BMW X5 and X6 Forum 2014-Current
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Go Back   BMW X5 and X6 Forum (F15/F16) > BMW X5 (F15) and BMW X6 (F16) Forum > BMW X5 and X6 (F15/F16) Forum

Post Reply
 
Thread Tools Search this Thread
      10-11-2017, 11:17 PM   #1
hyde
Lieutenant Colonel
hyde's Avatar
United_States
488
Rep
1,702
Posts

Drives: 2024 X3m40i
Join Date: Oct 2011
Location: New York

iTrader: (0)

Has anyone bought their vehicle at the end of the lease? Some questions

My coworker wants to payoff my lease end amount and buy it. What's the best way to handle this? Can I ask dealer or BMW FS to simply make a title in his name once they receive the payment? I don't want to have an issue with taxes at the end of the year so I don't want to be the one paying it off and then selling to him.

What's the best way to handle this?
Thanks.
__________________
Appreciate 0
      10-12-2017, 01:28 AM   #2
leasehackr
Captain
United_States
457
Rep
964
Posts

Drives: X5, 530e
Join Date: May 2013
Location: US of A

iTrader: (0)

Quote:
Originally Posted by hyde View Post
My coworker wants to payoff my lease end amount and buy it. What's the best way to handle this? Can I ask dealer or BMW FS to simply make a title in his name once they receive the payment? I don't want to have an issue with taxes at the end of the year so I don't want to be the one paying it off and then selling to him.

What's the best way to handle this?
Thanks.
Buyer has to be pay the taxes.

Other option is if you have few months left on the lease, do the lease transfer on his name. Once lease is done, he can buy it directly from FS.
Appreciate 0
      10-12-2017, 05:26 AM   #3
beachcomberx5
Private First Class
68
Rep
124
Posts

Drives: X-5
Join Date: Jul 2017
Location: NJ

iTrader: (0)

You might get a better price if you talk to dealer and tell them you want to buy vehicle. You can turn car back in at lease end then negotiate a purchase price plus you can ask them to CPO it for warranty.
Appreciate 0
      10-12-2017, 09:59 AM   #4
hyde
Lieutenant Colonel
hyde's Avatar
United_States
488
Rep
1,702
Posts

Drives: 2024 X3m40i
Join Date: Oct 2011
Location: New York

iTrader: (0)

Quote:
Originally Posted by beachcomberx5 View Post
You might get a better price if you talk to dealer and tell them you want to buy vehicle. You can turn car back in at lease end then negotiate a purchase price plus you can ask them to CPO it for warranty.

That's a good suggestion, I'll check with dealer for him, but I don't know if CPO warranty works overseas, eventually he wants to send it to Asia or something I don't know whatever it is he will do with it.

Quote:
Originally Posted by Infosec View Post
Buyer has to be pay the taxes.

Other option is if you have few months left on the lease, do the lease transfer on his name. Once lease is done, he can buy it directly from FS.

Thanks, lease is ending at the end of this month.
__________________
Appreciate 0
      10-12-2017, 10:56 AM   #5
Habs11
Private First Class
United_States
160
Rep
181
Posts

Drives: 2015 X5 35i
Join Date: May 2017
Location: Rochester, NY

iTrader: (0)

There might be a limit on the timing of a lease transfer.

"BMW Financial Services. Cannot transfer in final 6 months of lease (some exceptions may apply). Owner's Choice contracts are not transferable or assumable. $500 collected at the time of transfer initiation and $400 refunded if credit turned down."
Appreciate 0
      10-12-2017, 08:22 PM   #6
BimmerX5kid
Private
20
Rep
87
Posts

Drives: 2015 X5, 2021 X3
Join Date: Sep 2017
Location: NY

iTrader: (0)

my two experiences with wanting to buy a car coming off lease.. one was a BMW the other was not. Both went badly.

1). i tried negotiating a lower price than the contract buyout. Got zero traction with that, not even an inch. Even the dealer said "we know the resid is too high based on where the car really should be at, but a contract is a contract. 2) they were offering 0.9% on CPOs, i said "i'll buy mine for 0.9% rate". they said "yours will be 4.9%.. i said that's crazy you are advertising 0.9%. they said "thats for any car on the lot right now, not yours." again.. crazy.
2) regarding taxes. You will get hit twice with taxes.. 1) if you buy the car off lease you pay residual PLUS taxes.. then when you sell the car you're supposed to report taxes too.

