[E31BMW]

I have an 09 cpo 335cp. i owe a little bit to bmw FS and am looking to sell it pretty soon.

i know that selling it privately will bring more money as opposed to the dealer but what is the best way of getting rid of the loan, pay it off before i sell it or have the next buyer send me the money so i cal pay it off and transfer title? thanks

[Syndicategt]

1. Go back to stock if you are modded (sell mods)
2. Research online for the going price of PP, Dealer trade-in, ect. (know that KBB is not the final authority in car prices)
3. Head to CarMax and have them quote you, get the print out from them with the price
4. Head to the dearler, with Carmax in hand, and demand they beat that price for a trade-in
5. Drive away in new M3


You can go the private party sell, but then you have to deal with the scum of the earth coming by your house who are there soley for a joy ride. If they are acctually interested, they lowball the hell out of you because "the economy is down and it's a buyers market." That statement is false, it's a sellers market for used cars that get decent mps. Easiest way is to pay it off, have title in hand, and transfer it (gets complicated when you mix in the bank).

*edit - Oh yea, prep the hell out of it. I don't care what anyone says, if you have a super clean engine bay and fresh wax it will sell faster

[jimbethesda]

I've always sold my cars to a private party. Sure, it is a bit of a hassle, but I think worth it for the extra money you can receive.

It is best to pay off your loan first.

[ENINTY]

Crash it and collect the insurance.

[E31BMW]

Originally Posted by Syndicategt

1. Go back to stock if you are modded (sell mods)
2. Research online for the going price of PP, Dealer trade-in, ect. (know that KBB is not the final authority in car prices)
3. Head to CarMax and have them quote you, get the print out from them with the price
4. Head to the dearler, with Carmax in hand, and demand they beat that price for a trade-in
5. Drive away in new M3


You can go the private party sell, but then you have to deal with the scum of the earth coming by your house who are there soley for a joy ride. If they are acctually interested, they lowball the hell out of you because "the economy is down and it's a buyers market." That statement is false, it's a sellers market for used cars that get decent mps. Easiest way is to pay it off, have title in hand, and transfer it (gets complicated when you mix in the bank).

*edit - Oh yea, prep the hell out of it. I don't care what anyone says, if you have a super clean engine bay and fresh wax it will sell faster

haha, i like how you think. i am actuallly going to step 5 pretty soon...

[E31BMW]

would it be possible to sell the car, collect the funds and then pay the loan off with them?

[Syndicategt]

Originally Posted by Genek335

would it be possible to sell the car, collect the funds and then pay the loan off with them?

Only if the seller is ok with that I'm sure they will want the title in hand haver they hand over the cash. Either way you do it, you end up with the same amount of money in the bank at the end of the day.

[ShastaMan]

Originally Posted by Genek335

would it be possible to sell the car, collect the funds and then pay the loan off with them?

Think about this for a moment...would you give a seller all the cash for a car & depend on his promise to pay off the loan????

[krhodes1]

Originally Posted by Syndicategt

1. Go back to stock if you are modded (sell mods)
2. Research online for the going price of PP, Dealer trade-in, ect. (know that KBB is not the final authority in car prices)
3. Head to CarMax and have them quote you, get the print out from them with the price
4. Head to the dearler, with Carmax in hand, and demand they beat that price for a trade-in
5. Drive away in new M3


You can go the private party sell, but then you have to deal with the scum of the earth coming by your house who are there soley for a joy ride. If they are acctually interested, they lowball the hell out of you because "the economy is down and it's a buyers market." That statement is false, it's a sellers market for used cars that get decent mps. Easiest way is to pay it off, have title in hand, and transfer it (gets complicated when you mix in the bank).

*edit - Oh yea, prep the hell out of it. I don't care what anyone says, if you have a super clean engine bay and fresh wax it will sell faster

I have always sold my cars private sale, yet never had to deal with "the scum of the Earth". The trick is selling to friends, family, or other enthusiasts through mediums like this forum. Never had a problem.

But yes, you need to pay it off first. I just did this with my '08 Saab 9-3SC. Used my HELOC to pay off the loan, then sold it through my Saab club connections. I got more than $5K more than my BMW dealer offered me in trade on my ordered 328iT.

Also agree - presentation is EVERYTHING! it amazes me to see cars advertised for sale with obvious things broken, filthy inside and out, etc. Just plain lazy. Even though I sold my car to a club friend's daughter, my 9-3 was immaculate inside and out when I delivered it. And the price reflected that.

