I am currently financing a BMW. How to sell it privately?

Question

I am currently financing a BMW.

I would like to sell the car, so I could get something cheaper.

Since I am currently financing the car, and if I sell it privately how would this be possible?

The title is held at BMW Financial, so if a person were to give me a cashiers check for the car, they would want to take delivery immediately?

Since I would have to send the payoff to BMW, they would not be able to take delivery until I received the title?

Answer 1

Call BMW Financial, and find out if they have an office near you. They may handle this like other manufacturers do. GMAC, for example, has an office in my town where I can go to pay off the loan. They will then mark the lien on the title as paid in full, and I can convey a clean title to the buyer.

You MAY be able to do this through the BMW dealership, too.

Answer 2

I have worked for the DMV, and can answer your question, but I need to know if you are just making payments on the vehicle or are you LEASING the vehicle? What state do you live in?

Without knowing that, I will give you 2 scenarios.
If you are LEASING the vehicle, You will need to collect the money from the buyer, then end your lease, and buy out the lease. You will need to get that title from the leasing company that has been signed over to you, take it to your local dmv, register the car in your name, pay your taxes (including sales tax), and wait for the title to come in your own name...to your house. Sign that title over to the new owner. Done deal.

If you are making payments on the car...and you can pay off the loan right now without help from the new owner, do it. If you need help, get the buyer to pay you for the car (or enough of a partial payment so you can pay off the loan with it).

In a few weeks, BMWFin will send you either a clean title (no lienholder showing on the front), Or a title that still shows the lienholder and a piece of paper called a lien release, or a title showing the lienholder, and also a notarized lien release transaction done on the front of the title (some handwriting & a notary stamp)....Make sure you stay on the case. Some lienholders can take MONTHS. Call them every week and bug them..ask them where your title is. It won't hurt to stay on their backs. They have been paid off...now they need to work to make you happy.

If the title is clean, (or the release is filled out on the front of the title), sign it over to the new owner, Done deal.

If the title is not clean, but BMWfin sent a separate lien release, staple it on to the back of the title a couple times (you do NOT want the new owner to lose that document before they register it)
and sign over the back of the title to them. They will take that title to their DMV in their state/county, and register it in their name.

In most cases, you will need to take the plates off your car before he takes possession. Some states are different...like TX...the plates go with the car.

If the new owner is worried about handing you all his $$$, and having to wait 30 days for the title, you should both go to a notary, and write up a bill of sale and a purchase agreement, signed by both of you in front of the notary, swearing that you will give him the title after you get it. I can completely understand the buyers caution, but these transactions do happen all the time. (people also get ripped off all the time too)

Good luck.

Answer 3

As far as I know, you would have to pay off the balance before you would receive the title. Let the buyer of your car know this ahead of time. If it doesnt work out, you could always trade it in.....