Selling my E46 M3 to an out of state buyer

335dye · 06-19-2017, 09:48 PM

Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input.

Ghetto2315 · 06-19-2017, 10:28 PM

Quote:

Originally Posted by 335dye

Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input.

Negative. If you do not trust the buyer, I would not release the car unless I have funds in the bank. Or if you do trust him and he gives you an adequate deposit, I would think about letting the car go first but I would hold on to the title until he/she can compete the sale.

Super Spartan · 06-19-2017, 11:45 PM

Quote:

Originally Posted by 335dye

Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input.

No money in your pocket = no car. Period. Don't risk it.

335dye · 06-20-2017, 07:14 AM

Quote:

Originally Posted by Ghetto2315

Quote:

Originally Posted by 335dye

Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input.

Negative. If you do not trust the buyer, I would not release the car unless I have funds in the bank. Or if you do trust him and he gives you an adequate deposit, I would think about letting the car go first but I would hold on to the title until he/she can compete the sale.

I appreciate it. I forgot to mention that the bank has the title. Does this make a difference? I know they won't release it without the funds

David70 · 06-20-2017, 08:59 AM

Quote:

Originally Posted by 335dye

Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input.

I would sell my car to the dealership without having all of the money but I would expect some type of deposit, I wouldn't give them the title until it was paid for and I would have some type of written agreement. I am in sales for a manufacturing company where the vehicle is titled and tagged and this is our system, individual company can get the vehicle without payment but not the title. Selling it to a business that has a reasonable amount of history, with a written sales agreement limits the risk.

The "I want to sell my car myself but I want zero risk" makes it much more difficult to find a buyer and many of these people decide it isn't worth it and just sell it to a local dealer for far less. I had people telling me not to take cash, not to take certified checks, don't meet the people at my house, bring someone with me to the transaction, bring firearms, etc. Instead I take reasonable precautions and deal with some amount of risk.

Ghetto2315 · 06-20-2017, 09:01 AM

Quote:

Originally Posted by 335dye

I appreciate it. I forgot to mention that the bank has the title. Does this make a difference? I know they won't release it without the funds

Is your car paid off? If it's not, you have a "lien" on your title, which means the bank will obviously not release the title until the car is 100% paid off. If it is paid off then the bank should be mailing you the title (sometimes with a lien release letter).

Obviously if the car is not paid off, this becomes a hurdle in you selling your car to the private buyer. The private buyer now has to wait (sometimes a month or two) for the title to get mailed to you, which means he can't title and register his car until then. Which means he can't drive the car.

1MOREMOD · 06-20-2017, 09:12 AM

Yes please send me a box of cash then I will deliver you a ferrari

Msmall143 · 06-20-2017, 05:45 PM

why does a dealership have to be involved? he sends you money, then transport picks up car. you pay bank loan balance, he gets title. done and done. ive done this several times.

i would never allow pick up of a vehicle without money in hand.

F30lolz · 06-20-2017, 07:50 PM

Quote:

Originally Posted by 335dye

Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input.

If they (friends dealership) are going to buy the car, then they would be paying you on the spot. If he is saying he wants it at his friends dealership for a PPI BEFORE making a commitment to buy, then I would bring the car to the dealership while you wait and then charge this guy for your time/hassle. If he can't agree to that/no funds when they pick the car up, find a local buyer.

MalibuBimmer · 06-20-2017, 07:52 PM

You need someone to escrow the transaction. Use the bank that currently holds the lien on the vehicle.

335dye · 06-20-2017, 09:08 PM

Quote:

Originally Posted by MalibuBimmer

You need someone to escrow the transaction. Use the bank that currently holds the lien on the vehicle.

I told him that I will only do an in person transaction. The dealer said they wouldn't send the check until they inspect it. They are in NY and I'm in VA. So I guess I'll be keeping it. It was hard to let go Abby ways.

mrcheezle19 · 06-21-2017, 12:06 AM

If you are selling the dealership the car, they will be paying you for the vehicle and the buyer will be purchasing the car from the dealership. Don't really see what the issue is?? It's not like the buyers' dealership is so cash tight they can't buy the vehicle from you..

xQx · 06-21-2017, 12:42 AM

Well, it looks like that's the model to be buying long-distance. I very nearly purchased an E46 M3 SMG Convertible from 800km away (interstate) so I can tell you how I'd do it as the buyer to minimise risk.

First, get him to choose a local BMW dealership or indy shop which will examine your car for him and do the PPI. You then drop it off to them and they have it for the day. They bill his credit card directly for their labour and services.

Once the car has been inspected, either he gets the PPI people to take photos to make sure it's in the same condition when it's picked up as it was when it's inspected - or he just trusts you that you're not a complete arsehole

.

He then lines up a car transport company to come to your house and collect the car.

The next step depends on your banking system. In Australia we have bank cheques which is a cheque that's guaranteed not to bounce. Bank transfer takes 24 hours here, so that's a level of trust he might not be happy with. Western Union is instant, but has fees.

If it were Australia, I'd either send a bank cheque to the transport company for the guy who's picking up the car to give to you when he takes the car, or given you can't hand over the title on the day, I'd (as the buyer) offer that I transfer you 80% of the cash the day before, then 20% once the car's on the truck - knowing you'd probably agree since I'm still trusting you to hand over the title (which you'd withhold if I started playing games with the 20%).

Alternatively, if you find an instant transfer method (eg. western union) you can have him wire the money to you while his pick-up guy is onsite loading the car.

The whole dealer thing seems to me to be an extra level of arbitration and complexity - and I wouldn't agree to it as a seller - what happens if your car makes it to NY then the NY dealer calls you and says "nah mate, we checked your car and its shit. It'll cost us thousands to fix it." Now your car's in NY and you're negotiating price.

Frankly, if I was buying a M3 - I'd get the PPI done as above, then I'd book a cheap flight to you, pay you on the spot and ask that you leave your plates and registration on it so I can drive it home legally, then I'll express post them back to you.

OlBloo · 06-23-2017, 02:24 PM

I've sold a car to an out of state buyer. xQx hit the nail on the head for most of it.

I do no recommend taking any personal checks. You can deposit a check in your bank and it will immediately show funds deposited. Then 24 hours after it can bounce with the funds then being removed. This happened during my experience, but luckily it was an honest mistake on the other guys part. This could be an easy way to get scammed

Provide recommendations for transport for the buyer, but ultimately let him decide and pay for shipping. If he wants the car it is his responsibility to do the majority of preparation to receive the car. Cover your ass for everything possible

No money, no car. Period

jkoral · 06-23-2017, 02:51 PM

I bought a car where we met at his credit union (out of state, 5 hour drive). I had a bank check (with a loan) from my credit union and he wanted his credit union to deposit it and confirm it was legitimate before releasing the car to me. They actually contacted my CU by phone.

I've received bank checks as well, where I probably should have done the same, but didn't. Some buyers/sellers you trust, others not so much.

Best one was a guy bringing me $11K in cash. Took a while to count it due to a bunch of smaller bills (made me wonder about his profession, but as long as it was legal tender)

rlmesq · 06-23-2017, 03:12 PM

Quote:

Originally Posted by jkoral

Best one was a guy bringing me $11K in cash. Took a while to count it due to a bunch of smaller bills (made me wonder about his profession, but as long as it was legal tender)

Here in Northern California, clients sometimes gives me cash with a smell that leaves no doubt about their profession.

