Help - Buying a Porsche privately but has Finance

[HSD]

Hi,

Can anyone advise me with the best way to buy a Porsche privately which has finance owing to Porsche Finance.

My seller basically does not have the cash to clear the finance without my money.

Do I just pay Porsche Finance X amount to clear the debt and X amount to the seller to take ownership of the vehicle.? This process sounds simple to me but I do have concerns regarding being ripped off! Has anyone out there had any experience of buying a car in this way? if so what is the best way for me to ensure I do not get ripped off.

Any help would be much appreciated.
Harj

[stuart928gt]

Find another car, there sure is plenty out their.


stuart

928 GT

[rewster]

Get a settlement figure, confirmed in writing from the finance company. Obtain two drafts, one to settle the finance comapny (Payable to them), the other to the seller for the balance. Go with the seller to a local post box and put the settlement figure in the post whilst you are both in attendance. Obtain receipt from the seller and take possession of the car.

Sorted, you are the owner of a Porsche.

[mightydquinn]

As rewster says get a settlement figure from porsche and send them a cheque then pay the man the differance its a normall thing that dealers do

[HSD]

Thanks Rewster - sounds like the perfect plan. I assume you have done this before without issue?
H

[hughjayteens]

I did that when I bought my TVR - worked very well.

[mr_tony]

rewster is right - this is the correct way to do things - and you shouldn't get burned.

I've bought cars this way before and never had any trouble.

[rewster]

HSD said: Thanks Rewster - sounds like the perfect plan. I assume you have done this before without issue?
H

Yes, and no problems

[paulc]

Also went the same route as rewster, no problems.

Also for further piece of mind. A few days after posting the draft to the Finance company, get them to send you a letter confirming the finance is paid in full. (You may need to get the previous owner to do this on your behalf)

>> Edited by paulc on Wednesday 5th March 17:19

[HSD]

Thanks everyone for all your comments they are much appreciated. I am planning to buy the car this Monday if everything goes to plan.

Cheers again,
H

[Gallen]

Good luck with the car! Enjoy.

[bennno]

Why would the seller want to take out a loan to clear the balance, for the limited additional amount he is making by selling privately he may as well sell to a dealer. If i were selling a car then I would be very suspicious of the buyer making such a request and most loans have a 2/3 month cancellation penalty so this option would cost the seller a significant amount.

the methods proposed below are correct and if followed properly with the purchasor taking the car at the point of the TT & getting everything in writing (including the finance settlement figure) then there is limited risk to both parties.

Bennno