Buying from private

[M3Bimmer77]

Hello all, I'm shoppimg around for an M3 and I have one preselected. Car is out of state. Has anyone dealt before with private sellers before? The seller is hesitant to send the car and I'm not willing to send the money just because. Ive read about this escrow accounts. Is this the way to go with this transaction.

[WingZeroX5]

there are numerous threads and even searches on google that tells you what to expect or not expect from buying private party. I've bought numerous vehicles privately and the transaction has always been fine for me.

If you are dead set on that car, I would simply have the money ready on my end, get a one-way plane ticket and drive it back. Make sure the seller has a clear title, meaning no liens or all liens satisifed before any funds exchange. If the lienholder(s) is/are local, make the transaction happen at that place so there are no if's/and's/but's

[Craigy]

Inspect the car in person. If it checks out, buy the car. If it doesn't, buy a plane ticket back home.

[X5-User]

Originally Posted by WingZeroX5

there are numerous threads and even searches on google that tells you what to expect or not expect from buying private party. I've bought numerous vehicles privately and the transaction has always been fine for me.

If you are dead set on that car, I would simply have the money ready on my end, get a one-way plane ticket and drive it back. Make sure the seller has a clear title, meaning no liens or all liens satisifed before any funds exchange. If the lienholder(s) is/are local, make the transaction happen at that place so there are no if's/and's/but's

The buyer (OP) is stating that car is out of state and I assume it has a lien on it. I am facing same issue, in fact I lost couple of deals because of these logistics. Unfortunately, many sellers are not willing to release the car before the check clears out in their bank account making it impossible for the buyer to fly and pickup the car if they have check in hand. Many sellers require sending the payment 2 or 3 days in advance which is something that I won't do (to not establish more concerns and not be able to sleep the nights) and OP wont do as well as he mentioned.

Any other members have feedback on how to handle situation as well for out of state buyers?

[DTaylorE90M3]

Many times you can meet at the bank and do it at the bank. Hand the bank a check so car gets paid off. Then have seller had you keys and the title. Seller never gets the money the bank does. Call and find out which bank holds Lein. Then call and ask them how to do it.

[WingZeroX5]

Originally Posted by Bimmer-M3

The buyer (OP) is stating that car is out of state and I assume it has a lien on it. I am facing same issue, in fact I lost couple of deals because of these logistics. Unfortunately, many sellers are not willing to release the car before the check clears out in their bank account making it impossible for the buyer to fly and pickup the car if they have check in hand. Many sellers require sending the payment 2 or 3 days in advance which is something that I won't do (to not establish more concerns and not be able to sleep the nights) and OP wont do as well as he mentioned.

Any other members have feedback on how to handle situation as well for out of state buyers?

You don't use your personal check, you have your bank cut you a certified/cashier's check. Preferrably a cashier's check.

I bought my current m3 from FL and back at that time, I was in NH. There was some more coordination involved and I was hesitant to just send a cashier's check to seller (though seller agreed to ship). In addition to lots of pics requested by me, highlighting specific areas I wanted to see, I flew down on a 1 way ticket with funds in hand. If i liked it, drove it home with an east coast road trip as a bonus. If not, i'll be out of the plane ticket, no further harm done

[M3Bimmer77]

based on the threads I asked the guy about the lien but the car is paid off and title on hand. I guess that's good news. Flying is not an option. The guy has sent me numerous pics of the car. My next step is to schedule a private inspection. Let's say I'm good to go. This is how the guy wants it: He will send me a Bill of sale by mail including VIN number and copy of his DL. Then I will send him 50% of the money. Once the shipping company has possession of the car, I will transfer him the second 50%. Title will be send my mail once funds are cleared. Is this a fair deal? I still think that the guy can screw me at any moment.

[X5-User]

Originally Posted by WingZeroX5

You don't use your personal check, you have your bank cut you a certified/cashier's check. Preferrably a cashier's check.

