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View Full Version : How do I sell my M3 without being screwed?


plastique999
05-09-2008, 01:10 AM
I put my M3 up on ebay, and a guy from TN put a bid and deposit on it.
The car is leased and we are figuring out how to make the transaction clean.

BMW financial will take the payoff amount from the buyer, and will send the title to me so that I can sign the title over to him.

His fear: what if he pays BMW the buyout amount, and I don't release the title?

My fear: what if the check is fake and I have shipped the car over to him already?

We are on a very tight time frame - he needs the car in 10 days.
How can we assure that we don't screw each other???

Any help is appreciated.

e36m34life
05-09-2008, 01:21 AM
If you want to be assured you two don't screw each other, then just don't put yourself in the situation for it to happen, i.e Never be alone with each other in the same room, but if you have to, do not consume a single drop of alcohol. Also, if you guys start feeling funny feelings you never felt before; RUN. Oh and finally, DO NOT make eye contact.

Follow those rules to a T and you should have no problem.

(But for worst case scenario, just be sure to keep a fresh Trojan with you at all times)

Patrick
05-09-2008, 01:33 AM
A good start might be posting this question in the correct forum.


.

e36m34life
05-09-2008, 01:42 AM
Oh yeah, and did you mention something about an M3? :)

e36m34life
05-09-2008, 01:53 AM
On a more serious note: I think you need to call a BMW Financial Rep. and see what he/she has to say. Unless it's the Reps first day, he/she will know what to tell you to guide you through the process.

hts
05-09-2008, 04:15 AM
Is he in TN by way of Nigeria by any chance?

jw
05-09-2008, 04:44 AM
How about using an escrow account?

Dave 330i
05-09-2008, 05:24 AM
Have him pay BMWFS, and BMWFS return pickslip and balance of money. Then you transfer the M3 to him and send him the pink when you get it from BMWFS.

Just Bryce
05-09-2008, 05:29 AM
cash in hand for your signed pick slip, which has the owner's name that matches your driver license.

What's a pink slip ? :confused:

Technic
05-09-2008, 06:47 AM
I put my M3 up on ebay, and a guy from TN put a bid and deposit on it.
The car is leased and we are figuring out how to make the transaction clean.

BMW financial will take the payoff amount from the buyer, and will send the title to me so that I can sign the title over to him.

His fear: what if he pays BMW the buyout amount, and I don't release the title?

My fear: what if the check is fake and I have shipped the car over to him already?

We are on a very tight time frame - he needs the car in 10 days.
How can we assure that we don't screw each other???

Any help is appreciated.

I sold my leased M3 to a nice guy in Texas this way:

- contacted Chase and got all the info about selling this lease
- buyer contacted Chase and got all the info about buying this lease
- selling price was more than payoff price, so buyer sent me a cashier's check with the difference
- cashed the cashier's check and deposited into my account
- buyer paid off lease to Chase
- Chase did all the paperwork
- Chase confirmed payoff and release of my name from lease
- shipped car to Texas, pre-paid by buyer
- buyer saw the car for the first time 10 days later, not a single complaint received. Buyer was extremely happy with car and transaction

All this took around two weeks from start to finish. Lot of emails, faxes, and phone calls; most of the communication was from Canada to Texas while the car was in Florida, as I was in a business trip while he was dealing with the Chase branch in his city.

If there was a problem it was between Chase and me after the deal, and I took care of that in no time. I ended up suing Chase in small claims court for keeping an extra payment on my lease after payoff as they did not want to reimburse anything although they received more money than the payoff amout according to their own records. The day of the court date they settled and paid everything, including court costs. :D

ktc
05-09-2008, 07:09 AM
Ah, so if I buy an M3 I should expect the owner to give me one of these ? :rofl:

It's one of those higher but unspoken rules in life.

1) Buy nice car (stickshift of course), and you automatically become a stud.

2) With the nice car, a lot of chicks start coming after you... they all present in a pink slip, of course.






:eeps:

3) They end up wearing your nice car on their ring finger, and you drive a Kia.

#5880
05-09-2008, 07:12 AM
How about using an escrow account?


Winner!

Use a lawyer

paulg
05-09-2008, 09:36 AM
I put my M3 up on ebay, and a guy from TN put a bid and deposit on it.
The car is leased and we are figuring out how to make the transaction clean.

BMW financial will take the payoff amount from the buyer, and will send the title to me so that I can sign the title over to him.

His fear: what if he pays BMW the buyout amount, and I don't release the title?

My fear: what if the check is fake and I have shipped the car over to him already?

We are on a very tight time frame - he needs the car in 10 days.
How can we assure that we don't screw each other???

Any help is appreciated.

verify ID and home ownership if possible.

