committment), then go for it.

If you're committing money sight unseen, then no way.

mikedozz

thats what i was thinking, i guess i have to factor in the price of airline tickets and travel versus how much i would be saving if i went local. If it is a savings of a couple thousands it will be worth it, but for a thousand or less it might not be worth the hassle. we'll see. Autotrader has the best selection of one and two year old ESs and GSs for pretty good prices. The lexus dealers are so expensive, I guess because they are certifying them, but still is it really worth the extra 2-3 thousand.

LexBob2

Is there a CarMax location near you? They usually have a good selection of late model cars, including Lexus. I believe all of their cars come with a 30 day warranty of some type which would cover you against any surprises initially. The extra $$'s for a certified used Lexus would be a lot if you didn't have to use the warranty. However, if you had one or two problems down the road it could pay for itself. Especially with all of the sophisticated electronics and mechanical parts on the cars.