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Old August 30th, 2003, 10:36 AM   #1
jason
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finally bought used boxster,but problem w/ tranaction. or am i paranoid?

Ok, I finally found the car that i wanted. We agreed on a price. The owner still owes money on the boxster. So naturally the owner does not have the title. So we went to the owner's bank to do the transaction. That bank is the lien holder of the boxster.

I got a loan for the exact amount of the car from my own bank. so my bank gave me a check (like a personal bank check to write).

Since it is not a cash/cashier's check. owner's bank rep told us that they can not release the car title to the owner until my check clears. Which takes 5 to 10 business days. In the mean time, we made a hand written bill of sale and had it notarized. My bank also faxed them a letter of gurantee on the check.

In the mean time I asked the owner of the car if i can take possession of the car. Owner said "no, not until the check clears". When the check clears, owner's bank will give owner the title. then the owner will release the car and sign off the title to me.

Is the owner being reasonable? Because I was hoping to take possession of the car since my bank guranteed the fund in writing.

Possible problems:

#1. Since the owner has the car, and will have the title soon, along with my money, owner can just say "screw you" and not give me the car. Then I would really be hurting. Then i would have to sue the owner.

#2. Owner insisted that the car wont be driven and will have it parked in the driveway until tranaction is completed. But what if the car gets damaged? who is responsible then?

Am i just being paranoid about the owner not giving me the car and title to the car? There are alot of con artists out there although the owner seems to be decent person.

Was the owner right in keeping the car ? Am I being unreasonable? I have never done this before.

Thanks and your thoughts please.
Sorry for the dumb question.
Hopefully soon I will be a proud PORSCHE OWNER soon(keeping my finger crossed).
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Old August 30th, 2003, 03:02 PM   #2
Ken R
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Here is what I would have done

I would have gone to my bank and gotten a cashiers check for the exact amount and taken possession of the car. I assume by your post you already gave them the check, just keep your fingers crossed there isn't anything you can do now. Odds are that your transaction will go without a hitch so I wouldn't worry much.
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Old August 30th, 2003, 07:01 PM   #3
Ningster
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Re: congrats!

I think you will be okay. I went through something similar when I bought my boxster. I think the seller is the paranoid one here, by not letting you have the car. But I'm sure you'll be cruising in your new ride soon!

Tell us more about the car, year, miles, color, options?
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Old August 31st, 2003, 01:05 PM   #4
KevinS
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Congrats. I'm sure it'll all be fine. *NM*

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Old August 31st, 2003, 11:26 PM   #5
jason
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thanks.hopefully she wont disappear w/ my money and my boxster! *NM*

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