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Rick Lee's Avatar
 
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How to sell a car I still have a lien on?

I'm having a very hard time justifying keeping the 330i. I love it and all, but I only ever drive it when I'm too lazy to take the bike or don't want to drive the 993. It sits in the garage a lot. I can sell it for far more than I owe on it, but don't have the cash to pay it off easily available at the moment. I have it financed with BMW Financial Services, which is based in OH. So it's not like a buyer could just meet me over there to pay it off with a bank check. How does a title transfer work in this kind of scenario?

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Old 07-27-2008, 09:58 PM
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I did this with my second car. In short, I cut two checks. One to the lien holder for the amount do and the rest to the seller. The loan was through a bank, so they gave me a receipt until the pink slip was sent from from some other main bank office.
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Old 07-27-2008, 10:03 PM
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But how would the buyer be able to register the car if he doesn't have the title?
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Old 07-27-2008, 10:10 PM
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Different institutions may have different procudures. I'd call BMW credit and ask the best way to pull this off. I bought a car that was financed through the Navy Credit Union. In that case I sent the entire amount to NFCU and they credited the seller/member account for the balance and sent me the title directly.
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Old 07-27-2008, 10:13 PM
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So Lee, how long did all that take before you were able to register the car?
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Old 07-27-2008, 10:14 PM
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I don't remember. I didn't immediately register the car. I bet the pink slip showed from the bank with my info added and I sent that off to DMV and was issued new registration and new pink slip. I was even pulled over with only the receipt. I don't think he wanted to deal with the paper work and let me go.
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Old 07-27-2008, 10:14 PM
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They can register right away.

It's not a big deal.

Depending on how fast BMW comes up with the Lien Release it may or may not appear on the new owners title.

Either way as long as the Lien Release stays with the rest of the cars papers no biggie.

Have bought and sold a half dozen that way.
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Old 07-28-2008, 04:35 AM
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Quote:
Originally Posted by Rick Lee View Post
But how would the buyer be able to register the car if he doesn't have the title?
You don't have the title, yet it's registered in your name. A bill of sale would take care of the registration. The title (especially if the buyer finances) is secondary.
Old 07-28-2008, 04:38 AM
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Depends on the state. I did this with my Mini. I deposited the check for the car at my bank, where I got the loan. The bank then sent notice to DMV and after 3-4 days they sent me the title.
Old 07-28-2008, 04:45 AM
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I purchased my '97 Saab 900SE from a guy with a lien, which in KS means that the DMV holds the title. He deposited the funds in his bank, the bank then notified the DMV who released the title to the seller. The seller then had to sign the title and send it to me.

It's a PITA, and requires some trust on the part of the buyer. I had the seller sign a bill of sale and a contract stating that he would deposit the funds within 24 hours and get me the title within 30 days, or be responsible for any late registration fees. Still, had the guy chosen to screw me or take his time, I would have had little leverage. Most likely I would have had to waste time in small claims court.

So, basically the only reason I went to this trouble was the great deal I got. I strongly prefer buying when the seller has a clean title in hand. If there's any way you can pay it off, it would make your sale go much easier.
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Old 07-28-2008, 04:54 AM
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Well, the good thing in AZ is that your license plate stays with you. So a buyer would have to bring his own plate to pick up the car and that would probably be ok to drive on until the paperwork was all taken care of.

Now I need to see what I can get for this car, as the CPO warranty just expired, and then get cleaned up and listed.
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Old 07-28-2008, 03:30 PM
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In Indiana you can take the plate from a car you own and put it on the car you bought for 30 days.
Old 07-28-2008, 03:42 PM
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As soon as I paid for the car they sent the title with the lien release overnight.

Yes, you keep the plate in Arizona, but it's illegal to put it on the car before you've actually registered the car.

If you go to http://www.servicearizona.com/ you'll see that you can pay $1.00 and get a restricted three day permit to let you move the vehicle around for registration, emissions testing, etc.

There's also a way to get a refund for remaining credit on the BMW plate if it's over a certain amount. That's also discussed on servicearizona.com.
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Old 07-28-2008, 04:57 PM
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in NY i sold a harley for the price i owed harley-davidson credit. the buyer wired $ directly to HD credit and they sent him the title once the $ cleared. If i remember right, in order to accomplish this, HD credit required me and the buyer to sign a letter memorializing our transaction. he sent the money, took the bike and received clear title, i got a lien release in the mail
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Old 07-28-2008, 05:47 PM
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Why didn't I read this thread sooner. I just put a deposit on a E46 this evening and I will be in Phoenix on Friday.

How many miles on yours and ballpark price. I had cash in hand and would have trusted you so I would have paid up front and let you pay off the loan I did not need the car on the road until the 20th of Aug.
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Old 07-28-2008, 06:30 PM
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I am getting no joy from BMW FS. They seem to run on molasses. I have a serious buyer coming to look at the car today and I doubt he's gonna be excited about waiting two weeks for the title. I'm on the phone with USAA now to get a short-term personal loan, perhaps against my free and clear 993, to knock this BMW loan out so I can get the title in hand and make an eventual sale go quickly.
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Old 10-31-2008, 07:47 AM
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In my case I had the loan with my CU. I went in, had them transfer money from my money market to pay the loan off and they gave me a release of lien on the spot (notarized). I gave that to the buyer along with bill of sale and an application for lost/duplicate/paperless title. He then took that to DMV and registered the bike.
Old 10-31-2008, 07:50 AM
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Well, I'm dealing with banks in TX and OH for this one. Anyway, USAA just gave me a loan on my 993 title at 7.44%, with which I'll pay off the BMW (which is currently at 3.9%) when I get the check on Monday. If the guy coming to look at my BMW this morning doesn't buy it, at least I'll have the title in hand for the next one and make it a quick sale. I love this car so much, but cannot justify the expense of keeping it for the few times a month I actually drive it.
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Old 10-31-2008, 07:56 AM
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Rick, I think that's wise. Being able to claim a "free and clear title in hand" makes your car more attractive. It's just one less hassle for a potential buyer.
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Old 10-31-2008, 08:51 AM
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I did a signature loan for two weeks to get the title in hand - made it 400 times easier - ended up costing me $100 or so.

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Old 10-31-2008, 10:33 AM
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