I bought my current m3 from FL and back at that time, I was in NH. There was some more coordination involved and I was hesitant to just send a cashier's check to seller (though seller agreed to ship). In addition to lots of pics requested by me, highlighting specific areas I wanted to see, I flew down on a 1 way ticket with funds in hand. If i liked it, drove it home with an east coast road trip as a bonus. If not, i'll be out of the plane ticket, no further harm done

Yeah I wasn't referring to personal check. I was talking about Cashier's check. However, some sellers don't even trust that for some reason and prefer cash..who can curry 30k+ cash these days lol

[Craigy]

Originally Posted by M3Bimmer77

based on the threads I asked the guy about the lien but the car is paid off and title on hand. I guess that's good news. Flying is not an option. The guy has sent me numerous pics of the car. My next step is to schedule a private inspection. Let's say I'm good to go. This is how the guy wants it: He will send me a Bill of sale by mail including VIN number and copy of his DL. Then I will send him 50% of the money. Once the shipping company has possession of the car, I will transfer him the second 50%. Title will be send my mail once funds are cleared. Is this a fair deal? I still think that the guy can screw me at any moment.

If you feel uneasy, walk away.

[Craigy]

Originally Posted by Bimmer-M3

Yeah I wasn't referring to personal check. I was talking about Cashier's check. However, some sellers don't even trust that for some reason and prefer cash..who can curry 30k+ cash these days lol

Certified checks, cashiers checks, bank checks, money orders, etc. can all be faked and are faked.

[SpartanGA]

anyone use an escrow service like this:

https://paysafeescrow.com/car-escrow

?

I see a $45k transaction has a $200 fee. Not bad for piece of mind.

[JPH704]

Originally Posted by Craigy

Certified checks, cashiers checks, bank checks, money orders, etc. can all be faked and are faked.

^ this. Most of the fraudulent checks are these checks. A bank loan check is NOT the same as a cashiers check and often takes longer to process.

Lots of bad information in this thread. Rennlist and GTRlife.com have useful information protecting buyers/sellers. Many sellers have existing loans and a "lien holder". Used car loans are going for 1.5-2.0% these days, it's almost foolish to pay cash at that rate. Asking the seller to payoff the loan prior to purchase is a stiff requirement and you'll probably be told to pound sand. Checks can be cancelled, this is actually a higher risk for sellers.

Want buyers protection... Ask for an intent to sell, PPI, ask questions and document conversation. At that point make travel arrangements. Get a bill of sale and if available have it notarized. If the seller doesn't deliver the title contact your bank and place a stop payment. This is also a breach of contract if the seller doesn't release the title.

Originally Posted by SpartanGA

anyone use an escrow service like this:

https://paysafeescrow.com/car-escrow

?

I see a $45k transaction has a $200 fee. Not bad for piece of mind.

This is a great option and a cheap fee IMO. Escrow is safe for both parties involved. If someone doesn't want to spend 100-200$ to handle the transaction they're probably buying the wrong car.

[JPH704]

Hopefully a Mod moves this thread to the proper location. This isn't the right section of the forum.

[WingZeroX5]

Originally Posted by M3Bimmer77

based on the threads I asked the guy about the lien but the car is paid off and title on hand. I guess that's good news. Flying is not an option. The guy has sent me numerous pics of the car. My next step is to schedule a private inspection. Let's say I'm good to go. This is how the guy wants it: He will send me a Bill of sale by mail including VIN number and copy of his DL. Then I will send him 50% of the money. Once the shipping company has possession of the car, I will transfer him the second 50%. Title will be send my mail once funds are cleared. Is this a fair deal? I still think that the guy can screw me at any moment.

IMO

No title = no deal

And bring a blacklight to check the authenticity of the title too lol

[X5-User]

Originally Posted by DTM Fan

^ this. Most of the fraudulent checks are these checks. A bank loan check is NOT the same as a cashiers check and often takes longer to process.

Lots of bad information in this thread. Rennlist and GTRlife.com have useful information protecting buyers/sellers. Many sellers have existing loans and a "lien holder". Used car loans are going for 1.5-2.0% these days, it's almost foolish to pay cash at that rate. Asking the seller to payoff the loan prior to purchase is a stiff requirement and you'll probably be told to pound sand. Checks can be cancelled, this is actually a higher risk for sellers.

Want buyers protection... Ask for an intent to sell, PPI, ask questions and document conversation. At that point make travel arrangements. Get a bill of sale and if available have it notarized. If the seller doesn't deliver the title contact your bank and place a stop payment. This is also a breach of contract if the seller doesn't release the title.



