Buying a 991.2 GTS…but have a selling question lol
07-22-2022, 12:08 AM
#16
Does this business venture include the Porsche as part of the business? You could use it as a write off and basically have the business pay for it? As far as selling it in the future, no one’s going to be able to predict what the market will be. It would be difficult selling privately if you do not have the title in hand as mentioned by others. I ran into this scenario with my current Porsche where I purchased it privately from an individual. He still had a loan on it and it took some legwork to get everything in order. It was a pretty smooth process and it didn’t take long to have the new title in hand. It will take some work on your end should you decide to sell privately down the road. Also, if you trade in, it would be easier as the dealership will handle that part. But you will not get the true value for what it’s worth if trading into a dealership as most cars will depreciate. The real question is how much did it really cost you to drive the vehicle when you owned it.
07-22-2022, 09:39 AM
#17
Rennlist Member
As someone who bought a car with a loan attached to it, it's a complete PIA for the buyer. Let me paint a picture for you. Say you sell your GTS for 100k in 18months but owe 85k on it. The buyer can't get the title until the bank gets the funds. The bank then issues the title to you, not the buyer. For the buyer I'm sitting there out 100k and no title so I don't technically own it. We're not talking about 10k here, we're talking 100k. I would not go thru it again, as it was a bit stressful, unless the potential of losing100k is no big deal to you.
In my case, the bank got the funds (I sent it to them directly), but for whatever reason they did not release the title. This literally took me 1.5-2months to resolve. I don't think I'd do it again. Pay it off, get the title, then sell it.
In my case, the bank got the funds (I sent it to them directly), but for whatever reason they did not release the title. This literally took me 1.5-2months to resolve. I don't think I'd do it again. Pay it off, get the title, then sell it.
07-23-2022, 10:56 AM
#18
Rennlist Member
As someone who bought a car with a loan attached to it, it's a complete PIA for the buyer. Let me paint a picture for you. Say you sell your GTS for 100k in 18months but owe 85k on it. The buyer can't get the title until the bank gets the funds. The bank then issues the title to you, not the buyer. For the buyer I'm sitting there out 100k and no title so I don't technically own it. We're not talking about 10k here, we're talking 100k. I would not go thru it again, as it was a bit stressful, unless the potential of losing100k is no big deal to you.
In my case, the bank got the funds (I sent it to them directly), but for whatever reason they did not release the title. This literally took me 1.5-2months to resolve. I don't think I'd do it again. Pay it off, get the title, then sell it.
In my case, the bank got the funds (I sent it to them directly), but for whatever reason they did not release the title. This literally took me 1.5-2months to resolve. I don't think I'd do it again. Pay it off, get the title, then sell it.
Last edited by Ceepe; 07-23-2022 at 11:05 AM.
07-23-2022, 02:31 PM
#19
It requires an additional layer of trust/complexity/time, which I will always avoid if at all possible by simply moving onto the next.
07-25-2022, 05:51 PM
#20
I think any transaction with a financial institution or any service industry right now is a crap shoot... might be easy or it might take a while..
I had this conversation with my Wife, about who holds these paper titles.. think about it, take a major bank say Choice bank, they finance say 100,000 cars a year, that's 500,000 titles over 5 years stored somewhere filed away and the potential for miss-filling or damage or loss is staggering, i think they are electronic copies by now and only when its paid off do they apply for a title which is why these things can take a while.
Version 1 Years a go i did a private sale and met the prospective owner at their bank of choice, brought my settlement check, they took all the documentation and i handed over the keys, the new owner had a loan the bank didn't have to issue a title, and the bank paid off my loan to another lender, and i finally got a loan release letter a few weeks later.
Version 2 If you have a relationship with a decent dealer it can be any brand of dealer, do what they call an " In and Out" pretty standard practice, you bring the car yourself and the new buyer to the dealer you get in front of the F & I person they can possibly even arrange financing if you need them to, from there perspective they get to put a unit on the leader board which helps them make their bonus, they used to charge $500.00 but even a thousand bucks is not unreasonable. this works best if you know someone who works at the dealer perhaps you bought a car from them or worked with them previously.
iv'e done this to get a tax credit of a car iv'e sold privately when buying new from the dealer, and iv'e done it as a buyer with someone also.
I had this conversation with my Wife, about who holds these paper titles.. think about it, take a major bank say Choice bank, they finance say 100,000 cars a year, that's 500,000 titles over 5 years stored somewhere filed away and the potential for miss-filling or damage or loss is staggering, i think they are electronic copies by now and only when its paid off do they apply for a title which is why these things can take a while.
Version 1 Years a go i did a private sale and met the prospective owner at their bank of choice, brought my settlement check, they took all the documentation and i handed over the keys, the new owner had a loan the bank didn't have to issue a title, and the bank paid off my loan to another lender, and i finally got a loan release letter a few weeks later.
Version 2 If you have a relationship with a decent dealer it can be any brand of dealer, do what they call an " In and Out" pretty standard practice, you bring the car yourself and the new buyer to the dealer you get in front of the F & I person they can possibly even arrange financing if you need them to, from there perspective they get to put a unit on the leader board which helps them make their bonus, they used to charge $500.00 but even a thousand bucks is not unreasonable. this works best if you know someone who works at the dealer perhaps you bought a car from them or worked with them previously.
iv'e done this to get a tax credit of a car iv'e sold privately when buying new from the dealer, and iv'e done it as a buyer with someone also.
07-26-2022, 11:03 AM
#21
Thoughts to OP:
Having a lien on a car is ok - as long as you have cash to buy out and get a title for the sale. I agree with others, having a lien to pay off while trying to sell the car is not really the optimal conditions for a potential buyer. I never sold a car with a lien, I usually buy out the car to get the title for the sale or just have the car bought out completely. Selling a 100k+ car with a lien seems like a PITA - especially since you are looking for a buyer who will have full cash or will have to get a loan themselves and with current market conditions I think that makes it harder.
As for the situation of buying the car - it sounds like you would need funding for a business and if it was choice of funding a business that is an appreciating asset vs buying a 100+k sports car that is a deprecating asset, I think logically we know what is the right answer.
Having a lien on a car is ok - as long as you have cash to buy out and get a title for the sale. I agree with others, having a lien to pay off while trying to sell the car is not really the optimal conditions for a potential buyer. I never sold a car with a lien, I usually buy out the car to get the title for the sale or just have the car bought out completely. Selling a 100k+ car with a lien seems like a PITA - especially since you are looking for a buyer who will have full cash or will have to get a loan themselves and with current market conditions I think that makes it harder.
As for the situation of buying the car - it sounds like you would need funding for a business and if it was choice of funding a business that is an appreciating asset vs buying a 100+k sports car that is a deprecating asset, I think logically we know what is the right answer.