E90Post
 


The Tire Rack
 
BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > General Automotive (non-BMW) Talk + Photos/Videos > Anyone ever did a private party car purchase that involves financing?



Reply
 
Thread Tools Search this Thread
      09-17-2012, 11:36 AM   #1
Doctor///M
Brigadier General
Doctor///M's Avatar
United_States
1782
Rep
4,216
Posts

Drives: 2023 AUDI RS6
Join Date: Feb 2012
Location: USA

iTrader: (14)

Garage List
2023 Audi RS6 Avant  [0.00]
BMW M2 Competition   [10.00]
2009 BMW 335i  [0.00]
2015 M3  [9.52]
Anyone ever did a private party car purchase that involves financing?

I'm looking into this at the moment, but apparently banks are either
1. Not financing private party transfers
2. Making the process exceedingly long and are asking to take out an unsecured loan (w/ 11%+ interest for A+ credit ) until the title/reg documents are verified before securing a low-interest auto loan (<3%).

Credit unions aren't any better. Any insight to avoid taking out two separate loans for option 2 will be appreciated. Thanks!
__________________
2020 F87 M2 Competition /l\ LBB /i\ Executive Package
2013 E70 X5M /l\ Space Grey /i\ Full Silverstone Leather /l\ LED Headlights /i\ Comfort Access /l\ HUD /i\ Ventilated Seats /l\ 22" BBS SV
BMW CCA Member
Appreciate 0
      09-17-2012, 12:01 PM   #2
KingOfJericho
Major General
KingOfJericho's Avatar
United_States
2452
Rep
7,341
Posts

Drives: Yes
Join Date: Aug 2007
Location: CT

iTrader: (1)

Garage List
2010 135i Coupe  [5.26]
Should be a pretty easy process. I sold my GTI to a guy who financed through a credit union. Was fast and easy.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.

2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold
Appreciate 0
      09-17-2012, 12:49 PM   #3
Sniz
Lieutenant General
Sniz's Avatar
648
Rep
10,587
Posts

Drives: e92 335 - gone // e36 M3 turbo
Join Date: Mar 2007
Location: Ellicott City, MD

iTrader: (1)

I sold a camry hybrid to a guy with financing. I had to pay off my loan in order to have clear title then I was able to sell to him.
__________________
Appreciate 0
      09-17-2012, 01:11 PM   #4
Doctor///M
Brigadier General
Doctor///M's Avatar
United_States
1782
Rep
4,216
Posts

Drives: 2023 AUDI RS6
Join Date: Feb 2012
Location: USA

iTrader: (14)

Garage List
2023 Audi RS6 Avant  [0.00]
BMW M2 Competition   [10.00]
2009 BMW 335i  [0.00]
2015 M3  [9.52]
Quote:
Originally Posted by KingOfJericho View Post
Should be a pretty easy process. I sold my GTI to a guy who financed through a credit union. Was fast and easy.
Did you accompany him to the bank? or just the Tax office to do the title transfer?
__________________
2020 F87 M2 Competition /l\ LBB /i\ Executive Package
2013 E70 X5M /l\ Space Grey /i\ Full Silverstone Leather /l\ LED Headlights /i\ Comfort Access /l\ HUD /i\ Ventilated Seats /l\ 22" BBS SV
BMW CCA Member
Appreciate 0
      09-17-2012, 01:12 PM   #5
Doctor///M
Brigadier General
Doctor///M's Avatar
United_States
1782
Rep
4,216
Posts

Drives: 2023 AUDI RS6
Join Date: Feb 2012
Location: USA

iTrader: (14)

Garage List
2023 Audi RS6 Avant  [0.00]
BMW M2 Competition   [10.00]
2009 BMW 335i  [0.00]
2015 M3  [9.52]
Quote:
Originally Posted by Sniz View Post
I sold a camry hybrid to a guy with financing. I had to pay off my loan in order to have clear title then I was able to sell to him.

