What to look out for when buying from a private party
02-09-2010, 09:21 PM
#16
Bottom line: if you have any reservations about the seller or the car you won't be buying it regardless of the financing aspect. If you want the car and trust the seller you will find a way to make it work.
02-10-2010, 12:16 AM
#17
2nd Gear
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Join Date: Feb 2010
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Thank you all for your contribution.
I had overlooked the PPI, but now I will not buy a car without one. Also, I won't be getting PCM 3.0.
Also, the car belongs the Porsche Financial Services (PFS), and I think the least risky way is to pay PFS directly, and get them to send the cleared title to my address. Also, ask for a power of attorney from the seller, in order to be able to sell the car to myself, once the title is mailed to my address. Also, I will get this done at a bank, getting the bank manager to notarize all the documents related to the transaction.
I had overlooked the PPI, but now I will not buy a car without one. Also, I won't be getting PCM 3.0.
Also, the car belongs the Porsche Financial Services (PFS), and I think the least risky way is to pay PFS directly, and get them to send the cleared title to my address. Also, ask for a power of attorney from the seller, in order to be able to sell the car to myself, once the title is mailed to my address. Also, I will get this done at a bank, getting the bank manager to notarize all the documents related to the transaction.
02-10-2010, 02:42 AM
#18
Rennlist Member
So I would skip that car and found another one.
Legally you get into dangerous territory paying cash to other person who has his car still financed. Legally he is not yet an owner. What if he uses your money to pay off his credit cards and next day dies from heart attack? Where is your car then? Or if he gets divorced next day after he pays off loan with your money and his ex-wife claims half of that car you just paid for?
Everything may be fine of course, he may be an honest person and pay off that loan with your check, in week or two time he will get stamped title and give it to you. Or may be not. I would never take such risk, not for a $50K+ cash buy.
Legally you get into dangerous territory paying cash to other person who has his car still financed. Legally he is not yet an owner. What if he uses your money to pay off his credit cards and next day dies from heart attack? Where is your car then? Or if he gets divorced next day after he pays off loan with your money and his ex-wife claims half of that car you just paid for?
Everything may be fine of course, he may be an honest person and pay off that loan with your check, in week or two time he will get stamped title and give it to you. Or may be not. I would never take such risk, not for a $50K+ cash buy.
I did it. Got a DMV bill of sale. Copies of title transfer and registration transfer and copies of the cashiers check. Ultimatly I trusted the guy. I mean I was buying his Porsche after all and if I didn't trust him then I wouldn't have trusted the car. The local dealership set everything up and provided all the necesarry documents.