Your buddy can buy the car.. but there will be no "deal" in it.. gotta go through the channels..
Appreciate 0
      10-12-2017, 09:32 PM   #7
leasehackr
Captain
United_States
457
Rep
964
Posts

Drives: X5, 530e
Join Date: May 2013
Location: US of A

iTrader: (0)

Quote:
Originally Posted by BimmerX5kid View Post
my two experiences with wanting to buy a car coming off lease.. one was a BMW the other was not. Both went badly.

1). i tried negotiating a lower price than the contract buyout. Got zero traction with that, not even an inch. Even the dealer said "we know the resid is too high based on where the car really should be at, but a contract is a contract. 2) they were offering 0.9% on CPOs, i said "i'll buy mine for 0.9% rate". they said "yours will be 4.9%.. i said that's crazy you are advertising 0.9%. they said "thats for any car on the lot right now, not yours." again.. crazy.
QQ- why the person need to go thru dealer to buy his own lease car which is coming at end lease? Can he just call BMWFS directly and ask for payout as per contract, pay the buyout price, taxes etc directly?
Appreciate 0
      10-13-2017, 01:33 PM   #8
BimmerX5kid
Private
20
Rep
87
Posts

Drives: 2015 X5, 2021 X3
Join Date: Sep 2017
Location: NY

iTrader: (0)

Quote:
Originally Posted by Infosec View Post
QQ- why the person need to go thru dealer to buy his own lease car which is coming at end lease? Can he just call BMWFS directly and ask for payout as per contract, pay the buyout price, taxes etc directly?
and what do you think BMWFS sends someone to your driveway to pick up a suitcase of cash?

You gotta apply for a loan, fill out paperwork, sign contracts.. etc etc.. this is all done at the dealer..

If anybody on here has ever bought their BMW off lease and got a LOWER price than the residual please speak up.
Appreciate 0
      10-13-2017, 03:05 PM   #9
leasehackr
Captain
United_States
457
Rep
964
Posts

Drives: X5, 530e
Join Date: May 2013
Location: US of A

iTrader: (0)

Quote:
Originally Posted by BimmerX5kid View Post
and what do you think BMWFS sends someone to your driveway to pick up a suitcase of cash?

You gotta apply for a loan, fill out paperwork, sign contracts.. etc etc.. this is all done at the dealer..

If anybody on here has ever bought their BMW off lease and got a LOWER price than the residual please speak up.
I found your statement incorrect. That's the reason dealer gave you hard time on 4.9% rate.

Did I say they need to apply for loan thru dealer? if someone need to apply for loan it can be done thru bank or credit union.

As far as BMWFS is concerned, all they need ***king money. if you can wire them the money, they will release the title.
Appreciate 0
      10-13-2017, 08:37 PM   #10
retx
First Lieutenant
United_States
117
Rep
324
Posts

Drives: '18 F15 40e
Join Date: Jan 2015
Location: NYC

iTrader: (0)

hyde, sorry to hijack your thread...

But I'm wondering if anyone knows what's the easy way to copy all the contacts, addresses in Navi, etc. from the old lease vehicle to the new one!? Should I ask the dealer to do so, or there is the DIY. Thank you all.
Appreciate 0
      10-13-2017, 10:10 PM   #11
leasehackr
Captain
United_States
457
Rep
964
Posts

Drives: X5, 530e
Join Date: May 2013
Location: US of A

iTrader: (0)

Quote:
Originally Posted by retx View Post
hyde, sorry to hijack your thread...

But I'm wondering if anyone knows what's the easy way to copy all the contacts, addresses in Navi, etc. from the old lease vehicle to the new one!? Should I ask the dealer to do so, or there is the DIY. Thank you all.
I believe you can copy via USB. Haven't done it before.

also look into storing contact, address on icloud account. so no matter which car you are driving, when the phone connect via BT, all things will appear.
Appreciate 0
      10-14-2017, 01:39 PM   #12
BimmerX5kid
Private
20
Rep
87
Posts

Drives: 2015 X5, 2021 X3
Join Date: Sep 2017
Location: NY

iTrader: (0)

Quote:
Originally Posted by Infosec View Post
I found your statement incorrect. That's the reason dealer gave you hard time on 4.9% rate.

Did I say they need to apply for loan thru dealer? if someone need to apply for loan it can be done thru bank or credit union.

