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      12-01-2013, 11:43 AM   #1
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Buying 335i With Lien With Another Loan?

Bought all my cars with cash so this is new to me.

Found my next car. Private sale. Seller has a lien. I'm buying with a loan.

How does this work?
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      12-01-2013, 12:12 PM   #2
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same as a cash transaction, since it's from a private seller
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      12-01-2013, 12:13 PM   #3
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Your bank (one you are taking the loan out with) will pay off the loan to the lienholder (bank the car is financed through). Normally, lienholder will mail out the title to your new bank where the loan is booked and they will put a new lien on it and you start making your payments to the new bank. Hopefully that makes sense.
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      12-01-2013, 12:47 PM   #4
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Originally Posted by The335Kid View Post
same as a cash transaction, since it's from a private seller
I didn't think it would be, since he wouldn't have the title and I wouldn't technically own the car.
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Originally Posted by klepikovp View Post
Your bank (one you are taking the loan out with) will pay off the loan to the lienholder (bank the car is financed through). Normally, lienholder will mail out the title to your new bank where the loan is booked and they will put a new lien on it and you start making your payments to the new bank. Hopefully that makes sense.
This makes sense. I'd assume I'd have to get some sort of info from the seller and give it to my bank, where they could handle the rest, hopefully? Haha
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      12-01-2013, 01:26 PM   #5
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Just write up a bill of sale
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      12-02-2013, 12:21 PM   #6
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Just write up a bill of sale
My contact at my bank did ask for one, but I said everything was verbal since our sale was contingent on me getting this loan. She seemed to accept that though. Its something I will remember to do once my finances are set.
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      12-02-2013, 12:56 PM   #7
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This is how my process went when i was buying a car from a private seller with lien

1) car has lien
2) verbal agreement b/w buyer and private party to transact
3) private seller paid off the car, got the title from the dmv in his name without lien
4) i applied for my bank loan, got approval, got a check for the price of the car
5) paid the seller for the car using bank check, seller signed title over to me
6) i placed my bank as the lienholder on my title
7) 360 rwhp/402ftlbtq =)
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      12-02-2013, 01:03 PM   #8
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If the seller doesn't have the title and a bank holds it, your bank can work directly with their bank. Basically your bank will pay the other bank off directly, take the title, then give you a check for the difference which you give to the seller. This is assuming that both banks are larger banks and not very small ones.
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      12-02-2013, 01:39 PM   #9
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Quote:
Originally Posted by shadow191 View Post
If the seller doesn't have the title and a bank holds it, your bank can work directly with their bank. Basically your bank will pay the other bank off directly, take the title, then give you a check for the difference which you give to the seller. This is assuming that both banks are larger banks and not very small ones.
I don't see how the size of the bank would matter here.
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      12-02-2013, 02:16 PM   #10
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It matters because if the loan is through a smaller bank, it can take forever for them to process the paperwork and release the title. If the the loan is with Mega Bank 1 and you finance through Mega Bank 2, they both have their own auto finance divisions and can get everything processed within a day or two. You'll even get the cashier's check for the difference overnighted to you.

If the lien is held with a one branch community bank and Jim who handles the auto loans never gets around to processing the title or take 3 weeks, it matters. It can be done with a smaller bank, but if the sale is interstate and involves logistics, it's easier if both banks do this all the time.

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I don't see how the size of the bank would matter here.
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      12-02-2013, 04:10 PM   #11
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Quote:
Originally Posted by shwinturbo View Post
This is how my process went when i was buying a car from a private seller with lien

1) car has lien
2) verbal agreement b/w buyer and private party to transact
3) private seller paid off the car, got the title from the dmv in his name without lien
4) i applied for my bank loan, got approval, got a check for the price of the car
5) paid the seller for the car using bank check, seller signed title over to me
6) i placed my bank as the lienholder on my title
7) 360 rwhp/402ftlbtq =)
#3 is a bit off. For example, if I currently owe $20k on my car and want to sell it. I'm not gonna fork over 20 G's like that (just to get a title without a lien).
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      12-02-2013, 04:35 PM   #12
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Quote:
Originally Posted by Laid Black 335i View Post
#3 is a bit off. For example, if I currently owe $20k on my car and want to sell it. I'm not gonna fork over 20 G's like that (just to get a title without a lien).
makes sense, i guess the previous owner felt comfortable enough paying off whatever he had left
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      12-02-2013, 07:06 PM   #13
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Quote:
Originally Posted by shwinturbo View Post
This is how my process went when i was buying a car from a private seller with lien

1) car has lien
2) verbal agreement b/w buyer and private party to transact
3) private seller paid off the car, got the title from the dmv in his name without lien
4) i applied for my bank loan, got approval, got a check for the price of the car
5) paid the seller for the car using bank check, seller signed title over to me
6) i placed my bank as the lienholder on my title
7) 360 rwhp/402ftlbtq =)
This makes sense when the seller has funds to pay out his loan. No brainer here.
Quote:
Originally Posted by shadow191 View Post
If the seller doesn't have the title and a bank holds it, your bank can work directly with their bank. Basically your bank will pay the other bank off directly, take the title, then give you a check for the difference which you give to the seller. This is assuming that both banks are larger banks and not very small ones.
Difference for what?

