*Need Help!!! Selling a car with lien? sorta

[pck3]

Okay I need advice and somethin that will help me because I dont want to get fucked over. So here it goes.

Back in November I let my friend borrow my car, it was a 95 bmw 740il. So we moved in together as roomates in december, and i had another car I drove, the bmw was his full time car. We took the Bill of Sale of the dmv website and filled it out. It says "Seller(s)/Transferor(s) further states that there are no liens, security interests, or encumbrances on this vehicle except as listed below:"......... I filled out the rest of the information. I have received $1600($1000 of it from his dad to help pay me) of a total of $7000 since January when the bill of sale was made. We made a side not total price was $7000 and it was not yet paid.

Am i in the right here for the legal system or will i get fucked over?

[cactusEG]

srry dude cant help ya...

[quickdodge®]

You're fucked you dumbass! Later, QD.

[Echonova]

^^^ Agreed, you are uber-screwed

[Julio]

just repo the car back... duh..

I woldnt even think twice about that. If the title is in your name and you have key to the car... go get it.

You got the car back and you made 1600 bucks.

[Shawna]

your name and address should go in the lein information spot with the amount...meaning you are the lein holder and he makes payments to you....that is legally binding IF it is filled out like that

[speedminded]

You still have the title right?

[pck3]

bank has title, it has lien......

[quickdodge®]

^^^ LOLOL @ you. Nice one. Later, QD.

[Extrememustang]

just repo the car back... duh..

I woldnt even think twice about that. If the title is in your name and you have key to the car... go get it.

You got the car back and you made 1600 bucks.

Exactly! The loan is in YOUR name so go get it. I had to do something simliar, had a loan thru wachovia and I told my buddy if your late Im coming to get it no mater how much you paid. Well he was late and I went and got MY car back, NOW only way he can get it back if he has reciepts with dates on them of when he paid you and he was on time for the time you guys agreed on.

[atlantamx3]

So, you sold a car that you did not own?

yeah thats illegal. The DMV will not issue a new title with your buddies name on it unless they had a title to transfer out of your name. If the Bank still has the title with your name on it, then that [transferring the title to your friend] is not possible, because they would still have the title and would not send it out to have your friends name put on it since YOU owe the money to the bank.

If the bank still has a lien, then THEY are the legal owner until they release their lien. You signed paperwork (contract) withthe bank saying YOU would make good on your loan and pay all of your payments.

Sounds to me like you are doing whats called a "Straw purchase" and better not let your bank find out. They can repo the car just based off that if they want to. read your contract.

[Shawna]

^^^^ not correct

[atlantamx3]

umm yes it IS correct. I have been doing titles for over 7 years now at dealerships and two very large finance companies.

I would like to know exactly what part of my statement is "not correct"

[BlkCD5]

damn, you let your friend "borrow" your bmw. Can i borrow one of your cars too?

[quickdodge®]

^^^^ not correct

What he said IS correct. You CANNOT sell what you DO NOT own. Later, QD.