As far as BMWFS is concerned, all they need ***king money. if you can wire them the money, they will release the title.
My statement is not incorrect until somebody on here has says they have done it. either 1) bought their car off lease and didnt go through dealer. 2) bought their lease at price lower than contract price.
Appreciate 0
      10-14-2017, 01:48 PM   #13
turboawd
Banned
1635
Rep
2,995
Posts

Drives: 2015 X5 35i
Join Date: May 2015
Location: United States

iTrader: (0)

Quote:
Originally Posted by BimmerX5kid View Post
My statement is not incorrect until somebody on here has says they have done it. either 1) bought their car off lease and didnt go through dealer. 2) bought their lease at price lower than contract price.
i dont understand why you think you need to go to the dealer to pay off a car. you deal direct with bmw financial. pay them off per contract amount and they send you the title.
if you're hoping to buy at a lower price, then you need to turn the car in and negotiate with the dealer.
Appreciate 0
      10-14-2017, 09:29 PM   #14
BimmerX5kid
Private
20
Rep
87
Posts

Drives: 2015 X5, 2021 X3
Join Date: Sep 2017
Location: NY

iTrader: (0)

Okay Hyde, we're all waiting on you. call up headquaters and tell them you want to buy it.. please report back what they tell you to do.
Appreciate 0
      10-14-2017, 10:05 PM   #15
pault
Second Lieutenant
29
Rep
225
Posts

Drives: 2011 F25 35i
Join Date: Jan 2009
Location: Boston, MA

iTrader: (0)

Quote:
Originally Posted by BimmerX5kid View Post
My statement is not incorrect until somebody on here has says they have done it. either 1) bought their car off lease and didnt go through dealer. 2) bought their lease at price lower than contract price.
I have bought an X3 almost at the end of the lease, all done with BMW FS. Called, they gave me a number, which was the contracted residual plus the remaining depreciation from the remaining 2or 3 months of the lease. I forget but I think I did a wire transfer. They then sent me title. I had to re-register, get new plates and pay state sales tax on the purchase price. I never spoke to the dealer, all done with BMW FS.
Appreciate 0
      10-14-2017, 11:03 PM   #16
retx
First Lieutenant
United_States
117
Rep
324
Posts

Drives: '18 F15 40e
Join Date: Jan 2015
Location: NYC

iTrader: (0)

Quote:
Originally Posted by pault View Post
I have bought an X3 almost at the end of the lease, all done with BMW FS. Called, they gave me a number, which was the contracted residual plus the remaining depreciation from the remaining 2or 3 months of the lease. I forget but I think I did a wire transfer. They then sent me title. I had to re-register, get new plates and pay state sales tax on the purchase price. I never spoke to the dealer, all done with BMW FS.
I saw the similar method like pault said above.

In myBMW site, if you check your Lease Account, the 2nd tab on the top will guide you to Payment Information. There is an option - Get a Payoff Quote. It shows all the details of process and how much it will cost you.
Appreciate 0
      10-14-2017, 11:58 PM   #17
hyde
Lieutenant Colonel
hyde's Avatar
United_States
488
Rep
1,702
Posts

Drives: 2024 X3m40i
Join Date: Oct 2011
Location: New York

iTrader: (0)

Thank you for contacting BMW Financial Services regarding the payoff for the referenced account. We
are delighted to provide the information you requested.

All of the information required to pay off your account can be found in the following pages. Please
complete and return the enclosure(s) (Federal Odometer Disclosure Statement, Titling Instructions,
Overnight Title Option) of this document, along with certified funds made payable to Financial
Services Remarketing Inc. (FSRI). These items must be sent to one of our designated payoff
addresses, listed on page two.

Additionally, if you would like to expedite the return delivery of the title via overnight courier, please
check the appropriate box on page three and add an additional $15.00 to the payoff amount. Two
day express services will be used for Alaska, Hawaii, Puerto Rico, and some rural areas. Please note
titles cannot be delivered via overnight courier to a post office box.
We are committed to providing you with the highest level of service. If you have any questions, please
contact a Customer Service Advocate at (800) 578-5000, Monday through Thursday, 9:00 a.m. to
9:00 p.m. ET, and from 9:00 a.m. to 6:00 p.m. ET on Friday, or by mail at either address listed on the
left of this letter.

Best regards,
Jane Trapp
Customer Interaction Center Manager
BMW Financial Services NA, LLC


This payoff is good through October 27, 2017.
Balance $40,750.00
+ Sales / Use Tax $3,616.56
+ Overnight Courier Fee $15.00 (Optional)
..
..
..


The payoff quote may include items such as personal checks that have not yet cleared your bank. This quote is
subject to increase based on the return of any such items.
Sales tax, registration costs and titling fees, unless listed above, are the customer’s responsibility.