Yup, figure that much. The car I'm looking into was paid off, but I heard that it can get messy when there are other financing terms involved with the seller.
__________________
2020 F87 M2 Competition /l\ LBB /i\ Executive Package
2013 E70 X5M /l\ Space Grey /i\ Full Silverstone Leather /l\ LED Headlights /i\ Comfort Access /l\ HUD /i\ Ventilated Seats /l\ 22" BBS SV
BMW CCA Member
Appreciate 0
      09-17-2012, 04:51 PM   #6
DSB335d
Captain
1321
Rep
700
Posts

Drives: '11 335d DSB/oyster&black/navi
Join Date: Dec 2011
Location: West palm beach

iTrader: (0)

A guy I know went through state farm bank to get a loan to purchase his e46 M3 from a private seller. Pretty painless, although the sellers bank took about a month before they released the title!!
Appreciate 0
      09-17-2012, 05:31 PM   #7
b00st
Private First Class
United_States
5
Rep
163
Posts

Drives: 2009 AW 135i
Join Date: Feb 2011
Location: Michigan

iTrader: (0)

I've purchased my last 2 cars from out of state private parties using financing, and I've sold my last 3 to people who were financing from out of state. It's pretty painless usually. They make you jump through a few hoops, and each bank has their own rules, but if you talk to someone who knows what they are talking about, they should be able to tell you the best way to do it. A lot of time it just involves the bank verifying funds from the purchaser's bank, and having a copy of the title faxed to them.
__________________
'09 AW 135i 6MT - JB4 + E85 + meth - Sold

'12 Black Diamond CTS-V Sedan - Stock for now
Appreciate 0
      09-17-2012, 07:47 PM   #8
Doctor///M
Brigadier General
Doctor///M's Avatar
United_States
1782
Rep
4,216
Posts

Drives: 2023 AUDI RS6
Join Date: Feb 2012
Location: USA

iTrader: (14)

Garage List
2023 Audi RS6 Avant  [0.00]
BMW M2 Competition   [10.00]
2009 BMW 335i  [0.00]
2015 M3  [9.52]
Quote:
Originally Posted by ***** View Post
I've purchased my last 2 cars from out of state private parties using financing, and I've sold my last 3 to people who were financing from out of state. It's pretty painless usually. They make you jump through a few hoops, and each bank has their own rules, but if you talk to someone who knows what they are talking about, they should be able to tell you the best way to do it. A lot of time it just involves the bank verifying funds from the purchaser's bank, and having a copy of the title faxed to them.
Thanks, that is a little more reassuring.
__________________
2020 F87 M2 Competition /l\ LBB /i\ Executive Package
2013 E70 X5M /l\ Space Grey /i\ Full Silverstone Leather /l\ LED Headlights /i\ Comfort Access /l\ HUD /i\ Ventilated Seats /l\ 22" BBS SV
BMW CCA Member
Appreciate 0
      09-17-2012, 07:48 PM   #9
Doctor///M
Brigadier General
Doctor///M's Avatar
United_States
1782
Rep
4,216
Posts

Drives: 2023 AUDI RS6
Join Date: Feb 2012
Location: USA

iTrader: (14)

Garage List
2023 Audi RS6 Avant  [0.00]
BMW M2 Competition   [10.00]
2009 BMW 335i  [0.00]
2015 M3  [9.52]
Quote:
Originally Posted by DSB335d View Post
A guy I know went through state farm bank to get a loan to purchase his e46 M3 from a private seller. Pretty painless, although the sellers bank took about a month before they released the title!!
Yeah, I don't think I'll be up for it if there are liens tied to the seller... seems like an additional headache to have to track when you've signed that big check over to the receiving party.
__________________
2020 F87 M2 Competition /l\ LBB /i\ Executive Package
2013 E70 X5M /l\ Space Grey /i\ Full Silverstone Leather /l\ LED Headlights /i\ Comfort Access /l\ HUD /i\ Ventilated Seats /l\ 22" BBS SV
BMW CCA Member
Appreciate 0
      09-18-2012, 12:42 PM   #10
flyinb501
Captain
72
Rep
627
Posts

Drives: 2009 E90 335i
Join Date: Nov 2007
Location: Minneapolis, MN

iTrader: (1)

Never had a problem. The bank issues you a cashiers check for the the purchase price, and that's that.
Appreciate 0
      09-18-2012, 02:49 PM   #11
KingOfJericho
Major General
KingOfJericho's Avatar
United_States
2452
Rep
7,341
Posts

Drives: Yes
Join Date: Aug 2007
Location: CT

iTrader: (1)

Garage List
2010 135i Coupe  [5.26]
It took one week for him to cut the check, check to clear, pay off my lien, and obtain the title. It was a very smooth process.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.

