Guys I need help regarding a lien release!!

gthirtyfizle · 08-25-2008, 10:13 PM

I baught an E92 M3 from guy local to me. Car only had 3000 miles on it, but seller couldnt make payments anymore. I already have the car since I paid him. Only problem is, he had a lien on the car and we paid it off with the money I gave him. We overnighted the check to them and paid for them to overnight the lien release back. The check was a certified banck check which cleared instantly. I just wanted to know how long it usually takes for them to send the lien release and if theres a quicker way for me to register the car. Any info would b great. Thank you.

Captain Scott · 08-25-2008, 10:39 PM

Quote:

Originally Posted by gthirtyfizle

I baught an E92 M3 from guy local to me. Car only had 3000 miles on it, but seller couldnt make payments anymore. I already have the car since I paid him. Only problem is, he had a lien on the car and we paid it off with the money I gave him. We overnighted the check to them and paid for them to overnight the lien release back. The check was a certified banck check which cleared instantly. I just wanted to know how long it usually takes for them to send the lien release and if theres a quicker way for me to register the car. Any info would b great. Thank you.

In my experence it could take two week's. I traded a car in for the new M3 and had a small loan on the old car.The dealer gave my bank a check the same day, but the bank took almost a week to get the lein release because it came from the banks home office where they keep their records, not the branch.

masmole · 08-25-2008, 10:43 PM

It really depends on the bank/creditor. Was it done through BMW Financial services? From past experience, they're usually very good about taking care of such business in a timely manner, and so is Audi Financial. Car loans from banks can take longer depending on the bank. Example, I purchased a car a few years ago from a person with a lien from Chase and that took a lot longer than I expected.

gthirtyfizle · 08-25-2008, 10:46 PM

Yeah but I guess that was the time it took for the title to b mailed and shipped. My seller overnighted them the banck check and paid for them to overnight the lien release back top us.

gthirtyfizle · 08-25-2008, 10:49 PM

We overnighted a certified banck check to BMW Financial from chase bank, and chase banck and bmw are linked together therofre the check cleared instantly. Now im just trying to figure out how long it will take bmw to send the lien back. They received the check last thursday. I also heard there is a way to get a letter from bmw since they see the loan has been paid off and that allows me to register the car. Can anyone confirm this?

Captain Scott · 08-25-2008, 10:55 PM

Quote:

Originally Posted by gthirtyfizle

Yeah but I guess that was the time it took for the title to b mailed and shipped. My seller overnighted them the banck check and paid for them to overnight the lien release back top us.

Not trying to defend the seller, but it's up to the bank, not he or she who sold you the car.

ersin · 08-26-2008, 09:45 AM

Quote:

Originally Posted by gthirtyfizle

We overnighted a certified banck check to BMW Financial from chase bank, and chase banck and bmw are linked together therofre the check cleared instantly. Now im just trying to figure out how long it will take bmw to send the lien back. They received the check last thursday. I also heard there is a way to get a letter from bmw since they see the loan has been paid off and that allows me to register the car. Can anyone confirm this?

I don't know about NY. My experience with MD MVA is that they will put the car in your name if the lending institution calls them or sends them a letter. IIRC it must still be followed up with the official piece of paper that they are looking for. I'd say check your motor vehicle department but in my experience they have always been lousy about answering questions -- holding on the line for hours, waiting in line for hours, sending you to someone else or to another department, etc. If NY is better at this then call 'em up. If not, don't waste your time if you'll be given the runaround.

I wouldn't worry too much about getting lien release real soon. It can take a couple or more weeks. Can you not get temporary tags? They should be good for a month more.

Good luck

Herms · 08-26-2008, 10:43 AM

depends. not sure about NY, but a lot of states the DMV holds title and there's a delay between the bank receiving funds and contacting the DMV to send title and, of course, the DMV actually doing this. Also, some lenders will only send title to the seller, so hopefully you checked that out before hand or you may want to double check with seller that they haven't received it.

rmmcdaniel · 08-26-2008, 01:02 PM

I have done this twice paying off loans to Audi/VW Credit and they sent the title (with the notarized lien release) back to me via FedEx the day after they received my cashier's check to pay off the loan. I concur with earlier posts that it depends on the bank holding the title/lien and how well their internal business processes are with this. Audi/VW (and it sounds like BMW FS) have a very good system setup for this including the ability to initiate the process via their website and/or automated telephone system.

positiveions · 08-26-2008, 01:45 PM

Did you try to call them?

ideliver · 08-26-2008, 03:17 PM

if everything is "local" do it in person...

