PcarDrmr

So might be moving to a 997 but the owner does not have the title and still has s money owed on it with a credit union. How exactly do you buy a car without title and the bank still has it? The seller says that it has be paid of to the credit union. Can I just make the full payment and have the bank issue me the title and pay whatever balance to the owner of the car? THanks

iammulva

I think that's basically what's gonna happen when you go to the credit union to do the deal. The credit union will take the balance due on the car and, if there's any left over, issue the remaining $ to the seller. Only then will they release the title.

Wolfk

I just recently did this type of transaction, one check to the credit union, another check for the remainder to the owner. Make sure the credit union fills out those blanks on the back of the title.

CORSASCHNELL

This sort of transaction happens thousands times a day. It is best to talk t the Credit Union to see what their specific procedure is. Of course never pay the current owner the entire amount and make sure you have a bill of sale from him.

Good luck.

Tcc1999

In addition to talking to the credit union you might want to check your state DMV. I say this because often when a car is paid off the Title is sent to the owner with the lien removed by the bank/credit union. The seller then applies for a clean title with his/her name on it and the banks/credit union's removed. Now when the seller transfers the car to you he is the seller and you are the buyer and the boxes are easy to fill on the title. The only reason I mention this is that when I sold my 08 C2S I paid off the balance, got the Title with the PFS (Porsche Financial Services) release and turned around and sold it within ten days (we have a ten day rule in California which states that if you buy out your loan/lease and sell the car within ten days you do not have to pay tax on the buyout. The problem with my transaction was that the buyer was from a different state and when he presented the California Title to register the car he ran into troubles. You see, I had to sign next to PFS's release as the "co-owner" (which I was) but I was also the buyer in that I paid off PFS to clear the lien. In turn, my buyer filled out the "buyer" section of the Title. I believe he ran into all sorts of problems when he went to register the car (he frequents this board so maybe he'll chime in). In the end, the Texas DMV had to call the California DMV (and I can only imagine what a clutter fest that was) to straighten things out. I did what the California DMV required as a California resident but that, apparently was not what the Texas DMV wanted - the point here is, cross your "t's" and dot your "i's" if your buyer is in a different state.

Good Luck.

WindyCityC2S

Be sure that the loan balance is less than the sale price, otherwise the owner is going to need to bring a check also. The credit union will not release the title to you if there still money owed.

mdr2001

PcarDrmr,

As Tim(Tcc1999) mentioned above, I had some issues with my title transfer, BUT it was mainly because Texas DMV did not understand the dynamics of California law regarding lease purchases/reselling and the 10 day rule. Due to this, they wanted the seller to have a title that was in their name only(new title issued by California) and that did not have Porsche Financial anywhere on the document. Although all the documents were in order per California law, Texas made it a little difficult. I finally had to explain all the details and multiple visits before the made the transfer. If you are buying from someone that has a lien, it is safe to assume this is purchase and not a lease situation, so you should be ok. As Tim indicated, if you are crossing state lines, make sure you know what is required in both states before making the deal. It will save you a lot of headaches. GLWP

Mark

MJBird993

Be wary of the advice that you get on the Internet. Especially when you don't tell us where you are located (hint: update your profile). Because laws vary from state to state.

Generally speaking, the bank or credit union is going to send the title to the loan holder, and it will then be up to him/her to get it notarized (if needed) and sign it over to you. It (generally) should not be necessary to get the title re-issued in their name just to sign it over to you. Again: YMMV.

Wolfk

Yes very true, in my case, the PO's credit union sent me the title without filling any of the information on the back. I took that to my DMV and they said "yea right" Went through a hassle of sending the title back to get it signed and notarized.

RaceCarDriver

I bought a Porsche this way....... The seller still owed money on the car through Porsche Financial. I sent two checks, one to Porsche Financial for the payoff amount, and the balance to the seller.

Porsche Financial would only send the title to the seller (took about a week), so there needs to be trust between you and the seller. Once the seller received the title he shipped the car and title to me.