Private Sale

HVYWGHT · 03-08-2011, 08:19 PM

Hi,
I was wondering how it works if you sell a car privately but still owe on it. I'm going to sell my 2006 325i and could get more than just trading it. The only thing is that I still owe on it.

How do I sell to a private buyer when the bank still has the title?

Thanks for your help!

e92iy790 · 03-08-2011, 08:43 PM

Basicallly, you have to pay the bank the money you owe once you get a buyer for the car and you keep the difference. Then once they give you the title you can ship it to the buyer

masamune · 03-17-2011, 03:06 PM

I was also questioning this. Is it possible to have the buyer pay you, then you use their funds to pay off the loan?

reddemon73 · 03-17-2011, 06:08 PM

I recently sold my 08 G37 to a private party cause the dealership was low balling me on my car. I had to pay off the bank to get the title. I helped out the guy buying my car with taxes by having the BMW handle the transaction. He was trading in an 2010 BMW 328. I was able to make $2.5k extra on the private sales versus trade in.

mikracer · 03-18-2011, 12:16 PM

If the person buying your car is paying cash (not using a bank to finance) then you will either need to payoff the loan and get title in hand, or the buyer has to REALLY trust that you wont take their money and leave. Any bank who has the lien to your car will release the title to the title holder only. That means if the buyer pays the bank directly, the bank will still only release the title to the person on title. If its a local bank (im assuming its BMWFS), then you both can go in and payoff the loan and get title together.

If the buyer is using a bank to finance this car, then its actually a little easier. The buyers bank will call your bank and request the 10 day payoff. The buyers bank will do all the necessary paperwork and wire funds to your bank. Your bank then sends title directly to the buyers bank and everything is done.

03-08-2011, 08:19 PM	#1
HVYWGHT Private First Class 5 Rep 115 Posts Drives: 2011 BMW 328i xDrive 6MT Join Date: Jul 2007 Location: Canton, MA iTrader: (0) Garage List 2018 BMW X5 xDrive35i [0.00] 2011 BMW 328i xDrive [0.00]	Private Sale Hi, I was wondering how it works if you sell a car privately but still owe on it. I'm going to sell my 2006 325i and could get more than just trading it. The only thing is that I still owe on it. How do I sell to a private buyer when the bank still has the title? Thanks for your help! __________________ -'11 BMW 328i xDrive (E90): Titanium Silver, Black, 6MT!!; 7/19- -'21 BMW X7 xDrive40i (G07): Black Saphire, Beige; 4/21- -'20 BMW X5 xDrive40i (G05): Black Saphire, Black; 11/22- -'12 BMW 328i (E91): Tasman Green, Oyster, 6AT; 6/12-4/17 -'04 MINI Cooper (R50): Indi Blue w/White Top, Black, 5MT; 1/04-
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03-08-2011, 08:43 PM	#2
e92iy790 Second Lieutenant 15 Rep 247 Posts Drives: 2012 Bmw M3 Coupe ZCP Join Date: Sep 2010 Location: allendale, nj iTrader: (0)	Basicallly, you have to pay the bank the money you owe once you get a buyer for the car and you keep the difference. Then once they give you the title you can ship it to the buyer
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03-17-2011, 03:06 PM	#3
masamune Member 6 Rep 139 Posts Drives: 2011 M3 Join Date: Oct 2009 Location: FL iTrader: (0)	I was also questioning this. Is it possible to have the buyer pay you, then you use their funds to pay off the loan?
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03-17-2011, 06:08 PM	#4
reddemon73 Major 103 Rep 1,392 Posts Drives: 2014 BMW 435 Join Date: Jan 2008 Location: Seattle iTrader: (1)	I recently sold my 08 G37 to a private party cause the dealership was low balling me on my car. I had to pay off the bank to get the title. I helped out the guy buying my car with taxes by having the BMW handle the transaction. He was trading in an 2010 BMW 328. I was able to make $2.5k extra on the private sales versus trade in.
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03-18-2011, 12:16 PM	#5
mikracer First Lieutenant 13 Rep 344 Posts Drives: '08 335i sedan Join Date: Jan 2010 Location: CA iTrader: (0)	If the person buying your car is paying cash (not using a bank to finance) then you will either need to payoff the loan and get title in hand, or the buyer has to REALLY trust that you wont take their money and leave. Any bank who has the lien to your car will release the title to the title holder only. That means if the buyer pays the bank directly, the bank will still only release the title to the person on title. If its a local bank (im assuming its BMWFS), then you both can go in and payoff the loan and get title together. If the buyer is using a bank to finance this car, then its actually a little easier. The buyers bank will call your bank and request the 10 day payoff. The buyers bank will do all the necessary paperwork and wire funds to your bank. Your bank then sends title directly to the buyers bank and everything is done.
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