Dealing With Porsche Finance

[KevinH1990]

I may be buying a Boxster - I'll post the details after the deal closes since it is still pending a PPI and transfer of title.

This brings me to my question. The seller (private party) financed the car with Porsche Finance and they have a lien on the car. How long does it usually take them to process a sale under these circumstances and what is the procedure?

I need to have the title signed over to me in order to register the car in Virginia. So, I don't want to just give the seller a check, take the car and then wait for the title. The car is about a two-hour drive away from here, so I would like to take care of the PPI and sale in one trip.

Does anyone have any suggestions for dealing with this situation?

Thanks in advance for any assistance.

[Brucelee]

You can deal with Porsche finance directly. Call them and then can guide you through the process.

You essentially cut two payments, one to them and one to the seller if he has any equity in the car.

If you wire the money to PF, the title will be in your hands in days.

In the interim, TAKE PHYSICAL POSSESSION of the car as soon as you give the seller his dough and wire the dough to PF. Store it at your house, not his.

Hence, you have the car and the title will be sent directly to you with the lien released. Also, make sure you get a Bill of Sale properly executed prior to $ changing hands.

[Porschev]

I had a similar situation

Here is a sample of Bill of sale that i think will helpful at your current situation

I am Seller, living in address ... , do agree to sell a 1996 Porsche 911 vin number to Buyer, living in address .... I agree to pay $(full amount that he own to loan) from $(full amount you agree on price) for a loan, took from ONYX Acceptance Corporation 27051 Towne Center Drive Foothill Ranch, CA 92610-2804, the account number is 018-75648-1. And I also agree to send the title to said PORSCHE 911 VIN to Buyer, in five business days, from the date then it will be received from ONYX Acceptance Corporation 27051 Towne Center Drive Foothill Ranch, CA 92610-2804.
Signatures, Notary stamps and signatures.

Good luck

[KevinH1990]

Thanks.

The seller may owe more money on the car than I am paying. (That's what I was told, but you never know.) What effect would this have? It seems that if the seller didn't pay their portion, things could get messy.

[986Jim]

Porsche Finance will work it all out with him. Basically what you do is write your full cheque to Porsche Finance then and he will sign over the ownership of the car. They will instruct the seller what to do so that you can get the car and a lein release letter from him at the time of the transaction. Likely he will have to pay the difference first then receive the cheque from you and have to send it to PF to have it cleared.

Either way PF will tell you what to do and how to handle it. I'll bet they even have paperwork you could get or buy for this type of thing.

[Brucelee]

If the seller is upside-down, you will need to have him cut a cashier's check to PF and send it off with your check.

That way, PF has the full payoff balance. As indicated above, make sure PF sends cleared title to you!