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Thread: Buying car with lien on title held across the country.

  1. #1
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    Buying car with lien on title held across the country.

    In the final stage of my agreement to buy an oxford green M5 from CT, I live in MA.

    Our agreement was that he replace front bumper and a CPS, if his codes went away I would pick up the car. So far those have all held true, new bumper is on and he's completed multiple drive cycles and over 90 miles of driving with no lights coming back on. Car is in beautiful shape and has been well looked after.

    The tricky part is that he has a lien on the car from a credit union in CA. He has sent me the payoff form and it will take 2 days for the title to show up with expedited mailing once paid off.

    I saw the car in person two weeks ago, met the guy, very nice guy who is a true car nut and has had a lot of guys vouch for his character on M5Board. He is also on his town council, we've connected on linkedin and have had extensive communication over the past couple weeks. He also founded 'Sfest' - a now national Audi event.

    I'm still having a hard time wrapping my head around wiring my money to CA and waiting 2-3 days before we have any title to sign over. Should be able to protect myself with a bill of sale and the old fashion signatures, just still a little weary.

    Thoughts or opinions?

    Side note- the car's origin is Guam on carfax. After a quick search this is not uncommon albeit a bit illogical. Some people have seen this with BMW's before and postulate that it was either an error by customs when selecting country from a drop down - Germany perhaps followed by Guam. Or it was ordered by US military personnel through tourist delivery program.

    Anyone have any input, suggestions or words of advice?

    Thanks!

  2. #2
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    Do you have a phone number for the financial institution in California? Maybe check to see if the bank has an online presence? If it does AND you can talk to a live person there, then I would assume it's all legit.

    My car also originated from Guam according to the carfax I ran before buying it. From guan it went to Charlestown, South Carolina which I believe is bmws main distribution hub in North America. From there it went to a dealer in Houston Texas with about 5 miles documented on the odometer.

    So, I thought originating from Guam was odd as well and I can't think of any rhyme or reason for it to be that way but I saw nothing else fishy about the whole thing. I still think about it from time to time but I don't worry about it.

    Good luck with your purchase...I think you'll be fine!

  3. #3
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    Quote Originally Posted by ChuckyVee View Post
    Do you have a phone number for the financial institution in California? Maybe check to see if the bank has an online presence? If it does AND you can talk to a live person there, then I would assume it's all legit. My car also originated from Guam according to the carfax I ran before buying it. From guan it went to Charlestown, South Carolina which I believe is bmws main distribution hub in North America. From there it went to a dealer in Houston Texas with about 5 miles documented on the odometer. So, I thought originating from Guam was odd as well and I can't think of any rhyme or reason for it to be that way but I saw nothing else fishy about the whole thing. I still think about it from time to time but I don't worry about it. Good luck with your purchase...I think you'll be fine!
    Thanks for your reply, I'm feeling pretty good about it the longer I mull it over. I will try and get a hold of someone at the bank.

    My plan right now is to drive down and give it my final look over tonight. Either going to hand him cash and let him deal with payoff or pay the balance myself. Either way title should be in his hands by Saturday at which point I'll go get it.

    Thanks again!

  4. #4
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    You're welcome and good luck!

    In my opinion, the ideal way to go about it would be to pay the bank directly, have them do the title transfer paperwork, and have the new title (in your name) mailed directly to you.

    That may not be feasible though with all the required signatures, red tape, and whatnot.

    At least the current owner is not some shady character. If that was the case, I'd have some trepidation moving forward.

  5. #5
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    Quote Originally Posted by ChuckyVee View Post
    You're welcome and good luck!

    In my opinion, the ideal way to go about it would be to pay the bank directly, have them do the title transfer paperwork, and have the new title (in your name) mailed directly to you.

    That may not be feasible though with all the required signatures, red tape, and whatnot.

    At least the current owner is not some shady character. If that was the case, I'd have some trepidation moving forward.
    Yea, this would be the ideal situation. Id give the lien holder a call and see if you can do that as it would be the quickest and easiest way to get things resolved.
    1991 BMW 325i(Current Daily) (S52)
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  6. #6
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    I've tried calling them and it's a pain getting someone to talk to. They are Pentagon Federal Credit Union, So not a shady institution, other than the fact that it's government run. Speaking with the seller a couple weeks ago he was under the impression that they would not send directly to me. Going to keep trying to get someone on the phone to get further peace of mind. Thanks again guys!

    Edit: I think he fat fingered the state name after looking they have many locations in VA - not CA. Simple typo.
    Last edited by eMpower3d; 03-25-2014 at 01:50 PM.

