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      01-24-2014, 08:22 PM   #23
whats77inaname
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Quote:
Originally Posted by SeaMonkey View Post
Car is not at a dealer, car is owned by an individual. PPI will be at a dealer, then back to seller. Insurance co. is liberty mutual, may have been given bad info by the kid who picked up the phone.

I have found out that MA law allows you to use current plates for 7 days on the new vehicle.

I will travel to NY after the PPI to look over the car, including mileage, before handing over the check (made out to the lienholder).

So assuming all goes well, i would like to take the car with me...but it takes a week for the title to be sent from the lienholder.

Just reading Oaktree's post above...if true and i can get title, with current lienholder, that sounds good...but what then proves ownership ? bill of sale ??
Cool. I thought the car was going to be @ the dealer for a week because you said
Quote:
Originally Posted by SeaMonkey View Post
I would like to drive it home, but, insurance says i need a title as does the registry. If i leave the car for a week, then the seller has "my" car to drive around?


Bill of sale will suffice until you get your title from BMW. I had Liberty Mutual before, and the kid on the phone gave you bad information. Think about what they ask you when you get automobile ins: year/make/model/mileage/use/VIN/lien or no. No title is necessary.
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      01-25-2014, 09:11 AM   #24
SeaMonkey
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Thanks!

Really, really helpful. Thanks very much.....this is a great board.
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      01-25-2014, 02:18 PM   #25
schoy
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Quote:
Originally Posted by Dolittle View Post
Have him sign a bill of sale and both of you sign this:

I, [seller name], Seller of the [year] [color] BMW M3 (VIN_____) ("Vehicle"), guarantee and assure the Buyer, [your name], that:

(1) the current loan held by [] will be paid in full by [];

(2) [name of lien holder] is the only current lien on the car and there are no other current liens on the Vehicle;

(3) The title is free and clear of any liens, encumbrances, restrictions or limitations and that Vehicle been used as collateral by the Seller in any other transaction; and

(4) In the event that the title is not clear and free, the Seller guarantees that he will do what is necessary to clear title in favor of the Buyer and indemnify the Buyer for any and all expenses that the Buyer incurs in clearing title to said Vehicle.

Both of you need to sign and date this. Its legally binding.
A contract is only as good as the credit of the person/entity standing behind ... unless you get some kind of security (security interest, cash deposit, letter of credit, etc.). The person could declare bankruptcy, and bye-bye contract*.

* A bit simplistic, of course.
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      01-25-2014, 02:27 PM   #26
tinman831
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Or you can go to the lien holder with the seller and pay off his lien and get the title right away? Seems easier.
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      01-25-2014, 06:38 PM   #27
whats77inaname
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Quote:
Originally Posted by tinman831 View Post
Or you can go to the lien holder with the seller and pay off his lien and get the title right away? Seems easier.
BMW Finance Svcs hold the lien.
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      01-26-2014, 01:51 PM   #28
SeaMonkey
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BMW finance

Correct BMW finance holds the lien, so no in person payment possible. Also, note that BMW finance does not accept any electronic payments, wires, etc...just checks. Thanks everybody!!!
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