Buying off a private individual- 535d sport
12-11-2006, 05:06 AM
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My Ride: Dec 55 535d sport, Carbon Black, Dakota Black Leather, Electric Sunroof, Media Package, Visiblity Package with Adaptive Bi-Xenons & Headlight Wash, Folding mirrors, 19" M172 wheels, Rear spoiler, Sun Protection Glass
Could do with some advice fellas. Due to pick up a 535d sport on Friday off a private seller and need to pay the outstanding finance direct to BMW finance UK. Have tried to get BMW finance to agree that once paid the car is legally mine. However BMW finance state that the legal owner is still the vendor. It's up to him to change the V5c document indicating a new owner.
Hence our plan is as follows:-
Before making a chaps transfer to BMW finance, 2 sets of documentation indicating that the vendor will release the car to me thus making me the new legal owner dependant on a successful CHAPs transfer.
Goto the bank with vendor and do the CHAPS transfer.
Ring BMW finance with the finance reference number and wait for confirmation to say they have no further interest in the car.
Fingers crossed drive home in it!
If anyone has done a similar approach please let me know your methods including all legalities in case the vendor turns around and says I can't have the car.
Oh pics could be up by the weekend.
Cheers,
Hence our plan is as follows:-
Before making a chaps transfer to BMW finance, 2 sets of documentation indicating that the vendor will release the car to me thus making me the new legal owner dependant on a successful CHAPs transfer.
Goto the bank with vendor and do the CHAPS transfer.
Ring BMW finance with the finance reference number and wait for confirmation to say they have no further interest in the car.
Fingers crossed drive home in it!
If anyone has done a similar approach please let me know your methods including all legalities in case the vendor turns around and says I can't have the car.
Oh pics could be up by the weekend.
Cheers,
12-11-2006, 05:22 AM
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Originally Posted by zerocool242001' post='366013' date='Dec 11 2006, 02:06 PM
However BMW finance state that the legal owner is still the vendor. It's up to him to change the V5c document indicating a new owner.
Maybe it's just words but the registration documents have no bearing on who the legal owner is.
They simply indicate who is the registered keeper.
ABC
12-11-2006, 06:27 AM
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My Ride: Dec 55 535d sport, Carbon Black, Dakota Black Leather, Electric Sunroof, Media Package, Visiblity Package with Adaptive Bi-Xenons & Headlight Wash, Folding mirrors, 19" M172 wheels, Rear spoiler, Sun Protection Glass
Originally Posted by aybeesea' post='366017' date='Dec 11 2006, 09:22 AM
My 2p.
Maybe it's just words but the registration documents have no bearing on who the legal owner is.
They simply indicate who is the registered keeper.
ABC
Maybe it's just words but the registration documents have no bearing on who the legal owner is.
They simply indicate who is the registered keeper.
ABC
Appreciate any input, hence presume that the legal owner is currently BMW finance?
12-11-2006, 06:58 AM
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My Ride: Dec 55 535d sport, Carbon Black, Dakota Black Leather, Electric Sunroof, Media Package, Visiblity Package with Adaptive Bi-Xenons & Headlight Wash, Folding mirrors, 19" M172 wheels, Rear spoiler, Sun Protection Glass
Have just checked with the legal team at BMW finance and here's there stance on it.
If once the CHAPS has been paid and the vendor refuses to hand over the car, I should report it to the police who will issue a crime reference number. I should then ring BMW finance immediately who will not release the car.
Refund normally takes 1-2 working days and back into my account.
True I would have loved to buy with no finance outstanding but one can one do...
Cheers all.
If once the CHAPS has been paid and the vendor refuses to hand over the car, I should report it to the police who will issue a crime reference number. I should then ring BMW finance immediately who will not release the car.
Refund normally takes 1-2 working days and back into my account.
True I would have loved to buy with no finance outstanding but one can one do...
Cheers all.
12-11-2006, 07:19 AM
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My Ride: F11 535i M-Sport,, Silver, Black Leather, LED Adaptive headlights
Model Year: 2015
Engine: N55
As an ex-cop, I very much doubt the police will be interested in it. It is very much a civil debt matter if a vendor having recieved value for the goods fails to deliver them to the purchaser.
The vendor is the legal owner of the car (as far as criminal law is concerned, but not nessecarily civil law) as he has possesion and control of it, BMW finance have an interest in it as it is held as security against a loan. So under civil law it cannot be sold without thier authority.
Get a full written agreement as to what the transaction is.
'I (name...) have recieved the sum of ...?...... as full payment for the purchase of BMW (car details including Reg and VIN number).
I give up full legal title to the above vehicle, the sum of ..?.... having been paid on my instructions and on my behalf to BMW Finance in full discharge of my legal debt to them in respect of Finace agreement number .............. against which the above vehicle is held as security by them.'
The vehicle is mine to sell and is subject of no other charge, save that above.
Signed by him, dated and countersigned by you.
At least if it all goes wrong, which is unlikely, and you have to reverse the transaction you have documented evidence of what the payment was for, so can legitimise it's return if the car does not come your way.
Make sure you get the V5 and all 3 keys. If he is genuine he will not have a problem.
The vendor is the legal owner of the car (as far as criminal law is concerned, but not nessecarily civil law) as he has possesion and control of it, BMW finance have an interest in it as it is held as security against a loan. So under civil law it cannot be sold without thier authority.
Get a full written agreement as to what the transaction is.
'I (name...) have recieved the sum of ...?...... as full payment for the purchase of BMW (car details including Reg and VIN number).
I give up full legal title to the above vehicle, the sum of ..?.... having been paid on my instructions and on my behalf to BMW Finance in full discharge of my legal debt to them in respect of Finace agreement number .............. against which the above vehicle is held as security by them.'
The vehicle is mine to sell and is subject of no other charge, save that above.
Signed by him, dated and countersigned by you.
At least if it all goes wrong, which is unlikely, and you have to reverse the transaction you have documented evidence of what the payment was for, so can legitimise it's return if the car does not come your way.
Make sure you get the V5 and all 3 keys. If he is genuine he will not have a problem.
12-11-2006, 09:09 AM
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My Ride: F11 535i M-Sport,, Silver, Black Leather, LED Adaptive headlights
Model Year: 2015
Engine: N55
Originally Posted by aybeesea' post='366065' date='Dec 11 2006, 04:57 PM
Witnessed?
ABC
ABC
If at all possible , yes.
12-11-2006, 09:14 AM
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My Ride: Dec 55 535d sport, Carbon Black, Dakota Black Leather, Electric Sunroof, Media Package, Visiblity Package with Adaptive Bi-Xenons & Headlight Wash, Folding mirrors, 19" M172 wheels, Rear spoiler, Sun Protection Glass
Originally Posted by KAF' post='366053' date='Dec 11 2006, 11:19 AM
Make sure you get the V5 and all 3 keys. If he is genuine he will not have a problem.
Hope all goes well.
12-11-2006, 09:31 AM
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Originally Posted by zerocool242001' post='366090' date='Dec 11 2006, 06:14 PM
think only saw 2 keys, will check.
Good luck.
ABC
12-11-2006, 10:11 AM
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My Ride: F11 535i M-Sport,, Silver, Black Leather, LED Adaptive headlights
Model Year: 2015
Engine: N55
[quote name='zerocool242001' date='Dec 11 2006, 06:14 PM' post='366090']
Many thanks Kaf for the advice, will definitely draw up 2 sets of documents before we goto the bank on Friday. Checked that all duplicates exist, think only saw 2 keys, will check.
Hope all goes well.
[/quote
Good luck, looking forward to the pics.
Many thanks Kaf for the advice, will definitely draw up 2 sets of documents before we goto the bank on Friday. Checked that all duplicates exist, think only saw 2 keys, will check.
Hope all goes well.
[/quote
Good luck, looking forward to the pics.