Making a Run for the border to buy a...
05-01-2008, 04:34 PM
#1
Making a Run for the border to buy a...
Well I'm going down to check out a GT3 this weekend. I have researched the cars here and elsewhere quite a bit, and think I've found a good example.
My question is relating to the financial transaction. If I decide to buy this car, the owner currently has a lien on it. So for title transfer to occur, he has to pay off his lien first and therefore requires payment for the car.
I have looked up the paperwork required for that state for transfer of ownership of a car (contracts, odometer reading etc). I am just wondering what any of you have done to ensure a clean purchase of a US car from a private seller.
Ie. I have to pay him,
He pays of lien and gets it cleared
He transfers ownership to me and faxes paperwork to the border
How can I make this as secure as possible?
My question is relating to the financial transaction. If I decide to buy this car, the owner currently has a lien on it. So for title transfer to occur, he has to pay off his lien first and therefore requires payment for the car.
I have looked up the paperwork required for that state for transfer of ownership of a car (contracts, odometer reading etc). I am just wondering what any of you have done to ensure a clean purchase of a US car from a private seller.
Ie. I have to pay him,
He pays of lien and gets it cleared
He transfers ownership to me and faxes paperwork to the border
How can I make this as secure as possible?
05-01-2008, 05:06 PM
#2
Race Car
Pay the lienholder directly, and only after getting plenty of paperwork signed - i.e. bill of sale with seller, written confirmation from lienholder of payout amount, plus their promise to remove their lien once paid. Also get confirmed ID from the seller, home address, make sure he shows you gov't issue picture ID, etc. Call the local DMV to do a VIN search on the car, make sure he's the real owner, etc. Cover all your bases! Even better, do all this in person and complete the transaction in one day. Just make sure you've sent a copy of the title to the border 3 bus. days in advance so the car clears.
05-01-2008, 09:43 PM
#3
Rennlist Member
you should do as Christien said, but you are never 100% covered. go to his house have him show you mail and pictures that this really is his house, speak to the bank, speak to his mechanic, ask them what kind of person he is. Carfax and ppi are necessary.
details of what you are looking at?
details of what you are looking at?
05-04-2008, 10:12 PM
#4
Well I just got back. We met at his house, and I checked his title (it's his). He owes Porsche financial on the lien. His son is a salesman at Jackie Cooper Imports (the Porsche dealer in Tulsa OK). I called the dealership a couple of times to get the history of the car.
I researched the OK state's DMV website, and obtained a bunch of paperwork for the transaction, which we filled out and had witnessed in case the transaction proceeds.
My brother found a leak on the rear main seal of the car and noted the rear tires were done (He's a BMW master tech). So the car is going to the dealership to have it repaired under warranty on Monday. Once the repair is complete, I will be ready to proceed.
It was the first GT3 I've driven, although I have been a passenger in other examples. It was a fine example, and I may pull the trigger on it.
Your suggestion to pay Porsche directly is interesting. I wouldn't have a signed contract of sale with them though, so I wonder how that would work legally.
I researched the OK state's DMV website, and obtained a bunch of paperwork for the transaction, which we filled out and had witnessed in case the transaction proceeds.
My brother found a leak on the rear main seal of the car and noted the rear tires were done (He's a BMW master tech). So the car is going to the dealership to have it repaired under warranty on Monday. Once the repair is complete, I will be ready to proceed.
It was the first GT3 I've driven, although I have been a passenger in other examples. It was a fine example, and I may pull the trigger on it.
Your suggestion to pay Porsche directly is interesting. I wouldn't have a signed contract of sale with them though, so I wonder how that would work legally.
05-04-2008, 10:52 PM
#5
Race Director
Sean,
What color? Options? Milage? PM me pricing info please.
My buddy & I picked up his 968 from Tulsa a couple of years ago and drove it back to Ottawa. 1765 miles.
Tom Charlesworth (head technical guy for PCA) has a shop in Tulsa. He did my friend's PPI.
Good luck.
What color? Options? Milage? PM me pricing info please.
My buddy & I picked up his 968 from Tulsa a couple of years ago and drove it back to Ottawa. 1765 miles.
Tom Charlesworth (head technical guy for PCA) has a shop in Tulsa. He did my friend's PPI.
Good luck.
05-05-2008, 09:54 AM
#6
Three Wheelin'
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Porsche Financial will have to sign off on the guy's title as the lienholder........and it normally takes 10 +/- days to get it back from them.
Get the guy to sign the title over to you on the back and then you send it to Porsche Financial for their signature.....and get them to return it to you. They will ask for your other paperwork as well.
You do not need anything other than a bill of sale. The state where he is doesn't care that you bought the car and are exporting it.
If you are nervous, get his son to talk to the dealer and see if they will by the car from him and you buy it from the dealer. They may charge you for this however.
Get the guy to sign the title over to you on the back and then you send it to Porsche Financial for their signature.....and get them to return it to you. They will ask for your other paperwork as well.
You do not need anything other than a bill of sale. The state where he is doesn't care that you bought the car and are exporting it.
If you are nervous, get his son to talk to the dealer and see if they will by the car from him and you buy it from the dealer. They may charge you for this however.
05-05-2008, 12:38 PM
#7
Ok, I'm starting to get a warm fuzzy about it now. Everything everyone is saying is lining up with how the seller wants to proceed.
He called Porsche Financial and for a $10.00 fee they will overnight the lien removal letter to him - which he is doing.
He is having the RMS redone today. Once I get the completed work order in my fax's inbox, I'll start the transaction.
He called Porsche Financial and for a $10.00 fee they will overnight the lien removal letter to him - which he is doing.
He is having the RMS redone today. Once I get the completed work order in my fax's inbox, I'll start the transaction.
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05-05-2008, 11:18 PM
#9
Besides I have to bring so much stuff up there I don't think it would fit in the back of a GT3!
05-08-2008, 08:23 AM
#11
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Join Date: May 2008
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Becky is gonna NEED an NSX now!
We're not touchy about the P-car, we've just changed your membership status to "Associate Member" and trippled your annual dues!
05-08-2008, 10:02 AM
#12
Red,
Oh that's a relief! I'm so glad you guys will let me hang out with you. And only a triple of my NSX Club dues? That's cool, I should be able to offset that with the invoice I'll send the club for my work on the executive!
How does $100 per hour sound?
Oh that's a relief! I'm so glad you guys will let me hang out with you. And only a triple of my NSX Club dues? That's cool, I should be able to offset that with the invoice I'll send the club for my work on the executive!
How does $100 per hour sound?
05-08-2008, 10:24 AM
#14
Your NSX at the track or at the carwash????
Notice the second yellow hood in the line of NSXs to the immediate left. You should recognize it.