Car title Help! 2004 BMW M3?
I am buying a car from a private seller and he wants me to pay his debt from BMW USA first so that they can release his title. The problem is the title is still going to be under his name after BMW releases it. I tried going though a bank but did not got approved. He has agreed on a notarized bill of sale and specific power of attorney for the car registration. Anyways he can still revoke his power of attorney. Is there any safe way to buy this car? Thanks for your comments.
It is 2004 BMW M3
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I ran into this problem 2 different times when I was buying a car from an individual who had financed it with BMW Financial. They are almost impossible to work with. The first time I had to send the seller my check for the car and he kept the car for 10 days until BMW Financial released the car title to him. Even though I lived 500 miles from the seller and did not know him, I trusted him and everything turned out fine.
On the second transaction, the seller got fed up with BMW Financial and paid his local BMW dealer $200 to handle the sale for us.
Your seller is probably trustworthy. BMW Financial will make anyone who buys a car for them jump through hoops if they do not sell the car through the dealer.
The bill of sale sounds good but you need to consult with a lawyer.
Sounds like a scam to me.
The ONLY way to pay off someones car loan is to do it in person, with the seller there, at the financial institution. They sign the title, you hand over a cashiers check payable to the institution, you get the title and keys and leave with your car.
NO NO NO NO NO
A bill of sale is worthless.
You need the title!!!!
Run while you still can