Wanted How technically to buy a used LC?

Hey all,

I'm buying a sweet ride off a mud member here.

SOLD - 2006 Landcruiser MI/TN: USA

VIN: JTEHT05J462099426

Turns out, neither of us are very experienced in the actual transaction process! I haven't purchased a used vehicle since I was a teenager and my dad did it for me.

Seller sounds like a super solid dude, and I'm not worried, but still best to do things the right way. Here's the details:

1. He has a loan thru Toyota still. No title in hand
2. I'm flying out Tuesday to do the transaction and drive it back.
3. I've run the VIN and that checks out.
4. He has a great list of maintenance and I'm pretty sure records in hand.

Our immediate plan is:

1. I'll have 2 cashier's checks from my bank, one to Toyota Finance for the loan amount, the balance made out to him.
2. He'll have a form filled out that transfers title to me when they receive the payoff amount.
3. We'll have a sales contract in place that we both sign and have copies of showing the transaction took place.

Really, not much other than me showing up with 2 checks, shaking hands and signing papers.

Like I said - I've talked, texted, and emailed him. He sounds super solid and legit. I'm very comfortable with him for someone I don't know at all. I'm not worried about him, but still should be responsible. I mean, stuff happens.

What else should I do to ensure a smooth transaction?

1. Schedule a vehicle inspection with a local mechanic/dealer?
2. Go with him to mail the check in the next morning?

What else would you guys do when doing a transaction like this?

Thanks!

 

[toy_tek]

a lot depends on individual state regs and I’m assuming you’ve already researched that for your state (and the state you’re buying from. But you might call your car insurance company and ask them for advice (you’ll need coverage anyway), as well as what your bank or credit union requires.

 

[DomSmith]

Definitely do a pre-purchase inspection just to cover your bases. When I sold my 100 it was pristine but there were a few items I didn’t even know needed to be addressed in the near future. Good for buyer and seller in my opinion.

FedEx the payment to Toyota Financial so its tracked and overnight. Be sure they know where they’re sending the title (usually electronic now).

I purchased our 200 in CA but it was still registered in AZ so that was a bit of a debacle. Don’t wait to receive the title to register the car. They told me to and after a few weeks it hadn’t arrived and once it finally did they wanted to charge me late fees. Not cool.

Use tax in CA is purchase price so you may have to pay full pull on that if there’s payoff documents etc. or you might be able to..... you know.

Otherwise it sounds like you’re pretty squared away.

Good luck!

 

[Walter Wheeler]

As far as the vehicle, I would start here Project Vehicles - Slee Off-Road
and definitely do a pre-purchase inspection. I don’t have any advice on the paperwork. GLWP

 

[Walter Wheeler]

I ment here, Slee Off-Road 100 Series Newbie Guide

 

[Bubbadog]

I think you have a pretty solid plan.

I would definitely schedule a PPI before you get started with the financials. The seller seemed very upfront in his listing and it looks like a great truck.

Do you have full coverage on any other vehicle currently?

In my state, Ohio, whenever I purchase a new or used vehicle I was told by my agent that I am covered for 30 days by my existing full coverage policy. I usually just let them know upfront and call them with the VIN after I get home. Just check with your agent and make sure you have full coverage.

It is also a good practice to meet at a highly public place (bank parking lot?) and not a a private residence.

 

[Slamd1958]

I always get a copy of their drivers license and also make sure the address
On the license matches the address on the registration

 

[NicaNorth]

@snowmatt1

Biggest issue I’d see is registration.

I don’t believe you’ll be able to register the vehicle without the title.

In Maine and many other states, you need to submit the original title along with a title application before receiving plates. Insurance is also required before plates can be given, but that’s easy.

From my experience with taking trades and paying off said trades, larger banks/manufacturer financing usually have 10-14 days to release a title after payoff clears. So, you may have to wait 2 weeks to legally drive unless you know a dealer with temp tags.

