However, police say, neither a driver nor any passengers have been located.
It remains a mystery as police work on tracing it to the owner. They have not said if they have made contact with the car's owner but did say it has not been reported stolen.
A window was either open or broken, so investigators are hopeful if someone was inside they swam to safety. But, police will continue to monitor the water throughout the day.
Video from Chopper 6 showed the black, four-door BMW sedan on the riverbank after it was pulled from the water.
Earlier in the morning, an oil slick could be seen on the water.
The call went out around 3:45 a.m. along the 1200 block of Kelly Drive at the Girard Avenue Bridge.
Witness Anthony Manduzio said he was out fishing when he saw the car go into the water.
"I saw a car coming on Kelly Drive at high speeds, slam on the brake right before they got to Girard Bridge, throw it into reverse," Manduzio said.
He said the next thing he saw was the car back into the water. Manduzio said he started sprinting and calling 911.
Crews respond to reports of car in Schuylkill River at Fairmount Park
He said the car floated to a pillar.
"So I'm going into the water about knee-deep, I'm screaming 'hello' and I'm throwing rocks at the windshield, got no response. 911 told me to not go into the water," Manduzio said.
Manduzio said he thought he saw a woman behind the wheel slumped over before it began to sink.
"They looked like they had long hair and they were, like, bent over," he said.
The marine unit and dive teams scoured the river and were able to locate the vehicle in about twenty minutes.
Once a tow truck was able to finally remove it from the water, officials said no one was found inside.
"It's not surprising, however, there was an open window so it's possible the person -- if they were in it when it got into the water -- they were able to get out on their own and walk away or somehow floated away," said Lt Andrew Napoli, with the PPD Marine Unit. "We just don't know."
The incident has left people perplexed.
"It's summertime. It's always a little extra crazy in the summer," said Liz Higgins, of Fairmount. "It's mysterious, for sure, but if they know who owns the car that would be helpful info if they should be looking for somebody."
"I still can't believe it. I wish I ran faster. I wish I was a better swimmer," Manduzio said. "I tried it. I wish I could've done more."
Police ask anyone with information to call or text them at 215-686-TIPS (8477).
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