View Full Version : How to privately sell BMW financed car?
ZCP///M3
12-11-2008, 11:02 AM
How does one privately sell a BMW financed car? What is the process for pay-off and title transfer? Just curious!
How does one privately sell a BMW financed car? What is the process for pay-off and title transfer? Just curious!
:mrgreen: hmmmmm, i think some recent activities are tempting you to look to tradeup??!!!! :greenlaff:
Quite simple, you just contact BMW FS and get the buyout figure which is usually valid for a short period...Then you just need a certified check and then you get the new clean title (time dependant on your local DMV) ...Once you have title in hand, you can just sign away and pick out your new baby :race:
ZCP///M3
12-11-2008, 12:38 PM
:mrgreen: hmmmmm, i think some recent activities are tempting you to look to tradeup??!!!! :greenlaff:
Quite simple, you just contact BMW FS and get the buyout figure which is usually valid for a short period...Then you just need a certified check and then you get the new clean title (time dependant on your local DMV) ...Once you have title in hand, you can just sign away and pick out your new baby :race:
No speculating! :nono1: I am just curious. :thumb: But how do the details of the transcation actually work? You get the certified check, but you don't have the title until BMW gets the money...and a private seller isn't going to just hand you the money first...so you give them the car/keys, then FedEx the check, and then they get the title?? :dunno:
No speculating! :nono1: I am just curious. :thumb: But how do the details of the transcation actually work? You get the certified check, but you don't have the title until BMW gets the money...and a private seller isn't going to just hand you the money first...so you give them the car/keys, then FedEx the check, and then they get the title?? :dunno:
Have them send the amount owed to BMW FS and BMW FS will send them the title with your permission.
No speculating! :nono1: I am just curious. :thumb: But how do the details of the transcation actually work? You get the certified check, but you don't have the title until BMW gets the money...and a private seller isn't going to just hand you the money first...so you give them the car/keys, then FedEx the check, and then they get the title?? :dunno:
Not sure if you can do that in that exact order since i've never sold anything I didnt own outright, but you should already have a title with a lienholder of BMW FS on it to show the prospective buyer...best thing would be to contact BMWFS thought to understand the assignment possibilities...
Otherwise, you just may need to pay it off yourself via a shortterm loan and then sell it and pay the loan off, or have a short legal doc drafted up between yourself and the buyer agreeing to sell the car, and have them pay you up front...
boxboss
12-11-2008, 01:44 PM
You could use an escrow company which would receive the funds from the seller, car and keys from you, send the check to BMWFS, then deliver car, keys and title to buyer. Any difference in $ would be paid/received from you. Everyone's out the use of the car in that case, but only a few days.
Best advice - call BMWFS.
Best advice - call BMWFS.
Best advice of all.
When you call them give them the date you plan on making the transaction and get the buyout for that day. Nothing is more discouraging than finding out you owe 3 weeks of the loan unless you negotiate that from the buyer.