 

[snowmatt1]

Well I’m driving it home! Guess I just won’t be able to register it right away, eh?

 

[medtro]

I am not in CA. I was able to register it temporary until I received title in mail. With paperwork from bank, they knew title was released.

 

[NicaNorth]

Well I’m driving it home! Guess I just won’t be able to register it right away, eh?

You should be able to get a transit plate to drive it home.

 

[snowmatt1]

@NicaNorth - Transit plate from where?

Thanks for the advice. Based on the advice, I will be getting an inspection. I Yelped it and found one with decent reviews in the Detroit area, but if anyone has a good recommendation I'll take it. Doing the inspection Wednesday morning.

Will Fedex check to Toyota Financial along with a change of title form saying to mail title to me.

I'll drive home with the current plates and leave them on until I get the title, then register in my name ASAP.

Will be driving thru Denver, so may stop at @sleeoffroad on Thursday or Friday!

 

[NicaNorth]

@NicaNorth - Transit plate from where?

Thanks for the advice. Based on the advice, I will be getting an inspection. I Yelped it and found one with decent reviews in the Detroit area, but if anyone has a good recommendation I'll take it. Doing the inspection Wednesday morning.

Will Fedex check to Toyota Financial along with a change of title form saying to mail title to me.

I'll drive home with the current plates and leave them on until I get the title, then register in my name ASAP.

Will be driving thru Denver, so may stop at @sleeoffroad on Thursday or Friday!

You should be able to get a transit plate from your local DMV. If you purchase a vehicle in-state or out-of-state, it is your right to acquire a transit plate from your local DMV to travel from pickup to destination.

For instance, Maine will furnish me a transit plate to drive from the pickup location to my destination. It is a legal process to drive a vehicle in state or through state lines as it requires proof of insurance. This protects you better than driving on someone else's plates since the vehicle will be pre-insured under your name (in case of accident).

You can obviously do as you wish, but if for some unforeseen accident occurs, you'd be better off with transit plates than trying to convince a cop in a state you don't reside that you just purchased a vehicle in MI and you are driving it back to CA.

With purchases such as this, it is best to get as much documentation in the mix as possible to reduce risk.

I would not recommend driving on someone else's reg plates, but that's just me. I know there are plenty of people out there doing that or using "dummy plates," which is pure stupidity.

 

[mdkaboom]

You should be able to get a transit plate from your local DMV. If you purchase a vehicle in-state or out-of-state, it is your right to acquire a transit plate from your local DMV to travel from pickup to destination.

For instance, Maine will furnish me a transit plate to drive from the pickup location to my destination. It is a legal process to drive a vehicle in state or through state lines as it requires proof of insurance. This protects you better than driving on someone else's plates since the vehicle will be pre-insured under your name (in case of accident).

You can obviously do as you wish, but if for some unforeseen accident occurs, you'd be better off with transit plates than trying to convince a cop in a state you don't reside that you just purchased a vehicle in MI and you are driving it back to CA.

With purchases such as this, it is best to get as much documentation in the mix as possible to reduce risk.

I would not recommend driving on someone else's reg plates, but that's just me. I know there are plenty of people out there doing that or using "dummy plates," which is pure stupidity.

This really varies from state to state. For instance, in FL, you have to have the bill of sale AND title before they will issue you temp plates/tags (you have to pay full tax on the spot too). Some states like VA, you can get a 3 day temp online and pay $5, but it is only for VA residents and only in state. Texas does something similar, if I recall. Unfortunately private sales don’t get printed temps like the dealers do - kind of bulls**t

I’m going through this myself next week. Always nice if the seller lets you roll home on their plates (I think the stupidity is debatable, especially in this community) but there is risk certainly involved with that. You’ll definitely need insurance on it regardless.

FWIW, I drove a car last year with no plates or temp tags from RI to WI. Got stopped once, showed my insurance, title, bill of sale and DL and I got a “drive safe” and was on my way.