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OP. Why not have a chat with your banker that will provide financing.
I've never taken over a financed car from a private deal. However, I would think the bank (your bank) would handle the entire affair since they will finance it. Your bank should pay the bank loan I would think and you provide that $25K certified cheque to the previous owner along with a Bill of Sale.
PS. Since this is a private sale I like to strongly recommend (unless you have already done it) have the car inspected at a BMW dealership, pay if you have to for the inspection (it might be $150- to $200-). While it is being inspected ask the BMW dealer what a extended warranty will cost you. By doing this you will accomplish 2 things A) The BMW dealership will make sure the car is properly inspected and B) It will give you a bargaining chip for the final sales price agreement.
You might save a few thousand on the final deal. So investing up front for the inspection is money in the bank for you.
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