Proper way to purchase used 911, owner doesn't hold title
#16
Best suggestion I believe. Have done it this way myself once. Dealer took care of tag, tax, registration, etc. for a small fee.
#17
Rennlist Member
I purchased a car from a seller in Florida earlier this year. To make it easy, he paid off his loan and got the title in hand. Then I sent him a check and the shipper picked up the vehicle. Made it fairly simple.
If you do have to deal with a lender, make sure the check you send is made out to the financial institution, not the seller. Or, at the very least, has both names listed. And it will take several days or longer to get the title from the lender.
If you do have to deal with a lender, make sure the check you send is made out to the financial institution, not the seller. Or, at the very least, has both names listed. And it will take several days or longer to get the title from the lender.
#18
Rennlist Member
I'm considering buying a used 911 from an individual. He has the car financed with Porsche Financial so he doesn't hold the title himself.
I would prefer for him to endorse the title and put it in my hand the minute my wire hits his bank acct. Obviously, that's not going to happen. So, how do I do this to insure everything is on the up and up and I don't get burned? I want to make sure that there are no snags and the car is legally mine when I hand over the money. The car is in Florida if that matters.
Thanks
I would prefer for him to endorse the title and put it in my hand the minute my wire hits his bank acct. Obviously, that's not going to happen. So, how do I do this to insure everything is on the up and up and I don't get burned? I want to make sure that there are no snags and the car is legally mine when I hand over the money. The car is in Florida if that matters.
Thanks
that is only way how i buy any used car. it is not my problem to deal with reasons why seller may think he does not have car`s title.
i would never deal with transfer of lien as if transferred property was in joint ownhership you may have to give it back by court order and then sue to get your money back. with seller signature on a title and sales agreement it is final and non reversible.
Last edited by utkinpol; 08-03-2011 at 02:31 PM.
#20
Rennlist Member
Thread Starter
Can you give me the name of someone specific at P Financial that I should talk to?
#21
It doesn't have to be a Porsche dealer. Any dealer with a license can handle the transaction for you. The actual dealer brand has nothing to do with it.
It doesn't supprise me that a Porsche dealer would rather sell you a car than do the paperwork for you, call a few others, you will find one willing.
Also, Porsche financial, or any other lender for that matter, will not talk to you about someone elses account...one more reason to find a dealer willing to help. A dealership can obtain the payoff, arrange payoff, settle the account with the seller and do the dmv paperwork for your transaction. Technically what happens is that the dealership buys the vehicle from the seller and then sells it to you for the pre-determinded price. Its actually pretty easy.
It doesn't supprise me that a Porsche dealer would rather sell you a car than do the paperwork for you, call a few others, you will find one willing.
Also, Porsche financial, or any other lender for that matter, will not talk to you about someone elses account...one more reason to find a dealer willing to help. A dealership can obtain the payoff, arrange payoff, settle the account with the seller and do the dmv paperwork for your transaction. Technically what happens is that the dealership buys the vehicle from the seller and then sells it to you for the pre-determinded price. Its actually pretty easy.
#22
Three Wheelin'
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Please note that if you pay off the car with Porsche Financial, they will release the title to the original owner, NOT you!
As suggested, the purchase thru' dealer option is the best way to go for security and convenience. The dealer can agree to take the car in on trade, they will pay off the lien, then sell it back to you at the same price, but they will charge you a dealer fee, plus sales tax, plus DMV fees. Dealer fees could vary from $300 - 900 average, depending on your location and dealer.
Where are you located, and where in FL is the seller?
If you're in Jax, I could do the deal for you.
As suggested, the purchase thru' dealer option is the best way to go for security and convenience. The dealer can agree to take the car in on trade, they will pay off the lien, then sell it back to you at the same price, but they will charge you a dealer fee, plus sales tax, plus DMV fees. Dealer fees could vary from $300 - 900 average, depending on your location and dealer.
Where are you located, and where in FL is the seller?
If you're in Jax, I could do the deal for you.
#23
Nordschleife Master
I'm considering buying a used 911 from an individual. He has the car financed with Porsche Financial so he doesn't hold the title himself.
I would prefer for him to endorse the title and put it in my hand the minute my wire hits his bank acct. Obviously, that's not going to happen. So, how do I do this to insure everything is on the up and up and I don't get burned? I want to make sure that there are no snags and the car is legally mine when I hand over the money. The car is in Florida if that matters.
Thanks
I would prefer for him to endorse the title and put it in my hand the minute my wire hits his bank acct. Obviously, that's not going to happen. So, how do I do this to insure everything is on the up and up and I don't get burned? I want to make sure that there are no snags and the car is legally mine when I hand over the money. The car is in Florida if that matters.
Thanks
#25
Rat Balls
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Old thread or not, this subject came up a lot in the 996 thread. I am amazed that people advise to stay away from buying cars that are not paid off. It is so simple. Once you agree on a price prepare a Bill of Sale...most DMV websites offer one. If not, Google is your friend.
Have the seller authorize you to contact their lender for the payoff, then you (or your lender) send them a cashiers check for the payoff amount and you send a check to the seller for the difference (if any). In 7-10 days you will have the clean title from the sellers lender and, in the meantime, you can drive on the Bill of Sale until you can register the car.
It may vary slightly depending on whether you are in a lienholder State or not, but in States where owners hold title, you get to register the car faster.
Some people just don't have that much cash lying around. To expect a seller to pay off a car to sell it is unrealistic.
Have the seller authorize you to contact their lender for the payoff, then you (or your lender) send them a cashiers check for the payoff amount and you send a check to the seller for the difference (if any). In 7-10 days you will have the clean title from the sellers lender and, in the meantime, you can drive on the Bill of Sale until you can register the car.
It may vary slightly depending on whether you are in a lienholder State or not, but in States where owners hold title, you get to register the car faster.
Some people just don't have that much cash lying around. To expect a seller to pay off a car to sell it is unrealistic.
#26
Last time I did this (with a boat), the seller contacted the lender, they ordered a paper title and had it sent to a local branch, we met in the branch, I paid off the loan and the banker handed the seller the paper title and he signed it over to me. Was pretty simple. I then took the title to the DMV and registered it and paid the sales tax.
#27
Rennlist Member
Last time I did this (with a boat), the seller contacted the lender, they ordered a paper title and had it sent to a local branch, we met in the branch, I paid off the loan and the banker handed the seller the paper title and he signed it over to me. Was pretty simple. I then took the title to the DMV and registered it and paid the sales tax.