Bay Area folks - PPI question
03-14-2013 | 07:15 PM
#16
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This is actually in the SD area.
A separate question related to logistics. So I plan to partially finance the purchase and the seller also is financing the car. I'm going through PenFed and the seller's lien holder only releases the title once they receive the money. With PenFed, they only issue checks (to me, buyer, seller's lien holder). The seller has indicated that if the lien holder receives a check, it will take them 10 days to process and send out title.
I'm checking out the car this weekend. If everything checks out, I would initiate the process and Penfed will take about 3-5 business days before sending out the check. Once I receive it, I would hand it in person to the seller in addition to my own check for the remaining balance. The question is, is it reasonable or safe to get the car from the seller at that point and wait for his lien holder to send it to me later? The check will be made out to all 3 parties (myself, him, his lienholder) so he won't be able to cash it and not pay off the loan, but he can at least cash my check. I guess the risk is, the lien holder will not get the full payoff and I won't see the title.
What's the best course of action?
A separate question related to logistics. So I plan to partially finance the purchase and the seller also is financing the car. I'm going through PenFed and the seller's lien holder only releases the title once they receive the money. With PenFed, they only issue checks (to me, buyer, seller's lien holder). The seller has indicated that if the lien holder receives a check, it will take them 10 days to process and send out title.
I'm checking out the car this weekend. If everything checks out, I would initiate the process and Penfed will take about 3-5 business days before sending out the check. Once I receive it, I would hand it in person to the seller in addition to my own check for the remaining balance. The question is, is it reasonable or safe to get the car from the seller at that point and wait for his lien holder to send it to me later? The check will be made out to all 3 parties (myself, him, his lienholder) so he won't be able to cash it and not pay off the loan, but he can at least cash my check. I guess the risk is, the lien holder will not get the full payoff and I won't see the title.
What's the best course of action?
If I were you, if he refuses that request, I would just not bother with the purchase, because frankly he has nothing to lose with you tagging along. Just my two cents.
03-14-2013 | 09:19 PM
#17
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Very simple transaction. Have one bank payoff the other and buyer takes ownership of the car the day both parties sign paperwork at buyer's bank. Once seller's bank receive funds for full payoff then his Credit union will release lien to buyer's bank. If i was the buyer I would prefer to take out full loan and have my bank deal with registration just incase seller decide not to give up title or some crazy Sh..t! If this is the same car in SD with recent major engine out rebuild - i wouldn't even touch it for. And i believe this example has paint work
03-14-2013 | 10:35 PM
#18
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Very simple transaction. Have one bank payoff the other and buyer takes ownership of the car the day both parties sign paperwork at buyer's bank. Once seller's bank receive funds for full payoff then his Credit union will release lien to buyer's bank. If i was the buyer I would prefer to take out full loan and have my bank deal with registration just incase seller decide not to give up title or some crazy Sh..t! If this is the same car in SD with recent major engine out rebuild - i wouldn't even touch it for. And i believe this example has paint work
03-14-2013 | 10:43 PM
#19
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Called penfed. They said they'll handle dealing with the other side since the form they ask the seller to fill out includes the account # and details for the lienholder. I should be able to take the car upon transfer of money and Penfed is ok with the 10 day waiting period as they'll negotiate that transfer.
03-15-2013 | 12:49 AM
#21
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Yup that's what penfed will be doing. First time doing this kind of car buying. I usually buy outright or finance through dealership.
03-15-2013 | 01:46 AM
#22
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All banks in California has in house DMV rep so they will perform all DMV paper work. The day you sign papers at ur bank, the car is legally yours and you will take ownership and drive off. Let's just assume you guys agreed on buy figure of $50k, bank will collect sales taxes and your OTD is or around $55k. Your down payment $40k and finance amount of $15. If he owes less than agreed purchase price then your bank will give him the difference as soon as lien is released to your bank. Or they can send the whole sum to his bank and his bank will give him the difference. I would not give seller a dime out of my pocket. My down payment deff' goes to my bank and let them deal with any $ differences between payoff amount and purchase amount....
03-15-2013 | 02:12 PM
#24
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From: Silicon Valley, CA
Are you passing on it? If so then tell the seller he or she is welcome to get their own at their own expense or pay you back whatever cost you paid for it. That's what I'd do..
If you're not passing on it, not sure why the seller would want it...
If you're not passing on it, not sure why the seller would want it...
03-15-2013 | 02:18 PM
#25
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But good advice on what to say.
03-15-2013 | 04:07 PM
#26
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From: Naples FL
03-15-2013 | 04:34 PM
#27
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Ok, so PPI came back. It confirmed there is paintwork done on one body panel. Car is '07 gt3 with almost 28k miles. What should be a reasonable offer price at this point now? There is also 81 ignitions in range 4 that happened (300hrs) prior to current owner's ownership (now at 800hrs) and the engine has been rebuilt.
03-15-2013 | 07:17 PM
#29
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03-15-2013 | 07:31 PM
#30
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Thanks! You saved my ***.
Yep. Shame. So PPI shows the following:
Coolant leak
Defect in paint surface on rear quarter indicating repaint
Tiny dent on opposite rear quarter
Range 4 rev with 81 ignitions at 300hrs
The shop is not experienced with detecting body work either so there could be other work done.
I knew about the Range 4 and a prior coolant leak, but that was the reason why the engine was getting rebuilt after they were working on fixing the coolant leak. Looks like it's _still_ leaking. Asked owner about the body work and he replied "nothing I did". Then said he doesn't know of any damage other than what he told me. Then later says Porsche had informed him of it this January and that he had told me about it (he didn't).
He also then says, he called the PPI place and they told him coolant leak is common after rebuilds and to check 200 miles later. I called the PPI place to verify if that actually happen and if that statement is true. They said, "What? no we did not say that. I told him to take it to Porsche to fix and then test for leak again later".
Yep. Shame. So PPI shows the following:
Coolant leak
Defect in paint surface on rear quarter indicating repaint
Tiny dent on opposite rear quarter
Range 4 rev with 81 ignitions at 300hrs
The shop is not experienced with detecting body work either so there could be other work done.
I knew about the Range 4 and a prior coolant leak, but that was the reason why the engine was getting rebuilt after they were working on fixing the coolant leak. Looks like it's _still_ leaking. Asked owner about the body work and he replied "nothing I did". Then said he doesn't know of any damage other than what he told me. Then later says Porsche had informed him of it this January and that he had told me about it (he didn't).
He also then says, he called the PPI place and they told him coolant leak is common after rebuilds and to check 200 miles later. I called the PPI place to verify if that actually happen and if that statement is true. They said, "What? no we did not say that. I told him to take it to Porsche to fix and then test for leak again later".