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  #1  
Old 02-04-2009, 07:30 PM
cobmw cobmw is offline
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Location: Colorado
 
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Mein Auto: E36 M3, E60 M5, Gallardo
Calif car purchase by Colorado resident

I found the sunroof delete E36 M3 that I've been looking for. But I need some advice on how to handle the purchase. I am a Colorado resident buying a car registered in CA. The private party seller owes money on the car. How does the sale work? He says we go to his lender, pay off the balance and he gets a lien release. Then we go to DMV and they start the process to mail him a clear title. I leave for Colorado with the car, a bill of sale and a written promise from him to send me the title when he gets it. Is this the correct procedure?
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  #2  
Old 02-05-2009, 08:51 AM
6 Brit 6 Brit is offline
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gah I wouldnt take a written promise wait for him to have it in hand...

and then I can drive it back to colorado for you
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  #3  
Old 02-05-2009, 04:53 PM
CliffJumper CliffJumper is offline
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Location: Los Angeles, CA
 
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Mein Auto: 09 M3 Sedan
I'd check out this page, and the corresponding one for Colorado: http://www.dmv.ca.gov/vr/topbuysell.htm
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  #4  
Old 02-05-2009, 05:59 PM
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tturedraider tturedraider is offline
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Location: Chicago, north shore (via Tennessee & Texas)
 
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Quote:
Originally Posted by cobmw View Post
I found the sunroof delete E36 M3 that I've been looking for. But I need some advice on how to handle the purchase. I am a Colorado resident buying a car registered in CA. The private party seller owes money on the car. How does the sale work? He says we go to his lender, pay off the balance and he gets a lien release. Then we go to DMV and they start the process to mail him a clear title. I leave for Colorado with the car, a bill of sale and a written promise from him to send me the title when he gets it. Is this the correct procedure?
The paying off part and getting the lien released sounds pretty good. If you want them to release the title and the lien while you wait you should take cash. If your financial institution does not have offices in Cali and you don't want to travel there with cash, you could take cash to the local branch of a bank that does have locations in Cali (e.g. B of A or Wells Fargo) and buy a cashier's check payable to you to take with you. Then after you get to Cali you can go to a branch of that bank and cash the cashier's check.

In Texas there is no need to get a "clear" title "reissued" because on the back of the title the owner can immediately assign the title to the buyer. That eliminates the need for the buyer to just trust that the seller will send a clear title at some future date.

Good luck. Be sure you go there prepared with the idea in mind that if the deal/car doesn't work out right you're willing to fly back home empty handed, just in case.
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  #5  
Old 02-06-2009, 05:16 PM
w3ng1 w3ng1 is offline
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Location: NW PA.
 
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I think that the DMV would let you take the title after he signs off. You would then have your state transfer the title into your name.
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  #6  
Old 02-07-2009, 05:33 AM
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WINDonSKIN WINDonSKIN is offline
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Location: Burrrrr Minnesota
 
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Mein Auto: s54 roadster
I purchased my BMW from a private party in Texas. I live in Mn. He owed money on it and the lending institution was in Ca. I had a check with his and the banks name on it, he signed it and mailed it to Ca.The bank then returned to him the title and he then mailed it to me. The plates were good for six months so I wasn't worried about that. I had the car and a signed bill of sale. It all went very smoothly and just took a few e-mails and phone calls. I recieved the title about a month later and transfered the title. Hope this helps
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  #7  
Old 02-07-2009, 07:01 AM
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Kamdog Kamdog is offline
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Location: New York
 
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Mein Auto: 2008 535i
Make sure you really need that CA clear title. In NY, a release letter from the lienholder is enough. I would not hand over money to the guy without the car under any circumstances. If CO accepts a lien-release, then you can go with the guy to the lienholder, pay that off, get the release, get his bill of sale, and leave completely clear, you do not want to give out the money and rely on anyone to get things right when dealing out of state.
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