Help please with vehicle sale

[murali]

Hi Guys,

I have my mini for sale and i have a potential buyer, however the buyer wants to take over installments.

I just want to find out how to go about this?

Do i find out from BMW if the finance can be transferred over to his name and let him continue payments?

I am def not going to give the car away hoping that the payments are made into my account on a monthly basis.

Please any advice or help?

Thanks

 

[sherwinZ]

Definitely have him refinance the vehicle on his own name with a new account.
Your account needs to be settled in full.

 

[///Moose]

My advice would be rather let him apply for finance in he's own name and have him owe the bank instead of you letting the car go and hoping he pays your installments to your bank/account.

Also, legally I dont think you can do this according to the T&Cs on your finance with the bank.

The risk on your side is too much if he decides to skip any payments, the bank will come after you for their money so rather have him apply for his own finance and settle your debt

 

[dvst8]

My advice would be rather let him apply for finance in he's own name and have him owe the bank instead of you letting the car go and hoping he pays your installments to your bank/account.

Also, legally I dont think you can do this according to the T&Cs on your finance with the bank.

The risk on your side is too much if he decides to skip any payments, the bank will come after you for their money so rather have him apply for his own finance and settle your debt

Correct, legally he cannot "Take Over" finance.

Contact BMW finance and they will re-finance the outstanding amount on their name.

:thumbs:

 

[murali]

Thanks for the info guys!! :ty::ty:

 

[JayDrft]

Long and short of it, you signed the finance documents - you are responsible for payments.

Re-finance or look for another buyer...taking over car payments wont and never will work.