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Here's how I did it (more) (archive)

[ Follow Ups ] [ E36 M3 Message Board ] [ Msg. Board FAQ ]

Posted by Powered on June 20, 2000 at 20:48:11:

In Reply to: ? on title transfer when buying a used car posted by Peter Counts on June 20, 2000 at 19:52:20:

You concern seems to be that you will have the car but it won't be registered. That's actually ok, you can drive it while it's still registered to the previous owner. Give him the money and take the car. He will have to take the money and pay off the loan and then transfer the title in his name. Then the new title in his name will have to be signed over to you by him. I worked with my local Tag and Title office and BMW finance to do this personally. Just make sure you bang out a contract with the seller which states he will pay of the title AND ALL NESCERRARY FEES AND TAXES neccessary to then legally transfer the title and ownership to you immediatly upon his reciept of the funds.

Make sure he knows that he will have to pay taxes. My seller didn't and only sold it for $1,500 above trade in/cash out value. Unfortunately after his taxes he lost money. He tried not to pay it and to get me to pay it, but he signed the agreement so he was stuck losing money to sell me the car. I would feel sorry if he wasn't such a Prick about it. But I did get a Mindt 97 LUX M3 valued at $40k for $32.9 : )


: Here is the situation. I am getting ready to buy a used M3. The seller needs to payoff the loan before the bank will release the title (makes since). How do I register the car without a title? I live in VA and he lives in PA. Also I am paying cash for the car, but I am getting a loan to payoff my high interest student loan. My bank will not give me the check until they have the title. I do have 3 other cars that are paid for. Can anyone solve this chicken and egg mystery for us.

: thanks

: Peter

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