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      08-19-2013, 08:47 PM   #23
stealth.pilot
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Quote:
Originally Posted by mikeriley View Post
very interesting open and honest discussion. The manheim prices are over inflated because a lot of the buyers are sending the cars overseas.
This is true. In fact the best offer I got last year was from an overseas buyer. There are some guys I know who have sold their cars to overseas buyers.
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      08-19-2013, 08:51 PM   #24
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Originally Posted by ufgtrs2007 View Post
How do you guys protect yourself when selling such an expensive car on autotrader?

I'm thinking about selling myself, but I'm a little worried dealing with people who may have other agendas.
I didn't see much risk:

First you sign a bill of sale and have it notarized. This is a legal contract which commits you to delivering the car once the buyer delivers the funds.

Second you ask the guy to wire you the money to your bank account. My bank Charles Schwab can create a temporary receiving wire account for the transaction so I don't need to give away my real bank account information. This is what I did.

Once the funds are received into the account you deliver the car and sign over the title (I think you just sign the back of the title and maybe a title transfer form).

There is a slight risk if the buyer wants to pay with Cashier's cheque. In this case you should do the transaction in a bank branch so they can validate the cashiers check before you sign over the title.
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      08-19-2013, 11:03 PM   #25
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Quote:
Originally Posted by stealth.pilot View Post
I didn't see much risk:

First you sign a bill of sale and have it notarized. This is a legal contract which commits you to delivering the car once the buyer delivers the funds.

Second you ask the guy to wire you the money to your bank account. My bank Charles Schwab can create a temporary receiving wire account for the transaction so I don't need to give away my real bank account information. This is what I did.

Once the funds are received into the account you deliver the car and sign over the title (I think you just sign the back of the title and maybe a title transfer form).

There is a slight risk if the buyer wants to pay with Cashier's cheque. In this case you should do the transaction in a bank branch so they can validate the cashiers check before you sign over the title.

Thanks for the information

How do you deal with people wanting to test drive the car? I would think that some people just want to take it for a ride without being serious.
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      08-19-2013, 11:07 PM   #26
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Originally Posted by ufgtrs2007 View Post
Thanks for the information

How do you deal with people wanting to test drive the car? I would think that some people just want to take it for a ride without being serious.
Honestly it wasn't an issue. I think most people who want to do that go to a dealer.

In fact every single enquiry I had was from out of state. The guy who bought it hired a professional vehicle appraiser locally to drive it. I was fine with that. And that was the only guy who drove it the entire time I was selling it. Then he bought it sight unseen based on the feedback of the appraiser and had it shipped back to his house in TX.
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      08-19-2013, 11:16 PM   #27
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Quote:
Originally Posted by mikeriley
very interesting open and honest discussion. The manheim prices are over inflated because a lot of the buyers are sending the cars overseas. Seems the private bmw dealers are interested in buying trade ins in the mid to high 70's right now and listing in the high 80's low 90's.

the dealers seem to have the upper hand for a few reasons, convenience esp for those that don't want to take the chance of getting scammed with private sales, and for tax savings using the trade in against new purchase price. (stealth you are very impressive beating the system!)

The dealer I dealt with today was classic, it was a non bmw dealer looking to get 94 for their car, said that he already had guarantee offers from a local bmw dealer to buy the car for 90. I found that hard to believe since if the dealers were really that willing to buy used m5s they would not low ball trade ins and offer high 80s or 90 especially if they are going to turn around and sell a new 2014 in the process.
I think you are reading him correctly. Full of bs. If he had an offer of $90k from a BMW dealer the he surely would go ahead and take it.
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      08-19-2013, 11:18 PM   #28
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Quote:
Originally Posted by stealth.pilot
Quote:
Originally Posted by ufgtrs2007 View Post
How do you guys protect yourself when selling such an expensive car on autotrader?

I'm thinking about selling myself, but I'm a little worried dealing with people who may have other agendas.
I didn't see much risk:

First you sign a bill of sale and have it notarized. This is a legal contract which commits you to delivering the car once the buyer delivers the funds.

Second you ask the guy to wire you the money to your bank account. My bank Charles Schwab can create a temporary receiving wire account for the transaction so I don't need to give away my real bank account information. This is what I did.

Once the funds are received into the account you deliver the car and sign over the title (I think you just sign the back of the title and maybe a title transfer form).

There is a slight risk if the buyer wants to pay with Cashier's cheque. In this case you should do the transaction in a bank branch so they can validate the cashiers check before you sign over the title.
+1 on the wire transfer. Only way at take certified Checks or Money Orders is US Postal Service Money Orders as they can be traced. We Use USPS MO commonly in the gun trading world as fraud runs rampant with personal and certified checks/non-USPS.
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      08-20-2013, 10:58 AM   #29
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If you have a good relationship with your dealer you might be able to run the private sale thru them. Meaning you have someone willing to buy your car privately, but you then 'sell' your car to the dealership you're buying the new car from with the stipulation that they then sell your old car for the agreed upon price to the new buyer. The advantages for the buyer of your car is that they can then use the dealerships financing and warranty resources, and for you you get to keep the trade in tax advantage.
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      08-20-2013, 11:08 AM   #30
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My M5 had an MSRP of 93k and bought it for 86K in october and just recently sold it with 5k miles to a nissan dealer for a '14 GTR. They gave me 83k for the M5 which was pretty surprising.
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      08-20-2013, 12:35 PM   #31
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They probably felt they could move the M5 faster than the GTR and most likely made the money on the GTR.. dealership tactics.
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      08-20-2013, 01:40 PM   #32
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Quote:
Originally Posted by nynd View Post
They probably felt they could move the M5 faster than the GTR and most likely made the money on the GTR.. dealership tactics.
Actually they say they lost money on the GTR. I bought it 1k below invoice, but there is probably manufacturer kick back and stuff like that. I doubt they lost money on the GTR. The M5 on the other hand, it will be a tough sell to make money on it. Just couldnt pass up the deal
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      08-20-2013, 02:09 PM   #33
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Quote:
Originally Posted by M3PGH View Post
My M5 had an MSRP of 93k and bought it for 86K in october and just recently sold it with 5k miles to a nissan dealer for a '14 GTR. They gave me 83k for the M5 which was pretty surprising.
Im not surprised, thats pretty much spot on from what I am observing.


At a non bmw dealer they do one of two things. Call a local dealer to get a buy rate on it. In essence they will sell the car to the other BMW dealer after your transaction is done at the price they quoted you. A lot of dealers do not want to hold on to high end model of makes they do not sell. In the case of the M5 a lot of dealers know they are sitting on stagnant inventory so they feel the buy rate is much lower, say 75.

The second is if the dealer wants to keep the car they will just look up the manheim auction price (called the MMR in the industry). That currently is 84K which is an average of auction sales of that model. That is one of the reasons they want the vin so much to plug it into manheim to get the exact model match (the other obviously is to check history,etc). So if they want to keep the car, which is seems they wanted to with yours, they often low ball a grand or two from the MMR. Two BMW dealers recently offered me 52 and 53 for my loaded A7 (b&o, innovation, etc) because they got those quotes from the MMR which is 54. Its crap though because the aution prices do not include the auction fee of transportation so the dealers really do low ball.
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      08-20-2013, 04:16 PM   #34
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$80k on a $200k car after 1.5 year of ownership and 13k kilometers on the clock. Looks like they all become around "$80k" no matter if you bought it for $100k or $300k
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