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07-25-2009, 01:22 AM | #1 |
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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! Last edited by rzm3; 07-25-2009 at 02:36 AM.. |
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, 04:25 AM | #4 | |
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Quote:
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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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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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, 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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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, 11:03 PM | #21 | |
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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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