How can I use BMWFS to purchase a used car from a private party?

SW335 · 03-24-2009, 12:15 PM

Is there a way I can use BMWFS (any dealer I guess) to purchase a private party used car? If so, can that also be a way to get the car "CPO'd" at the same time?

What cost to the seller if any of doing this?
What cost to the dealer?
What should the dealer take as a markup in this deal for its minimal trouble?
What % APR on the financing should I expect in such a transaction?

I don't really want to be setting up used car financing for myself, but dont have 35K in cash for a car purchase. Dealer makes it easy. That said, anyone know of a really easy third party used car financing party that they have had good experiences with?

TIA

Moving from 335 Sedan to 335 Coupe in 60 days!

ragingclue · 03-24-2009, 12:19 PM

Did you call BMW FS and ask them?

mmm def · 03-24-2009, 12:23 PM

Have BMW buy it and you buy it from BMW. I bet it's a huge pita, if you can find any dealer to do it.

SW335 · 03-24-2009, 01:09 PM

Quote:

Originally Posted by ragingclue

Did you call BMW FS and ask them?

I want to know if there are any "catches" or best practices before I do that.

khaye1 · 03-24-2009, 01:24 PM

I just sold my toyota 4runner this way...it's called a "pass through" sale, meaning you have to go to the dealership sell his car and then you buy it from the dealership. therefore he doesn't have to fill out the release of liability form you don't have to wait till you get the transfer paper to "technically" drive the car. cost may vary dealership to dealership, you have to call them see if they can even do it. it cost my buyer $500 cuz he was straight up buying it with cash...the dealership wasn't making any money at the back end.

03-24-2009, 12:15 PM	#1
SW335 Private First Class 9 Rep 141 Posts Drives: 2007 335i Coupe Join Date: Jun 2007 Location: California iTrader: (1)	How can I use BMWFS to purchase a used car from a private party? Is there a way I can use BMWFS (any dealer I guess) to purchase a private party used car? If so, can that also be a way to get the car "CPO'd" at the same time? What cost to the *seller* if any of doing this? What cost to the *dealer*? What should the dealer take as a markup in this deal for its minimal trouble? What % APR on the financing should I expect in such a transaction? I don't really want to be setting up used car financing for myself, but dont have 35K in cash for a car purchase. Dealer makes it easy. That said, anyone know of a really easy third party used car financing party that they have had good experiences with? TIA Moving from 335 Sedan to 335 Coupe in 60 days!
	Appreciate 0 Tweet Quote

03-24-2009, 12:19 PM	#2
ragingclue One cam is enough 132 Rep 6,801 Posts Drives: VF Join Date: Oct 2008 Location: mulletville iTrader: (1)	Did you call BMW FS and ask them?
	Appreciate 0 Quote

03-24-2009, 12:23 PM	#3
mmm def Colonel 144 Rep 2,610 Posts Drives: 21 330, 19 ND2 RF, 11 RX350 Join Date: Dec 2006 Location: NJ iTrader: (0)	Have BMW buy it and you buy it from BMW. I bet it's a huge pita, if you can find any dealer to do it.
	Appreciate 0 Quote

03-24-2009, 01:24 PM	#5
khaye1 Colonel 145 Rep 2,809 Posts Drives: 18 AW F80 Join Date: Feb 2009 Location: San Diego iTrader: (8)	I just sold my toyota 4runner this way...it's called a "pass through" sale, meaning you have to go to the dealership sell his car and then you buy it from the dealership. therefore he doesn't have to fill out the release of liability form you don't have to wait till you get the transfer paper to "technically" drive the car. cost may vary dealership to dealership, you have to call them see if they can even do it. it cost my buyer $500 cuz he was straight up buying it with cash...the dealership wasn't making any money at the back end.
	Appreciate 0 Quote