I have done two lease transfers with BMW Financial Services and will do it again this summer. It could not be easier - they have a department that handles this. It takes at least 2 weeks start to finish. I’m happy to answer any specific questions. Understand that you are taking over the contract as it was written - they only change the name. Also, you must get paid for any existing damage as part of the deal. BMW is very reasonable on your wear and tear at return, but you can’t be sure until it actually happens so don’t accept any damage for free!
I too have taken over lease a three times (MBZ E-classes) and the hardest part of the process is waiting for approval to pick up from original leaser. In my examples, I inspected the MBZ’s two-three weeks earlier and agreed to take over lease. Filled out some paperwork and financial approval forms and waited. My concerns were the original leaser are still driving and might ding/scratch or cause damage during the swap lease approval process. I was lucky because only damage I noticed after picking up was the first MBZ E350 sport sustained curb rash on one rim. The other MBZ was in impeccable condition.
One thing to take in account in taking over a lease , call the finance company and in a very nice voice and attitude ask for the process to be expedited. The last swap took less than two weeks but the original leaser trusted me to take the car in my possession as soon as I submitted the swap paperwork (and knowing I was definity taking over the lease).
Given the opportunity I would take over a lease in a heartbeat.
With taking over lease you know what you are getting and know what you are paying (no drive offs, MSDs just monthly and transfer fees but get the original leaser to pay those).
BTW, if you like Mini Cooper cars don’t swap because the new leaser is responsible to register the car (and pay the fees) as well as the transfer fees. Was very surprised when Mini charge $500 bucks to swap and then leave it up to new leaser to get the car register in their name.
Just last night I visited Craigslist and typed “Lease Takeover” & “Assume Lease” and there where a couple of deals and more duds.
When I am looking to take over a lease, step one is always the same. I ask for a copy of the entire contract (every single page) and I read the entire document. That person’s contract will become my contract after the transfer. Realize that you become liable for anything that is on the contract. If you don’t like anything about it, you can’t do the deal because the leasing company will not alter the contract for you. Don’t even bother to ask.
How do you work out MSDs and money down? At what point do they send it to me? I am transferring two BMW leases at the same time. Thanks!
MSD and money down is negotiable. I have found that most people who want to get out of a lease just want someone to take over the monthly payment and won’t try to recover their money down. That’s what makes it so desirable for me to assume leases. I have not run into a situation where the original contract had MSD’s on it. You have to ask BMW Financial Services about that. They are GREAT to work with. I assume from your question that you are the lease “seller” and that you have money down and MSD’s that you want back. Your money down is lost unless you get the person taking over your lease to pay you that money. Good luck with that. I am going to make a guess that MSD’s do not come back to you until the original lease ends and you are at risk for any damage that the lease-assuming party causes. Just a guess but you have to know prior to doing the transfer.
I’m going through a transfer right now with BMW they could not be more unhelpful. Been in it about 1 month and a half.
Can you provide any additional details? Just finished an assumption with BMW FS in less than 7 business days end to end
What, exactly, are you trying to do that they won’t help with?
I’m interested in doing this with my friend…do i call bmw and tell them?
I think you are asking about doing a lease transfer on your car. Yes, if it’s leased with BMW Finance, you call them to start the process. They will send you the paperwork for your friend to use. There will be an application fee for your friend. I don’t know if they charge you too, but that would not surprise me. Your friend will end up with your EXACT lease contract. Nothing can be changed expect the name on the account. You may or may not still be responsible for the lease payment (if your friend misses it) so be sure you read every single line of your existing contract and the transfer contract. Good luck!
How does the registration work? Am I suposoed to go to the DMV myself and do the work? Have you done an out of state transfer before?
Yes, you have to do the work to get it registered yourself. Yes, I have done this across State lines, twice. It’s not a common situation for the DMV, so you have to be prepared to deal with a little bit of confusion and it might take you a couple of trips (and maybe a County Tax Waiver) to get everything right. One downside of this - at least in my State, there is absolutely no way to legally move the car with any kind of license plate, temporary or permanent (before you get it licensed).