Join Date: Mar 2012
Location: Aurora, CO, USA
Re: ? About Buying Used
if your banking institution has a branch in the area where the bike is located they may be able to broker the deal for you. My thoughts on how it would go is that the seller will have to contact bmw financial with you and a representative of your bank who is also a notary in the same room with the phone on speaker. You write 2 checks. One for the pay off amount and a second for the remaining amount to complete the deal. Your bank will wire the pay off to bmw financial. A bill of sale will also be faxed to bmw financial. Then i believe that bmw financial will fax you another document, possibly another bill of sale with their representatives signature blessing the deal. I do not believe bmw financial will release the title to you directly. they will send it to the seller and he then signs it and sends it to you. But I believe you will be protected with notorized copys of bills of sale and use that to get a temporary registration and temp tags. If by chance the seller does not send the title to you, you can then apply for another title. Make sure you have the name and contact information of the representative from bmw financial and from the person who helped broker the deal for you from your bank so that they can provide further proof of the deal in the form of a copys of the check and copys of bills of sale to assure the dmv that you did not doctor fake bills of sale.
easier way to go would be for him to have his bank buy the loan from bmw financial then you deal with his local bank directly.
at any rate, call your bank at his location first to see if they are willing and to make an appointment because this will take some time. If they are willing to do it at all. Also have the seller contact bmw financial and tell them what the plan is.
if by chance, and this is a long shot...is the seller near Chestnut Ridge, New Jersey, or Schaumburg, Illinois, or Ontario, California, or Atlanta, Georgia, or Salt Lake City, Utah? These are locations of BMW Financial Services. If so, then do the deal at one of those locations.
Makes sense to me, I believe this would work.
1975 Harley SS-250 - Italians can't make a dependable harley either
1986 Harley Sportster - learned to wrench on, cuz, ya know, is a harley
1998 Honda Valkyrie Tourer
2003 Honda GL 1800
2001 BMW R1100RT
2003 Honda Rune - sexier than Batmans bike
2009 Kawasaki Versys - HUGE mistake