Private party car deal today w/ title at credit union

[traquer]

Looking at a nice BMW today, owner bought it CPO 2 years ago. He has a loan on it with his credit union but just paid it of. He won't have the title in hand for a few more weeks though since it's an "electronic title" and they don't have anything physical to give him. Stupid I know.

I am paying cash. Is it enough to do form 227 (Application for Duplicate or Transfer of Title) and send that in? Or do we do a bill of sale, and when he gets his pink slip in the mail he fills it out and mails me the title portion?

 

[ka0tyk]

the credit union owns the car until HE retitles it in his name. you'll need to obtain the title from the credit union signed off and then you can transfer it in your name, duplicate title does nothing as he's "selling" the car but he technically doesnt own it.

 

[lbhsbz]

Looking at a nice BMW today, owner bought it CPO 2 years ago. He has a loan on it with his credit union but just paid it of. He won't have the title in hand for a few more weeks though since it's an "electronic title" and they don't have anything physical to give him. Stupid I know.

I am paying cash. Is it enough to do form 227 (Application for Duplicate or Transfer of Title) and send that in? Or do we do a bill of sale, and when he gets his pink slip in the mail he fills it out and mails me the title portion?

Call his credit union and ask them how best to proceed

 

[nowski]

This is how I've handled similar buying opportunities in the past. Meet the guy at his credit union to do the deal. Credit union will sign over the title if on hand or mail to you if it isn't on hand.

 

[Done-it-again]

FYI: no BMW out of warranty is nice... Fun car's to drive, but service will KILL you.......

 

[ChumpChange]

the credit union owns the car until HE retitles it in his name. you'll need to obtain the title from the credit union signed off and then you can transfer it in your name, duplicate title does nothing as he's "selling" the car but he technically doesnt own it.

The Credit Union has/had a lien on the title, they do not have title in their name. Title would be in the name of the seller.

 

[SkyDirtWaterguy]

I’ve recently sold two vehicles with similar situation. Loan is paid off. Seller fills out DMV release of liability. When title is released from creditor and received by seller, seller forwards title to buyer. Bill of sale is held by both parties as proof of sale. When buyer receives title, registration and title transfer is done by them at DMV. No big deal.

 

[floatn turd]

When it's not cut n dry.
I like to take pictures of everything.

The money changing hands
Him giving you the keys.
Him singing the paper work
His and yours IDs side by side.
Etc....

Can't hurt.

 

[LargeOrangeFont]

Call his credit union and ask them how best to proceed

This.

 

[traquer]

I will for sure call the credit union to A) verify it's been paid off and B) ask them how they recommend doing it.

The seller is a nice gentleman from NorCal. He brought the car down here but his credit union has no offices here so can't do it in person.

BTW I'm learning now that one reason these credit unions can offer better financing is because they cheap out on everything. This electronic title thing is great for them and sucks for everyone else. How much nicer it'd be if he could walk in and get his physical title signed off and stamped so he could bring it down to me.

 

[attitude]

I will for sure call the credit union to A) verify it's been paid off and B) ask them how they recommend doing it.

The seller is a nice gentleman from NorCal. He brought the car down here but his credit union has no offices here so can't do it in person.

BTW I'm learning now tha one reason these credit unions can offer better financing is because they cheap out on everything. This electronic title thing is great for them and sucks for everyone else. How much nicer it'd be if he go his physical title signed off and stamped so he could bring it down to me...

The electronic title is required by California, I just paid my car off last week and instead of taking 3 days to get my title like most states my bank warned me the DMV will take up to 4 weeks to get it.

 

[CLdrinker]

I’ve recently sold two vehicles with similar situation. Loan is paid off. Seller fills out DMV release of liability. When title is released from creditor and received by seller, seller forwards title to buyer. Bill of sale is held by both parties as proof of sale. When buyer receives title, registration and title transfer is done by them at DMV. No big deal.

I’ve done this numerous times. I’m
Always the seller though lol. I could see how the buyer could get nervous though.

But you have the vehicle and a bill of sale. The seller would have to be real ballsy to try to dick you over on the title.

Video the seller signing the bill of sale.

 

[traquer]

I’ve done this numerous times. I’m
Always the seller though lol. I could see how the buyer could get nervous though.

But you have the vehicle and a bill of sale. The seller would have to be real ballsy to try to dick you over on the title.

Video the seller signing the bill of sale.

Thanks yes, there'd be no reason for him to play games. Did you do bill of sale or the duplicate/new title request form?

Did he mail you his pink slip once he got it, or did the DMV mail it you? That would answer my previous question

 

[Jay Dub]

This.

X2 for calling the CU. I did this once before when selling our old Suburban.

 

[oldschool]

When it's not cut n dry.
I like to take pictures of everything.

The money changing hands
Him giving you the keys.
Him singing the paper work
His and yours IDs side by side.
Etc....

Can't hurt.

A few nudes of sellers chick would seem appropriate as well.

 

[traquer]

A few nudes of sellers chick would seem appropriate as well.

better send the title or your wife is going on the Internet lol

 

[HALLETT BOY]

What’s the old saying ? If you can’t afford a new BMW , you certainly can’t afford a used one ...jk , I would buy used . I’ve been looking at M5’s , a lot of car for the money used .

 

[Ladsm]

FYI: no BMW out of warranty is nice... Fun car's to drive, but service will KILL you.......

They have gotten alot better. I have a 2014 BMW 328D with 120K miles. Only thing I have done is oil changes, a gallon of DEF every 10K and brakes. The current brakes have 60K on them and still have another 10K to go.

 

[traquer]

What’s the old saying ? If you can’t afford a new BMW , you certainly can’t afford a used one ...jk , I would buy used . I’ve been looking at M5’s , a lot of car for the money used .

I know right. M5s are badass! If I don't get this 535 I may go for the M lol. I've had used M3s and other bimmers before, never had any major problems as long as you stay away from the problem engines. The other things I can work on myself or take it down to my buddy's shop. Expect a grand or two a year expenses and if they don't come then be happy

 

[traquer]

Worked out just fine by the way. Received the pink in the mail today from the seller. He was a real gentleman. Turns out he owned a lambo and some other cool cars. Not a scratch on the Bimmer, had a great detailer.

Thanks for the help everyone!