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  #1  
Old 10-20-2014, 05:53 PM
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Location: San Diego
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Need advice - buying a BMW from a seller with a lien.

It is a high end car with $$$. A finance house in Chicago holds the loan/lien so cannot pay off in person with seller. So what would you guys recommend? I know it is complicated and I want to protect myself.

thanks.

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Not MBZ nor A/C trained professional but a die-hard DIY and green engineer. Use the info at your own peril. Picked up 2 Infractions because of disagreements. NOW reversed.

W124 Keyless remote, PM for details. http://www.peachparts.com/shopforum/mercedes-used-parts-sale-wanted/334620-fs-w124-chasis-keyless-remote-%2450-shipped.html

1 X 2006 CDI
1 x 87 300SDL
1 x 87 300D
1 x 87 300TDT wagon
1 x 83 300D
1 x 84 190D ( 5 sp ) - All R134 converted + keyless entry.
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  #2  
Old 10-20-2014, 06:17 PM
TylerH860's Avatar
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Join Date: Aug 2007
Location: Wichita, Ks
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No way to do this without a bit of trust both ways

You need to call the bank and verify the payoff and the per-diem charge.

One check goes to the lienholder.

Difference goes to the seller and the vehicle is in your possession. The Kansas tag office has a protocol/paperwork for this type of situation with transfer of ownership. Not sure on your state.

Bill of sale contract with the terms. If the seller is a professional, well established individual you don't have to worry about getting screwed.

If you are getting a loan yourself, this will be harder to get done.
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  #3  
Old 10-20-2014, 06:29 PM
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thanks for the prompt feedback. It will be by cashier check or wire transfer, no loan. The issue is that the lien holder will send the title to seller, NOT me. The lien holder would not release the title to me. I need to trust the seller to sign off to me. I may have the car and a bill of sale. What stops the seller not signing off the title. In the mean time, can I drive the car legally?
__________________
Not MBZ nor A/C trained professional but a die-hard DIY and green engineer. Use the info at your own peril. Picked up 2 Infractions because of disagreements. NOW reversed.

W124 Keyless remote, PM for details. http://www.peachparts.com/shopforum/mercedes-used-parts-sale-wanted/334620-fs-w124-chasis-keyless-remote-%2450-shipped.html

1 X 2006 CDI
1 x 87 300SDL
1 x 87 300D
1 x 87 300TDT wagon
1 x 83 300D
1 x 84 190D ( 5 sp ) - All R134 converted + keyless entry.
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  #4  
Old 10-20-2014, 07:08 PM
TylerH860's Avatar
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Join Date: Aug 2007
Location: Wichita, Ks
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Quote:
Originally Posted by ah-kay View Post
thanks for the prompt feedback. It will be by cashier check or wire transfer, no loan. The issue is that the lien holder will send the title to seller, NOT me. The lien holder would not release the title to me. I need to trust the seller to sign off to me. I may have the car and a bill of sale. What stops the seller not signing off the title. In the mean time, can I drive the car legally?
Depends on your state. In Kansas, you can get a temporary permit if you go down to the tag office with some paperwork.

The plates and registration stay with the car in California, but I'm not familiar with how they operate. I believe on the title it states that you have 30 days to transfer registration. That should give enough time for all this to take place.

Does the seller have the title with the lien on it, or is California and title holding state when the lien is on it?
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1985 500SL Euro w/ AMG bits 130k
1984 300SD Turbodiesel 192k
1980 240D Stick China 188k
2001 CLK55 AMG 101k
2007 S600 Biturbo 149k Overheated Project, IT'S ALIVE!!!
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  #5  
Old 10-20-2014, 07:39 PM
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How well do you know the seller?
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  #6  
Old 10-20-2014, 07:47 PM
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Quote:
Originally Posted by kerry View Post
How well do you know the seller?
From CL. Good enough?? I trust them but that is not the point.
__________________
Not MBZ nor A/C trained professional but a die-hard DIY and green engineer. Use the info at your own peril. Picked up 2 Infractions because of disagreements. NOW reversed.

W124 Keyless remote, PM for details. http://www.peachparts.com/shopforum/mercedes-used-parts-sale-wanted/334620-fs-w124-chasis-keyless-remote-%2450-shipped.html

1 X 2006 CDI
1 x 87 300SDL
1 x 87 300D
1 x 87 300TDT wagon
1 x 83 300D
1 x 84 190D ( 5 sp ) - All R134 converted + keyless entry.
Reply With Quote
  #7  
Old 10-21-2014, 01:55 AM
Jim B.'s Avatar
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Location: N. California./ N. Nevada
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I personally would avoid this, as there are WAAAAAAY too many traps for an
honest but relatively unwary buyer that may abound in these kinds of situations.
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  #8  
Old 10-22-2014, 12:41 AM
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I have purchased items with a lien before. Just paid the differance and with held the lien amount to pay it out ourselves. A seller with no scam in mind should not object.

I would never advance the money to pay off the lien to the sellar. This is in Canada though where it may be a little differant. Anyways I never got bitten by this approach.

Now if you are going to finance the item may become a little more involved.
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  #9  
Old 10-22-2014, 08:19 PM
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Join Date: Mar 2009
Location: San Diego
Posts: 3,158
Bought the car today and is now in the garage. It is a 2010 BMW 335d diesel. The acceleration between 70 to 100 is impressive. We first had the bill of sale signed and notarized. Then gave them the cashier check and sent it overnight to lender at UPS together. All is well.
__________________
Not MBZ nor A/C trained professional but a die-hard DIY and green engineer. Use the info at your own peril. Picked up 2 Infractions because of disagreements. NOW reversed.

W124 Keyless remote, PM for details. http://www.peachparts.com/shopforum/mercedes-used-parts-sale-wanted/334620-fs-w124-chasis-keyless-remote-%2450-shipped.html

1 X 2006 CDI
1 x 87 300SDL
1 x 87 300D
1 x 87 300TDT wagon
1 x 83 300D
1 x 84 190D ( 5 sp ) - All R134 converted + keyless entry.
Reply With Quote
  #10  
Old 10-23-2014, 04:07 PM
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Location: Oakville, Ontario, Canada
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Some options (I know I'm too late but thought I'd point them out for people in the future)

1. Pay a lawyer to handle the transaction.. shouldn't be expensive since it's just writing of cheques and a 1pg agreement. You send him all the funds, he pays the lienholder (and hangs on to the funds that are due to the seller).

Lienholder sends LAWYER the title and the seller goes in his office to sign off on it. Once lienholder signs off on the title, he gets his money from the lawyer.

Lawyer sends you the completed title. No risk on your end as the lawyer is handling it all.


2. Iron-clad written agreement (probably reviewed by a lawyer if possible) saying that you are paying the lienholder, they will ship the title to the seller, and seller agrees to sign off to you.

In either case, I've done the title paperwork separate from holding the key. If you are in the same town, agree that you will send funds to the lienholder with the seller standing right there (you both go together to your bank, get a cashiers' check, and courier it to the lienholder) then the seller gives you the keys. You drive home in the new car but park it in your garage (don't drive it anywhere). It stays in YOUR possession till the paperwork is done.

I know they can always repossess it, come get it (assuming you didn't park it elsewhere without telling them ), or possibly do something else. But it helps take away any risk of funny business that the seller could pull.

I have also found that some lienholders have a local office, and have driven there with the seller and did the transaction in person. You can always call and see if they use a local office/lawyer/title company in your town, then approach that individual/company and see if they will facilitate this transfer.

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