I sold my deceased father-in-laws truck that he had a small loan on...buyer met me at the bank...gave the bank a check...me a check for the balance...bank released the lien...he went to the courthouse...got the title released...all done within a lunch hour...

Herms · 08-26-2008, 03:40 PM

Quote:

Originally Posted by rmmcdaniel

I have done this twice paying off loans to Audi/VW Credit and they sent the title (with the notarized lien release) back to me via FedEx the day after they received my cashier's check to pay off the loan. I concur with earlier posts that it depends on the bank holding the title/lien and how well their internal business processes are with this. Audi/VW (and it sounds like BMW FS) have a very good system setup for this including the ability to initiate the process via their website and/or automated telephone system.

it also depends on the state. sometimes the DMW will have it, so it's not really up to the lender. this happened to me with an infiniti recently.

gthirtyfizle · 08-26-2008, 04:33 PM

Ok guys, got incredible news. Basically I called up the title department of the DMV today, I told the lady my story, that the lien was being paid off etc, and she basically replied with the best news I could have possible heard. " U can still register the car today under ur name, doesnt matter that theres a lien " Once its paid off we give u back the title, or wsomething like that lol. I was soo excited i didnt even pay attention. So I went to the DMV still with doubts in my mind, but the whole process took less then 30 minutes and I left with registration and plates. Got my insurance earlier today. I was gonna ask her what I should do now since i took out a loan and i have to send my banck the title. But I figured let me not say anything before she takes the plates back lol. She kept the title tho, how am I supposed to send tnat to my bank?

rmmcdaniel · 08-26-2008, 08:59 PM

Quote:

Originally Posted by Herms

it also depends on the state. sometimes the DMW will have it, so it's not really up to the lender. this happened to me with an infiniti recently.

Good to know. Both of my instances were on cars registered in Illinois.

08-25-2008, 10:13 PM	#1
gthirtyfizle Colonel 191 Rep 2,867 Posts Drives: E92 M3 AW Join Date: Jul 2008 Location: NYC iTrader: (4)	Guys I need help regarding a lien release!! I baught an E92 M3 from guy local to me. Car only had 3000 miles on it, but seller couldnt make payments anymore. I already have the car since I paid him. Only problem is, he had a lien on the car and we paid it off with the money I gave him. We overnighted the check to them and paid for them to overnight the lien release back. The check was a certified banck check which cleared instantly. I just wanted to know how long it usually takes for them to send the lien release and if theres a quicker way for me to register the car. Any info would b great. Thank you.
	Appreciate 0 Tweet Quote

08-25-2008, 10:43 PM	#3
masmole Captain 266 Rep 770 Posts Drives: blue, gray, brown cars Join Date: Sep 2005 Location: Chicago, IL iTrader: (0)	It really depends on the bank/creditor. Was it done through BMW Financial services? From past experience, they're usually very good about taking care of such business in a timely manner, and so is Audi Financial. Car loans from banks can take longer depending on the bank. Example, I purchased a car a few years ago from a person with a lien from Chase and that took a lot longer than I expected. __________________ 2021 A6 Allroad, 2020 SQ7, 2019 M5 Comp, 2011 GT3 past: A4, S4, X5 4.8is, SLK55, E60 M5, RS4, ML63, E92 M3, Q5, Touareg TDI, Escalade, SQ5, RS7, Velar FE, Q7
	Appreciate 0 Quote

08-25-2008, 10:46 PM	#4
gthirtyfizle Colonel 191 Rep 2,867 Posts Drives: E92 M3 AW Join Date: Jul 2008 Location: NYC iTrader: (4)	Yeah but I guess that was the time it took for the title to b mailed and shipped. My seller overnighted them the banck check and paid for them to overnight the lien release back top us.
	Appreciate 0 Quote

