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      06-25-2012, 08:41 PM   #1
f30nynj
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Selling car with lien?

I am planning to sell my 07 e90 that I financed from a credit union last year. It has lien on it and I have been making a payments on time. I know no buyer will trust his money to a stranger, but I m willing to take proper steps to make sure the transaction is safe and satisfactory for both parties.

I've read couple of bad experiences and more than others this is what got me paranoid.

http://www.fatwallet.com/forums/finance/931650/

Has anyone had success of selling your car and how did you carry it out? I called my bank and they say, they can send title and lien release form to the potential buyer directly, and he can get it signed from me after that.
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      06-25-2012, 08:45 PM   #2
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Pay it off before the sale and get the title.

Buyer brings a bank check for the full amount, go to the bank with him and deposit the check with him there, sign the title over and you're done.

That's how I sold my E92, totally painless. It was a craigslist deal that smelled like a scam the whole time. But he showed up, the check cleared, and so he drove away. Not dealing with title lien issues was well worth paying it off in advance.
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      06-25-2012, 08:48 PM   #3
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I sold my GTI to a local guy who sent the check, when it cleared I paid off the lien and released the car. Even a bank check can be forged so you should never release a car before the money clears in your account.
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      06-25-2012, 09:01 PM   #4
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I've done this twice in the past 2 years. Both times I typed up a bill of sale with the buyer and had it notarized. The buyer handed me a cashiers check for the amount and when the title arrives you just sign it over to the buyer. Very easy both times.
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      06-25-2012, 09:04 PM   #5
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I sold my last BMW with a lien.. Buyer gave me a check for my payoff little over $14k. Notarized bill of sale. I put the funds in my bank. Waited for it to clear. Gave him the keys. I overnighted the money to BMWFS they sent back the title, I signed it over and it was as simple as that.
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      06-28-2012, 01:53 PM   #6
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IMHO pay it off if you can ..then exchange the check for the title. Sounds less painful. That's how I sold my 02 M3.
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      06-29-2012, 02:19 PM   #7
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Quote:
Originally Posted by gnhm3 View Post
I've done this twice in the past 2 years. Both times I typed up a bill of sale with the buyer and had it notarized. The buyer handed me a cashiers check for the amount and when the title arrives you just sign it over to the buyer. Very easy both times.
Quote:
Originally Posted by Sara504 View Post
I sold my last BMW with a lien.. Buyer gave me a check for my payoff little over $14k. Notarized bill of sale. I put the funds in my bank. Waited for it to clear. Gave him the keys. I overnighted the money to BMWFS they sent back the title, I signed it over and it was as simple as that.
+1

i have bought and sold cars using the same process.
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      06-29-2012, 06:17 PM   #8
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depends on the bank, someone it takes weeks for them to release title, i don't know why it takes so long, but it's annoying...i plan on selling my Lexus too that i owe some money on...
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