Date:         Wed, 6 Jan 1999 18:59:58 -0500
Reply-To:     Vlach <vlach@COBWEB.NET>
Sender:       Vanagon Mailing List <vanagon@gerry.vanagon.com>
From:         Vlach <vlach@COBWEB.NET>
Subject:      Out of state purchases.
Content-Type: text/plain; charset=us-ascii

Does anyone have have thoughts or suggestions regarding the sale of a vehicle to an out of state buyer.

Here's the scenerio:

Potential buyer is approved for a loan in the full purchase amount (to my surprise) from Ohio's "Key Bank".  I spoke with bank rep and all parties sound forthright and honest.  My concern is that it's "Key Bank's" policy not to release funds until they have the title in their possession.  I would be signing over the title (through a notary here in PA) on Saturday, but not receiving the wire transfer until the following Monday after the buyer brings the title to the bank.  The buyer wants to drive the vehicle (if he purchases it) back with him on Saturday to avoid a long second trip.

The bank said they would fax me a letter of intention stating that the loan is approved.  The local notary (and AAA) said they would photo copy the title for me to keep for my records.

There are some obvious concerns on my part.  What make this even more interesting is that I have a second interested party (also out of state) who called just hours later and would pay cash.  The sale amount would be the same with each case.  I feel it's only fair to allow the first person the opportunity.  It's what I intend to do, BUT I would like to avoid any major problems.

Any ideas, suggestons or feedback from the experts?

Please advise.

Lynnda Vlach
'87 Vanagon Syncro (for now)