Process of selling a car that has a lien

fizzerd · 01-08-2013, 09:30 AM

Want to sell my car privately as I can get the most buck compared to a trade-in. Is it possible to have the cheque paid to BMW Canada and myself? Has anyone done this before?

Thanks.

Volasko · 01-08-2013, 10:12 AM

When I bought my car, the seller was in the same situation as you. Basically after I sent him my certified cheque for the total amount he had to pay off BMW right away (with another certified cheque, important to get it cleared right away). Once he did that I got BMW to send me a letter proving it was cleared. Once I got this letter I could then register the vehicle with MTO.

I don't necessarily know if this is HOW it must be done, just sharing my experience.

dzlmoose · 01-08-2013, 11:25 AM

I recently sold a BMW that had a lien and I did something very similar to what Volasko did.

If you have a good relationship with a BMW dealership the business manager might be able to also help you.

Are you buying another BMW from a dealership?

fizzerd · 01-08-2013, 12:36 PM

Quote:

Originally Posted by dzlmoose

I recently sold a BMW that had a lien and I did something very similar to what Volasko did.

If you have a good relationship with a BMW dealership the business manager might be able to also help you.

Are you buying another BMW from a dealership?

I want to but the dealer is giving me a trade-in value that is 6k less that my amount owed which basically means i have to pay 6k out of pocket.

Zebra99 · 01-08-2013, 03:36 PM

Quote:

Originally Posted by fizzerd

Quote:

Originally Posted by dzlmoose

I recently sold a BMW that had a lien and I did something very similar to what Volasko did.

If you have a good relationship with a BMW dealership the business manager might be able to also help you.

Are you buying another BMW from a dealership?

I want to but the dealer is giving me a trade-in value that is 6k less that my amount owed which basically means i have to pay 6k out of pocket.

Tell them to shove it lol that's ridiculous. Most of our cars are worth slightly more then the loan.

Seeing as how you are buying another vehicle the least they could do for you is break even on your old one and make their profit on the new sale.

Edit: co-payable Chq to you and BMW might also work.

thung_mail · 01-08-2013, 11:39 PM

Quote:

Originally Posted by Zebra99

Tell them to shove it lol that's ridiculous. Most of our cars are worth slightly more then the loan.

Seeing as how you are buying another vehicle the least they could do for you is break even on your old one and make their profit on the new sale.

Edit: co-payable Chq to you and BMW might also work.

+1

01-08-2013, 09:30 AM	#1
fizzerd Captain 37 Rep 714 Posts Drives: 328i Join Date: May 2007 Location: Canada iTrader: (11)	Process of selling a car that has a lien Want to sell my car privately as I can get the most buck compared to a trade-in. Is it possible to have the cheque paid to BMW Canada and myself? Has anyone done this before? Thanks.
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01-08-2013, 10:12 AM	#2
Volasko Colonel 704 Rep 2,602 Posts Drives: 06 330i E90, 18 530xe G30 Join Date: Dec 2010 Location: Toronto iTrader: (2) Garage List 2018 BMW 530e M Sport [9.00] 2006 BMW E90 330i [8.28]	When I bought my car, the seller was in the same situation as you. Basically after I sent him my certified cheque for the total amount he had to pay off BMW right away (with another certified cheque, important to get it cleared right away). Once he did that I got BMW to send me a letter proving it was cleared. Once I got this letter I could then register the vehicle with MTO. I don't necessarily know if this is HOW it must be done, just sharing my experience.
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01-08-2013, 11:25 AM	#3
dzlmoose Lieutenant 122 Rep 541 Posts Drives: Trek 7.2, 2001 M5 Join Date: Jun 2012 Location: Toronto, Canada iTrader: (0)	I recently sold a BMW that had a lien and I did something very similar to what Volasko did. If you have a good relationship with a BMW dealership the business manager might be able to also help you. Are you buying another BMW from a dealership?
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