This is a great option and a cheap fee IMO. Escrow is safe for both parties involved. If someone doesn't want to spend 100-200$ to handle the transaction they're probably buying the wrong car.

^ it is funny that this is coming from you. You are one of the sellers who I had hard time dealing with. You asked for cash and kept saying I have people who is offering to pay for it cash! I wish I just walked away from the first day; yet you made me go through the process of getting a loan and check and in return I got nothing.

OP, don't listen to this guy. This forum is great and not much false info as you are referring to. I believe the problem is from the seller who wants to sell the car but assume zero risk on buyer when sending the check days earlier before coming picking up the car.

[JPH704]

Originally Posted by Bimmer-M3

^ it is funny that this is coming from you. You are one of the sellers who I had hard time dealing with. You asked for cash and kept saying I have people who is offering to pay for it cash! I wish I just walked away from the first day; yet you made me go through the process of getting a loan and check and in return I got nothing.

OP, don't listen to this guy. This forum is great and not much false info as you are referring to. I believe the problem is from the seller who wants to sell the car but assume zero risk on buyer when sending the check days earlier before coming picking up the car.

You didn't have a "cashiers check" you had a check from your credit union. I offered to meet you at my bank during normal business hours, so that they could verify funds and we could finalize the deal. I gave you Tuesday-Friday my availablity for the week. That didn't work for you... Not my problem. I could continue with all the details but you don't want me to go there.
I like how you said "one of the sellers who I had a hard time dealing with". You gave many the run-around, I have confirmed this, maybe they will chime in.

[Kash]

Contact the nearby BMW dealership near seller and schedule a PPI. Also, ask the sales associate to run a courtesy trade ($500) to facilitate the transaction. if you buy CPO or some warranty from them then they may even facilitate the trade free-of-charge.


So, you will be buying the car from dealership and the seller will be selling it to the dealership.

Makes sense?

[JPH704]

Originally Posted by Kash

Contact the nearby BMW dealership near seller and schedule a PPI. Also, ask the sales associate to run a courtesy trade ($500) to facilitate the transaction. if you buy CPO or some warranty from them then they may even facilitate the trade free-of-charge.


So, you will be buying the car from dealership and the seller will be selling it to the dealership.

Makes sense?

That's another great option if the dealer agrees. I had this lined up with a local dealer. Would have made things smooth... The potential buyer didn't agree.

[X5-User]

Originally Posted by DTM Fan

You didn't have a "cashiers check" you had a check from your credit union. I offered to meet you at my bank during normal business hours, so that they could verify funds and we could finalize the deal. I gave you Tuesday-Friday my availablity for the week. That didn't work for you... Not my problem. I could continue with all the details but you don't want me to go there.
I like how you said "one of the sellers who I had a hard time dealing with". You gave many the run-around, I have confirmed this, maybe they will chime in.

I have never given you any run-around to anyone. Why are you making up shit? Are you trying to defend yourself because it is not working

BTW, I had a chance to talk to previous owner and THANK GOD the deal didn't go through because he swore how jerk you are and how you give him hard time to get the sale done by threatening him to sue him...after this it all made sense on why you are giving me hard time

[///M3AlpineWhite]

I bought mine with a bank check and had to wait for payment to clear. But i also had a letter of intent with copies of multiple ids. Then check him out before you buy it. Good luck.

[s85e90]

Originally Posted by M3Bimmer77

Hello all, I'm shoppimg around for an M3 and I have one preselected. Car is out of state. Has anyone dealt before with private sellers before? The seller is hesitant to send the car and I'm not willing to send the money just because. Ive read about this escrow accounts. Is this the way to go with this transaction.

Go see the car, have a check, have buyer and you sign a bill of sale. Simple. If title is still held buy the bank it will be sent to you (hence bill of sale).

[iamcpap]

I flew to NYC with a cashier's check and a bank loan check. The seller spoke to my banker personally on the phone, we sent pics of the checks and the seller's bank confirmed they were legit. Flew in, delivered checks, signed bill of sale and signed title and drove back to Chicago.