[mbrito31]

Hey guys, so I am in the process of selling my M2 to someone out of state. I will be shipping it and they are looking to get a loan on it. What is the best/easiest way to make this transaction go smoothly? This is my first time doing this so some help would be appreciated!

Thanks

[SebsM2]

Originally Posted by mbrito31

Hey guys, so I am in the process of selling my M2 to someone out of state. I will be shipping it and they are looking to get a loan on it. What is the best/easiest way to make this transaction go smoothly? This is my first time doing this so some help would be appreciated!

Thanks

Just went through this as a buyer. Do you have title in hand?

[mbrito31]

Originally Posted by SebsM2

Just went through this as a buyer. Do you have title in hand?

I have a lien on it

[SebsM2]

Originally Posted by mbrito31

I have a lien on it

That makes it a bit harder.

So to sum it up

1. His bank needs to essentially pay off your loan. They may write a check to you but some don't. If they do then you pay off the loan and keep whatever is not owed

2. Your bank will send you the title

3. You sign over the title to the buyer

I want to warn you. Depending on both of your banks, this could take a few weeks to get sorted out. It's always better to have the title in hand and have a buyer pay in cash. I know this isn't common though.

[m981addicts]

Originally Posted by SebsM2

That makes it a bit harder.

So to sum it up

1. His bank needs to essentially pay off your loan. They may write a check to you but some don't. If they do then you pay off the loan and keep whatever is not owed

2. Your bank will send you the title

3. You sign over the title to the buyer

I want to warn you. Depending on both of your banks, this could take a few weeks to get sorted out. It's always better to have the title in hand and have a buyer pay in cash. I know this isn't common though.

My fave quote: "In God we trust; all others, pay cash!"

[gfisher99]

I purchased my M2 from an out of state BMW dealer last year. The bank I wanted to use here locally made it a pain. They wanted to send them a check in the mail and required a lot of back and forth with the dealer. It was going to take ages so I just went with the dealer finance (BofA) and re-financed with my bank once I received the car. I know it's not the same as your situation, but just letting you know that even when the seller is a dealer, some banks can make it painful for you.

As for shipping - I had a nightmare. Assuming you don't want any problems with the buyer, make sure they arrange shipping and understand that any shipping problems are theirs, not yours. Definitely recommend enclosed with the ability the track it. I had neither (BMW dealer paid for and selected the shipper) and it was a really bad situation. The car was in transit for two weeks between NC and TX. No one could ever tell me where it actually was or when it was going to be delivered. When it finally arrived, the (IMO) meth-addict driver pulled it off the flatbed, scraping all of the exhaust tips pretty badly. I also found, while unloading that the shipping company had re-painted the front bumper (very very poorly) and lied about doing so. They obviously damaged it in transit, probably why it took two weeks to get here. I let the dealer have it and they sort of made it right by giving me a check for the cost of the shipping (that they paid) to get it fixed. That $800 wasn't even close to what it would cost to properly repair it ($2200 quote).

Basically I wouldn't want to be on the seller end of the shipping transaction that I went through. Just be smart about it.

[mbrito31]

Originally Posted by gfisher99

I purchased my M2 from an out of state BMW dealer last year. The bank I wanted to use here locally made it a pain. They wanted to send them a check in the mail and required a lot of back and forth with the dealer. It was going to take ages so I just went with the dealer finance (BofA) and re-financed with my bank once I received the car. I know it's not the same as your situation, but just letting you know that even when the seller is a dealer, some banks can make it painful for you.

As for shipping - I had a nightmare. Assuming you don't want any problems with the buyer, make sure they arrange shipping and understand that any shipping problems are theirs, not yours. Definitely recommend enclosed with the ability the track it. I had neither (BMW dealer paid for and selected the shipper) and it was a really bad situation. The car was in transit for two weeks between NC and TX. No one could ever tell me where it actually was or when it was going to be delivered. When it finally arrived, the (IMO) meth-addict driver pulled it off the flatbed, scraping all of the exhaust tips pretty badly. I also found, while unloading that the shipping company had re-painted the front bumper (very very poorly) and lied about doing so. They obviously damaged it in transit, probably why it took two weeks to get here. I let the dealer have it and they sort of made it right by giving me a check for the cost of the shipping (that they paid) to get it fixed. That $800 wasn't even close to what it would cost to properly repair it ($2200 quote).

Basically I wouldn't want to be on the seller end of the shipping transaction that I went through. Just be smart about it.

That's exactly what I'm afraid of dealing with shipping and all that. There's so many variables, if close enough I would rather have the buyer fly in and drive it back! Thanks for the info!