Quote:
Originally Posted by backtoreality15
I live in California and just got off the call with a buyer who will be taking my car. The car's leinholder is still BMW Financial Services.
I understand this is the process:
1. Complete Bill of Sale with the buyer for our own records
2. Send buyer's certified cashier's check overnight to BMW FS (1 day)
3. Once they process payment they will mail me the Title (2-5 days)
4. Sign Title over to the buyer (1 day)
The issue here is that there is a good amount of time/lag from the buyer producing cash to him getting the Title signed over to him. About a week I'd say. My concern is that he will have some concern of signing a check without car keys.
When am I suppose to actually hand the car over to the buyer? When am I suppose to complete the Notice of Release of Liability ? 
Thanks! |
You aren't required to do anything if you find a buyer who is willing to wait for the whole process.
Anytime I have done this in the past, as long as I am confident the funds are valid, I give the buyer the car and keys as well as let them drive with my tags until all is said and done. The car is still insured and the buyer can't do much without a title. I also make them sign a statement saying any and all violations are their responsibility and make a copy of their license. Once the title comes in I swap title for my plates. By then you know funds are valid.
I have also had this courtesy done for me on numerous occasions when buying cars.
Worst case scenario they give you a bad check and disappear. That's what insurance is for.
But you aren't required to do anything if you find a buyer who is okay paying off your loan yet not having control of vehicle. The timelines you listed are at best case business days. It is generally good to plan for two weeks from start to finish.
I personally would never buy a car if I had to pay for it in advance until the seller sorts their stuff out in one to two weeks without taking control of the car. Why would I trust a seller to be true to their word if the seller doesn't trust me to take the car in good faith?