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12-09-2018, 08:56 AM | #1 |
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Just bought an M3, question on registration in NJ
Hi All,
I just bought an 08 E90 M3 from PA and I live in NJ through a private sale. I have a question for those of you who have been through this situation. I had to take out a loan to pay the seller and he currently has a loan on it. He will be paying off his loan Monday but in this situation, I was wondering what I would need to register the car in NJ. My understanding is that the Loan Release and the title will be going to my bank (Pen Fed Credit Union) directly from the seller's bank (Wells Fargo Dealer Services). Do I wait for my bank to send these 2 documents to me before I can go register or do I ask the seller to instruct his bank differently. I think it will take couple weeks at the minimum before I can go register. Was wondering if anyone had to take out a loan to pay off an existing loan to purchase a vehicle from a private seller. I will try to call NJ DMV as well but probably be on hold for 2 hours before someone will talk to me, lol... Thanks in advance. Ed |
12-09-2018, 10:40 AM | #2 |
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I want to say you need to make sure the seller takes care of that lien asap and make sure to have the bank get all info from the other bank once done. your new bank may need to fax a copy of the title, with your and bank name on it, to the DMV directly to prove registration is kept accurate.
Honestly, unless this E90 is the best you could find and you got a stupid deal, I would just walk away. liens are a headache and when multiplied by 2 banks...ughh |
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12-09-2018, 06:42 PM | #3 | |
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OP, the fact you're working with Penfed is a huge advantage, they are hands down one of the best if not the best bank I've worked with. They are very patient with the title and very helpful if you are unsure of what to do.
What you need from the seller is the title and the original copy of the lien release. The lien release will be in the form of a letter or will be signed on the title, depending on the state/title. The bank will typically send it to the owner of the car/seller once it's paid off. Once you have that you go to the NJ DMV with the title and lien release and transfer the title in your name. You will then pay NJ taxes on the car, registration and the title fee. You will put penfed as your lienholder on the title and the NJ DMV will mail the title to penfed (ask for a photocopy of the title for your records). I advised a friend on this who bought a car from the dealer and also took a loan through penfed, the dealer sent the title to penfed and it delayed everything, because then they had to send the title back to my friend, so he can go to the DMV and do what I just told you above. If you have any other questions feel free to ask/PM, I've dealt with the NJ MVC often through the years so I'm familiar with the process. Quote:
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12-09-2018, 06:50 PM | #4 | |
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Thanks for the feedback. I think Penfed required me to complete a form and submit to the seller's bank where it asked the seller's bank to send the lien release and the title over to Pen Fed directly. I think in my case, it may be delayed because of that form. I will try to ask if the seller can instruct his bank to send over the title and original lien release directly to me instead.
Thanks for your help. Ed Quote:
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12-09-2018, 06:54 PM | #5 |
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Drives: 2010 E92 M3
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This doesn't help the OP but I'm curious... when buying a car with a lien, is simply giving the seller a check or cash the safest way to go about doing this??
I'd be nervous that money would never make it to the bank. When I bought my M3 a couple months ago I handed the reputable dealership a check and I didn't get the title for three weeks and I was nervous the whole time haha. I guess I have no faith in people.
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12-09-2018, 09:13 PM | #7 | |
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Quote:
IE. "I CJM41 am purchasing a 2009 M3 Vin# xxx from the seller John Doe for the sum of $20,000. Payment shall be in the form of a certified check made payable to xxx Bank in the amount of $15k. The balance payment will be made in the form of a certified check in the amount of $5k payable to John Doe. John Doe shall receive balance check in exchange for the the lien free title and lien release. Etc. " Always make the check out to the bank not the seller. With transactions it's all about being transparent and making sure to cover all your bases. Also, many times arrangements can be made to have the title available at a local branch where you and the seller can meet to exchange funds and for you to immediately receive the lien free title.
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12-09-2018, 09:18 PM | #8 | |
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Quote:
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12-14-2018, 06:51 PM | #9 |
mTekMods
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All you need is the title which shows the lien and a lien release, if you took a loan to purchase the car you have to let your dmv know of the lienholder.
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