Selling Car with lien on it
Need some advice on selling my BMW i3 , i still owe money on it and i have a
buyer who wants to buy it with cash but wants to take car right away (make
sense) but bmw does not have physical location so payoff needs to be
mailed, so how can i sell my car and give it to buyer so he can legally drive it
untill i get the title and change it to his name ? Also i have a custom license
plate which i will be removing
What State are you in? Check the requirements with the DMV. You can perform the sales transaction at your bank office, that way the bank will have the buyers information to mail the title.
Do you owe more than it is worth?
its in california and yes i own a bit more, the problem with DMV is they told me i can not sell it period. and i dont think im the first person in the world who has this issue , dmv said i need to pay it off first wait for title then sell it and i dont have that amount on hand
theres 2 ways you can handle this ,1.Have the buyer pay the lien amount to you first ,you pay the lien ,wait for title in mail, when title arrives setup the car exchange and have buyer pay you the balance. 2.Or just do the sale and mail out the title when you get it,just use a different plate for that day,many people have done the sale in that manner if you both agree on it.
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