Advice on an 08 e92 M3 with Lemon title

[2wheeltraveler]

BIMMERPOST / Classifieds

Asking Price:

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I have an 08 e92 Manual in Space Grey with 61k miles on it. It has a lemon title due to a BMW buyback that occurred with orig owner around 4k miles (knock in the transmission that they took in 3 times to resolve and gave up invoking NJ lemon law). I have all paperwork that indicates that BMW NA took it back, replaced the entire transmission and passed it to a 5 star dealer in NJ for resale. Because of this I got a pretty great deal.

Now it's time for me to pass on those savings to the next owner... but i'm finding that because of the title, trade or car-buy services won't offer over $15k for it... on Autotrader it's hard to find one under $30k. I get taking a hit due to the title, but 50% seems obscene.

Question to the knowledgeable folks on the board, what should one expect to get on the private market with a lemon title?

Thanks!

[jonathan13]

Well I am not familiar with the lemon law you speak of, so my input may not help you , but I will offer my opinion regardless. I have bought many total loss vehicles and rebuilt them for sale. Depending on the damage, year, make, model, etc, I usually used 30% off of book value to price my vehicles for sale.

That being said, I would assume that a "lemon vehicle", that has been completely repaired by the manufacture would take less of a hit than one that has been totaled out by an insurance company. Personally I would much rather buy one that had been declared a lemon and subsequently fixed, rather than a rebuilt salvage vehicle.

If I were you I would probably price it 30% under book if you are in a hurry to sell it, and if you are not in a rush price it a bit higher.

Good private party condition is $27,600, so if I were you I would price it at $19k for a quick sale, or possibly a bit more if you don't mind waiting for the right buyer.

All this being said, if you don't find anyone that wants it for $19k, message me and I will take it off your hands. Good luck with your sale!

[duvinclunk]

I considered buying a lemon just a few weeks ago and even spoke to BMW USA regarding the matter. Know a few people in the industry and the main thing I learned was a branded title is a branded title. Doesn't matter if it was a bad wreck that was rebuilt or a lemon that was completely fixed, a branded title is a branded title. After many questions to several dealers and wholesalers, all seem to agree that 30% off the retail price is the going rate.

[jonathan13]

Originally Posted by duvinclunk

I considered buying a lemon just a few weeks ago and even spoke to BMW USA regarding the matter. Know a few people in the industry and the main thing I learned was a branded title is a branded title. Doesn't matter if it was a bad wreck that was rebuilt or a lemon that was completely fixed, a branded title is a branded title. After many questions to several dealers and wholesalers, all seem to agree that 30% off the retail price is the going rate.

Interesting information.

For me personally, buying a lemon branded title would be a good way to get a lot more car for a good price. I may start looking for lemons when purchasing vehicles. (Never thought those words would come out of my mouth! Lol )

[GT172I]

Originally Posted by jonathan13

Interesting information.

For me personally, buying a lemon branded title would be a good way to get a lot more car for a good price. I may start looking for lemons when purchasing vehicles. (Never thought those words would come out of my mouth! Lol )

I've considered it as well in the past but a majority of lenders won't finance any loan on a branded title so it would have to be a cash transaction... I'm sure there are exceptions but that was my experience last time I looked into it

[jonathan13]

Originally Posted by GT172I

I've considered it as well in the past but a majority of lenders won't finance any loan on a branded title so it would have to be a cash transaction... I'm sure there are exceptions but that was my experience last time I looked into it

I have had the same experiences in the past with rebuilt titles. I usually got a personal loan without collateral, but that causes interest rates to be higher than with a normal auto loan.
Also, without spotless credit, you will have a hard time getting a personal loan for more than a few thousand.

Something to consider depending on the situation, I suppose.

[duvinclunk]

Originally Posted by GT172I

I've considered it as well in the past but a majority of lenders won't finance any loan on a branded title so it would have to be a cash transaction... I'm sure there are exceptions but that was my experience last time I looked into it

Maybe I was "lucky" but each credit union I checked had no problem with lending on a branded title but the max they'd give would be the lowest book value possible.

[magnetic1]

I always thought they went for 50% of retail (not private party).

They are offering you $15k for it because they wont get too much more than that at auction for them. I think the last time I checked they were around $22k at auction for a clean title car.

[cmk227]

Post some pics of the car. The condition of the car could help you maybe find a buyer on the forum.

[CarEnthused]

At best you can expect only a couple of grand more than someone is willing to lend on it. You can call your credit union and ask how much they would loan on the car given its a buyback. Use that value as a basis for what you can expect to sell it for.

[135andrew]

I'm interested....

[gregory.fazekas]

If you want to sell for 19, let me know. I would be very interested

[slampig]

I could be interested in a cash sale too depending on the car details.

[boostincincy]

pm me, I'm interested