You would be taking a serious risk if you were to take the bike without having the lien released. It might work out just fine but the seller cannot transfer the title until the lien is released and you would be paying serious money with no guarantee that you will ever legally own the bike. I wouldn't do it without having a clear title in hand. You might want to investigate how long it would take for the release to be filed and then if are willing to hang around until everything falls into place, you would be good to go. Money can move around pretty quickly these days with bank transfers, etc.
? About Buying Used
Never done this so I thought I'd ask some knowlegable people!
I'm thinking about buying a used bike on a fly & ride but the seller owes $ to BMW finance so they have a sellars lien on the bike.
My question is it possible to fly & ride or will I have to wait until the payment clears & get a release from BMW before I can get any registration?
Douglas
I'm thinking about buying a used bike on a fly & ride but the seller owes $ to BMW finance so they have a sellars lien on the bike.
My question is it possible to fly & ride or will I have to wait until the payment clears & get a release from BMW before I can get any registration?
Douglas
1 - 11 of 11 Posts
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.
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.
I've done this many times. Go with the owner when it's paid off, you can make the payment direct to BMW financing and give the seller the difference between payoff and selling price.
BMW will have the title and they will send it directly to you with the proper documentaion.
Just be sure you are present when this happens.
I wouldn't send the money and wait for the owner to send you the title (the title should never go to the seller, sent direct to you) I was almost bit by this once, almost.
If you are also financing, your bank will handle the transaction with BMW financing.
BMW will have the title and they will send it directly to you with the proper documentaion.
Just be sure you are present when this happens.
I wouldn't send the money and wait for the owner to send you the title (the title should never go to the seller, sent direct to you) I was almost bit by this once, almost.
If you are also financing, your bank will handle the transaction with BMW financing.
when I sold a bike that I owed money on, my bank would not send the title to the new owner. I asked them to, but they said they couldn't. It was to be sent to me, then I sign it over and send it to the new owner. Maybe things work different from bank to bank but this was my experience. It is something to inquire about when BMW financial is contacted about this deal. Another thought...maybe you can aquire the loan? If so, then when you pay it off the title will be sent to you directly. I dunno, but a couple of phone calls to BMW and to your bank will give you the answer on how this is done.New2rt said:I've done this many times. Go with the owner when it's paid off, you can make the payment direct to BMW financing and give the seller the difference between payoff and selling price.
BMW will have the title and they will send it directly to you with the proper documentaion.
Just be sure you are present when this happens.
I wouldn't send the money and wait for the owner to send you the title (the title should never go to the seller, sent direct to you) I was almost bit by this once, almost.
Ohh, and to go with the owner when it is paid off is assuming that you will be doing the deal at BMW Financial. Again, if possible, this would be the best way.
Many thanks for the replies.
I'll contact Bmw financial tomorroww & go from there.
Douglas
p.s Hello Griffscoots. I'm still flavoring with Red 271 Loctite
I'll contact Bmw financial tomorroww & go from there.
Douglas
p.s Hello Griffscoots. I'm still flavoring with Red 271 Loctite
I bought a 2009 K1200LT from a seller here on this site who had a BMW Loan. I paid off his
loan and arranged to have the title sent to me directly - I think the original owner had to send
a note to BMW. I then took the title as proof of payment and some additional funds - flew to
the Boise, ID from Cincinnati gave the owner the additional funds - jumped on the bike and
drove home. Absolutely no issues with BMW Finance People in doing this.
I did not test ride the bike as I held extensive discussions with the owner before the sale and
trusted him - he was an excellent BMW owner - the bike was in pristine condition. Would do
it again if need be . . .
Good luck in your transactions and dealing with BMW!!
loan and arranged to have the title sent to me directly - I think the original owner had to send
a note to BMW. I then took the title as proof of payment and some additional funds - flew to
the Boise, ID from Cincinnati gave the owner the additional funds - jumped on the bike and
drove home. Absolutely no issues with BMW Finance People in doing this.
I did not test ride the bike as I held extensive discussions with the owner before the sale and
trusted him - he was an excellent BMW owner - the bike was in pristine condition. Would do
it again if need be . . .
Good luck in your transactions and dealing with BMW!!
You need the owner's signature on the title to indicate transfer to you. In some states, you also need an additional form (in Texas it is Title Application and odometer statement) signed by the seller.
As for registration, you would likely need to register it in the state where you live, which may have to wait until you get home to do, if you live in a different state than the seller.
Some states (Texas included) offer 15 and/or 30 day tags, allowing you to register the vehicle in that state for a short period.
When buying a bike out of state, I have not bothered with the temporary tag. I either use the existing tag to get me home, and I might consider going with no tag with a bill of sale and title in hand. My state allows up to twenty days (last time I checked) to get the vehicle transferred into my name.
Hope this helps.
As for registration, you would likely need to register it in the state where you live, which may have to wait until you get home to do, if you live in a different state than the seller.
Some states (Texas included) offer 15 and/or 30 day tags, allowing you to register the vehicle in that state for a short period.
When buying a bike out of state, I have not bothered with the temporary tag. I either use the existing tag to get me home, and I might consider going with no tag with a bill of sale and title in hand. My state allows up to twenty days (last time I checked) to get the vehicle transferred into my name.
Hope this helps.
douglas said:Never done this so I thought I'd ask some knowlegable people!
I'm thinking about buying a used bike on a fly & ride but the seller owes $ to BMW finance so they have a sellars lien on the bike.
My question is it possible to fly & ride or will I have to wait until the payment clears & get a release from BMW before I can get any registration?
Douglas
Where is the bike?
do you need some "ground assistance"
?
I don't know about all states but in PA they use an e-title untill it's paid off, then you get a paper title.deputy5211 said:You need the owner's signature on the title to indicate transfer to you. In some states, you also need an additional form (in Texas it is Title Application and odometer statement) signed by the seller.
As for registration, you would likely need to register it in the state where you live, which may have to wait until you get home to do, if you live in a different state than the seller.
Some states (Texas included) offer 15 and/or 30 day tags, allowing you to register the vehicle in that state for a short period.
When buying a bike out of state, I have not bothered with the temporary tag. I either use the existing tag to get me home, and I might consider going with no tag with a bill of sale and title in hand. My state allows up to twenty days (last time I checked) to get the vehicle transferred into my name.
Hope this helps.
Of the last 4 bikes I bought, sold, or traded I never saw the title.
You can also ask the seller to take out a personal loan to pay off the bike. Wait unitl he gets the title then you pay him the money and go. He uses the mney to pay off his personal loan.
1 - 11 of 11 Posts
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