How do I pay off BMW credit to sell to third party?

[JAH1]

Dealer has a very nice CPO 2008 4.8 that I would like to buy but only offered me $12k as trade in for my 2006 4.4. I have a third party that wants to give me substantially more. I ask dealer for advice (and offered salesperson $$$ on the side to assist) and they claim there is no other way to do this than:

"send payoff amount to BMW credit, wait about thirty days and they will send you title".

Is that right? I am not dying to do this as lots can happen in 30 days to muck up the deal(s). Also, I don't want to ask my buyer to front the $$$ and then say "sorry, can't let you drive the new car you just paid for as the title wont be here for 30 days".

As an added PITA in the mix, the 4.8 salesperson is now giving the "please let us know asap as other parties are really showing interest" line. I would like to tell the salesperson to jump in lake but the 4.8 is mean and I like it!

Does anyone have any insight or advice?

Thanks

Joe 20016 4.4

[epdarks]

Is your potential buyer paying cash or financing it as well?

[JAH1]

Cash (check). No financing.

[jspdr]

1- Take it to Carmax to see if their appraisal is higher.
2- Tell the buyer you still have a lien. get deposit, or even full amount send to the bank
and wait for title to come. make sure both sign the sale agreement.
3- Ask buyer to get a loan, once it is approve the new lender will work directly with you
or your bank to payoff your loan.
4- If you want the new X badly and don't want to miss your chance, buy it first and sell
your X later.

[TiAgX5]

The finance dept at any BMW dealer can verify the payoff, they don't like to because there is nothing in it for them. Get payoff amount from BMW, have buyer get a bank check (certifed) in that exact amount (for finance) & a 2nd check or cash for you (purchase price minus lien amount), BOTH of you go to a BMW dealer and tell the finance manager you are there to payoff the vehicle. You both need to sign an agreement that when you receive the title (approx 30 days), you will sign title and transfer ownership to the buyer.

[JAH1]

I know the payoff amount, I just don't know the fastest way to pay it and get the title for 3rd party buyer. Can't believe it takes 30 days to send the title. Amazing, they almost make it difficult to do these transactions. BTW, it's the same dealer where I got the 2006. It's the same salesguy in fact! You'd think they'd step up at least a LITTLE to help me.

[theblue]

you don't need the clear title if your state will accept a lien release letter (from the lien holder) + current title.

This is how it works in NY. I got a car from PA and it was a nightmare because they won't and you must clear title in hand on a private sale.

[jspdr]

There is nothing the sales guy nor dealer can speed up the process. I believe BMW financial service has a expedite service available for extra cost.

[JAH1]

good to know jspdr, I was starting to get ticked at these guys. I'll call about expedited. Thanks.

[TiAgX5]

BMW NA is holding title, the longest part of the process is getting them to process the lien payoff and "snail mailing" the title to you.