Use postal money orders. This way the Federal postal inspectors become involved if there is fraud. In most cases local law is very uninterested and unable to deal with fraud across state lines but the postal police are able and interested.
Getting them in the loop is a good idea.

I always used postal money orders for Ebay stuff. Got the cash right away at the post office - none of this - the bank calls you 2 weeks later to tell you the check was fake stuff.

I always offered to pay the money order fees for my sales on Ebay and also told them I would not ship till I had the cash.
I verified their addresses and they verified mine.

Bavarian335
05-09-2008, 09:45 AM
The buyer has to go through a dealer, thats the only way he will get the title without you handling it (banks will only release title to the original owner no matter who pays it off, unless a dealer pays it off, in that case the dealer will receive the title). You will not have to worry about fake money because the bank will not release the title until the money has cleared. From what i have experienced its the only way to have both party's completely covered.

Fast Bob
05-09-2008, 10:46 AM
verify ID and home ownership if possible.

Use postal money orders. This way the Federal postal inspectors become involved if there is fraud. In most cases local law is very uninterested and unable to deal with fraud across state lines but the postal police are able and interested.
Getting them in the loop is a good idea.

I always used postal money orders for Ebay stuff. Got the cash right away at the post office - none of this - the bank calls you 2 weeks later to tell you the check was fake stuff.

I always offered to pay the money order fees for my sales on Ebay and also told them I would not ship till I had the cash.
I verified their addresses and they verified mine.


US Postal Money Orders have a $600 (?) cap, and cannot be purchased with credit cards, so there goes that idea....have a wire transfer done between his bank and yours....that`s the most reliable & safe way of doing a deal like this.

beewang
05-09-2008, 10:57 AM
..
His fear: what if he pays BMW the buyout amount, and I don't release the title?

My fear: what if the check is fake and I have shipped the car over to him already?

...


1) He shouldn't deal with anyone who he thinks that would do that to him.

2) You can verify the autheticity of the Cashier's Check by calling the issuing Financial Institution. For example, Wells Fargo had a 800 # for you to call... if you receive a cashier's check issued by WF

DSXMachina
05-09-2008, 12:16 PM
Here is the only way you can protect BOTH parties. You pay off the lease, you get title to the car. He brings you cash. You sign the title over to him. He takes the car.
I can't tell you how many scams have been perpetrated by people saying they had to act fast. If you try to speed this up you could be left with nothing. Sure he may be as honest as you are, but do you know that enough to risk your car?

plastique999
05-09-2008, 12:24 PM
Thanks for all the helpful advice and the humor!

Well, turns out the buyer backed out...guess its for the best.

But kind of pissed that he backed out...and any repercussions since he bid on ebay?

Fast Bob
05-09-2008, 12:33 PM
Thanks for all the helpful advice and the humor!

Well, turns out the buyer backed out...guess its for the best.

But kind of pissed that he backed out...and any repercussions since he bid on ebay?

Report him to eBay as a non-paying bidder, they will refund your listing fees, etc. Then leave him a NEGATIVE feedback for being a *********....

plastique999
05-09-2008, 01:20 PM
wish i could sue his ass

Fast Bob
05-09-2008, 01:42 PM
Here is the only way you can protect BOTH parties. You pay off the lease, you get title to the car. He brings you cash. You sign the title over to him. He takes the car.
I can't tell you how many scams have been perpetrated by people saying they had to act fast. If you try to speed this up you could be left with nothing. Sure he may be as honest as you are, but do you know that enough to risk your car?

In theory, yes....in real life, not always....some people are not willing to travel carrying large amounts of cash (suppose the buyer is coming from 5 or 10 states away?) and attempting to deposit any sum (of cash) over $10,000 automatically generates a red flag that could subject you to a Federal investigation (don`t laugh, there`s plenty of documented cases). A wire transfer between banks is far and away the safest method.

beewang
05-09-2008, 02:36 PM
wish i could sue his ass

Why not??!!:dunno:

How much do you want suing him for?? You can't sue for specific performance... only for the "damage" he caused you. If you sold the car for less and suffered a loss... Sue him for the difference!! I can't see how you won't win.

Technic
05-09-2008, 03:13 PM
The buyer has to go through a dealer, thats the only way he will get the title without you handling it (banks will only release title to the original owner no matter who pays it off, unless a dealer pays it off, in that case the dealer will receive the title). You will not have to worry about fake money because the bank will not release the title until the money has cleared. From what i have experienced its the only way to have both party's completely covered.

That is true if the actual bank doesn't have the title already in their name, like in the case of leases and depending of the law of the state. :confused:

BM2W
05-09-2008, 07:01 PM
wish i could sue his ass

Grow up, get over it. Is there some reason to believe he was dealing in bad faith?

