Help needed: Selling my 530i :[

Reply Subscribe

Thread Tools

Search this Thread

Oct 22, 2012 | 01:41 PM

#11

Cricketts

Members

Joined: Dec 2011

Posts: 177

Likes: 0

From: Washington USA

My Ride: 2010 BMW 550i M Sport. GPS, Satallite, Active suspension, Silver over Black in color with beige. 68k on the clock. My 10th BMW in forty years.

Model Year: 2010

Engine: 550 Msport

Quote:

Originally Posted by korpse88

Crickett's do they usually give the owner a break if he wants to pay off the entire car at once? Like as far as the interest, would they still try and charge me for that if I want to pay it all off at once?

Auto loans are based on Interest on the unpaid balance only. Or. if a contract is paid off early the interest is only up to the date you made a final last payment.

In the past the payment structure might have been based on the old Rule of 78's which says that if you pay off early there will be an interest penalty. The practice usually applied to real estate loans.

Last edited by Cricketts; Oct 22, 2012 at 01:46 PM.

Oct 22, 2012 | 02:16 PM

#12

korpse88

Thread Starter

Members

Joined: Mar 2010

Posts: 102

Likes: 0

Very interesting. I will have to check with the BMW bank because when I checked my online BMW account, the price to pay it off at once was INCLUDING the interest.

I thought this has to be absurd! I hope you're right as it would considerably lower the amount owed.

Thanks Crickett

Oct 22, 2012 | 02:37 PM

#13

rob2388

Members

Joined: Jul 2012

Posts: 102

Likes: 0

From: Miami, Fl

My Ride: '09 e60 n54 white/black

I bought my 2007 525i excatly like this, about 2 months ago. Here's what happened.

I gave the seller a check for the amount we agreed, he gave me a bill of sale first.
He paid the money he owed on his car, and I drove with his tag and registration untill he recieved the title of the car.
Once he had the title, he just signed it for me, I went to the tag agency with my insurance, and paid the taxes and my own registration.

That was it, it really is a simple process..

Oct 22, 2012 | 05:29 PM

#14

korpse88

Thread Starter

Members

Joined: Mar 2010

Posts: 102

Likes: 0

Thanks a lot Rob, that makes me feel a bit better about it seeing that it was an easy process for you. If you don't mind how much did you guys agree on $ wise. How many miles did it have?

Thanks

Oct 22, 2012 | 08:21 PM

#15

MP1472

New Members

Joined: Oct 2012

Posts: 38

Likes: 0

Quote:

Originally Posted by korpse88

@phfly

Interesting you suggest Carmax, do you have any experience dealing with those guys? If so, please share. I submitted a quote inquiry to Autotrader.com and some clown from a dealership called me yesterday and offered me $10,500. I told him to screw off

Here's my current specs on the car:

2007 530i
98xxx
Sports Package
Premium Package
Non Nav
Xenon Headlights
Black on Black
Grey Anthracite trim on the inside which is beautiful and in my opinion the best for the black on black color combo.

Other than that it's pretty much stock, from KBB I saw $17,700 for Pristine condition and as low as $16,000 for fair condition. I'm planning to clay bar it and get it detailed inside and out and ready to sell as I assume I can get more value if it looks very nice and clean.

Back to the original question Phfly, any experience dealing with Carmax? What attracts me there is the ease of using them because I've heard it's no BS there

hello im in the car business ill chime in ...carmax will give you a real deal WHOSALE buy bid on the car .. be prepared to to accept thousands of dollars below wholesale book. Any dealer will hit you hard on any euro car with 100k mi because these cars cost a fortune to make right for the lot. even if your car is prestine and mint you will still be hit hard its the price we pay to own these things. you should expect carmax to bid your car 3- 5g back of book depending on condition and yes you should detail it when i trade for a minty fresh looking car i automatically assume that a person that takes care of thier car on the outside also takes care of the proper maintenence, i do put more money in those cars.

Oct 23, 2012 | 11:26 AM

#16

korpse88

Thread Starter

Members

Joined: Mar 2010

Posts: 102

Likes: 0

Thanks MP1472, detailing is definitely a must. Was just looking for some input on that to how important it is in the dealer's eyes. I am thinking about taking it down to Carmax just to see what they'd offer. Auto trader offered me 10k which I thought was absolutely ridiculous. Every dealer within 500 miles has called me. So many that i had to stop answering the phone. Every single one is trying to 'take me' for a ride. Bastages

Oct 23, 2012 | 08:47 PM

#17

MP1472

New Members

Joined: Oct 2012

Posts: 38

Likes: 0

Quote:

Originally Posted by korpse88

i looked at auction reports 12 500 seems to be about the money on the car give or take however id really reccommend you sell this car private party because if its in primo shape you will get the money out of it. Most dealers wont buy a car out right unless its just too good to be true ... if you were trading different story. At carmax its a different story they market the fact you can come in and sell your car to them. id be interested to hear what they offer you.