Advice on an escrow service? - BMW Luxury Touring Community
 
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post #1 of 9 Old Apr 5th, 2008, 6:08 am Thread Starter
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Question Advice on an escrow service?

Does anyone have feedback (good or bad) on escrow services? I would like to sell my LT myself (trade-in is much lower than book value), but I still have a balance on my loan. I will somehow need to get payment from a buyer, pay off my loan and then transfer title to the buyer. The only way I can see a buyer doing this is through an escrow service? Anyone gone through this?

Thanks
OB

2005 LT Dark Graphite Metallic

Bob OB
Sedona, AZ

'08 R1200RT Sand Beige Metallic
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post #2 of 9 Old Apr 5th, 2008, 8:25 am
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Re: Advice on an escrow service?

I've never heard of an "escrow service". What I have done is sell the bike and then pay off the loan. Then send the title with the lien release from the bank to the new owner! If the buyer is local, you can have him go to the bank with you, then both of you go to the DMV to make the transfer. That way you are more comfortable that he is not paying you with "funny money" and you know that the title has been transfered!

I've often had a seller send me the title after the check clears as well.

On a side note, I once bought a Goldwing with a check that had been written out to McDonalds and crossed out! My wife assured me on the way to look at the bike that she had the checkbook but did not remember that she had written the last check to McDonalds then put it back when the did not accept checks!

Joe Van Orsdol
Zimmerman Mn
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post #3 of 9 Old Apr 5th, 2008, 8:27 am
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Re: Advice on an escrow service?

I purchased my 2006 LT as a private sale. The previous owner had only owned the bike for about a year. As long as the purchase price is not more than the NADA of the bike, there should be no problem. The seller used BMW financing, and I secured a loan from my credit union. We contacted both institutions for the required paperwork. We met at my bank, both signed the paperwork. I did have to wait for BMW financial to send the title to my bank before actually registering. Although I could have gotten a temp plate, but since it was February up here I just waited. All went smoothly. My bank paid off the sellers loan. It took about three days for us to do all this.

Tony

2006 K1200LT "SNOB"

IBA 35008

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post #4 of 9 Old Apr 5th, 2008, 9:05 am
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Re: Advice on an escrow service?

Previous posters are right. You will need to sell the bike, get the machine to the buyer and have a written contract that assures the buyer that he owns it - while you and he is processing the loan repayment and transfer of title.

I bought once a bike from owner who financed through BMW: I called BMW Financial directly and paid the the balance to them. They sent me the title (taking their sweet time).

You will need to discuss this a priori with your buyer. He may want to call your lender to confirm arrangements before he plunks down the cash.

Needless to say, you will need to come to a solid agreement - probably, too, your price will have to be lower to compensate for the additional trouble and up to a couple of months of delay.

"Escrow" service is something else, unrelated to your needs. It's a trusted third party holding the payment until merchandise is transfered. For example, I purchased once a car on eBay from Washington State. We agreed on using eBay's escrow: I send them the money - they notified seller, who then shipped the car. When it arrived, I notified escrow service, which released the payment to seller. Escrow protects buyers from sending payment and not receiving merchandise in return. But, it holds the cash - while you need it to pay off the loan.

Robert in Northern NJ

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post #5 of 9 Old Apr 5th, 2008, 11:25 am Thread Starter
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Re: Advice on an escrow service?

Hey thanks everyone for the tips. Believe it or not this is the first time I ever sold a vehicle that still had a loan on it! (nothing against the LT, I am staying in the BMW "fold"). This makes sense.

Regards,
OB

Bob OB
Sedona, AZ

'08 R1200RT Sand Beige Metallic
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post #6 of 9 Old Apr 7th, 2008, 9:03 am
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Re: Advice on an escrow service?

I bought mine privately and we had to work a similar issue. Seems like to me, I had to call BMW financial to get the payoff for it and over night it and an empty addressed overnight envelope to get the title. Somehow, and I can't remember how, the title came back to me. I know it can be done and it takes a little work, but it worked out pretty easily. That harder part was insurance and tags, but my seller allowed me to ride on HIS insurance and tags. Even gave me a pre-paid envelope to mail his tag back to him. I think my seller was more generous than he had to be and did put a lot of trust in me on our deal.

Good luck selling. Give BMW a call and see what you need to do.

Randy
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post #7 of 9 Old Apr 7th, 2008, 11:39 am
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Re: Advice on an escrow service?

I have used escrow.com for a purchase that worked smoothly if the buyer insist on an escrow service.

Scott
Sacramento CA
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post #8 of 9 Old Apr 7th, 2008, 5:03 pm
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Re: Advice on an escrow service?

I'll hold the money for you!

Brian
CCR: 2008, Midway; 2011, Boise; 2012, Duluth; 2014, Chattanooga. MOA: Billings, 2015; SLC, 2017
CCR-R: 2018, Russellville
'13 K1600 GTL-P - "Eva"
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post #9 of 9 Old Apr 7th, 2008, 5:27 pm
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Re: Advice on an escrow service?

I just sold my truck that had a loan on it. I had the seller get a cashiers check from his bank made out to me and my bank. At time of sale I signed over the title when he gave me the check. I immediately went to bank and paid off loan who then in turn sent the lien release to me about 3 days later. I forwarded it to him so he could register. All in all about a week of time.

I have done this on several vehicles over the years. The key for the buyer is I can't cash the check without the bank also signing so he was secure as well.

I actually bought my bike from a dealer the same way except there wasn't a lien issue.

Hope this helps,

Randy

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