BMW Leasing Wiki

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Doing a lease transfer for a car registered in California to NY

BMW said they need to transfer the tittle from CA to NY, and they are waiting on the DMV to send it back…

How long does it take from the time bmw requests the title from the California DMV ?

Thanx.

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We have found that the overall lease transfer process typically takes 3 to 4 weeks after the initial application has been submitted.

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For west to east coast? Or in same state ?

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West to East would probably push closer to 4 weeks because of mailing items back and forth.

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California’s titles are digital so I don’t understand what they would be mailing.

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I meant that the entire transfer process with BMW goes through the mail. They require wet signatures for everything.

Here is an excerpt of the notice they send to the person transferring out of the lease:

Thank you for contacting BMW Financial Services regarding the transfer (Assumption) of your Motor
Vehicle Lease Agreement (Lease).
Please remember the following important conditions must be maintained during the Assumption
Process:

  • The account must remain paid current at all times for the assumption to be completed. This
    will include all charges billed to the account in addition to any monthly payments such as
    personal property tax, late fees, parking tickets, administrative fees and any other charges that
    are not paid. The Transferor should resolve with the assuming party any payments or refund
    of monthly payments made prior to transferring the vehicle. BMW Financial Services will not
    prorate any payments to either party made on the account.
  • The vehicle must remain in your possession and on your insurance policy until a confirmation
    letter is received by email or by regular United States Postal Mail from BMW Financial Services
    stating that the Assumption Process has been completed.
    This process may take up to three (3) weeks to complete. During this time, BMW Financial Services
    will not act as a mediator regarding arrangements made between the Transferor and the Transferee.
    This process cannot be expedited or delayed for any reason once we have received the
    required documents. Should the process exceed 60 days from the credit application
    submission date, it will automatically be canceled and a new credit application and
    application fee will be required to initiate the process again.
    To ensure prompt processing of your lease transfer request, please complete the two (2) documents
    enclosed and return by mail the following to our offices within five (5) days:
  1. Lease Transfer Agreement
  • Sign and date as the Transferor(s)
  1. Federal Odometer Disclosure Statement
  • Complete the current and actual mileage on the vehicle.
  • Select the appropriate box regarding the odometer reading.
  • Sign and date the document on the “Lessee” signature line.
  • Please print and complete the Lease Transfer Agreement and Federal Odometer Disclosure
    Statement on two separate pages of paper. Additional documents were emailed to the Transferee. To
    advance the process, ensure your completed documents and the documents sent to the Transferee are returned by mail with all required copies of supporting documents (including copy of Transferee’s
    Driver License) to the following address. This address may be used for overnight delivery:

BMW Financial Services
ATTN: Assumptions Section
5550 Britton Parkway
Hilliard, OH 43026

Original signatures are required and copies will not be accepted.
Upon receipt of the completed documents from both parties, BMW Financial Services will verify that
all documents and copies have been sent and filled out correctly and the insurance policy coverage
sent by the Transferee is correct.
If any of the documents are not completed correctly or are missing, BMW Financial Services will
contact the appropriate party by email within three to five business days. After verification that all
Stage 2 documents are completed correctly by both parties, BMW Financial Services will prepare a
final set of documents which will include a confirmation letter indicating all of the required documents
have been received to complete the financial part of the Assumption Process.
A confirmation letter will be mailed within two to three business days by United States Postal Mail and
emailed to you. Upon receiving the confirmation letter, you are required to release the vehicle to the
Transferee and you may cancel the registration, insurance and license plates at that time.
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 Friday 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.

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Not all. The title is automatically requested from CA DMV when the transferee is approved. CA DMV then takes 10-14 days to send it out. Should be pretty quick from there once BMWFS gets it

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Hey all 3 questions I’m hoping someone might know:

  1. Are exec demos considered “new” or are they treated like loaners and already registered so they wouldn’t qualify for new car rebate programs like CFR or CCA?
  2. Is it generally the case that the electric versions have lower residuals? Meaning the x3 xDrive30e, 330e, and 530e all will have lower residuals than the X3, 330i, 530i correct based on what I see on Edmunds but it would be good to confirm.
  3. Does lease support for the prior year end in March usually? Meaning for the 2020 330/530/x3 does lease support end this month? I have a feeling it’s not certain and depends on supply but thought it better to ask.
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  1. Not sure what you mean as generally speaking a loaner qualifies for the same incentive programs as a brand new car. Also for all intents and purposes an exec demo = loaner.

  2. Entirely dependant on the model.

  3. Entirely dependant on inventory and model in some cases. This year most models lease support may run through April while last year it was May, while model XYZ may run through June.

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1, 2, are partially wrong. 3 remains to be seen but given the short supply run for 2020 I do not expect support to continue past Q1.

  1. Service loaners have direct paid subsidy and often added sales support (CA and sales manager bonuses from NA) — An executive demo takes writedowns against mileage (like you would with a business use vehicle)

These also apply for new programs however over the sundown mileages would not be CCA eligible.

  1. BMW EV’s keep have the same RV for the purpose of leases. They are often priced higher than their gas only counterparts however.
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Yea, OP made it sound like they were asking why EVs had lower RV, not if.

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  1. Got it - then it wouldn’t qualify for CCA either just like the service loaners. Essentially it just has lower mileage but is still not “new”.
  2. OK it seems I misinterpreted what people on Edmunds wrote now that I re-read it. Thanks for you both taking the time to explain though.
  3. Jeff answered this one. Makes sense!
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331

Total newbie here. The the loaner lease program the same as the select program where you can lease CPO cars from BMW?

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Apologies for a potentially stupid question. Currently looking at a Mini Countryman and saw my company qualifies for corporate fleet, however I currently lease a BMW 330e.

I noticed the fleet discount states “ Corporate Sales Program Lease or Finance incentives are available to employees of select organizations that have partnered with MINI USA and who do not currently own or have not owned a MINI (or BMW) in the last twelve months.”

Does a current lease count as currently owning a BMW? Technically BMW FS owns it.

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Loyalty is typically better than Fleet because you can stack other incentives with it whereas with Fleet you cannot.

Current lessees qualify for loyalty

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Neither statement is correct.

There is no such thing as a “loaner lease program”.

There is no program through BMW where you can lease a CPO vehicle. There are other companies that do lease used cars though, Beepi is one that comes to mind.

BMW Select is a loan with a balloon payment at the end. The car is titled in your name and you owe the term of payments as well as the balloon amount at the end of the loan. People either pay off the balloon amount or refinance it when the time comes. There are no mileage restrictions.

BMW Owners Choice is a loan offered in select states (TX, IL and GA) where the vehicle is titled in your name and you make payments over the term of the loan and there is a balloon payment OR you can simply return the car. There are mileage restrictions with this product however this only matters if you return the car to BMW.

Both loan products can be used toward both a New vehicle or Demo/Loaner vehicle.

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Yeah there is. It’s just flaming garbage LOL. You can have someone check Infobahn, there’s a program on there.

:chocolate_bar:

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BMW does have a program for CPO leases as @AutoCompanion mentioned. It’s on the Infobahn. I leased a CPO BMW once…it isnt the cost savings that In theory you would think it would be.

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I didn’t think Mini had loyalty at the moment. Do they?

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Anyone has idea on what will be BMW FS MF for someone without credit score