Sounds like niether of you knew what you were doing. Consider it the cost of your education. Next time, do your homework so YOU know how to make the deal work. As noted, NEVER let someone rush the deal. If they're legit, they'll take the time to make things work out right. Rushing is a big red flag for scams. Get everything in writing, receipts for everything, watch Judge Judy. Good luck.

erdoran
05-09-2008, 07:10 PM
on ebay it is a big no no to back out on a done deal. Report the guy to ebay and at least get your fees back and leave him negative feedback. You can re-list the car then, but before you do, think about how you want to do the deal. I had the same concerns as you when I was considering a long-distance car purchase or for that matter, even if I were buying a late model used one. Local might be easier--buyer & seller both walk into buyer's bank, seller stands there while buyer has balance verified and bank writes a certified check on the spot. Via long distance there are escrow services (search Ebay, perhaps they recommend one, NEVER use one suggested by an anonymous buyer unless you have verified them independently and YOU contact them directly yourself) or perhaps buyer & seller can jointly agree on an attorney and split the fees. Buyer deposits $$ with attorney in escrow before car is shipped and seller deposits executed paperwork with same atty; once car is received buyer contacts atty to release funds to seller, once funds are released buyer receives title paperwork. Attorney verifies funding is legit--buyer can wire funds into atty's acct. Atty is responsible that funding exists & is valid.

If the deal goes south, buyer doesn't get money back until seller acknowledges return of car. If car misrepresented and buyer has an issue, attorney can mediate to resolution.

Technic
05-10-2008, 06:40 AM
on ebay it is a big no no to back out on a done deal. Report the guy to ebay and at least get your fees back and leave him negative feedback. You can re-list the car then, but before you do, think about how you want to do the deal. I had the same concerns as you when I was considering a long-distance car purchase or for that matter, even if I were buying a late model used one. Local might be easier--buyer & seller both walk into buyer's bank, seller stands there while buyer has balance verified and bank writes a certified check on the spot. Via long distance there are escrow services (search Ebay, perhaps they recommend one, NEVER use one suggested by an anonymous buyer unless you have verified them independently and YOU contact them directly yourself) or perhaps buyer & seller can jointly agree on an attorney and split the fees. Buyer deposits $$ with attorney in escrow before car is shipped and seller deposits executed paperwork with same atty; once car is received buyer contacts atty to release funds to seller, once funds are released buyer receives title paperwork. Attorney verifies funding is legit--buyer can wire funds into atty's acct. Atty is responsible that funding exists & is valid.

If the deal goes south, buyer doesn't get money back until seller acknowledges return of car. If car misrepresented and buyer has an issue, attorney can mediate to resolution.

For eBay seems to be a very insignificant no no deal to back out on a done deal: http://www.m3post.com/forums/showthread.php?t=127993

Fast Bob
05-10-2008, 07:26 AM
For eBay seems to be a very insignificant no no deal to back out on a done deal: http://www.m3post.com/forums/showthread.php?t=127993

eBay`s current stance on this seems to be "let the two involved parties work it out"....they don`t really want to get involved in mediating the situation beyond stating what eBay policies are.

DSXMachina
05-10-2008, 09:31 AM
Why not??!!:dunno:

How much do you want suing him for?? You can't sue for specific performance... only for the "damage" he caused you. If you sold the car for less and suffered a loss... Sue him for the difference!! I can't see how you won't win.

Beewang, Your advice might be good if we were talkiing $100K or more but we're probably not even talking $10K. The "buyer" was in another state. There is just no way the seller has enough time, patience and money to file a lawsuit, prosecute it, and pay his own legal fees. Heck collecting only a hundred bucks in small claims court within your own state can take YEARS and cost hundreds of dollars!
The OP should just let it go and chalk it up to experience. My feeling is that the buyer backed out becasue he saw his scam wasn't going to work!

Dunbar42
05-24-2008, 08:35 PM
I just bought a BMWFS financed vehicle so here's what I would recommend:

1) Call BMWFS and get payoff amount, this is usually different than the balance. BMWFS won't send the title unless you pay it off in full. It can take 3-4 weeks for them to send the title once you pay them off. BTW, BMWFS will send you the title not the buyer.

2) If possible meet at a branch of the buyer's bank and watch them issue the cashier's check. Have the buyer make the check out directly to BMWFS (and a check to you for any difference.) This will avoid the delay of depositing his check and waiting for it to clear before you pay BMWFS.

3) If the buyer is in California fill out a form 262 (available at any car dealer or the DMV). This is for the buyer's benefit since the DMV won't start the transfer process without a signed title or form 262 (bill of sale on special paper.) The DMV only gives you 10 days to start the transfer process before they start charging you penalties (ask me how I know.)

There is no way to eliminate all of the risk. Being overly cautious only makes things more difficult/cumbersome for the buyer. Take reasonable precautions and trust your instincts.