Just an FYI.
I’m in the process of a lease assumption and BMWFS notified me of a change in policy. The original lessee is now responsible for paying the application fee and transfer fee to start the process. I paid BMWFS $530…$100 application fee, $400 transfer fee (and I’m guessing $30 tax?).
If the new applicant isn’t approved, BMWFS will refund the $400 transfer fee.
Did this change just occur or has it been in place for some time?
At least a few months if not longer
Correct. There were too many cases of transferees paying the $500+tax, not getting approved, getting their $400 transfer fee back, but disputing the entire transaction with their CC company and BMW FS not being able to keep the $100 application fee as a result. So now they’re charging the transferor (i.e., the account holder) directly to ensure they are paid for at least the $100 application fee in the event the person applying isn’t approved. Sucks for the account holder because they’re out $100 if the person applying isn’t approved.
And correct, it’s $500+tax, so you must have a 6% tax rate if you paid $530.
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