My head hurts from the internet, and I know this site is full of BMW geniuses, so hopefully you can help a guy out! I currently loan/finance (not lease) a BMW through BMW FS. I received a great offer from Carvana to buy it out. On the Caravan website, I indicated the loan was with BMW FS, and it didn’t present any issues at all. When I go to BMW FS for my 10 day payoff, it says, “Note: This payoff will not be honored if sent in by a third-party dealership.” I understand you cannot use Carvana to buyout a lease, but is this also true for a financed vehicle? I can’t find anything online one way or another for a financed vehicle through BMW FS. Is Carvana using various tricks now for the buyouts with captive lenders? I’d selfishly appreciate it if mods don’t merge/bury this in the abyss where no one will find it until after a little while! Thank you to anyone in advance!
Maybe that’s just boilerplate. Maybe try contacting them
That’s exactly what it is. If it’s financed with BMW FS, sell away to whoever you want. BMW FS may still want the buyer (e.g., Carvana) to call and get the payoff so it’s addressed to them instead of to you, but the payoff amount will be exactly the same and there won’t be a restriction to selling to the third party. If you want to confirm, just give BMW FS a quick call - 1-800-578-5000. Good luck!
Thank you, both! I will give them a call to verify. Considering the vast majority of their cars are leased, I assumed I would potentially be lied to or misled, and I wanted to have a good baseline. I think the BMW FS site is identical for leased and financed vehicles, so it could just be an automatic message on the payoff screen.
As an update, I contacted BMW FS, and it is correct that the same rules do not apply for a loan like they do to leases. Boiler plate was spot on. Thanks all!
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.