What are the payoff options?
Please send the payoff using certified funds. If you choose to use non-certified funds, such as a personal check, the
release of the title will be delayed by up to 15 business days.
Certified funds can be obtained from a bank. Common types of certified funds include cashier’s checks and money
orders.
BMW Financial Services does not accept wire or electronic transfers for payoff.

How should I write the check?
Make funds payable to Financial Services Remarketing, Inc. (FSRI). BMW Financial Services NA, LLC has assigned
the right to sell this vehicle for which a payoff quote has been requested to FSRI.
Please write the account number on the face of the check. Please avoid placing restrictive endorsements or language
such as “paid in full” on the payoff check, as this may result in funds being returned.
The US Bank payoff process utilizes the payoff check and BMW Financial Services' payoff instruction document. Any
additional documents, such as prepaid labels or additional instructions, will be immediately discarded.

Where should I send the payoff?
Please send the payoff to FSRI using either of the following addresses:
Regular Mail Overnight Courier
Financial Services Remarketing, Inc.
PO Box 83290
Chicago, IL 60691-0290

Financial Services Remarketing, Inc.
c/o US Bank, Box 83290
5300 S. Cicero Avenue
Chicago, IL 60638
If the overnight courier requests a telephone number for the addressee, please provide them the telephone number
for BMW Financial Services, (800) 578-5000


Federal Odometer Disclosure Statement (Leased Vehicle)
Federal law (and State law, if applicable) requires that the lessee disclose the mileage to the lessor in connection
with the transfer of ownership. Failure to complete or making a false statement may result in fines and/or
imprisonment.


Titling instructions
Due to state regulations, the title can only be transferred to the original lessee or licensed automobile retailer. The
title will be sent to the billing address on file unless a different address is provided below

Overnight title option
We will not return titles using courier account numbers or pre-paid air-bills. If you would like to expedite the delivery
of the title after the payment processing period, please use the Adjusted Total Net Payoff Amount and check the
YES box below. If the box is left unchecked, the title will be sent via regular mail after the payment processing period.
Please note, overnight deliveries are only applicable Monday through Friday, and do not include Saturday delivery.


Payoff FAQs
What should be done with the license plates?
License plates must remain on the vehicle in the following States:
AK, CA, DE, HI, KY, LA, MN, OK, OR, SD, TX, WA.
Plates must be surrendered to the Department of Motor Vehicles in the following states:
CT*, MA*, NC*.

* To reduce the liability for excise tax or personal property tax, you must send us the plate cancellation receipt or plate
transfer. The customer remains liable in all these states for taxes and other charges billed after the termination of the
Lease.

If the state is not listed above and the lessee’s plates are not eligible for transfer, please surrender the plates to the
Department of Motor Vehicles.

How and when will the title be received?
The payoff will post to your BMW Financial Services account one to two business days after it is received by FSRI. If
you pay using certified funds, the certificate of title will be mailed three business days after the payoff has posted to
the account. If you choose to use non-certified funds, such as a personal check, release of the title may be delayed by
up to 15 business days.



The only issue I see here is that it says plates are not eligible for transfer. I have vanity plates and I just renewed my registration (these plates were transferred from my old vehicle). I suppose the vanity plates can stay on the vehicle? That's the only confusing part here. Also, I am not paying for the buy-out, I don't want to have tax issues, because it says title can only be sent to me.

What exactly does this part mean:

Quote:
To reduce the liability for excise tax or personal property tax, you must send us the plate cancellation receipt or plate
transfer. The customer remains liable in all these states for taxes and other charges billed after the termination of the
Lease.
I will call BMW FS on Monday, but thanks for the suggestion. I forgot about MyBMW portal.
__________________

Last edited by hyde; 10-15-2017 at 12:05 AM..
Appreciate 0
      10-15-2017, 07:50 PM   #18
retx
First Lieutenant
United_States
117
Rep
324
Posts

Drives: '18 F15 40e
Join Date: Jan 2015
Location: NYC

iTrader: (0)

I guess each state has the different DMV fees or has the different tax regulations on how to sell/transfer the vehicle and license plate. BMW FS doesn't involve with the DMV things or DMV/State-related fees. You will have to deal with you.

With the dealer, they can easily process the transfer of the plate and registration from the old vehicle to the new one. BMW FS doesn't, and you will have to do it yourself.






