by "404 Name Not Found" (404namenotfound)
Published 02/21/2017 at 16:41
by "404 Name Not Found" (404namenotfound)
Published 02/21/2017 at 16:41
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STARS: 1
Looking to buy a e92 M3 in Ohio from a private party. The car is titled in Washington State and the owner has a lien on it. Initially I was going to pay cash for the vehicle. However when I found out that the current owner also has a loan on it, I realized that it would be considerably more complex. Either I would have to pay off the loan, and then the bank in Washington would mail me the title.
Now I’m thinking about going to Chase bank in Ohio and get an auto loan for the vehicle. That way Chase will figure out how to deal with the title situation. Thoughts?
"Cherry_man1" (Cherry_man1)
02/21/2017 at 16:44, STARS: 1
Sounds stupidly complex.
"gawdzillla" (gawdzillla)
02/21/2017 at 16:49, STARS: 0
and you have to figure out how many loan does he ACTUALLY have on the car ...
"Arrivederci" (arrividerci)
02/21/2017 at 16:49, STARS: 1
If the car has a lien from a national bank (like Chase), I’d go to that bank and say you want to buy the car using a loan through them. That’ll make it super-simple - just make sure the loan you’re getting doesn’t have a pre-payment penalty , then pay it off with cash.
"ceanderson920" (ceanderson9290)
02/21/2017 at 16:51, STARS: 0
Find out what bank the loan is at, if it is one of the big banks with a branch near you the title process will be much easier. Just remember if you get a loan through chase you have to pay the interest also.
"E90M3" (e90m3)
02/21/2017 at 16:51, STARS: 0
Is it this one? I realize that place no longer has it for sale.
"fintail" (fintail)
02/21/2017 at 16:52, STARS: 1
Find another car, this isn’t exactly Tucker-rare.
"NojustNo" (front24200)
02/21/2017 at 16:56, STARS: 2
http://oppositelock.kinja.com/how-to-sell-or-buy-a-used-car-which-has-a-lien-the-1777378589
Lehto to the rescue!
"404 Name Not Found" (404namenotfound)
02/21/2017 at 16:58, STARS: 0
That’s correct. Are you familiar with it?
"Tripper" (tripe46)
02/21/2017 at 17:04, STARS: 0
Pretty sports cars with cheap 20's remind me of the suits that furniture salesmen wear.
"E90M3" (e90m3)
02/21/2017 at 17:04, STARS: 0
I’m not, I saw you posted the VIN in another post and found it that way. I was going to try and find the listing to see how much they wanted for it, and suggest some alternatives.
I dug out the paperwork I filled out with Beepi when I sold them my car with a lien on it. I’m about to edit out my personal info then upload them so you can see what I had to fill out.
My only reservation about it is that it is an 08, and I prefer the 09+ because the idrive is miles better in the 09+.
"E90M3" (e90m3)
02/21/2017 at 17:05, STARS: 0
HA! I never thought about it like that. I do not like those rims either.
"Tripper" (tripe46)
02/21/2017 at 17:09, STARS: 0
As others have said, you should be ok if hes financed with a major institution. If it’s not going to be easy, look for another car there are plenty of E9x’s around.
If you get this one, switch those wheels out;)
"E90M3" (e90m3)
02/21/2017 at 17:15, STARS: 0
[Edit] I moved it all to this post:
http://e90m3.kinja.com/1792601457?rev=1487715591156
In case I wanted to remove the documents later.
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:18, STARS: 0
Here is what it looks like now.
https://columbus.craigslist.org/cto/5999488409.html
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:18, STARS: 0
Here is what it looks like now.
https://columbus.craigslist.org/cto/5999488409.html
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:21, STARS: 0
I know, the idrive simply sucks. But overall it’s a clean car, and a pretty decent deal.
"E90M3" (e90m3)
02/21/2017 at 17:24, STARS: 0
It’s not a bad deal, looks much better with the style 359s on it. Any idea if he has the money to pay the car off and get the title?
Or you could avoid the headache and get this: https://www.carmax.com/car/13687923
"Tripper" (tripe46)
02/21/2017 at 17:24, STARS: 0
Much better.
Regarding iDrive. It’s not the end of the world. I had a 2008 E90 with the DVD based iDrive. It is slow, but I barely ever used it...Nav via my phone, no need for music because S65. In addition the MMI in my 2016 Audi isn’t any better.
"Tazio, Count Fouroff" (tazio0625)
02/21/2017 at 17:27, STARS: 0
Knee jerk reaction is the seller seems to expect you to do all the heavy lifting and take on not-insignificant risk just for the privilege of buying his car.
