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Old 02-21-2019, 10:34 PM   #81
SARAFIL
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The clean way is you do your deal w/ BMW dealer and trade the Porsche, settle up the $$ and go on your way. Then BMW dealer can keep the Porsche or sell it to Porsche dealer, ultimately their choice. However they probably don’t want to do this because the deal you have made with Porsche is more than BMW thinks the car is worth so they want to make sure Porsche is good for the money.

What’s the $10k - is that equity in the Porsche after a loan balance, meaning there is a delay to pay off loan and get title? Or just net cash owed to you between BMW and Porsche value?

Regarding risk of an accident, if you “trade in” the Porsche when you pick up the BMW, it’s officially their car at that point - you have no more interest in it - so it’s different from the stuka example where your car is in for service.
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Old 02-22-2019, 05:53 AM   #82
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Originally Posted by SARAFIL View Post
The clean way is you do your deal w/ BMW dealer and trade the Porsche, settle up the $$ and go on your way. Then BMW dealer can keep the Porsche or sell it to Porsche dealer, ultimately their choice. However they probably don’t want to do this because the deal you have made with Porsche is more than BMW thinks the car is worth so they want to make sure Porsche is good for the money.

What’s the $10k - is that equity in the Porsche after a loan balance, meaning there is a delay to pay off loan and get title? Or just net cash owed to you between BMW and Porsche value?

Regarding risk of an accident, if you “trade in” the Porsche when you pick up the BMW, it’s officially their car at that point - you have no more interest in it - so it’s different from the stuka example where your car is in for service.
No loans. $10k is the cash owed to me.

Their email indicates that getting it is conditional, this makes me have an "interest" in the car after I leave it on their lot.

Insurance risk? True that wouldn't be on me, my bad for bringing that in. But if they have an accident or other calamity (it gets hit on their lot, tree branch whatever), they would likely not get paid the full amount. What is my trade then? Why should I wait (slightly on edge) to get paid? I want everything done in one day, I don't mind doing driving/legwork if my cash is at risk.

Last edited by equ; 02-22-2019 at 09:59 AM.
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Old 02-22-2019, 09:20 AM   #83
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but I'm a paranoid control freak.
Aren't we all??
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Old 02-22-2019, 10:08 AM   #84
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No loans. $10k is the cash owed to me.

Their email indicates that getting it is conditional, this makes me have an "interest" in the car after I leave it on their lot.

Insurance risk? True that wouldn't be on me, my bad for bringing that in. But if they have an accident or other calamity (it gets hit on their lot, tree branch whatever), they would likely not get paid the full amount. What is my trade then? Why should I wait (slightly on edge) to get paid? I want everything done in one day, I don't mind doing driving/legwork if my cash is at risk.
Can you ask both dealers to clarify what would happen in the case of an accident between the time you turn it in and the Porsche dealer gets it? Either way, I think it will make the path forward more clear.
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Old 02-22-2019, 12:34 PM   #85
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Thanks everyone... So I talked to both dealers. I am absolved of risk once I drop off the car. The bmw dealer says they are on the hook to pay me regardless... They just want to wait (a few days) to do it. They have also made some kind of contract between them.
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Old 02-23-2019, 09:53 AM   #86
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Thanks everyone... So I talked to both dealers. I am absolved of risk once I drop off the car. The bmw dealer says they are on the hook to pay me regardless... They just want to wait (a few days) to do it. They have also made some kind of contract between them.


Meaning you take delivery and then a few days later they cut you a check for balance due back to you? That’s actually not too uncommon, you should be ok as long as all of the figures are clear on the paperwork. Typically you sign all the paperwork when you take delivery and then over the next couple of days the accounting folks in the back room process all of the paperwork (title work, internal accounting entries, etc) and they will cut a check at that point when they balance all of the figures to “close” the deal. I used to do this all the time back in the day, it was rare to cut checks on the spot.
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Old 02-23-2019, 11:00 PM   #87
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Meaning you take delivery and then a few days later they cut you a check for balance due back to you? That’s actually not too uncommon, you should be ok as long as all of the figures are clear on the paperwork. Typically you sign all the paperwork when you take delivery and then over the next couple of days the accounting folks in the back room process all of the paperwork (title work, internal accounting entries, etc) and they will cut a check at that point when they balance all of the figures to “close” the deal. I used to do this all the time back in the day, it was rare to cut checks on the spot.
Yes, that seems to be the case. It sounded less "contingency" and more bureaucracy. They even showed me the check, but somehow they can't give it out. Liquidity?

Anyway, pickup was smooth and uneventful. The only negative surprise was finding out that CPO is non-transferable.
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Old 02-24-2019, 08:41 AM   #88
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The only negative surprise was finding out that CPO is non-transferable.
Wait, what? The Porsche or BMW?

I'm reading on the web "The BMW CPO Limited Warranty is only eligible to be transferred from private owner to private owner". Is that the issue? If so. It shouldn't have been advertised as CPO.
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Old 02-24-2019, 09:41 AM   #89
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Link is down now, but isn't it a 2016? If so, that was the last year for the 4/4 maintenance and warranty. So it should still have a bit of both. It's a better free maintenance plan, too. For instance, my 2017 doesn't include wiper replacement.
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Old 02-24-2019, 11:21 AM   #90
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Wait, what? The Porsche or BMW?

I'm reading on the web "The BMW CPO Limited Warranty is only eligible to be transferred from private owner to private owner". Is that the issue? If so. It shouldn't have been advertised as CPO.
Is it that it has a CPO warranty that equ can't trade in, or that it has no warranty because equ is buying from a dealer?
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