RED HORSE

Best suggestion I believe. Have done it this way myself once. Dealer took care of tag, tax, registration, etc. for a small fee.

daddyscar

I sold a leased car like this. Just watch how sales tax works in your state. In CA I believe you have 10 days to transfer title. I had a tough time coordinating a time to meet at the DMV and we came close to both of us paying sales tax.

utkinpol

first he does all he needs to get that title, when he has title in his hands you go to the bank where you got your funds, you get certified check on his name, then in the office of bank manager who is also public notary you sign sale agreement and other papers, get it notarized, then you exchange your check for title.

that is only way how i buy any used car. it is not my problem to deal with reasons why seller may think he does not have car`s title.

i would never deal with transfer of lien as if transferred property was in joint ownhership you may have to give it back by court order and then sue to get your money back. with seller signature on a title and sales agreement it is final and non reversible.

Waxer

If its financed he doesn't hold the title. Porsche Finance does. Arrange the purchase through them.

paver

Called the local Porsche dealer. He said he was definitely not interested and began to give me what sounded very much like an arrogant, condescending, thinly-veiled lecture as to why prospective purchasers should buy cars from authorized dealers...yada yada

Called Porsche Financial this morning. Direct quote "We can only release the title to our client".
Can you give me the name of someone specific at P Financial that I should talk to?

DLennox

It doesn't have to be a Porsche dealer. Any dealer with a license can handle the transaction for you. The actual dealer brand has nothing to do with it.
It doesn't supprise me that a Porsche dealer would rather sell you a car than do the paperwork for you, call a few others, you will find one willing.
Also, Porsche financial, or any other lender for that matter, will not talk to you about someone elses account...one more reason to find a dealer willing to help. A dealership can obtain the payoff, arrange payoff, settle the account with the seller and do the dmv paperwork for your transaction. Technically what happens is that the dealership buys the vehicle from the seller and then sells it to you for the pre-determinded price. Its actually pretty easy.

CosmosC4S

Please note that if you pay off the car with Porsche Financial, they will release the title to the original owner, NOT you!

As suggested, the purchase thru' dealer option is the best way to go for security and convenience. The dealer can agree to take the car in on trade, they will pay off the lien, then sell it back to you at the same price, but they will charge you a dealer fee, plus sales tax, plus DMV fees. Dealer fees could vary from $300 - 900 average, depending on your location and dealer.

Where are you located, and where in FL is the seller?
If you're in Jax, I could do the deal for you.

sandwedge

Have you asked if the seller has the means to pay off Porsche Financial with a temporary withdrawal from a savings/investment account or HELOC? I've had it done this way a number of times and it's probably the easiest and least expensive way.

BrakingBad

Is this a spammer (ethan09) bumping a 3 year old thread?

Gonzo911

Old thread or not, this subject came up a lot in the 996 thread. I am amazed that people advise to stay away from buying cars that are not paid off. It is so simple. Once you agree on a price prepare a Bill of Sale...most DMV websites offer one. If not, Google is your friend.

Have the seller authorize you to contact their lender for the payoff, then you (or your lender) send them a cashiers check for the payoff amount and you send a check to the seller for the difference (if any). In 7-10 days you will have the clean title from the sellers lender and, in the meantime, you can drive on the Bill of Sale until you can register the car.

It may vary slightly depending on whether you are in a lienholder State or not, but in States where owners hold title, you get to register the car faster.

Some people just don't have that much cash lying around. To expect a seller to pay off a car to sell it is unrealistic.

bankerII

Last time I did this (with a boat), the seller contacted the lender, they ordered a paper title and had it sent to a local branch, we met in the branch, I paid off the loan and the banker handed the seller the paper title and he signed it over to me. Was pretty simple. I then took the title to the DMV and registered it and paid the sales tax.

fskof

Thats how I did it. It was very easy