BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > General M3 Forum (E90 + E92 + E93)
 
INDustry distribution
Post Reply
 
Thread Tools Search this Thread
      11-10-2012, 11:19 PM   #1
mengo816
Private First Class
17

 
Drives: 2011 E92 M3
Join Date: Jun 2007
Location: Kansas City, MO


Posts: 108
iTrader: (0)

buying a car with a lien

Is it ok to buy a car with a lien on the title if the owner also has a lien release letter with it? or do i have to wait to buy it with a clear title?
Appreciate 0
      11-10-2012, 11:20 PM   #2
6spdg37s
Captain
37

 
Drives: none
Join Date: Aug 2012
Location: dirty jerz


Posts: 753
iTrader: (3)

is it also stamped by the bank and signed on the title ?
Appreciate 0
      11-10-2012, 11:21 PM   #3
Amri215
Banned
4

 
Amri215's Avatar
 
Drives: 2012 Alpine White M3
Join Date: Nov 2012
Location: New Jersey


Posts: 161
iTrader: (0)

As long as you have a lien satisification letter you will be fine. When you come to re-title the car in your name the lien will be removed.

For added good measure I would contact the lien holder just to make sure the lien was satisified.
Appreciate 0
      11-10-2012, 11:33 PM   #4
Ghetto2315
Major
United_States
48

 
Drives: Like I Stole It...
Join Date: Feb 2012
Location: The REAL Jersey Shore


Posts: 1,272
iTrader: (1)

Garage List
Quote:
Originally Posted by mengo816
Is it ok to buy a car with a lien on the title if the owner also has a lien release letter with it? or do i have to wait to buy it with a clear title?
Are you buying a BMW or a different brand?
Appreciate 0
      11-11-2012, 02:35 AM   #5
mengo816
Private First Class
17

 
Drives: 2011 E92 M3
Join Date: Jun 2007
Location: Kansas City, MO


Posts: 108
iTrader: (0)

Quote:
Originally Posted by 6spdg37s
is it also stamped by the bank and signed on the title ?
it is signed and stamped by BMW of north America. I'm not use to seeing this. in Missouri, we'll get a lien release letter to send in to the dmv for a brand new clear title.
Appreciate 0
      11-11-2012, 02:35 AM   #6
mengo816
Private First Class
17

 
Drives: 2011 E92 M3
Join Date: Jun 2007
Location: Kansas City, MO


Posts: 108
iTrader: (0)

Quote:
Originally Posted by Ghetto2315
Quote:
Originally Posted by mengo816
Is it ok to buy a car with a lien on the title if the owner also has a lien release letter with it? or do i have to wait to buy it with a clear title?
Are you buying a BMW or a different brand?
BMW
Appreciate 0
      11-11-2012, 03:28 AM   #7
Mike van D
Major
Germany
15

 
Mike van D's Avatar
 
Drives: SG X6 35i; MW e92 M3
Join Date: Jan 2011
Location: Germany


Posts: 1,114
iTrader: (0)

+1 on checking with the lien holder if you don't think it's legit.
__________________
...just enjoying life.
Appreciate 0
      11-11-2012, 06:43 AM   #8
LarThaL
Colonel
123

 
LarThaL's Avatar
 
Drives: 2011 M3
Join Date: Apr 2011
Location: West Springfield, MA


Posts: 2,612
iTrader: (0)

So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
__________________
Precision tool: 2011 BMW ///M3
Sledgehammer: 2014 Audi S6

Appreciate 0
      11-11-2012, 08:17 AM   #9
X2Board
Captain
United_States
23

 
X2Board's Avatar
 
Drives: '11 X5 M
Join Date: Feb 2011
Location: Wake County, NC


Posts: 875
iTrader: (1)

Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
__________________
2015 YMB/Silverstone F80 M3 6sp -Ordered- ED on 12/5
2011 Sapphire Black/Black E70 X5 M - For Sale! Send me a PM for details.
2010 Jerez Black/Black E90 M3 DCT -Gone-
2009 Montego Blue/Grey E90 335i -Gone-
Appreciate 0
      11-11-2012, 08:44 AM   #10
LarThaL
Colonel
123

 
LarThaL's Avatar
 
Drives: 2011 M3
Join Date: Apr 2011
Location: West Springfield, MA


Posts: 2,612
iTrader: (0)

Quote:
Originally Posted by X2Board View Post
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
Sorry...I guess I made an assumption that the seller bought the car new and is now taking a huge hit with depreciation in addition to having financed it. This may or may not be true. What you do is actually a slick way of doing it. Kudos to you !!!
__________________
Precision tool: 2011 BMW ///M3
Sledgehammer: 2014 Audi S6

