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02-25-2013, 07:17 PM
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#1 | My homepage has been set to RS
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| Safe to buy a car with a lien on it?
I did some research and I believe my story is a little different.
So the car has a lien on it because he is still financing the car...
The suggested plan is for him and I to go in together to fill pay the car off and then the "lien" will be gone..
Before I go to BMW with him to pay it off I will have the transfer papers filled out and all signatures from him done.
Do you guys think it will be safe?
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02-25-2013, 07:20 PM
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#2 | Willing to sell body for a few minutes on RS
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Just make the payment to BMW and you're good. They'll take what they are owed and give the rest to him.
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02-25-2013, 07:27 PM
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#3 | My homepage has been set to RS
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okay.. that's the plans we are both going to go in i pay what we said we would agreed on and he would pay the rest.. thing is I called BMW and they said that the "lien" will not come off for a couple of days and it gets sent to him not to me
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02-25-2013, 08:35 PM
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#4 | Captain Happy Bubble is my Homeboy
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are you going to finance the car from the bank?
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speedking
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02-25-2013, 08:39 PM
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#5 | My homepage has been set to RS
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| Quote:
Originally Posted by speedking are you going to finance the car from the bank? | nope the plans is for me and him to go both to BMW to pay it off. We negotiated on a price, he pays his part I pay my part..
Both bank drafts.
Should be okay?
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02-25-2013, 09:17 PM
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#6 | Proud to be called a RS Regular!
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I've done exactly what you've described and it was at a BMW dealer.
It worked out for me.
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02-25-2013, 09:22 PM
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#7 | I help report spam so I got this! <--
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Yes.
Lien papers will come to him, no need to worry about those.
Instead, ask BMW to write you a receipt/note saying the lien payment has been received in full and the lien will be cleared in approximately x days, any issues you should be contacted. Have them sign it. Take the copy with you.
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02-25-2013, 10:57 PM
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#8 | Everyone wants a piece of R S...
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sounds like a good plan.
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02-26-2013, 05:38 AM
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#9 | I answer every Emotion with an emoticon
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I think, its a good idea to get a copy of everything and anything that needs a signature, especially, yours
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02-26-2013, 06:20 AM
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#10 | YOU CANT CUT BACK ON FUNDING! YOU WILL REGRET THIS
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at a proper dealership with bank drafts I don't see this as being a problem. as ^ said, get a copy of everything before you guys part ways
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02-26-2013, 08:40 AM
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#11 | I *heart* Revscene.net very Muchie
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As an added precaution, ask BMW to remove their lien with PPSA/BC Online. As mentioned, a licenced and bonded dealer will usually do right by the client but the PPSA(Personal Property Security Act) removal will ensure that the vehicle is yours, free and clear.
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02-26-2013, 07:01 PM
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#12 | My homepage has been set to RS
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thanks guys. i will be doing the transaction sometime this week!
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