i have always heard that porsche financing is a pain to deal with. a friend of mine offered to buy my car if i wanted to sell it. just to entertain the idea, i called porsche to find out my lease payoff. but one thing they told me was very strange. i have bought off many leases before and this is the first time i have heard:

if i would to payoff the lease, Porsche will only release the title to my name. in the case where my friend wants to buy it, he will have to wait until the car is transferred to me first, then we would have to transfer again to finally give him the title. the catch is.... the tax would have to be paid twice. once from me to get the title from porsche. another time when my friend takes the title from me. when i brought this up, porsche rep told me not to worry because california allows 10 days before collecting tax despite multiple transaction. i checked with a friend who is the GM at a local BMW dealer. he told me he has never heard that, which he also checked with his financial/tax people.

dose this sound right to your guys. again, i have done it with chase, bmw, even nissan, they always have a form when you payoff to ask who the title should go to without the middle step.

anyway, if this is the case, that would mean an extra 5-6k to buy this car, who is gonna want to do that!!

 

Many leasing companies will not faciliate so called "third party" transfers. That does not mean that you and the other party have to pay sales tax twice. The DMV will allow the new title & registration to go from what it reads now (i.e. Porsche Financial as lessor and you as Lessee) to what the other party needs it to read (other party as registered owner with a new lienholder if he/she is finanicng). This transaction will be counted as one event by DMV and taxed once.

Some leasing companies provide the forms to assist with the DMV transfers, others do not. Sounds like Porsche Financial, ot at least the person you spoke with, fall into the later category.

Don't stress ofver this - it is easily doable.

 

i purchased a porsche from someone who was leasing it and PFS botched the job by saying they "sold" it to the leaser instead of me even though i was the one that wrote the check for the buyout.

I now realize that they probably don't ever "sell" it to a 3rd party - only to the leaser, but they never told me that

Fortunately South Carolina(where it was titled) has a ~$350 max used car tax so I didn't bother the seller with trying to get him to pay this. AND, what's even better, Georgia does not tax used car sales if they are person-to-person, i.e. not buying from a business. Doesn't get any better than that!!!

 

i think that is what they are telling me. they will actually state that the car was sold to me, and then i have to sell it again to this guy. that is definitely tax times 2. will talk to them again. pain in the ***....