Wow, OP I would definitely ask PFS questions about any limitations, this is definitely something that I would want to know the ins and outs of if I were in your situation. I would think this to mean that until 6 months later when they release interest, you would have to request permission to sell the vehicle, even though you would not have a loan with PFS.

 

I've done this many times and this is what I did in CA.

If seller financed the car and you're paying cash:
1. Make your bank certified check payable to Porsche Financial so seller can't cash out (just some background check on the seller is helpful)

2. Write a contract stating:
a. you're paying money for the car's ownership
b. seller is responsible to send money to Porsche via Overnight delivery
c. once title is received, overnight to the buyer (to minimize delay getting the title).

3. Take the car and keep seller's registration and a copy of contract in the car just in case if you get pulled over.

Sometimes dealer can help you as well (depends on seller or buyer's relationship with the dealership):
Just meet the seller at Porsche dealership, dealer buyout the car from the seller and sell it to you at minimal extra charge (doc fee, etc.)

 

And... everyone sharping their idea/knowledge to help you out, we want your potential new car pictures as small fee.

 

Walk away. Not worth the hassle.

 

Many things can go wrong and there are many unscrupulous sellers out there. Then you are stuck with the hassle of fixing the problem. Add in the reality that DMV's are not forgiving or easy to work with. So what I have always done is require the seller to deliver clear title at the time of payment. How they do it is their problem; not mine. If they can't then walk away.

 

Completely agree, I honestly won't purchase a vehicle without a free & clear title or title w/ lien release. I'd be willing to wait for someone to pay it off (without my money) then get a lien release but thats about as far as I go.

 

Send a picture!

 

Buying a car with lien on it is a royal PIA. But if we can close the deal and clear the title issue, I'll be posting a picture.

I'll need to list my 987.2S also as I don't have enough garage space.

 

BS. By law, security interest (or lien) is automatically extinguished the second the underlying debt for the lien is extinguished by payment in full. Law requires creditor to immediately release lien. To continue to hold a lien on property after debt completely extinguished is called slander of title. It would also allow you to rescind the sale if you saw fit. When you pay off any debt, demand a return of your original promissory note (for you to destroy) and a signed release of lien.

 

Which is exactly why you read the agreement beforehand and demand a written lien release as part of the sale/purchase documents.

 

This... take out a loan for the car. Your bank will deal directly with Porsche Financial, institution to institution. There will be a couple of extra hoops to jump through but your bank will do everything in their power to ensure everything is done correctly with THEIR car. The title will likely then be released and sent directly to your bank. Simply pay the loan off at your leisure and get the title. Banks aren't in the habit of getting ripped of and have protocols and protections for themselves. The fact that Porsche Financial holds the title, while a bit of a PITA will have lots of documentation of a transaction. To me, wiring tens of thousands of dollars to someone and hoping it comes with a title is a lot more scary.

 

IMHO I just don’t by a car that’s not paid off with title in hand. Never sold a car without title in hand either.

 

I've done this on both of mine, is pretty straightforward IME.
For my 991, the credit union that held the title to the seller's car gave me a great rate, best I could find by at least a whole point, so was easy to just get a new loan and transfer to me. Then upon pickup, I brought him a check from the CU and we both signed a bill of sale and I drove it home. Again, easy! But of course depends on who you buy from. Seller was forum member, had constant contact for months, verified the car was what he said it was, smooth.

Then, just filled out the TX DMV form to transfer title, paid the sales and registration taxes. Got my sticker and license plates soon after.

Hopefully one day I can buy these cash, but until then, this works!

 

In an extreme case I could see PFS not allowing their borrower to be able to sell for 6mo after payoff (if that clause holds true), but pushing PFS's conditions on the next owner that never entered into an agreement with PFS I dont see possible. However, I am not a lawyer and there maybe things I am not aware of.

 

I think a lot comes down to the seller and buyers relationship, obviously they dont know each other but does it seem sketchy? if you ask for a picture of a drivers license, is either reluctant? I can usually read people pretty good and tell if something fishy is going on. I wouldn't consider a lien fishy, they are very very common it just makes more hoops. I am very risk adverse and probably would want the seller to pay off the vehicle before purchase, but given the right scenario I could see myself making a deal on a vehicle with a lien, the trick would be how to safeguard my money. The 911 I just purchased private party, trust was established after an hour long call talking about the car, then another hour long facetime going through the car. I could tell he was a good guy that wasn't trying to pull anything. Even after I had arranged to fly down and pick it up, the seller said he went to fill it up with gas for me and some maintenance light showed up; he was kind enough to get it into the dealer the next day to check it out and push back our timeline. It ended up needing the 4 year service and we agreed to split the cost of the service. I picked it up handed a cashiers check and the seller even invited my wife and I to dinner at a local restaurant. Sometimes the details matter as who invites someone to dinner if they are trying to pull a fast one? Not saying everyone is this friendly but usually there are things that let you know "Eh, maybe I shouldn't do this?". Ive had the car about a month and the only issue I've had is blue lights behind me. Remember there is always another car if things get untrustworthy.

I am really sensitive about my credit score/rating and would hate to have a quick loan lower my score with a hard inquiry and short open and close date. Maybe something to think about, especially if you are self-employed.

P.S. your still teasing all of us, post a picture of the vehicle, even if the sale doesn't work out we like to see 911's!