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X5 E70 (2007 - 2013)
E70 BMW X5 produced between 2007 and 2013. Discuss the E70 X5 with other BMW owners here.

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  #1  
Old 09-14-2012, 02:31 PM
mbeutler1203 mbeutler1203 is offline
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Purchasing BMW x5 4.8i from Private Party

So here is the deal. I am purchasing a vehicle that was originally CPO'd when the seller bought it. I had a local BMW dealership do the inspection they normally do to certify a BMW and the vehicle checked out very well with no concerns.

I am curious how to go about the next part. The title is in the banks hands currently and shows a lein. My bank got his payoff information and have made me a check out in my name, his name and the lein holding banks name. For the bank to release the title lein free can take two weeks.

How can I go about taking over ownership of the vehicle? Some form of bill of sale? Any help would be greatly appreciated. Frankly I can't wait two weeks since we are down to only 1 car and the owner is 6 hours away.
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  #2  
Old 09-14-2012, 03:21 PM
sunny5280 sunny5280 is offline
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Quote:
Originally Posted by mbeutler1203 View Post
So here is the deal. I am purchasing a vehicle that was originally CPO'd when the seller bought it. I had a local BMW dealership do the inspection they normally do to certify a BMW and the vehicle checked out very well with no concerns.

I am curious how to go about the next part. The title is in the banks hands currently and shows a lein. My bank got his payoff information and have made me a check out in my name, his name and the lein holding banks name. For the bank to release the title lein free can take two weeks.

How can I go about taking over ownership of the vehicle? Some form of bill of sale? Any help would be greatly appreciated. Frankly I can't wait two weeks since we are down to only 1 car and the owner is 6 hours away.
As you're handing him a bank check I would expect to receive possession of the vehicle.
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  #3  
Old 09-14-2012, 03:26 PM
jashearer jashearer is offline
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Yes, bill of sale. Google a generic one and fill it out, take two copies one for him and one for you. That should suffice for temporary tags (or just keep it in the vehicle if Wisconsin is as easy going as Iowa).

Bought many cars that way, never had a problem, but best bet is to call your county registration group and ask them to be safe.

Jay
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  #4  
Old 09-14-2012, 03:28 PM
mbeutler1203 mbeutler1203 is offline
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Originally Posted by sunny5280 View Post
As you're handing him a bank check I would expect to receive possession of the vehicle.
Sunny, that means I wouldn't have a title for about two weeks due to bank processing. I could just have a bill of sale made and then have it notarized I guess.
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  #5  
Old 09-14-2012, 04:24 PM
sunny5280 sunny5280 is offline
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Originally Posted by mbeutler1203 View Post
Sunny, that means I wouldn't have a title for about two weeks due to bank processing. I could just have a bill of sale made and then have it notarized I guess.
Unfortunately there's no other way around it. It takes time for a bank to process the payoff. While possession of the vehicle does not mean you own it I'd rather have possession than not if I'm going to hand over a substantial amount of money.
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  #6  
Old 09-14-2012, 05:06 PM
ard ard is offline
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Dont listen to Sunny, listen to Jay...if you listen to sunny you would not be able to purchase this car (I assume the seller doesnt have the payoff amount in his checking to pay the lender, get the title then sell it to you!)

With a bill of Sale- AND proof that you've paid the leinholder, you are good to go. The Bill of Sale will release his interest in the car- AND you've establihsed the current lendor will release their interest in the title upon reecipt of $xxx. You could also put something in the BOS whereby he indemnifies you for any legal expenses to get the title should there be extenuating circumstances- but Ive never had an issue.

A
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  #7  
Old 09-14-2012, 07:39 PM
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5seriesHB 5seriesHB is offline
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  #8  
Old 09-14-2012, 08:53 PM
sunny5280 sunny5280 is offline
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Originally Posted by ard View Post
Dont listen to Sunny, listen to Jay...if you listen to sunny you would not be able to purchase this car (I assume the seller doesnt have the payoff amount in his checking to pay the lender, get the title then sell it to you!)

With a bill of Sale- AND proof that you've paid the leinholder, you are good to go. The Bill of Sale will release his interest in the car- AND you've establihsed the current lendor will release their interest in the title upon reecipt of $xxx. You could also put something in the BOS whereby he indemnifies you for any legal expenses to get the title should there be extenuating circumstances- but Ive never had an issue.

A
Are you really so naive as to think my advice was limited to just taking possession of the vehicle? Surely you can't be so foolish? My advice assumed he was intelligent enough to obtain a bill of sale and keep a record of payment. You didn't actually think he was foolish enough to be unaware to obtain such basic documentation?

Last edited by sunny5280; 09-14-2012 at 09:00 PM.
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  #9  
Old 09-15-2012, 07:36 PM
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5seriesHB 5seriesHB is offline
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Quote:
Originally Posted by sunny5280 View Post
Are you really so naive as to think my advice was limited to just taking possession of the vehicle? Surely you can't be so foolish? My advice assumed he was intelligent enough to obtain a bill of sale and keep a record of payment. You didn't actually think he was foolish enough to be unaware to obtain such basic documentation?
Ard strikes again!
A simple question from the op and everyone's feathers are in a ruffle!
Ard had previously gotten under my skin as well
I then learned to embrace the harsh tone and incensitive words he chooses
It's like dealing with a 2 yr old
Just doesn't have good communication skills
A lot of the time he brings up valid point it's just all in the delivery though!
Attack first seems to be his approach
Not mine
And probably not yours
Live live and laugh everyday and
Don't take myself to seriously R the mottos I try to
Live by
Njoy njoy And big baby bear hugs for ard
Rob
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  #10  
Old 09-15-2012, 07:50 PM
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the kidd the kidd is offline
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How is the price as compared to a newer (used) E70? You might want to consider a bit of extra cash for a smoother trannie and same hp that the 35i has as compared to the older 4.8. Just throwing another thought out there.
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