Buying a car help! BMW M3 title problem?
there is a private seller who has his car financed from BMW USA. He wants me to pay off his debt. The title is with BMW Finance. So after paying off they will mail him the title under his name. He will transfer me the title within a week after he receives it. I can make him sign bill of sale at the time when i pay him off but I still think I am not on safer side. If any suggestion would be appreciated. Car is 05 BMW M3
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I would not do this unles you know and trust the guy completly! And even then would still be leary!! What if you did something to make him mad or he just up and changed his mind. He can take the car from you and there is nothing you can do about it b/c its in his name! Heck he can even report it stolen! I wouldn;t do it if i was you! Try to get a loan yourself to finance the car. That way everythingis legit!
Call bmw and ask them. You might be able to put a lien on it.
he should be able to Transfer the debt to you though BMW finance then you can just pay it off After then it will be in your name already, i am not sure how BMW finance works but i did it with Nissan a couple years ago. You will have to re fi the car then pay it off though so you will have to have the credit to finance the remainder of the debt. I would call BMW Finance and see what is involved with transferring the car.
http://fs.bmwusa.com/bmwfspulp/
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I wouldn’t do it either Unless you know and totally trust this guy. PLus calll up BMW and see what they have to say.
There is only one way to do this and that is to get your own loan and pay it off yourself. you can even lower the cost of the sale if you finance it yourself, then you will have credit built up in your name and not his. call and get the inn’s and outs of this car from a finance company you might be able to save yourself a lot of headache.
Bill of sale means absolutely nothing legally. I can write you a bill of sale on a 2009 Cadillac if you would like. Once you pay off his debt, he can thank you, and drive away in HIS car in HIS name. You have no assurance he will follow through and sign it over to you once you pay it off.
Alternative method would be to go to the bank with him, talk to the bankers, have him sign off on the title to you before you pay off his car. If he’s not willing to do that, keep your wallet tightly closed.
Skip and find a BMW M3 at a reputable dealership.