I’m in California. Can I still payout the lease and then sell it to Carmax? I believe I won’t be liable for the tax as long as I sell it within 10 days per CA tax code.
I was planning to sell my car to Carmax for $4k equity next Monday. Given the news, I wonder that’s a feasible route. Anyone w experience/knowledge to share?
I see where you’re going with this. It’s because contracts don’t mean anything, right?
It’s because there was never a contract in the first place for a lease where the lessee took ownership. The car was sold to the lessor during the initial transaction, not the lessee.
In theory yes. Plenty of reports here of people buying out their lease and reselling after receiving the title (electronically).
Just spoke with a BMWFS agent in detail about this, though it was a L1 CS person who also admitted it was a fresh change today that was still being rolled out.
It’s mainly a change in policy for who gets the quotes, not a prevention.
Earlier, Carvana or Vroom could request the payoff.
Now, under today’s revsions, for the next 90 days, either:
a) lessee will need to call BMWFS and make the request, providing dealer’s email/fax
b) lessee will need to facilitate a conference call
No stops on selling to 3rd parties; just that they need to be handheld by lessee within the process and given dealer quotes now.
I feel like you killed the funny there 
I have a real question, though. @jeisensc mentioned that the captive buys the car from the manufacturer. Do they (the captive) not actually buy it from the dealer, or does the dealer never actually buy it from the manufacturer?
You can never tell these days
Except for Tesla, thanks to NADA, the dealership is always a given. The captives don’t bypass anything.
That’s great info
This week I had to request a payoff and provide dealer info which clearly stated it was for a dealer and not the payoff to can pull on your own through the website
I gotta tell ya
BMW FS is so much more put together than any other bank
IME the people I’ve met who work at bmwfs are great (and fun, like it’s required). The people running the show…
Terrify me in three words:
It’s astounding how much can change in 24 hours right now…
Haha fair
When I call BMW FS it feels much safer than any of their competitors
Proposing that @Clumsyalex might want to re-title this “BMW complicating 3PB” or something to that effect?
Done! Thanks to everyone for clearing things up!
Thanks for bringing it to our attention.