08-25-2008, 10:49 PM	#5
gthirtyfizle Colonel 191 Rep 2,867 Posts Drives: E92 M3 AW Join Date: Jul 2008 Location: NYC iTrader: (4)	We overnighted a certified banck check to BMW Financial from chase bank, and chase banck and bmw are linked together therofre the check cleared instantly. Now im just trying to figure out how long it will take bmw to send the lien back. They received the check last thursday. I also heard there is a way to get a letter from bmw since they see the loan has been paid off and that allows me to register the car. Can anyone confirm this?
	Appreciate 0 Quote

08-26-2008, 10:43 AM	#8
Herms First Lieutenant 26 Rep 395 Posts Drives: '15 M235i Join Date: Mar 2008 Location: LA. CA iTrader: (0)	depends. not sure about NY, but a lot of states the DMV holds title and there's a delay between the bank receiving funds and contacting the DMV to send title and, of course, the DMV actually doing this. Also, some lenders will only send title to the seller, so hopefully you checked that out before hand or you may want to double check with seller that they haven't received it. __________________ '07 e92 335i (sold) '08 e90 M3 (sold) '15 M235i
	Appreciate 0 Quote

08-26-2008, 01:02 PM	#9
rmmcdaniel Second Lieutenant 7 Rep 247 Posts Drives: '09 E90 M3 Join Date: Feb 2008 Location: Chicago & SF iTrader: (0)	I have done this twice paying off loans to Audi/VW Credit and they sent the title (with the notarized lien release) back to me via FedEx the day after they received my cashier's check to pay off the loan. I concur with earlier posts that it depends on the bank holding the title/lien and how well their internal business processes are with this. Audi/VW (and it sounds like BMW FS) have a very good system setup for this including the ability to initiate the process via their website and/or automated telephone system. __________________ 2009 E90 M3 - Silverstone/Fox Red - M-DCT, CW, PP, TP, 19", Moonroof, Sunshades, PDC, Enhanced Prem Sound, HD Radio, Sat, iPod, Smartphone Integration
	Appreciate 0 Quote

08-26-2008, 01:45 PM	#10
positiveions Lieutenant General 961 Rep 11,722 Posts Drives: 19 Tacoma, 16 Golf wagon Join Date: Sep 2007 Location: Upland, CA iTrader: (2) Garage List 2019 Toyota Tacoma [0.00] 2016 VW Golf Sports ... [0.00] 1998 BMW M3 [0.00] 1990 BMW 325is [0.00]	Did you try to call them?
	Appreciate 0 Quote

08-26-2008, 03:17 PM	#11
ideliver Major 240 Rep 1,247 Posts Drives: E60 M5, E71 X6M, E46 M3 Join Date: Feb 2008 Location: At the gas station iTrader: (0) Garage List 2006 BMW E46 M3 'vert [0.00] 2008 BMW M5 [0.00] 2011 BMW E92 [0.00] 2012 BMW X6M [0.00] 2003 E46 M3 [0.00]	if everything is "local" do it in person... I sold my deceased father-in-laws truck that he had a small loan on...buyer met me at the bank...gave the bank a check...me a check for the balance...bank released the lien...he went to the courthouse...got the title released...all done within a lunch hour... __________________ Current: 2006 E46 M3 'vert 6-sp 2008 E60 M5, 2011 E92 328 6-sp, 2011 E70 N55, 2012 E71 X6M
	Appreciate 0 Quote

08-26-2008, 04:33 PM	#13
gthirtyfizle Colonel 191 Rep 2,867 Posts Drives: E92 M3 AW Join Date: Jul 2008 Location: NYC iTrader: (4)	Ok guys, got incredible news. Basically I called up the title department of the DMV today, I told the lady my story, that the lien was being paid off etc, and she basically replied with the best news I could have possible heard. " U can still register the car today under ur name, doesnt matter that theres a lien " Once its paid off we give u back the title, or wsomething like that lol. I was soo excited i didnt even pay attention. So I went to the DMV still with doubts in my mind, but the whole process took less then 30 minutes and I left with registration and plates. Got my insurance earlier today. I was gonna ask her what I should do now since i took out a loan and i have to send my banck the title. But I figured let me not say anything before she takes the plates back lol. She kept the title tho, how am I supposed to send tnat to my bank?
	Appreciate 0 Quote