thnik i've finally found 'the one' - help please...

[m33mje]

Hi,

have been an observer and occassional contributor on these boards since May. Been looking for a Targa 996. I reckon I've found the one I've after through a private sale and we've agreed on an indicative price subject to pre-purchase inspection.

Last thing I need to sort...

The car still has finance outstanding with Porche Finance for more than I am buying the car for. Current plan is for the seller to pay of the amount reducing the balance to my offer price and then for me to settle the remainder via CHAPs payment.

Just looking for advice on doing this... When does the car become MINE? Should I push for the seller to pay of ALL the finance first and settle the price directly with him??

Any similar experiences or bright ideas appreciated!

Thanks,

M

[911fan]

Putting myself in your shoes ( as I was 3 months ago ) I would contemplate either getting him to settle it all and then beginning from there. Or, why not speak to Porsche Finance yourself and see what options they might suggest? They deal with these kind of situations daily.

Whatever happens, do it in a manner which does not leave you feeling at risk, and makes you comfortable. If nothing can be sorted out to meet those criteria, then walk away.

[magic torch]

I'd call Porsche finance, see if you can pay a settlement to them, then the balance to the owner.

I did this with Lombard when I bought mine.

[m33mje]

Cheers guys - useful.

MAGIC - useful and prompt as usual! Pls. could I just ask a little more...

I have already spoken to Porsche Finance, they can receive the balance directly from me via a same day CHAPs payment which takes about one hour to clear. Problem being how do we sort it legit as a private sale when essentially, I am just paying off his finance and he still has the keys and legal ownership. Guess it is not much different to me paying the money direct into the account with the question being, 'when does the car officially transfer ownership?'.

So, I'm just interested to hear how you did this physically.. I'm thinking... :
1. Buyer meets seller...
2. Contact Porsche finance,
3. Confirm balance,
4. Go to bank,
5. Send CHAPs through.
6. Contact Porsche finance 1 hour later to confirm balance settled.
7. Seller hands keys / papers to Buyer and posts logbook...

Thoughts?

M

[magic torch]

Sounds like you've got a plan. I was able to do my transfer over the phone, having previously faxed proof of ID through. I also kept some finance on the car, which helped the transfer process as it provided some security for me. I'd do what you've suggested, and spend the hour going through the paperwork and car functions with the seller whilst you wait.

When I sold my S2000 a few years back, the buyer and I both banked with the same people. We went to a local branch, sorted out the transfer, gave him the car keys and docs, then I did a little dance round the bank in relief that I'd got rid of the fg thing. *

Enjoy the car.







* Actually I meekly asked for a lift home.