  7. #7
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    If you have any sort of concern as far as getting the car and having a title issue, normal procedure would be to write up a detailed bill of sale - including VIN of car, both your driver's license numbers (great to have solid, traceable proof through a government-issued card), the $$$ paid, and a timeframe for the title to be there.

    I do not think the title agency will release the title directly to you. What happens in my state (just did this not even a week ago) is you sign a bill of sale and the title gets released to the owner. The owner doesnt have to notarize the title (the bill of sale does that). Then you bring title and bill of sale to your DMV and get the title in your name.

    Congrats on the new car... Id love an Oxford Green M5 but dont want to die waiting

    Going into my TENTH YEAR of providing high quality reproduction BMW fabrics!

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  8. #8
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    The guy that recently bought my 997 TT, came over to my bank (from CT > KY), signed the paper work (bill of sale) in front of the bank manager (notarized), wrote the check in the amount of $83,000 and left with the car and the biggest grin I had ever seen and told me to forward him the title when ever I get it.

    Penfed took another week to send me the title but he was cool.

    As long as you can trail the paper work, it should be OK.

  9. #9
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    Good luck.

  10. #10
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    Payment sent to PenFed, bill of sale signed, now just have to wait for payment to clear and title to show up. Contacting insurance about picking the car up prior to title arrives - we'll see!

  11. #11
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    Quote Originally Posted by eMpower3d View Post
    Payment sent to PenFed, bill of sale signed, now just have to wait for payment to clear and title to show up. Contacting insurance about picking the car up prior to title arrives - we'll see!
    Glad you did it this way, when I read you were thinking of giving the money directly to the guy, alarm bells went off in my head. I know you wrote the guy was upstanding, etc., etc., but plenty of upstanding people have money problems and don't always do the right thing.
    Not so much a signature as a cry for help.

    Hold on, saw this in a cartoon once...think I can pull it off.

  12. #12
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    In my state and many others, an insurance company has to honor 30 days insurance on a new vehicle purchase for a current policy holder.

    Even if your state doesnt do that, just transfer the insurance over. You dont need title in hand to do that, and if the car is legally yours which it is about to be, they cant refute an insurance claim just because you didnt have the title in hand at the time of the accident - provided you can proof you did legally own it (which via bill of sale you can prove).

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  13. #13
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    Yeah I was obsessing over getting it done fast and realized a paper trail to protect me would be much smarter.

    Will be discussing with insurance agent tomorrow. It has a brand new bumper that was installed Monday night, looks like the plate will be under my seat and tossed on the dash every time I see a cop!

    Thanks guys for your input.

  14. #14
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    Officially never going to pay off someone else's lien again unless I can do it in person. My bank wound up sending a plain old check that took 5 days to get from MA to VA and now it's going to take TEN days to clear?!

    This is all in spite of setting up the payment online and entering routing number at all.

    Seriously testing my patience. Just want the damn car!

  15. #15
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    Quote Originally Posted by eMpower3d View Post
    Officially never going to pay off someone else's lien again unless I can do it in person. My bank wound up sending a plain old check that took 5 days to get from MA to VA and now it's going to take TEN days to clear?!

    This is all in spite of setting up the payment online and entering routing number at all.

    Seriously testing my patience. Just want the damn car!
    well at least its still going through. Though 10 days is still ridiculous, thought this was the age of technology....
    1991 BMW 325i(Current Daily) (S52)
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  16. #16
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    Quote Originally Posted by Rudolph320i View Post
    Though 10 days is still ridiculous, thought this was the age of technology....
    It's also the age of using technology to make dummy checks. 10 days is an outside number, it may clear faster. Want a check to clear faster, get a cashier's check from a nationally known bank, or just wire the money - that's technology, hell, I don't even write 1 check a month anymore.
    Not so much a signature as a cry for help.

    Hold on, saw this in a cartoon once...think I can pull it off.

  17. #17
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    Quote Originally Posted by montaillou View Post
    It's also the age of using technology to make dummy checks. 10 days is an outside number, it may clear faster. Want a check to clear faster, get a cashier's check from a nationally known bank, or just wire the money - that's technology, hell, I don't even write 1 check a month anymore.
    Yea, only check I write nowadays is my rent check.
    1991 BMW 325i(Current Daily) (S52)
    I have carburetors, and I'm not afraid to use them!
    There are always other fish (engines) in the sea (Craigslist)
    Life is about enjoying the engine you are sitting behind.

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