-if you can get another institution like Chase in on it maybe they’ll handle some of the legal stuff and paperwork, plus that transfers some of the transaction risk from you to them, right?
-how attached are you to that particular car? Somewhere probably close by there’s got to be a 50-year-old first owner with an adult-maintained, adult-driven one for sale and the title in his pocket
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:32, STARS: 0
We’ve settled on 26k as the final price. It’s a 5k difference. Let me ask if he can pay off the car.
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:34, STARS: 0
And you can change the controller for about 150 dollars. Which would help. We settled on a price of 26k, thoughts?
"E90M3" (e90m3)
02/21/2017 at 17:37, STARS: 0
Cause if he can pay off the car and get the title basically problem solved, it’d be just like buying a car out of state. He just has to trust you that you’re not going to back out of the deal.
"Klaus Schmoll" (klausschmoll)
02/21/2017 at 17:43, STARS: 0
From what I could understand, this is a 2008 car ONE OWNER FROM NEW and s/he still hasn’t paid it off???? I wouldn’t deal with this can of worms.
"Tripper" (tripe46)
02/21/2017 at 17:43, STARS: 0
Did you/can you have someone who knows the cars do a pre purchase inspection?
And or are you getting an aftermarket warranty?
Are you doing you own wrenching?
I’ve owned two M3's (still own the E46), and neither was cheap. However the E90 was a lot more expensive to upkeep than the E46. I paid $3,600 for an aftermarket warranty and had to use it more than once. That combined with wear parts and oil, I spent around 7k in 18 months.
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:51, STARS: 0
This is the actual listing.
https://columbus.craigslist.org/cto/5999488409.html
"404 Name Not Found" (404namenotfound)
02/21/2017 at 17:53, STARS: 0
I have someone for a PPI. It suggests that it does come with a warranty. I plan on doing my own maintenance as well.
"nermal" (nermal)
02/21/2017 at 18:05, STARS: 0
Why is the car located in OH but not titled in OH? Also, where are you from?
My last vehicle was purchased using financing that I arranged thru a credit union. One of the disclaimers in the loan contract was that I was responsible for making sure that the credit union was listed as a lienholder on the title within 30 days. If they did not receive that, they would convert my loan from a secured auto loan to an unsecured personal loan with a significantly higher interest rate.
"Textured Soy Protein" (texturedsoyprotein)
02/21/2017 at 18:13, STARS: 0
I bought a car with a lien on it from out of state. I took out a loan. In my case, the seller had the same bank as me, and they were upside down on their loan. But the same basic process applies. I’ll put it in terms that do not assume the same bank.
1. Seller paid his bank the difference between the loan and his payoff, to reduce the payoff amount to match the value of my loan. (Assuming your seller is not underwater on their loan you can ignore this step.)
2. Seller filled out a payoff authorization with his bank that authorized my bank to pay off the balance due on the loan and release the title to me.
3. My bank paid the seller’s bank the payoff amount of the loan.
4. Seller’s bank mailed the title to me.
5. I arranged shipping to pick up the car from the seller and deliver the car to me. I used uship.com.
6. I received the car and registered it at my local DMV using the title mailed to me by the seller’s bank.
"404 Name Not Found" (404namenotfound)
02/21/2017 at 18:21, STARS: 0
The owner is from Washington and he got a job in Chicago, however was not able to park the car there. Therefore he was parking the car at his fathers residence in Ohio.
"nermal" (nermal)
02/21/2017 at 18:39, STARS: 1
Sounds fishy.
"Tripper" (tripe46)
02/21/2017 at 18:56, STARS: 0
Sounds like a plan then. I’ve got an expensive but trustworthy inde mechanic in my back pocket for emergencies or jobs I can’t do myself. So I suggest rubbing shoulders with someone like that local to you.
I hope it works out!! I just hit 10 years with my e46. I’ve been very strict with the maintenance which hasn’t been cheap, but it has caused me very few problems. I’m fairly confident that my e90 Belonged to someone who wasn’t so through and I paid the price.
These are super awesome cars. That S65 sounds so good.
"merged-5876237249235911857-hrw8uc" (merged-5876237249235911857-hrw8uc)
02/21/2017 at 22:01, STARS: 0
It could’ve been a lease buyout, otherwise WTF?
"E90M3" (e90m3)
02/22/2017 at 10:10, STARS: 0
That really doesn’t sound that bad. Really the only difficult part is figuring out exactly what paperwork you need to do. I had to sell a car with a lien on it and I was fortunate enough not to have to do any of the paperwork myself.