QUESTION... Need serious answers

GettinLo
GettinLo Members Posts: 8,036 ✭✭✭✭✭
edited September 2012 in Let Me Ride
My bro-in-law, who hustled, got knocked last year and it looks like he's gonna be down for a while. Before he went away, he left his 2007 M5 in the garage of our investment property. In Oct it will be sitting there for about a year. I think there's still a lien on the car, but creditor haven't come for the car (the garage isn't closed).

So the question is, how do you find out if we can assume possession or ownership of the car?? 07 Indy Red M5 is still a dope car to me.

Comments

  • Lurker6
    Lurker6 Members Posts: 4,508 ✭✭✭✭✭
    idk but find out and rock that ? ? .........and or sell it
  • Cinco
    Cinco Guests, Members, Writer, Content Producer Posts: 5,097 ✭✭✭✭✭
    For sure the battery is dead. You can check the fluid in it and start it with a charger, it may have some life left in it.

    Hopefully the fuel level was low, u can get away with putting some new, fresh gas in there. If it was full, honesty I'd try to drain the gas and start fresh, because that Gas is junk now.

    Hope it work out...Take it out condition the leather and enjoy those 500 barbaros
  • wilberdmillz
    wilberdmillz Members Posts: 2,159 ✭✭✭✭✭
    EmM HoLLa. wrote: »
    EmM HoLLa. wrote: »
    In order to take ownership of the car.. You have to contact the Lein Holder (Bank or Leasing company)

    If the car is financed.. You basically pay cash for whatever the loan balance is or get another loan through this bank or your bank of choice and pay for the balance and they will release the title.. Now the loan is in your name and you are the legal owner of the car. Your Bro in Law may still need to sign off.. They will confirm that for you. You have leverage here. Cuz chances are if they repo the car and sell it at auction they will be selling it at a loss.. So you may be able to negotiate with the bank and pay less than the full loan amount.

    If its leased you kinda do the same thing but just transfer the lease payments to you.. Again the company loses if they have to repo the car so u may be able to negotiate better lease payments after you explain the situation to them.

    One thing I will caution you on is that those Bimmer's can become a headache when u dont drive em everyday.. And if this car hasnt been moved in over a year.. You will probably need a new battery for starters.. And u may have to switch out most of the fluids... Good Luck.. M5's are mean..

    I agree with this but the bigger question is if he got knocked on drugs or some type of illegal activity charges don't the take everything that was bought with that money? So if so won't they find out once the process it started that they didnt get everything?
  • GettinLo
    GettinLo Members Posts: 8,036 ✭✭✭✭✭
    EmM HoLLa. wrote: »
    EmM HoLLa. wrote: »
    In order to take ownership of the car.. You have to contact the Lein Holder (Bank or Leasing company)

    If the car is financed.. You basically pay cash for whatever the loan balance is or get another loan through this bank or your bank of choice and pay for the balance and they will release the title.. Now the loan is in your name and you are the legal owner of the car. Your Bro in Law may still need to sign off.. They will confirm that for you. You have leverage here. Cuz chances are if they repo the car and sell it at auction they will be selling it at a loss.. So you may be able to negotiate with the bank and pay less than the full loan amount.

    If its leased you kinda do the same thing but just transfer the lease payments to you.. Again the company loses if they have to repo the car so u may be able to negotiate better lease payments after you explain the situation to them.

    One thing I will caution you on is that those Bimmer's can become a headache when u dont drive em everyday.. And if this car hasnt been moved in over a year.. You will probably need a new battery for starters.. And u may have to switch out most of the fluids... Good Luck.. M5's are mean..

    I agree with this but the bigger question is if he got knocked on drugs or some type of illegal activity charges don't the take everything that was bought with that money? So if so won't they find out once the process it started that they didnt get everything?

    yeah that's my fear. I'm gonna go to DMV to find out the process on how to work this next week.
  • wilberdmillz
    wilberdmillz Members Posts: 2,159 ✭✭✭✭✭
    EmM HoLLa. wrote: »
    aone415 wrote: »
    EmM HoLLa. wrote: »
    EmM HoLLa. wrote: »
    In order to take ownership of the car.. You have to contact the Lein Holder (Bank or Leasing company)

    If the car is financed.. You basically pay cash for whatever the loan balance is or get another loan through this bank or your bank of choice and pay for the balance and they will release the title.. Now the loan is in your name and you are the legal owner of the car. Your Bro in Law may still need to sign off.. They will confirm that for you. You have leverage here. Cuz chances are if they repo the car and sell it at auction they will be selling it at a loss.. So you may be able to negotiate with the bank and pay less than the full loan amount.

    If its leased you kinda do the same thing but just transfer the lease payments to you.. Again the company loses if they have to repo the car so u may be able to negotiate better lease payments after you explain the situation to them.

    One thing I will caution you on is that those Bimmer's can become a headache when u dont drive em everyday.. And if this car hasnt been moved in over a year.. You will probably need a new battery for starters.. And u may have to switch out most of the fluids... Good Luck.. M5's are mean..

    I agree with this but the bigger question is if he got knocked on drugs or some type of illegal activity charges don't the take everything that was bought with that money? So if so won't they find out once the process it started that they didnt get everything?

    yeah that's my fear. I'm gonna go to DMV to find out the process on how to work this next week.

    I ain't even think about that... Look into that kid...

    Best bet is to look into abandoned title laws for your state and play dumb as hell about any knowledge you have about the vehicle.
  • GettinLo
    GettinLo Members Posts: 8,036 ✭✭✭✭✭
    Okay I went by the house the other day and took some ? pics of the car... Turns out the the dealer and the bank that financed the car are both in trouble for money laundering, which explains why no one has come around looking for the car. Looking for the keys this week.

    IMG_0165.jpg

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  • Lurker6
    Lurker6 Members Posts: 4,508 ✭✭✭✭✭
    get that ? running and go ? an IC ?
  • Cinco
    Cinco Guests, Members, Writer, Content Producer Posts: 5,097 ✭✭✭✭✭
    edited October 2012
    That's an eerie lookin garage to hold a $90k car, lol.
    But on the real, hope you work it out bro

    "4 pipes on the M" - Jada
  • _Menace_
    _Menace_ Members, Writer Posts: 26,613 ✭✭✭✭✭
    Bruh flip that and buy and e39 M5

    25491_1256216715756.jpg
  • _Menace_
    _Menace_ Members, Writer Posts: 26,613 ✭✭✭✭✭
    You will save tons of money

    thats just me tho
  • dalyricalbandit
    dalyricalbandit Members, Moderators Posts: 67,918 Regulator
    son u hit a jackpot