Need Purchase Help!! - Payment Question

Hey all, I'm new to this forum and about to be a proud new owner of a 99 C2. The only problem I'm running into (and its not really a problem so much as it is a concern) is regarding the transfer of money to the seller. We're in different states, and I want to hear from everyone regarding their experiences with paying a seller a downpayment and/or full payment before recieving their car. I'm having it transported (costs me about $700), but the seller wants full payment before sending the car off to me. Are their options in safeguarding my investment? He's been nothing but cordial and professional in his dealings with me, including giving me his home address, full name, and even his employer and work address. Just want to check to see if there's anything else I can do before sending off a sizable check.. Thanks all.

Can't the money be placed in escrow until the car is sign off by you when you receive it?

If its a major new car dealer, I wouldnt worry. If its a very small dealer or an individual, that's a different story.

Its an individual, but he's always been cordial and didn't shy away from my suggestion that I may fly down and pick up the car myself (and exchange the check in person for the car), so its not as shady as it may seem. Nonetheless, I'd like to think there are ways to protect both him and me in this kind of deal, and I'm clueless on how escrow accounts work (where to set one up, how much of a fee is involved in doing escrow, etc al.) He faxed me copies of the title in his name, and I even called the dealer he previously bought the car from (in another state as well) who verified that he indeed purchased the car a year and half ago. Carfax is clean on the car. Would it be best for me to just bite the bullet and pay for the plane ticket?.. there's got to be some other easier way.. Thanks in advance for your help..

Personally, I would fly there and INSPECT the car myself even though it may have already been inspected. Also, this way you guarantee yourself the transfer of title and car for money. You have the ability to get all things checked out and make sure they are in order BEFORE you leave back home. This is not something you want to take lightly when you are spending a sum of money like this. The guy may very well be legit but there are TOO MANY stories about people just like you are describing and then get TAKEN for a ride and loose everything.

well said!

As with all internet, or phone, or out of the area transactions, Its a sellers market. Would you ship something to someone who claims he wants to buy it, after he sees it? Would you sign over the title to your car and mail it to someone, who says he will pay after he recieves it? The buyer has the opertunity to go see what he is paying for. The buyer better be smart. He better discuss every which-way as to the item he is purchasing sight unseen. Better get all the documentation possible to satisfy your questions. BUT, If you dont feel comfortable making the deal, dont do it. And thats what dealers are for. You can go in and see what youre gettin. And pay your money. So you search all over the world and find a item you couldnt get locally, better be willing to take the chance and buy it, otherwise you are wasting your time looking.

Rama --- No doubt, the airfare is worth the few extra dollars for your piece of mind in ensuring that the deal is done right both in terms of the car quality and the transfer of ownership, to say nothing of you verifying the car condition prior to it being loaded onto the transporter (which I would arrange in advance and personally witness while at the seller's location). There are more than a few tales of bad car shipping woe posted on these forums. fwiw.... Jeff

I would be leary buying w/out inspecting first. I learned recetly of someone who got a "good" deal then found out the car they bought had water damage. Where is the car? Post the details. Someone here might be willing to go and take a look at it.

I did the something similar earlier this year. To minimize my risk exposure, I did the following. 1. Independent prepurchase inspection at a shop selected and financed by me to make sure that the car condition was as advertised. 2. I took out a small loan with my credit union ($5k or so) so that they would handle the title transfer and do the paperwork. I in turn will pay this loan back early so it will cost me about $100 total in interest charges for them to do this. I like the idea of having the bank behind me as it is also in their legal interests to make sure that the car is transferred properly. You could use an escrow service but they are not cheap - hundreds of dollars when I checked... My deal worked out fine and the car was nicer than I expected. Good luck and have fun! Tonger

Well said, but left out the best part....Driving home in the new car

The car's in Houston, I'm in Atlanta... Anyone in Houston, TX willing to help a first-time porsche owner out? It'd be a huge help.. I'd love to fly out there, but it's going to be tough for me to do so b/c (1) my job doesn't afford me much free time (and I'm on call alot); (2) I'd have to fly on the same day I arrange for a PPI at a Houston porsche dealership AND have the transporting company pick it up the same day or next day after the PPI, assuming it passes; and (3) its a 1000 mile trip - one that although would be pleasurable in such a car, would not be something I have the time or patience for. Should the car fail the PPI (and I doubt it would if the seller's assertion that it just had the 30k mile service 3 mos ago and everything was A-ok except the tire thread is to be believed), then I don't know how I'd go about cancelling the transport to Atlanta as well. I may be on the hook for it at that point. I just want a way to be secure about the transaction without having to spend 3 or 4 days in a hotel (yet another expense) ... then again, maybe there is no other way .. Any help would be appreciated.