Quote:
Originally Posted by shadow191 View Post
It matters because if the loan is through a smaller bank, it can take forever for them to process the paperwork and release the title. If the the loan is with Mega Bank 1 and you finance through Mega Bank 2, they both have their own auto finance divisions and can get everything processed within a day or two. You'll even get the cashier's check for the difference overnighted to you.

If the lien is held with a one branch community bank and Jim who handles the auto loans never gets around to processing the title or take 3 weeks, it matters. It can be done with a smaller bank, but if the sale is interstate and involves logistics, it's easier if both banks do this all the time.
The seller is financed through BMW Financial and I'm going through a large CU here in state. This is a instate transaction too.
Quote:
Originally Posted by Laid Black 335i View Post
#3 is a bit off. For example, if I currently owe $20k on my car and want to sell it. I'm not gonna fork over 20 G's like that (just to get a title without a lien).
This is what his situation actually.
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      12-02-2013, 09:06 PM   #14
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most of the time the buyer and seller go to the bank where the title is being held. Previous owner pays off the bank with new owners check. The title is then signed over by the bank to the new owner,
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      12-03-2013, 11:06 AM   #15
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Between sale price and what's left on note. Unless seller is upside down, the car should sell for more than loan. So bank pays off loan, gives buyer the difference and he gives it to seller when he picks up car.

If it's instate, you should be able to go to a branch and do everything at once. I'm sure BMW Financial has a set procedure in place for this.

I bought mine from NY and I live in GA. So I had to do everything sight unseen until I flew up there. Still pretty simple since the seller had paid off his loan before the sale, my bank ran the VIN and approved the loan, overnighted me a cashier's check, and I took it with me. Inspected the car, gave seller the check and then drove it home. Then got the title transferred over to my bank after I got back.

Quote:
Originally Posted by e90Mark View Post
This makes sense when the seller has funds to pay out his loan. No brainer here.

Difference for what?


The seller is financed through BMW Financial and I'm going through a large CU here in state. This is a instate transaction too.

This is what his situation actually.
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      12-03-2013, 01:55 PM   #16
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Between sale price and what's left on note. Unless seller is upside down, the car should sell for more than loan. So bank pays off loan, gives buyer the difference and he gives it to seller when he picks up car.

If it's instate, you should be able to go to a branch and do everything at once. I'm sure BMW Financial has a set procedure in place for this.

I bought mine from NY and I live in GA. So I had to do everything sight unseen until I flew up there. Still pretty simple since the seller had paid off his loan before the sale, my bank ran the VIN and approved the loan, overnighted me a cashier's check, and I took it with me. Inspected the car, gave seller the check and then drove it home. Then got the title transferred over to my bank after I got back.
Oh okay, I see.

All in all, I got word form my bank that they can handle this.
I was just looking for some insight, because I knew nothing about buying a car this way. (When nobody has the title)

Thanks a lot guys. I'll be in an e90 soon.
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      12-04-2013, 09:31 AM   #17
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OP your gelladuga69 from css.net right?
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      12-04-2013, 10:20 AM   #18
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OP your gelladuga69 from css.net right?
Yes, that's me.
Eccarwiz?
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      12-04-2013, 10:49 AM   #19
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Yes, that's me.
Eccarwiz?
Haha yup thats me. I probably spend more time here than on css.net now only because everytime i go on css it seems their is a new bmw bashing thread.
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      12-04-2013, 10:59 AM   #20
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Haha yup thats me. I probably spend more time here than on css.net now only because everytime i go on css it seems their is a new bmw bashing thread.
True that. I'm gonna be leaving css.net 100% soon. Closing on a car.

Learning a whole new platform again is gonna be fun.

BTW, did you get a PPI done on your car?
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      12-04-2013, 11:05 AM   #21
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True that. I'm gonna be leaving css.net 100% soon. Closing on a car.

Learning a whole new platform again is gonna be fun.

BTW, did you get a PPI done on your car?
congrats dude, you will love it.

I got my car from a dealership and it was a BMW CPO so I didn't get a PPI.
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