I just bought a new car and am selling off my existing BMW.
I had MyCarAuctions come out to to appraise the car and got a good quote on it. On the spot, they cut a check for my positive equity (minus $1000 pending title) and I signed the 262 Transfer Form and a bill of sale. They’ll pay off my lease via BMW under my name.
At this stage, is there any risk for me to have them take the car away now? They said they typically wait until the payoff check clears, but I’d like to get rid of the car ASAP as I don’t want to have to take care of parking in my condo.
Should I ask them to sign a release of liability form or is that assumed in the 262 or bill of sale?
In CA, it’s always on the seller to file the release of liability. Some dealers will do it when they buy, but it’s ultimately up to you. You can do it on the CA dmv site. Don’t need them to sign anything.
That was easy! Thank you.
So it doesn’t matter that the title is still under my name now? I’ve signed transfer docs and release of liability.
I would think it’d behave like any purchase with a lienholder where it takes some time for the title to actually transfer.
I still personally wouldn’t take insurance off of it until your account closes with the lessor though.
I sold one to them. Was seamless really. Except they waited until the bank clears the loan payoff before they picked up the vehicle. Which if you think about it is reasonable.
Not to hijack this thread, but does anybody know if MyCarAuction operates outside of California specifically Florida? Thank you.
Yea I’ve heard great things and the process has been pretty hands off so far…though the appraiser that came wasn’t the friendliest
I think they only do west coast and Nevada.
Price should be the payoff amount?
I’m assuming that’s to protect themselves? Is there any risk to me if they pick up the vehicle before the payoff is fully completed?
I’m trying to get rid of it from my parking space that I’m paying for ASAP
Assuming it is not paid off then it cannot be transferred so technically you still own it. My guess is they pick it up before then all kinds of liabilities come into play, I wanted the space in my garage back but they waited until a week and I know they put the money in my bank and paid the loan off the day we did the deal. I don’t know the actual issue but guessing it was the liability.
I got paid the payoff amount plus 15k because the market is insane. The payoff amount is not important, you just sell them a car at the price you agree on, the payoff amount is relevant only to you not to them (unless you are underwater)
Yeah, I also got 9k over payoff but wanted to be sure what to put on the release
How long did dealer payoff take for anyone who sold to them?
I sold mine to them 10 days ago. They gave me my check but the bank has yet to receive the payoff.
They paid mine off within a week. Account shows the payment made. Just waiting for them to receive title and give me the remaining $1,000
Same as @Atlasnoir, about a week before payment was sent. Mycarauction received the title directly and didn’t tell me. I followed up after 3 weeks and overnighted the remainder to me for the slip-up.
It’s not a slip-up. They did the same to me back in December.
Had to reach out to MBFS who confirmed they sent the title directly to MyCarAuction two weeks earlier. I had to call MCA and ask for the remainder to be sent.