While there's probably a Rennlister in Houston that could give the car a once over for you, that doesn't prevent a sheister ******** from ripping you off. The only way to remove that potential is for you to do the transaction in person (or get a licensed agent to do it for you, $$). You sound fairly confident in the seller's assertion of the soundness/quality of the car, so maybe approach the whole transaction w/ a positive mindset that it will work out more lor less as planned. See if the present owner is willing to arrange and drop off/pick up the car for the PPI (I don't see why you'd need to be present for that, although I've never had one done), and then have the inspecting dealer forward the report to you. Fly out the next day or so, hand over the check, do the title turnover, pick up the car and start driving home the same day. Screw the transport - you'll save the $700 and the potential hassle of damage by the transporter. So if the PPI was done on a Wednesday (any repairs could be done on Thursday), you fly out Friday and drive the car home over a leisurely weekend. It's only a 6 hour trip anyway. (oops, you're not in Germany !). That's an easy schedule that has a high chance of success and low level of risk/worry (and do the last hundred or so miles of the trip up around Dahlonega and Helen to really put an exclamation point on your new joy ride!). Best of luck. Jeff

Right on GNOME....I didn't realize how close he was to the purchase point. I would definately drive from H-town to ATL. What a great way to get to know your new car!

Any Rennlister in Houston willing to help me out with this transaction??? I'll pay someone $100 to help me out with this if they can. It's not that I don't want to drive from Houston to Atlanta, it's that I just don't have the time with my job. It's actually more of a 10-11 hour trip vs. a 6 hour drive -- its almost 900 miles. Thanks to everyone for their advice. If I can find a couple of days to fly out there, I certainly will.. but thats unlikely b/c of my immensely busy schedule... If anyone's in Houston and willing to help out, let me know asap. Thanks all.

Rama, This seems too weird but I'm in Atlanta and also bought my car from a private party in Houston. Try calling Eurocar Werks at [phone removed] and ask for Eric Anderson. Their address is 5103 Gulfton Drive Houston TX 77081. Eurocar Werks is an independent Porsche shop in Houston that my college friend uses. Eric charged me $150 and was spot on with his PPI. This was actually painless as I had the seller bring the car there and simply gave Eric my credit card and fax numbers. He not only found the dreaded RMS but also a couple of bent wheels. There were no unpleasant surprises when the transport pulled up. Also FWIW, if you choose to drive the car from Houston to Atlanta, avoid I10 and take I20. Interstate 10 has some of the biggest potholes that I've ever seen... Good Luck!

I am in ATL so I cant help you out. But you can ask the selling to drop the car off for the PPI.

I'm in New York City, but when I bought a 356B and a Ferarri Dino from Atlanta and Ft. Lauderdale, respectively, I inspected the cars personally and left a down payment check with the seller. I then arranged for the cars to be transported to NY by InterCity. I gave them the certified checks for the balance due and their drivers exchanged the checks for the title papers when they picked up the cars.

Tonger, Thanks for the rec -- I'm calling him first thing tomorrow am to schedule a PPI. That's really, really helpful info. Thanks to everybody for your responses! You guys are great.

Rama --- Obviously whatever course of action works out best for you and your wallet is the way for you to go. A P-car purchase is a significant event that gets a fair amount of focus from the typical buyer during the process. It just seems a little weird to me that if you can't squeeze out a two day window in which to go to Houston and ensure a trouble-free acquisition of the car, how will you find the time to sort out the problem on your end if the deal goes badly, or if there is some unexpected problem w/ the car or transport? When/where will you even drive the car if you have that little free time? No matter, it's your money and decision! I'm sure that you will be absolutely over the moon about the car once you have it in your grasp. (the 6 hour trip reference was a joke btw, as indicated by the "not being in Germany" part) Sorry if the above sounds a bit preachy, that's not my intent. Whatever happens, best of luck to you! Jeff

I know this is not your question but one more bit of free advice: If you are realy concerned about long-term peace-of-mind find a Porsche dealer in your area that will sell you the car from the private party as a passthrough and have them put a Porsche Certified warranty on the car. The warranty cost is $1595 retail and the labor to certify another 200-300. This will get you an additional 2 years and 100,000 miles. In fact, if you are going to have a PPI done at a Porsche dealership, ask them to give you a price for this. You will have to find the dealer before you buy the car to avoid paying sales tax twice.