10-11-2017, 11:17 PM | #1 |
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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.
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10-12-2017, 01:28 AM | #2 | |
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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. |
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10-12-2017, 05:26 AM | #3 |
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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.
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10-12-2017, 09:59 AM | #4 | ||
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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:
Thanks, lease is ending at the end of this month.
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10-12-2017, 10:56 AM | #5 |
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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." |
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10-12-2017, 08:22 PM | #6 |
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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.. |
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10-12-2017, 09:32 PM | #7 | |
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10-13-2017, 01:33 PM | #8 | |
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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. |
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10-13-2017, 03:05 PM | #9 | |
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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. |
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10-13-2017, 08:37 PM | #10 |
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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. |
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10-13-2017, 10:10 PM | #11 | |
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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. |
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10-14-2017, 01:39 PM | #12 | |
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10-14-2017, 01:48 PM | #13 | |
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if you're hoping to buy at a lower price, then you need to turn the car in and negotiate with the dealer. |
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10-14-2017, 10:05 PM | #15 |
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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.
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10-14-2017, 11:03 PM | #16 | |
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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. |
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10-14-2017, 11:58 PM | #17 | |
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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:
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Last edited by hyde; 10-15-2017 at 12:05 AM.. |
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10-15-2017, 07:50 PM | #18 |
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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? |
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10-15-2017, 10:50 PM | #19 | |
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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?
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10-15-2017, 11:09 PM | #20 |
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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.
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10-16-2017, 02:16 AM | #21 | |
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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. |
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