Note: If I choose to do the BMW Performance Center Delivery Program in Spartanburg, will they transfer my plate? Or I'll have to do this myself in my local DMV?
Appreciate 0
      10-15-2017, 10:50 PM   #19
hyde
Lieutenant Colonel
hyde's Avatar
United_States
488
Rep
1,702
Posts

Drives: 2024 X3m40i
Join Date: Oct 2011
Location: New York

iTrader: (0)

Quote:
Originally Posted by retx View Post
I guess each state has the different DMV fees or has the different tax regulations on how to sell/transfer the vehicle and license plate. BMW FS doesn't involve with the DMV things or DMV/State-related fees. You will have to deal with you.

With the dealer, they can easily process the transfer of the plate and registration from the old vehicle to the new one. BMW FS doesn't, and you will have to do it yourself.

Note: If I choose to do the BMW Performance Center Delivery Program in Spartanburg, will they transfer my plate? Or I'll have to do this myself in my local DMV?
I don't mind transferring my plates to another vehicle, but I don't have another vehicle and won't for few more months. I just paid $250 for my registration renewal, and these are my vanity plates, anyway maybe they'll make us get new registration and in the meantime I can keep my plates "on hold"?


Those who bought their vehicle at the end of the lease, can you please tell me if you had to pay taxes on the sale price, or if you paid no taxes, along with which state you are in?
Someone I know did this and paid $0 taxes in California. Maybe California leases require taxes upfront on MSRP or the agreed sale price vs NY taxes due on lease payments only, but if you pay, more taxes due?
__________________
Appreciate 0
      10-15-2017, 11:09 PM   #20
Marky Mark
Private
United_States
42
Rep
61
Posts

Drives: 2014 xDrive35i
Join Date: Feb 2017
Location: Lower Westchester, NY

iTrader: (0)

You CAN negotiate the buyout price with the dealer... Being told "a contract is a contract" or anything else is just a negotiating tactic. It depends on how many lease returns/used cars they have in their inventory and how badly they want to sell them.

Usually dealers do not want to play ball because they are not interested in giving you a "deal" on your old car, they want to sell/lease you a NEW one and then sell your old car to someone else.

Dealers are in the business of selling/leasing new cars. Used cars usually get sold through a different firm, that is legally not the same entity as the new car dealership, even though the car may be located on their property. The new car dealer is one business, and the used car dealer is another business.

As for plates, you are located in NYC, so the plates and registration are yours. I live near you and when I returned a lease vehicle in NY, they gave me my plates to return to dmv or transfer them. I also returned a car in NJ and had the same scenario happen. Other states may be different, but as far as NY and NJ are concerned, the registration is yours, no matter who owns the car.
__________________
2014 X5 xDrive35i:
MPPK+MPE, Premium Package, xLine, Driver Assistance Plus, Driver Assistance Package, Lighting Package, Luxury Seating Package, Cold Weather Package, Night Vision w/Pedestrian Detection, ACC Stop& Go + Active Driving Assistant, harmon/kardon Surround Sound System, Space-Saver Spare, 4-Zone Automatic Climate Control, Poplar Wood Trim, towing package

Last edited by Marky Mark; 10-16-2017 at 05:05 PM..
Appreciate 0
      10-16-2017, 02:16 AM   #21
turboawd
Banned
1635
Rep
2,995
Posts

Drives: 2015 X5 35i
Join Date: May 2015
Location: United States

iTrader: (0)

Quote:
Originally Posted by hyde View Post
I don't mind transferring my plates to another vehicle, but I don't have another vehicle and won't for few more months. I just paid $250 for my registration renewal, and these are my vanity plates, anyway maybe they'll make us get new registration and in the meantime I can keep my plates "on hold"?


Those who bought their vehicle at the end of the lease, can you please tell me if you had to pay taxes on the sale price, or if you paid no taxes, along with which state you are in?
Someone I know did this and paid $0 taxes in California. Maybe California leases require taxes upfront on MSRP or the agreed sale price vs NY taxes due on lease payments only, but if you pay, more taxes due?

if you pay the lease off, bmw will give you the title. then you take title to the dmv to register a new title and pay the sales tax to the dmv. sales tax rate may be lower if the dmv considers it a private sale....depending on the state. process should be like buying a car from a private party.
you'd only pay sale tax on the buyout amount.
Appreciate 0
      10-16-2017, 11:14 AM   #22
BimmerX5kid
Private
20
Rep
87
Posts

Drives: 2015 X5, 2021 X3
Join Date: Sep 2017
Location: NY

iTrader: (0)

does anybody have the number for crow delivery?
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 04:19 PM.




xbimmers
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST