DishoomX2

I'm interested in purchasing a 991 from a seller who is out of State -- the seller is in NC, I'm in FL. Pardon me if what I'm over-complicating what I'm posting, but buying from a private seller is new to me. Although I've read different articles and threads about purchasing from a private seller, none of them really hit on the scenario where the out-of-state seller has a lien on the vehicle due to an outstanding loan. Just about everything I've read revolves around either the seller having a clear title in hand, or suggests that upon the loan payoff, the lien holder will provide a clear title to the seller, which and can then be transferred to the buyer. However, it's a bit more complicated than that since titles these days titles are electronically held, and are not readily available physically to sign over on the same day that the loan is paid off. I thought I could drive to NC over the weekend, meet him at his bank (both he and I bank at BofA) on Monday, pay off the loan and pay him any additional monies for the full purchase price, sign any paperwork, get the title, and then drive back home that same day. However, after speaking with BofA today, even if the loan is paid off, it takes 2-3 business days to close out the loan account, which only after then, does BofA notify NC DMV to release the lien on the title. After that point, I expect the DMV to send a notice to the Seller that the title is clear, and the seller can have have the title mailed to him (another couple days?).

I've been in open communication with the Seller, who seems pretty trustworthy. He has been accommodating in providing me his full contact info, unredacted service history from the Porsche dealer, and allowing for a PPI. My brother-in-law who lives near him, met up with him to look over the car, and felt a good vibe from him too. The Seller has not privately purchased/sold before either, so he's not sure of all the steps and timing of everything. Initially, I was going to take out a loan, and have my lender handle the transaction, but it since it seemed like a lot of back-and-forth (buyer/seller documentation, getting 10-day loan payoff from lien holder, sending back signed/notarized docs, etc), so then I started thinking about just buying the car without a loan. However, even this seems to have some challenges.

What's the best way of going about this and protect the interest of both Buyer and Seller? Can I buy the car outright, have a signed Bill of Sale, signed odometer/damage disclosure, take possession of the vehicle, drive home, and then wait for the Seller to mail a signed and notarized title to me before I can register the vehicle in FL? Any guidance on this is much appreciated.

WhipE350

I did an out of state buy (no lien) and I paid my dealer to take care of it. It cost me but I didn't have to do much and it was shipped to me.

spiderv6

^ Good solution. Run it through a dealer and all the hassle will disappear. Maybe you can get them to add a CPO?

Not every dealer will do this, but many will. Of course, they wont do it for free, but that may be worth it to you for the peace of mind.

jasonfreed

I've bought a number of cars from out of state people that had loans on them.

I paid for the car, picked it up and waited for the title to come once the loan was paid off.

I made sure that the funds to pay the loan were paid directly to the bank and the equity was paid to the seller directly.

It's a bit of a leap of faith - you just need to make sure the seller is real and the car exists.

If you can't get there physically to see the car, I'd have another Rennlist-er actually see the car in person, shake the owner's hand and evaluate the situation.

That said, I once sold a car to an out of state buyer who was uncomfortable with this so I paid off the car, waited for the title and once I had it - he came to get it, paid and went home with the title in hand. This is the only way to assure you will get the title.

But, like I said, I've done this a number of times and everything went fine.

Bob Z.

I have done this a few times as well and based on what you are saying I think you have a good plan in place, and since your brother-in-law lives near him he can get the title from the seller once it is released. Get a copy of the seller's drivers license and then you will have a bill-of-sale, and proof you paid the bank so I would not worry about it. You also have records of the car, etc. so if it were me I would proceed.

DishoomX2

Thanks for your response. This helps shed some light. I have had the vehicle looked over by my brother-in-law in person. Today, the vehicle is being inspected by a Porsche specialist for peace of mind -- the car is still under CPO warranty for 5 more months, there is Porsche service history, and the Seller is also taking it to Porsche to have the PDK service performed prior to sale.

Based on what you mentioned, it sounds that...I should be able to pay for the car, drive it back down, and then wait for the Seller to mail me the title? When he receives the title, he will have to indicate the odometer reading, and have it motorized. Would he just put down the mileage at the time that I picked up the car (before I drive it down to FL)?

DishoomX2

Thanks for your response. This helps shed some light. I have had the vehicle looked over by my brother-in-law in person. Today, the vehicle is being inspected by a Porsche specialist for peace of mind -- the car is still under CPO warranty for 5 more months, there is Porsche service history, and the Seller is also taking it to Porsche to have the PDK service performed prior to sale.

What you indicated aligns with my thought of paying for the car, driving it back, and then waiting for the title to mailed. However, I wasn't sure if it was required that the seller and buyer need to sign and date the title at the same time for title transfer. ...or can the Seller sign+date+notarize the title, and then mail it to me so that I can sign prior to going to DMV?

AAK GTS

Are you correct that the NC DMV has to release the lien? The bank holds the title and when it is paid off the bank will release the title. If the auto loan is thru BoA why can't you two go into the bank together, pay off the loan and BoA will mail you the title. You will have a Bill of Sale and cashiers check receipts as well as the bank's representative witnessing the transaction.

Bob Z.

The State records the lien on the title so the bank needs to remove it before the state can take the lien off the title and release it: https://www.dmv.org/nc-north-carolin...ing-a-lien.php

DishoomX2

This is my understanding as well. So bottom line, any issue with completing a bill of sale, paying off Seller's loan plus + payment of remaining purchase price to Seller, and then wait for the Seller to receive the clear title, who will then mail it to me? When he gets the title, can he just indicate the odometer reading at the time it was "sold" and then get it signed+notarized prior to mailing it to me?

Bob Z.

Yes, or have him give the title to your brother-in-law so he can look it over. When I buy cars of state I just have the seller sign the title and I will fill in the rest when I get it. And just the bill of sale needs to be notarized.

DishoomX2

The bank does not actually hold the title; the DMV does. The bank has a lien on the title, which is released once they send DMV notification of lien satisfaction. Once the title is clear, it's my understanding that the DMV sends notification to the owner that they can request a paper copy of the title. In short, I cannot go to the bank together with the seller, and on the same day expect a title to be signed over to me.

Bob Z.

True since the title is electronic but you can still go to the bank with the seller to make sure that part is taken care of, but you will need to get a hard copy of the title to register it here in FL.

DishoomX2

Got it! Thanks for your input!

One more thing -- so on the title, the Seller can indicate the same odometer #'s as when we originally completed the Bill of Sale?

Bob Z.

Yes, I always try to match the mileage on all documents. Again, if he will leave it blank for you other than his signature you can fill out the rest.