Process for buying bike financed through BMW Financial

[mickeym3]

Could someone please provide info?  Buying bike which current owner says he’s upside down on and wondering how the process works for me to get title?  I’d be paying cash so no need for services on my end. Thanks 

[Rinkydink]

If bike is financed through BMW Financial...Original owner will have to pay their loan off to BMW Financial. (With your $$) He will receive the bike’s title and then he will sign it over to you. It takes two to three weeks to get the title. If he is upside down on loan the loan is more than the bike’s value. Is he paying the difference? Otherwise you will have to pay too much for the bike.  Is this a local or long distance deal? Lots of questions on this deal 

[realshelby]

Yes, upside down means the owner owes more than the vehicles value. Usually based on Trade or Wholesale value ( at least that is how Dealers look at it ). 

 

You CAN still buy the bike if you want it and you have an agreed price. 

 

Without a Dealer being involved, I would say the current owner MUST pay the bike off. I would not give them money to help with that, unless I had a lawyer draw up some kind of agreement to cover it. Takes couple three weeks to get the title. Then you buy the bike, take the signed title to your DMV and start that process. 

 

There is a reason sellers like to list a bike, or any vehicle, with the statement "title in hand". 

[mickeym3]

Thanks guys, based on the seller’s posts on advrider he certainly seems credible but good judgment is bolstered by vetting in this case.  He’s only 250 miles from me so probably worthwhile to have a face to face conversation. Putting cash in his hand and having a notarized bill of sale when I ride off is no guarantee that BMW won’t come looking for their bike. I’ve sold three bikes on advrider and one of my RT’s here and have always noted “title in hand” in the ad for this very reason.  Appreciate the input, was mainly wondering if BMW Financial has something different in place vs. other institutions. 

[realshelby]

The only alternative I can think of is known as an "in and out". Most dealers will do this, for a fee. Expect $100-300. On paper the dealer buys the bike from the seller, then turns around and sells that bike to you. The advantage, or difference to you, will be that the dealer can actually allow you to finance the bike if you want to. Or, if you have cash in hand and the seller has the amount in hand to make up the difference in the selling price and the payoff price, you have legal paperwork and recourse to have the dealer furnish you a title for the bike.