[Dann0]

So, I have a 2006 330i lined up to purchase, however the seller still owes about 19k on the car to BMW Financial. He says the best way to do it is just to write out either a check to him or BMW, and he will overnight it to them, and they will overnight the title back, but overall the process will still take ~1 week - 10 days.

My question is, IS that the best way to do it? Will I need an attorney?

The seller seems very trustworthy and honest, however I still need to lookout for myself.

Thanks in advance

[Jay_TSM24]

Contact BMW Financial and take it from there.

[Dann0]

Originally Posted by Jay_TSM24

Contact BMW Financial and take it from there.

He has and he said thats what they told him. I'm looking for people to verify what he said and if that IS the best way to do it....It just doesn't make much sense to me because its so unsafe for the buyer.

I can't contact BMW financial because i'm not an owner.

[kokopuffs405]

I was in a similar situation when I purchased my car from a private seller.

Just make sure to have EVERYTHING in writing , NOTARIZED.

I even went to my bank , had a certified check made out to BMW Financial with the Account # on it.

You gotta have some trust with the seller too. BMW Financial will mail him the title , then they will "mail" the title to you.

I had 2 bill of sales written up, one for the car, and one for the certified check being made to BMW.

Good luck, Ive heard some horror stories.

[Dann0]

Originally Posted by kokopuffs405

I was in a similar situation when I purchased my car from a private seller.

Just make sure to have EVERYTHING in writing , NOTARIZED.

I even went to my bank , had a certified check made out to BMW Financial with the Account # on it.

You gotta have some trust with the seller too. BMW Financial will mail him the title , then they will "mail" the title to you.

I had 2 bill of sales written up, one for the car, and one for the certified check being made to BMW.

Good luck, Ive heard some horror stories.

This sounds awfully risky. I can't believe there isn't a better way to do it.

[Outlaw 06]

Originally Posted by Dann0

This sounds awfully risky. I can't believe there isn't a better way to do it.

I definitely wouldn't make the check out to the buyer, but what's so risky about making out a check to BMW Financial and driving off with the car? BMW Financial will mail you the title after the check clears. This is simply the way it has to be done.

There's just a certain amount of trust required by all parties involved in any transaction. Do you think that BMW Financial and the buyer know for certain that your check isn't going to bounce after you've driven off with the car?

I wouldn't waste any money on a conniving lawyer for such a simple transaction either, they're the ones who can't be trusted!

[Dann0]

Originally Posted by TJDiCandido

I definitely wouldn't make the check out to the buyer, but what's so risky about making out a check to BMW Financial and driving off with the car? BMW Financial will mail you the title after the check clears. This is simply the way it has to be done.

There's just a certain amount of trust required by all parties involved in any transaction. Do you think that BMW Financial and the buyer know for certain that your check isn't going to bounce after you've driven off with the car?

I wouldn't waste any money on a conniving lawyer for such a simple transaction either, they're the ones who can't be trusted!

You're right.

But after BMW mails him back the title, instead of signing over the title to me, can't he just screw me and keep it?

Sorry if these are dumb questions, this is actually the first private party purchase I will have made.

[Outlaw 06]

Originally Posted by Dann0

You're right.

But after BMW mails him back the title, instead of signing over the title to me, can't he just screw me and keep it?

Sorry if these are dumb questions, this is actually the first private party purchase I will have made.

If you're the one who buys the car and pays off the loan, then BMW Financial will mail the title to YOU (or your lien holder depending on your state). That's why you need a signed bill of sale and a check made out to BMW Financial NOT the seller.

You really need to call BMW Financial for all the details instead of trying to get your information on an internet forum...

[Dann0]

Originally Posted by TJDiCandido

If you're the one who buys the car and pays off the loan, then BMW Financial will mail the title to YOU (or your lien holder depending on your state). That's why you need a signed bill of sale and a check made out to BMW Financial NOT the seller.

You really need to call BMW Financial for all the details instead of trying to get your information on an internet forum...

Thank you for the info!

I was going to call but i was under the impression they wouldn't help me since i'm not an owner. Ill try anyway tomorrow.

[zsqure]

I have been in this predicament before. Current owner contacts BMW Financial, gives them your information, he signs off that he is selling to you. You buy from them and the seller is happy he is off the hook.

[mikracer]

BMW will send the title to the current owner. The title needs to be signed by the current owner to release his interest in the car. BMW will stamp and sign the title saying the lien has been released.

The easiest way to purchase this car is for you to get a loan through your local bank/credit union. When a bank handles this transaction, they will request a 10 day payoff on the loan and wire the funds to BMW. BMW then releases the title to your bank directly. All you have to do is fill out a DMV form for a transfer of ownership. If you dont want to finance the vehicle, you can just pay off your loan and be done with it. There shouldnt be any prepayment penalties on auto loans and the only fee you will end up paying is maybe a doc fee from your bank ($50?). Cheap insurance to have everything done legitimately if you ask me.