ok, any advice on the safest way to complete the financial part of a used car transaction when the lien holding bank isn't local to the buyer or seller? There was a great thread on this a couple months ago but assumed local bank was used.

My idea would be to wire the payoff amount directly to the lienholder and have them (previously arranged by seller and confirmed by me) send title directly to me. Is this the standard procedure? Any hitches is this concept?

At that point, I will make sure my insurance is activated, as the car will sit in the seller's driveway until transport shows up (could be up to 2 weeks). I plan to have seller take digital photo of odometer at that moment to help ensure no 'joy rides' occur after I own the car.

Some more random details: Pre-purchase inspection will be performed at dealership before any money is exchanged. I will rely on that inspection heavily, since i don't plan on flying in to see the car in person before buying..

Thanks, i think i am close to a purchase and want to make sure I have covered all the messy details...any opinions and advice are welcomed...

 

How far away is "long distance"? You're kind of in the middle of the US and I'd suggest the best way to do this deal is in person - you get to see the car, you don't have to worry about "the title is in the mail". Assuming you're not buying overseas, you could probably fly in and fly out the same day. If the car has to wait for transport why not see if a local Porsche dealer will store it inside for you.

 

+1, the bottom line is there are so many cars for sale that it isnt worth buying something without seeing it first

 

Intuitively, i agree with the 'seeing it first' part. However, i wonder what i would see that wouldn't be noticed by a thorough ppi? It would be a pain to fly-in and out just to see it in person. The reason i am focused on this car over any local cars is the extensive upgrades it has (exhaust, gt3 front, etc...) and its low miles. I like the idea of the Porsche dealer storing it for me, i will run that by them.

I think i will have to worry about 'the title is in the mail' no matter what, since i don't think the bank that holds the title is local to either of us (it could be capital one or similiar).


Any feedback on the financial part of this? Anyone do anything similar successfully?

 

you will all love this. ***** the size of a horse. I am from NY. Go to Porsche site and search used 2006 c4s cab. Find a car in CA. Work with the dealer to find out they are a Premier dealer. Send massive amounts of jpegs. Sales manager says its the best used cab he has ever seen. Send a check(personal) for the car. Wait for the check to clear(5days) They pay for shipping and I wait 2weeks for the car.(panic) The car shows and its everything and more. Perfect! The wife says I am --cked in the head. I agree but it was the best experience buying a used car I have ever had.No BS from the dealer. They told me everything about the car.

 

you are cracking me up