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?
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.
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 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?
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
Well that first screenshot has me tickled now… Here’s the consumer version… Where they seem to have taken the attitude of - let’s confuse the hell outta them!