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      07-25-2009, 01:22 AM   #1
rzm3
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Arrow Help: Buying a Used M3 with a Lien

Hey guys,

I am buying a used M3 from a private seller. The vehicle is currently financed, so the bank has the title.

What steps should I take to pay for the car and receive the title? I am paying in cash.

I am located in TX, the buyer (and car) in FL, and the bank is in NH.

Thanks!
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      07-25-2009, 01:37 AM   #2
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I believe you need to secure financing through a bank or through the same bank the Lein is held. I would go with credit union of Texas since their rates are extremely competitve. Then the bank will send payment to the dealer after a purchase order is submitted. The funds minus commission should then be sent to the nh bank to release the title. Then the nh bank will either send the title to the dealer or to the credit union.

I believe this is how it works... I would also highly recommend getting GAP coverage through the credit union and not the dealership.

Good luck.
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      07-25-2009, 02:37 AM   #3
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Thanks for the input. I am paying in cash though. So I should pay directly to the seller's bank?
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      07-25-2009, 04:25 AM   #4
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Quote:
Originally Posted by rldzhao View Post
Thanks for the input. I am paying in cash though. So I should pay directly to the seller's bank?
1. Make a certified check to his bank. Make the bill of sale (you can download from internet) to have legally protected. NO CASH deal. You will not have any proof that you paid if you pay cash.

2. Or hard for the seller but easier to buyer is:
Get a bank or credit union loan (so they do all the paper work for you) to pay to seller's bank then payoff within 45 days before interest adds up.
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      07-25-2009, 08:04 AM   #5
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Quote:
Originally Posted by rldzhao View Post
Hey guys,

I am buying a used M3 from a private seller. The vehicle is currently financed, so the bank has the title.

What steps should I take to pay for the car and receive the title? I am paying in cash.

I am located in TX, the buyer (and car) in FL, and the bank is in NH.

Thanks!
Just call the seller's bank where the lien is located and do all the transaction paperwork and payment thru them. They will tell you exactly what to do, how to do it, and when to do it.

That's it.

The beauty of this is that if the seller starts giving you a hard time about you doing everything thru the bank then that's a pretty good sign that this deal stinks... walk away if such a thing happens.

I have sold two cars (Indiana and Texas buyers) that way with absolutely no issues for either me or the buyer. I told them this is the bank where the lien is located and they take care of the rest within a week. I receive a couple of papers to sign by mail or by fax, any excess money (the difference between the payoof and the selling price) and that's it.
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      07-26-2009, 11:17 PM   #6
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thanks guys for the input.
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      07-30-2009, 06:13 PM   #7
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another m3?
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      07-30-2009, 06:30 PM   #8
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another m3?
+1
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      08-01-2009, 05:05 PM   #9
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Let me know if you'd like a draft bill of sale. I'm an anal attorney here in TX who just went through the process of selling a used car with a lien on it so I can shoot you a copy of the bill of sale I drafted and give you some pointers.

If the lienholder bank has a local branch, it will be a very simple transaction that will take an hour tops.

EDIT: Are you interested in selling your Dinan springs locally?
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      08-01-2009, 05:17 PM   #10
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Hey guys thanks for the response. I just finished the deal yesterday in FL and drove back 1000 miles... exhausted... but things went smoothly! Hope to see you guys some time!
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      08-01-2009, 07:38 PM   #11
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WTF, another M3. man don't you think you have enough ? One red Bull is mucho for me.
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      08-01-2009, 07:54 PM   #12
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haha the "new" one is black!
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      08-01-2009, 09:04 PM   #13
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Did you buy another E92 M3???
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      08-01-2009, 09:22 PM   #14
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Selling the red bull next week
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      08-01-2009, 09:42 PM   #15
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Hope all works out. Good luck.
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      08-01-2009, 11:15 PM   #16
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Do you got pic?
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      08-01-2009, 11:34 PM   #17
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rldz was it SMSgt B's car you bought?

I wish I had known you were in Fla, maybe could have worked out a deal for your Red M3...

You never replied to my questions in your listing
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      08-02-2009, 01:13 AM   #18
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Quote:
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Selling the red bull next week
First, some good advice above TLud: nice offer.

Second, you're swapping M3's so you can go from 6MT to DCT?
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      08-02-2009, 11:55 AM   #19
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You could also consider financing to let the bank deal with all the hassle of this, and when they get the title in a month or so, pay off the loan entirely.

Obviously you'd want to make sure your loan has no early payment penalty.
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      08-02-2009, 07:30 PM   #20
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Quote:
Originally Posted by Voltigeur View Post
First, some good advice above TLud: nice offer.

Second, you're swapping M3's so you can go from 6MT to DCT?
yep, I think he secretly loved a DCt but didn't want to tell us in the beginning. . you whimp rldzhao. / j/k j/k
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      08-02-2009, 11:03 PM   #21
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yep, I think he secretly loved a DCt but didn't want to tell us in the beginning. . you whimp rldzhao. / j/k j/k


well, for others who were wondering how the deal went... basically get all the bank loan info from the seller. then call the bank and ask for instructions. usually this involves issuing a cashier's check to the bank (directly for the loan, not into the buyer's checking/savings account). the seller needs to issue a letter stating that the title be issued to the new buyer. also fill out a bill of sale and other documents as required.
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      08-03-2009, 11:46 AM   #22
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post them when you get a chance.
and I am working on a name for you on this one: "the curse of the black pearl"... too long.
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