Appreciate 0
      11-11-2012, 09:14 AM   #11
6spdg37s
Captain
37

 
Drives: none
Join Date: Aug 2012
Location: dirty jerz


Posts: 753
iTrader: (3)

Quote:
Originally Posted by X2Board View Post
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
+1 i done the same thing with most of my cars too !! in fact 2 cars i actually sold for more than I paid for them !
Appreciate 0
      11-11-2012, 09:18 AM   #12
M3NNIS
Colonel
114

 
M3NNIS's Avatar
 
Drives: a truck for now
Join Date: Jul 2006
Location: DFW


Posts: 2,191
iTrader: (6)

Send a message via AIM to M3NNIS Send a message via MSN to M3NNIS
Quote:
Originally Posted by LarThaL
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
really? That's a pretty bad statement.
__________________
Appreciate 0
      11-11-2012, 10:08 AM   #13
Giggs
Major
United_States
33

 
Giggs's Avatar
 
Drives: R8
Join Date: Jul 2008
Location: SoCal


Posts: 1,131
iTrader: (5)

Quote:
Originally Posted by X2Board
Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
With interest rates at 0.49% through Penfed on car loans it would be less wise to pay all cash for a car. Keep your savings and use it on investments where your cash is earning 5-12%, like buying up real estate . Then your investment is paying for your car.
Appreciate 0
      11-11-2012, 10:13 AM   #14
Voltigeur
MacroRisk
Australia
55

 
Voltigeur's Avatar
 
Drives: M3 E92 ED'09 / 335d Sport DD
Join Date: Jul 2007
Location: TX


Posts: 2,519
iTrader: (0)

Quote:
Originally Posted by Amri215 View Post
As long as you have a lien satisification letter you will be fine. When you come to re-title the car in your name the lien will be removed.

For added good measure I would contact the lien holder just to make sure the lien was satisified.
+1.
__________________

Just thinking of something not so witty
///M3 E92 '09 Jerez Black | 6MT | Ext Fox Red | Tech | Prem | 19s |Heated Seats | iPod |Smartphone | Euro Deliv June 09
Sold: 540iT / 530i / 323i
Appreciate 0
      11-11-2012, 02:22 PM   #15
m3an
Banned
30

 
m3an's Avatar
 
Drives: M3
Join Date: Oct 2010
Location: South Florida


Posts: 1,611
iTrader: (2)

Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
What an ignorant post. Are you supposed to hold the car until the loan matures?
Appreciate 0
      11-11-2012, 02:26 PM   #16
Mr. ///M3 RD
Major General
Canada
323

 
Mr. ///M3 RD's Avatar
 
Drives: E350 & 280 SL on Weekends :)
Join Date: May 2010
Location: GTA, Ontario - Canada


Posts: 7,863
iTrader: (0)

Garage List
Just don't do it ...
__________________
Cheers, Rolf-Dieter

Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well
---> Click here for some good stuff I found
Appreciate 0
      11-11-2012, 03:03 PM   #17
Amri215
Banned
4

 
Amri215's Avatar
 
Drives: 2012 Alpine White M3
Join Date: Nov 2012
Location: New Jersey


Posts: 161
iTrader: (0)

Quote:
Originally Posted by M3RD View Post
Just don't do it ...
Just dont do what? It is completely normal to have a title with a lien holder and a letter of lien satisification..its the way things are done..completely normal,

now if OP didnt have the letter of satisifcation, that would be an issue

Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
Ridiculous post, the M3 I purchased was financed, the pervious owner traded the car back in because he decided to buy a Porsche instead, doesnt mean he's financially irresponsible, he just made a different choice..

Let me guess..are you also the type that believes people should get married and stay married?
Appreciate 0
      11-11-2012, 03:14 PM   #18
a burrito
Lieutenant Colonel
United_States
46

 
Drives: '14 W212 AMG S, '12 958 S
Join Date: May 2005
Location: Irvine, CA


Posts: 1,931
iTrader: (1)

Send a message via AIM to a burrito
Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
The car this guy is buying is just financed and so there is a lien holder under presumably a banks name.. You really cant be serious saying the person he is dealing with "isn't the best planner or the most financially responsible." There can be lots of reasons why people lease or finance cars and the latter half of those reasons is not because its bad financial planning or because they wont be good for the full amount of the car..
__________________
Peanut Butter Chunky

AD08. Akra. Huper Optik. KW V3. Macht Schnell. RE SSK. TMS.
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 12:42 AM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST