Was he allowed to drive off with the car though? Or did he just have the keys themselves?

 

If it's a good deal, I would invest the cost of plane ticket and hotel, and go with the seller to his bank in person to complete the deal. Yes, its a hassle but what is the cost of peace of mind?

 

Definately going to fly over and complete the deal. Just that I won't be able to drive off with the car while the bank processes loan payoff, which will take 5-10 days. I can sign a bill of sale, and grab the keys though I guess. Maybe drop it off at Porsche dealership to have the S recalls done.

 

I gave him the car, all the keys for it, and a bill of sale.

 

I don't see why you couldn't drop the car off at an auto-shipper after you make payment to his bank. Seller should have no problem with that. The lein release can then be processed while the car is in transit. I don't think I would leave there without having that vehicle under my control.

 

It's just a car guys, a very simple transaction.

Two checks, 1 to pay it off the 2nd is the remaining balance to the seller.
A simple Power of Attorney to file with your state when you change over the title.

 

I know first hand that you cannot go into a Chase branch and payoff the car loan. The branch does not accept payoffs. I just paid off one of my cars just before I sold it so I could have the title.

As stated above several times, call Chase (their customer service is good) and ask them how to complete the transaction. You will get the title within a week.

Good luck.

 

I agree. Talk about making a simple process difficult.
We also had a notarized bill of sale. I just did one one check and let the bank cut the difference to the seller. One check was easier for me.

 

My transaction was the same as Gravedgr - since the buyer has a notarized bill of sale and possession of the vehicle (and in responsible for insurance - ask to see his coverage letter), he has comfort that he will get the title once the payoff clears. Even if the bank refuses to send the title to him directly, not a biggie.

 

I would think that with certified funds (bank check, etc.) that the lienholder would take care of the paperwork on the spot.

 

If there is anything fishy with the title, history, maintenance, usage, etc. of this car(or any car), RUN, don't walk, to get away from it. Title issues are a potential disaster. If you also haven't seen the car and had it inspected by a reputable mechanic, if not Porsche themselves, purchase is extremely risky. Don't spend any money you are not willing to gamble away. Wait for a car with a clean record.