06-19-2017, 09:48 PM	#1
335dye Lieutenant 42 Rep 428 Posts Drives: 2004 BMW M3 2020 BMW X3M COMP Join Date: Dec 2011 Location: Lacey, WA iTrader: (1) Garage List 2020 BMW X3M Compet ... [0.00]	Selling my E46 M3 to an out of state buyer Does anyone have experience selling a vehicle over long distance? I am looking at selling my e46 m3. The buyer is in NY and neither of us are able meet up to make the transaction. He has recommended having his friends dealership to buy and ship the car and he will buy from them. The only thing I find hard is that they will have the car before I even get the money. Is this normal or does anyone have experience? The dealership has an A+ rating on BBB and great reviews on Yelp. Not sure if it is a risk or not. Thanks for any input. __________________ 2004 BMW M3 2013 BMW X5 35i 2008 BMW 335xi http://koloa.com/?afmc=8t
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06-20-2017, 09:12 AM	#7
1MOREMOD - 11820 Rep 23,186 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	Yes please send me a box of cash then I will deliver you a ferrari
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06-20-2017, 05:45 PM	#8
Msmall143 Lieutenant 270 Rep 485 Posts Drives: BMW M4, BMW S1000RR Join Date: Mar 2016 Location: Loudon VA iTrader: (0)	why does a dealership have to be involved? he sends you money, then transport picks up car. you pay bank loan balance, he gets title. done and done. ive done this several times. i would never allow pick up of a vehicle without money in hand.
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06-20-2017, 07:52 PM	#10
MalibuBimmer Founder, Knights of the Roundel website 966 Rep 1,723 Posts Drives: 2015 M4 and 2018 AMG GT Join Date: Mar 2008 Location: The Santa Monica Mountains, CA iTrader: (0) Garage List 2018 Mercedes AMG GT [0.00] 2018 Audi Q3 [0.00] 2015 BMW M4 [10.00]	You need someone to escrow the transaction. Use the bank that currently holds the lien on the vehicle. __________________ Previously: 2014 i8; 2013 650i convertible; 2013 650i Gran Coupe; 2013 X1; 2010 550i GT; 2010 535 GT; 2010 Z4 3.5; 2008 535ixt; 2007 M6 convertible; 2006 650i convertible; 1996 Z3; 1980 633CSi; 1978 630CS; 1972 3.0CS; 1971 Bavaria. (1971; 1979-2005 & 2017 - ? -- the Mercedes years.)
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06-21-2017, 12:06 AM	#12
mrcheezle19 Lieutenant 381 Rep 508 Posts Drives: 21 M2C 6MT Join Date: Nov 2013 Location: lake elsinore iTrader: (0)	If you are selling the dealership the car, they will be paying you for the vehicle and the buyer will be purchasing the car from the dealership. Don't really see what the issue is?? It's not like the buyers' dealership is so cash tight they can't buy the vehicle from you.. __________________ Present: 21 M2C 6MT/Ford something Past: M2 Mineral Grey 6MT Past: BMW e30 m52 turbo 628whp/558wtq
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06-21-2017, 12:42 AM	#13
xQx General 906 Rep 1,004 Posts Drives: 2008 BMW 135i (E88 N54 6AT) Join Date: Aug 2016 Location: Sunshine Coast QLD Australia iTrader: (0)	Well, it looks like that's the model to be buying long-distance. I very nearly purchased an E46 M3 SMG Convertible from 800km away (interstate) so I can tell you how I'd do it as the buyer to minimise risk. First, get him to choose a local BMW dealership or indy shop which will examine your car for him and do the PPI. You then drop it off to them and they have it for the day. They bill his credit card directly for their labour and services. Once the car has been inspected, either he gets the PPI people to take photos to make sure it's in the same condition when it's picked up as it was when it's inspected - or he just trusts you that you're not a complete arsehole . He then lines up a car transport company to come to your house and collect the car. The next step depends on your banking system. In Australia we have bank cheques which is a cheque that's guaranteed not to bounce. Bank transfer takes 24 hours here, so that's a level of trust he might not be happy with. Western Union is instant, but has fees. If it were Australia, I'd either send a bank cheque to the transport company for the guy who's picking up the car to give to you when he takes the car, or given you can't hand over the title on the day, I'd (as the buyer) offer that I transfer you 80% of the cash the day before, then 20% once the car's on the truck - knowing you'd probably agree since I'm still trusting you to hand over the title (which you'd withhold if I started playing games with the 20%). Alternatively, if you find an instant transfer method (eg. western union) you can have him wire the money to you while his pick-up guy is onsite loading the car. The whole dealer thing seems to me to be an extra level of arbitration and complexity - and I wouldn't agree to it as a seller - what happens if your car makes it to NY then the NY dealer calls you and says "nah mate, we checked your car and its shit. It'll cost us thousands to fix it." Now your car's in NY and you're negotiating price. Frankly, if I was buying a M3 - I'd get the PPI done as above, then I'd book a cheap flight to you, pay you on the spot and ask that you leave your plates and registration on it so I can drive it home legally, then I'll express post them back to you.
	Appreciate 0

06-23-2017, 02:24 PM	#14
OlBloo Where to next........ 218 Rep 341 Posts Drives: E92 m3 Join Date: Jun 2017 Location: Cascadia iTrader: (0)	I've sold a car to an out of state buyer. xQx hit the nail on the head for most of it. I do no recommend taking any personal checks. You can deposit a check in your bank and it will immediately show funds deposited. Then 24 hours after it can bounce with the funds then being removed. This happened during my experience, but luckily it was an honest mistake on the other guys part. This could be an easy way to get scammed Provide recommendations for transport for the buyer, but ultimately let him decide and pay for shipping. If he wants the car it is his responsibility to do the majority of preparation to receive the car. Cover your ass for everything possible No money, no car. Period
	Appreciate 2 xQx905.50 UPSROD1058.00

06-23-2017, 02:51 PM	#15
jkoral Colonel 1128 Rep 2,049 Posts Drives: 2017 M2 LBB 6MT Join Date: Oct 2007 Location: MA iTrader: (7)	I bought a car where we met at his credit union (out of state, 5 hour drive). I had a bank check (with a loan) from my credit union and he wanted his credit union to deposit it and confirm it was legitimate before releasing the car to me. They actually contacted my CU by phone. I've received bank checks as well, where I probably should have done the same, but didn't. Some buyers/sellers you trust, others not so much. Best one was a guy bringing me $11K in cash. Took a while to count it due to a bunch of smaller bills (made me wonder about his profession, but as long as it was legal tender)
	Appreciate 0