2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold
Appreciate 0
      09-18-2012, 07:57 PM   #12
son_of_siggy
Lieutenant
15
Rep
432
Posts

Drives: CTS-V
Join Date: Jul 2011
Location: United States

iTrader: (0)

Banks and credit unions do this hundreds of times a day. Super common and should not be an issue.
Appreciate 0
      09-18-2012, 10:29 PM   #13
blutattoo
First Lieutenant
22
Rep
380
Posts

Drives: 2012 135i
Join Date: Jun 2012
Location: Sacramento

iTrader: (1)

Garage List
2012 BMW 135i  [0.00]
When I bought my car I shopped the financing online first before I bought the car. The bank sent me a check worth up to a certain amount which I could use to finance any car built after 2004 with the interest rate varying based on the year of the car. Made it very easy to buy a car, just like I had cash. I ended up buying a new car, but I could have bought anything. As for the private party having a lien I'm not sure how that would work I suppose your lender would be the best one to ask as each one would have different underwriting guidelines.
Appreciate 0
      09-19-2012, 12:15 AM   #14
son_of_siggy
Lieutenant
15
Rep
432
Posts

Drives: CTS-V
Join Date: Jul 2011
Location: United States

iTrader: (0)

If they have a lien its still easy. You go to their title holder with them and hand them the check/cash. They give the seller what is left over after their lien is paid, and help fill out the title paperwork in your name. Done it 3-4 times that way without issue.
Appreciate 0
      09-19-2012, 10:41 AM   #15
Doctor///M
Brigadier General
Doctor///M's Avatar
United_States
1782
Rep
4,216
Posts

Drives: 2023 AUDI RS6
Join Date: Feb 2012
Location: USA

iTrader: (14)

Garage List
2023 Audi RS6 Avant  [0.00]
BMW M2 Competition   [10.00]
2009 BMW 335i  [0.00]
2015 M3  [9.52]
Quote:
Originally Posted by flyinb501 View Post
Never had a problem. The bank issues you a cashiers check for the the purchase price, and that's that.
Quote:
Originally Posted by KingOfJericho View Post
It took one week for him to cut the check, check to clear, pay off my lien, and obtain the title. It was a very smooth process.
Quote:
Originally Posted by son_of_siggy View Post
Banks and credit unions do this hundreds of times a day. Super common and should not be an issue.
Quote:
Originally Posted by blutattoo View Post
When I bought my car I shopped the financing online first before I bought the car. The bank sent me a check worth up to a certain amount which I could use to finance any car built after 2004 with the interest rate varying based on the year of the car. Made it very easy to buy a car, just like I had cash. I ended up buying a new car, but I could have bought anything. As for the private party having a lien I'm not sure how that would work I suppose your lender would be the best one to ask as each one would have different underwriting guidelines.

Quote:
Originally Posted by son_of_siggy View Post
If they have a lien its still easy. You go to their title holder with them and hand them the check/cash. They give the seller what is left over after their lien is paid, and help fill out the title paperwork in your name. Done it 3-4 times that way without issue.

Thanks guys, really appreciate the input

This is the first time I'm buying private party, so just wanted to see what considerations I needed to make, if any.
__________________
2020 F87 M2 Competition /l\ LBB /i\ Executive Package
2013 E70 X5M /l\ Space Grey /i\ Full Silverstone Leather /l\ LED Headlights /i\ Comfort Access /l\ HUD /i\ Ventilated Seats /l\ 22" BBS SV
BMW CCA Member
Appreciate 0
      09-19-2012, 11:17 AM   #16
Augenbrauezug
Captain
Augenbrauezug's Avatar
69
Rep
658
Posts

Drives: mk6 GTI
Join Date: Oct 2010
Location: Denton

iTrader: (1)

I financed a project car once through Statefarm bank. Was super easy and painless, probably helped that I worked there though.
__________________
Bimmer-less ATM
Quote:
Originally Posted by JayKay335i View Post
Straight PIITB. Then eat dumplings.
Appreciate 0
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 05:38 PM.




e90post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST