Da_Meister_22

Hey guys I was wondering if I want to sell my car but I still owe money for the purchase of the car, how would i go about that. Do i wait until i finish paying my car? Does the new owner finish paying it off? Should I sell the car and with that money pay the difference? Idk how this is done, so please any of you guys that have done it pls pitch in.

bha7176

Sell it and pay off any remaining loan balance. The title processing place will take care of all the paperwork for you.

This isn't a joke post, right?

Gene

nope, last post I read from the OP in another thread looks like he's getting the 550

pukka

Are you upside down on the car's sale value (Do you owe more on the loan than what you are selling the car for?)

If no, then sell the car and pay off the loan with the profit. The bank won't release its lien and the title until its paid in full.

If yes, then be prepared to pay the difference up front. Without the title and a lien release from the bank the buyer can't take ownership. Good luck.

Da_Meister_22

I have it financed with BMW financial, and I owe like 10K. I bought the car for 36K. Im planning on getting a 2006 550i, craving more power...lol. And I might get it in AW or Black.

So from what you guys have told me is better to sell it first, and with that money then pay off what I have left? Then with the left over money buy the new car and finance the rest with another back (ex Bank of America)

Alpine White Girl

this is very simple.

you owe 10k
you sell the car for 18k
you pay the 10k you owe (pay to bank who has your loan)
you pocket the 8k for the next car

end of story.

mrich1353

A call to BMW Financial Services might help.
Each state may vary, but selling a vehicle privately that has the title held by anyone but maybe a local bank or CU is challenging.
As someone mentioned earlier, you CANNOT transfer ownership without the title; the new owner will not likely give you money unless he or she gets title...chicken & egg!
The new owner cannot take possession (unless you trust them and they agree to drive a vehicle in your name with your plates under your insurance - they could trash and hand back to you) or insure the vehicle without a title. Unless the buyer really trusts you, they will not likely give you money, then wait for delivery and transfer.
I had the buyer on 2006 lined up; then had to use personal funds to pay off BMW Financial to have title in hand when my buyer turned over their cashiers check.

pukka

Finance your new car with the bank that will give you the best loan rate - if it's BMW financial again, then so be it.

Unless you can afford and/or don't mind making two car and insurance payments every month, don't buy the new car until you sell the old one.

It's not too difficult - if you are sure of a buyer (if I were you I'd have a cash deposit from the buyer as a hold fee), then ask your bank to fax or email a Loan Payoff statement. Once you get this document, immediately send it to the buyer who should submit it to his bank (assuming he/she already has an approved loan). This sets up communication between both banks to ensure title/lien and account information are accurate. The buyer's bank will then prepare two certified checks - one to your bank for the loan payoff and the other to you for the remainder of the sale price. Both you and the seller sign both checks and sale documents. You keep your check, the other check and sale documents go directly to your bank for processing, and the buyer gets the car. A few weeks later you will get a loan payoff letter from your bank officially closing the transaction.

The buyer's bank may be willing to have both of you meet with one of their loan officers to make sure everything is done right.

Da_Meister_22

what you guys think about this?
07 550i AW

Persian_535i

AW White or Sapphire Metallic man, those colors destroy and decimate all others.
The price is not bad not a steal either though, but what options does the car come with? It's pretty vague on the description
Also check out the carfax, its got 20 records. That's obviously something you already know to check into though.