I could use some help with my situation. I am buying a 997 from out of state from a private seller. I could use some help in how to do the transaction without me being there. Our plan is to have me wire the money to his bank when the car gets picked up by the transporter. The transport companies are little sketchy on helping me with that but some have offered to have the driver call me when he gets the car and I can then release the funds but they wont carry the title. The seller offered to drive the car 700 miles to me personally but I dont want him to put those miles on my porsche. Any thought?
a. Title tranfer?
b.Funds transfer
c.Bill of sale
d.Transoprt company vs personal
Thanks

 

No exchange of $$ until Title is in your hand. Trust me, I bought mine out of state from Cali dealership and they didn't release the title until I got Porsche Financial Services involved despite me having taken delivery of the 911 for several weeks.

 

Personally, I don't think it's a good idea overall to have a transaction without YOU being there period. That's a lot of money to be exchange. From my personal experience, the wife and I flew to Maryland and meet the owner (very nice guy). We then had the car inspected at Porsche dealer before buying (I think the service is called PI). Once ok, we both drove out to my bank and had the teller transfer money for us. Luckily we both bank at Bank of America.
However in your case if you must, maybe you can talk to bank manager (if you have a branch there in the area) and ask them to do the transaction for you and keep the keys/title. Once done, I highly recommend a reliable transport company. I used Intercity transport (they are a board sponsor here under classified section). They are VERY professional and very customer service oriented. I would ask them (the driver) to pick up the car, keys and title from bank. Again, I highly recommend you being there though. Good luck.

 

the hell with the 700 miles...have him drive it to you so you can get a real close look at it and have the title in hand when you give up the dough..or go there yourself and be there when it goes on the transport..too many incidents of vehicles damaged during transport or just prior to transport and no way to prove anything

 

Thanks guys. That really helps. I think I am going to have him drive it to me

 

I flew a thousand miles to Long Island to pick mine up and I drove it home....

 

700 miles is two tanks of gas. Have him drive to you or hop on Southwest and fly to him. You will enjoy the drive back home.
NO WAY I would trust the transport company. Just my 2 cents.

 

Be sure to have a PPI and DME scan performed before purchasing.

 

I'd have a hard time releasing the money on a personal sale as stated by the OP. There are some good suggestions offered above. You'll never regret going to see it in person. You may well regret not having seen it in person.

I'm flying out to pick up a car for a friend next week and will drive it home. I'm retired so it gives me something to do.

 

best scenario:

go out there and inspect the vehicle urself.

than make sure to get a Dealer pre-purchase inspection so they can check for leaks, etc. (in some cases, the dealer will even buy the car and put a CPO on it for u, then re-sell it to u)

than drive it back with the title in ur hand.


if that's inconvenient, have the seller bring it to u since he is willing.

 

I just bought a car without seeing it and driving it. But only difference is I bought it from reputable private dealer who have sold Porsche for long time. I simply wouldn't buy a car from a person as there are just too many risk factor involved. So unless it's a dealer I would have to fly there in person and have it picked up by the carrier that you choose. Of course PPI is a MUST. Even with PPI there is always risk when it comes to buying a used car. Having a warranty is highly recommended. Or else...just wait until there is something local. I had my car for 24 hrs now and I love it. Good luck!

 

You may do a PPI. If the PPI report is reassuring, then fly out there. Atleast you know that the likelyhood that you will buy the car is there. Do a final visual inspection, then exchange title and money.

I would not recommend sending money without you seeing the car.

 

if you dont have any bank involved and you are 2 guys on your own;
send him a deposit, like $5000, and have him sign and mail the title to you.
then after its in your posession and valid with your state tag agency, send him the balance. Then have the car picked up.
you cant take his tag off and have it insured till its in your posession

 

It's ludicrous to expect owners of $70k cars to have "title in hand". We're talking about property that is half the cost of the average American home, not a $2000 Civic.

Any time that I have purchased used from a dealership or individual, there has been a 1-2 week delay in receiving the title. If you have a proper sales contract written up, there should be no issue.

 

I sold my 2006 Carrera 4S here on the 6Speed site last year. Here's how it went down.

Easy transaction:

1. Spoke to buyer a few times and answered all questions. I owned the car outright and had title in hand
2. Offered a PPI at his cost - I would arrange and drive the car to the dealership. He declined.
3. After agreeing on price, he sent me a $2000 deposit to hold the car while he made arrangements to get the rest of the balance as there was a lot of interest. Accepted deposit via Pay Pal.
4. He later (1week) sent a cashier's check for balance.
5. He flew out to pick up car (Massachusetts to Michigan).
6. We met at the local Porsche dealership as he arranged to have new tires placed, he gave the car a final visual inspection (I sent him numerous pix prior). If for whatever reason he didn't want the car, I would've returned all his money minus the deposit.
7. Gave him the title.
8. Drove down to a local eatery, had dinner and beer.
9. He drove it home. Sent me a note... loves the car!

If you're a seller, Don't make a move with the title until all cash is in hand. Also, disclose all defects, dings, etc verbally and with pictures. Neither party wants any surprises after money has been exchanged.

Very smooth.