Kg11

yeah, but you can't get a manual and 4 seats in a GT3. I love them, but would rather take a road trip across the country in a 991.2 GTS!

Kg11

A lien, as is a "loan"? That isn't exactly a story! Now, the car being repossessed: that might be a story!

pfbz

Liens are definitely a story when not cleared before the sale...

Not that they can't be dealt with, but you don't just wire the owner full funds for a car that has a lender lien. Who hold the lien, how is the payoff guaranteed, how is title transfer guaranteed, what is the processing time, etc.

IMHO a "story" is anything that requires additional or unusual explanation during the current or future sale process.

bweSteve

that's a stretch imo pfbz,... since "story" is usually associated with the CAR itself, not the buying process, hiccups or any oddities that the seller puts the buyer through.

.... sure the buyer can then TELL a story about how lousy the purchase might have been,... but that story won't "follow" the car (only the people).

you also mention that you think that type of story about a poor transaction affects "future sale process" ?? Does that mean you believe that poor transaction will negatively affect the value of the car down the road on the "next" transaction? ... cuz I'll need additional explanation from you on that one. I don't believe it would, imho.

=Steve

Kg11

Here is how it goes:




1) buyer reaches out: sale price is $100k, seller owes $80k.




2) buyer and seller write up a contract: buyer agrees to buy car at X price, seller agrees to pay off the loan in full, sign POA, and release the title directly to the seller




3) buyer gets in touch with the lender; confirms the payoff and that the POA is in place. He tells them where to send the title.




4) funds are sent, loan is paid off, as confirmed by the bank officer. Bank sends title directly to the new owner.




5) new owner happily drives car home (or has it shipped).




I have bought and sold approximately 10 cars in this manner. In fact, of all of the cars I have purchased over the years, only one had a lien I didn't have to pay off. This answers all of your questions easily and succinctly. It sounds like you are looking for an excuse not to buy a car.




This is in no way, shape, or form a "story". It is all of a hour's worth of extra work. If anything, a buyer should be more comfortable with this process: he has confirmed with the bank that he will get the title as soon as the loan is paid off. There is a paper trail of what is going on, with multiple people involved.





According to your definition, every 991 GT3 is a story, as they all have had replacement engines.


My 12k mile 997 was a story, as it has a rock chip on the driver's side pillar. Not only that, I also had to replace the expansion coolant tank. Watch out, total lemon here!

Kg11

I agree. In fact, I would rather a bank have the title and send it directly as soon as the loan is paid off. That gives me guarantees that I will actually get the title, and involves another person in the transaction, making fraud less likely. I also know the title and car actually exist, as the bank wouldn't loan the money without the title!

Psorcery

What'dya think?

https://www.carmax.com/car/16694570

pfbz

Yes, I know how to buy a vehicle with a lien... Done it more times than I can count. I've had it go smooth as silk on most transactions, but also be a huge pita on at least a couple.

I greatly prefer to buy a car where all liens have been released *before* the purchase. Clean and easy. No stories!
Seller walks away with cash (or wire transfer), I walk away with 1) the car, 2) a fully executed clear title, and 3) a bill of sale that has the language I know my DMV likes to see.

Would I buy an otherwise perfect and desirable car with a lien? Of course! But it requires several additional layers of due diligence and definitely isn't my preference. If it's Porsche Financial, not likely to be a hassle. But Smalltown Bank of Eastern Nowheresville? Yup, those are the ones I definitely will be avoiding.

But kg11, would I buy your car with a rock chip, replaced expansion tank and a lien? No way! (but perhaps not for the reason you think).

cetin

Wasn't checking the forum at that time. I've bought that one.

shootermcgavin

liens are a "story" and unusual? right...moving along now.

shootermcgavin

cool car, but not a 911...

pfbz

Yes, for me, hassles or issues involving the purchase of a car are a "story" with negative effect on my purchase decision.

No, I'm implying that dealing with a clueless seller, a difficult lender, or other transaction surprises effects the future value of the car if they are successfully resolved.....

Perhaps I'm an outlier, but I don't take liens on vehicles, and always prefer to buy a vehicle with clear title.

pfbz

Most definitely not a 911 (a GT4 for those that don't want to click through), but looks like a great build at a decent price. Go over to the GT4 forum for more feedback...

bweSteve

Fair enough if it works for you. But if that were true for my wife & I, we would have never found & bought the GT3 of our dreams.

The spec we hunted down for over 2 years was very specific, and there were only 11 of them painted in this color for all of North America. And then when I take into consideration all the rest of the spec'd options (PCCB's, etc etc), I'm willing to bet there are less than a handful of these cars that exist. PLUS we are DRIVERS, and thus not worried about whether this was an "investment" or not. Luckily it had only 10k miles,... but we plan to drive the sh$$ out of it just like we have our '91 964 Turbo for the past 15 yrs. Anyway,.... the gentleman who owned it passed away a year earlier before it was traded in by his son. The Bank not only had the title, but in the State we bought it from, they had to go through Power of Attorney & Death Certificates (which came along with the Title once they cleared everything and sent it to us). We bought with cash and had the car in our garage 36 hrs after it first popped up for sale,... but then had to wait 2 weeks before all our paperwork cleared. Just the nature of the beast.

But as you also say,... we were dealing with a very reputable Porsche Dealership & very well known large bank,... so I had some faith that the people I was dealing with were on the up & up.

So, for some of us, a "story" like that, would definitely not deter me from going after the 911 of my dreams (... well,... "another" 911 of my dreams!! ). And I could care less whether that story might deter someone in the future from considering buying this car from me!! I know it CERTAINLY will not affect the market value of this car at that future point either. The MILES that we put on it will indeed be the biggest factor.

Best of luck to everyone in your own search for that perfect car.
=Steve

K-A

Any posts of yours or details on what you had to go through to successfully get DV?