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A co-worker of mine is looking to sell his BMW. It's currently financed, not leased, through BMW FS. He is willing to sell me the car for what he owes. Has anyone ever transferred a loan? Not sure if it is taken into consideration, but my current BMW was financed through BMW with a clean payment history.

Another idea was to try and find a dealer that would be willing to CPO the car and take mine as a trade.

Any insight is appreciated.
 

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You can always take the money you would use to buy his car and use it to pay BMWFS. Then do a title transfer. In your case, you'll probably need to apply for a used car loan with another company, and then send that check to BMWFS.
 

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icemanjs4 said:
You can always take the money you would use to buy his car and use it to pay BMWFS. Then do a title transfer. In your case, you'll probably need to apply for a used car loan with another company, and then send that check to BMWFS.

Yes, it's probably easier this way.

For the loan to be transfered, you'd have to go through the same application process anyway - and I suspect you'd need nearly identical credit to qualify for his interest rate. I'm not sure.
 

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kevlmx said:
A co-worker of mine is looking to sell his BMW. It's currently financed, not leased, through BMW FS. He is willing to sell me the car for what he owes. Has anyone ever transferred a loan? Not sure if it is taken into consideration, but my current BMW was financed through BMW with a clean payment history.

Another idea was to try and find a dealer that would be willing to CPO the car and take mine as a trade.

Any insight is appreciated.
In my experience and from what I've heard BMWFS will only allow the transfer of "leases" and not loans. I have a couple of friends who sold and bought their BMW via www.swapalease.com. As for your second option, the dealer would actually have to "own" the car to make it a CPO, and then resell it to you as a consumer. It is only then that you could use your current car as a trade. I don't know of any BMW dealers that will just buy a BMW outright? :dunno: In my opinion it sounds like a complicated process, the second method you are trying to do. I'd just recommend that you sell your car as a private seller, and get a used car loan via a online lender, bank, or credit union on your co-worker's car. For a current list of bank rates check out: www.bankrate.com. Hope this helps, and wish you the best. :)
 
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