oner123

Hey, I was wondering if any of you guys out there might be able to help me with some questions. I'm in a bit of a financial bind because of this economy and one of the luxuries I unfortunately have decided I have to give up is the car...

So I have a CPO'ed 2007 E63 which I bought in with 2k miles on back in 07 and I was wondering if my CPO warranty would transfer to the new owner?

And my previous cars, I've always paid off, but this car I still owe quite a bit to the bank and do not have the title on hand, how do I sell a car in which I do not have the title?

And what do you guys think is a realistic amount I can expect to sell my 07 with 28k miles for? It is in excellent condition.

Thanks

mekantor

Sorry to hear about your troubles.

I think the warranty applies to the car itself and should be transferrable. When I bought my car earlier this year from an independent dealer, the MB dealer said I would've still had CPO warranty on it until July if it hadnt been breached on mileage terms.

The process probably goes like this: you get paid, you pay loan balance, bank releases title, you sign over the title. Give the bank a call, they might have a suggestion.

efivefiveamg

I'd check your warranty papers, but I was told that my MB CPO warranty was transferrable.

Title issue gets hairy if you can't pay off the whole thing when you sell it. You're going to need to work something out with the lender.

Hopefully others can chime in with more helpful advice. Gluck and hope it all works out for the best.

X2Board

If you are selling the car for less than what you owe, then you have to make up the difference at the time of sale.

Your bank will give you a pay off figure, which will clear the title.

The Buyer's bank will require a check from you for the difference between the selling price and the pay off, the title when then go directly from one bank to the other, until the buyer's loan is paid in full.

oner123

Thanks for the input guys, it really is a shame to get rid of the car, I guess I'll give my bank a call to double check, I shouldn't need to put out of my pocket I would expect, unless the market for luxury cars have really tanked harder than I expected.

dgreen1069

The most common way to get around not having a title is to give the buyer a Bill of Sale that states you will provide the buyer with the title as soon as you receive it. In some states, your bank holds the title and will send it to you once the loan is satisfied. In other states, the DMV holds an electronic title with the lien holders information on it. Once you fulfill your loan, you bank sends an email to the DMV so the lien can be released. If your state works that way, once the lien is released you can drive to your local DMV and get them to print you a title.

Good luck, sorry to hear about your troubles.