[blacknbean]

Originally Posted by Genek335

would it be possible to sell the car, collect the funds and then pay the loan off with them?

no way in hell me as a buyer would drive off w/o title in hand. the title also takes weeks to come in the mail after it is paid off. you have to trust some random person to followup..no way.

also some ppl wont buy the car unless you have a title since its more hassle for them, so its always best to have the title if you can pay it off. other wise trade it in and you dont have to deal w/any of that

[andrewket]

I've sold many cars via private sale. I've always paid off the loan first so that I have a clear title in hand to make the transaction.

As a buyer, I would never hand over cash without receiving the title simultaneously. The exception to this is if an escrow service is being used.

Andrew

[Kolyan2k]

just sold a car without title. title take 4-5 business days to get from a bank. called on Monday to get pay off quote, got bank check on Tuesday and mailed it, had title on Friday. Previous car sold without title too, if buyer finances, i believe title transfers to his bank automatically. < dont see any problems......

[E31BMW]

Originally Posted by Kolyan2k

just sold a car without title. title take 4-5 business days to get from a bank. called on Monday to get pay off quote, got bank check on Tuesday and mailed it, had title on Friday. Previous car sold without title too, if buyer finances, i believe title transfers to his bank automatically. < dont see any problems......

that is pretty much what it says all over the net.

[Kolyan2k]

Originally Posted by Genek335

that is pretty much what it says all over the net.

its always BEST to have the title (might get more buyers), but if thats not an option, dont see a problem.

ps. i wouldn't use cars.com to sell, I only got ONE call with that ad. and carsforsale.com is free, but i would advice to use 2nd email, they spammed me pretty nice.

[Cuba]

say its an m3 and sell it to a blonde

[RaceBlood]

You have to have clear title in your hands for a private party sale.

Keep in mind if you are buying another car, the advantage of trade in, as this amount is deducted off the new car selling price as far as Sales Tax goes. Otherwise you owe the entire amount of Sales Tax on the new car purchase price.

Lastly, I have sold 3 cars thru Cars.com with no issues. I actually go to the DMV with the new buyer, after we deposit the check at my bank, and make sure the transaction/paperwork in order, this only applies to local buyers of course.

[Kolyan2k]

Originally Posted by RaceBlood

You have to have clear title in your hands for a private party sale.

Keep in mind if you are buying another car, the advantage of trade in, as this amount is deducted off the new car selling price as far as Sales Tax goes. Otherwise you owe the entire amount of Sales Tax on the new car purchase price.

Lastly, I have sold 3 cars thru Cars.com with no issues. I actually go to the DMV with the new buyer, after we deposit the check at my bank, and make sure the transaction/paperwork in order, this only applies to local buyers of course.

again, you dont have to have clear title in hand, you can clear it after the sale. you dont need to register the car, you can drive with temp plates or old plates for a week.

sure there is a change to get screwed. if there is a problem with getting the title, it can take a long time to solve all problems.....you can solve them, but it can take months. buddy of mine waited like 4-5 months for his title.

[E31BMW]

guys, if you dont know that much about this, please dont post. i am looking for someone with experience selling a car with a loan. its not hard to do, and take a week or less longer than if you have the title in hand. it clearly says so all over the net.

[Toker335i]

Honestly haven't you guys heard of a Notary?

Or write two checks or something, one to BMW (however much he owes) and one to the owner.

http://www.ehow.com/how_4708189_tran...lling-car.html

haha

[SixShotEspressO]

Originally Posted by Genek335

I have an 09 cpo 335cp. i owe a little bit to bmw FS and am looking to sell it pretty soon.

i know that selling it privately will bring more money as opposed to the dealer but what is the best way of getting rid of the loan, pay it off before i sell it or have the next buyer send me the money so i cal pay it off and transfer title? thanks

if its a 335d you will have no problems, there is like 4 guys looking for used 335d's right now.

[dyezak]

Originally Posted by ENINTY

Crash it and collect the insurance.

[punksterz626]

i doubt someone will "pay" u first and let you clear the title before he receives it. Basically, buyer will ask for your financial institiution that you go thru. They call and check on buy out amount. they have their bank put a check to your bank and one to you if the amount is not enough to buyout the car. Both you and the buyer goes to dmv, do the paper work and thats it. Normally there are few paper works that needs to be filled out for the bank as well such as mailing the title to the buyer's financial institution...fairly easy and straight forward.