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Private sale with lien on title
Is it possible to sell a car that has a BMW bank as lien on title to a private party? Do you need to pay off amount owed before selling or you can pay it off with $$$ that you get from sale?
I'd appreciate feedback from people that did these kind of sales.
Thanks!
| | Reply » Private sale with lien on title |
Why not just cal them?
Normally to transfer title you have to have the lein paid off. So I would do two checks, one to the bank, the rest to the seller.
| | Reply » Private sale with lien on title |
I've done this three times with cars I've leased, couldn't be easier. BMWFS is very seller friendly. All they care about is that they get their money.
In CA where I live, the one thing to be concerned about is the number of days it takes to transfer title to the new owner. BMWFS sent me my last title after paying off the lease with funds from the buyer. They left the date fields blank so I could fill them in myself, so that any delay by USPS wouldn't cause me any problem with the state. Here, if the transfer happens within 10 days, the seller is not responsible for paying sales tax on the purchase price. New owners pay that when they register the vehicle.
BMWFS will know what works for your state, they were well aware of the transfer requirements for my state when I called them.
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Private sale with lien on title