If they could I’m sure they would.
Any decently run bank has a duty to not sell its assets below Fair Market Value.
But maybe hardly any BMW has a FMV above RV
1 Like
Agree hardly any BMW prior to a few months ago but if you got a strong discount a while ago you may be sitting pretty right now… (though maybe not anymore if third party dealers are locked out for 3 months)
Happy to report back that I’ve sold my car to Carmax today. The payoff amount BMWFS quoted to Carmax today is indeed higher, but only slightly ($130.60), than the the payoff amount I saw from my BMWFS account.
Considering the check Carmax cut to me basically covers the entire lease cost, I wouldn’t blame BMWFS for playing little tricks to get some money back. 
4 Likes
So glad I sold my BMW to Carmax on 6/22. Dealer payoff was like $150 higher than my personal.
Lawsuit should come from Carmax, Carvana etc as BMW is enforcing monopoly and getting their business
I would love to know which BMWs are the ones making over the residual. Carvana offered $2,000 less than the BMW payoff and Carmax offered $4,000 less.
I just made the last monthly payment on my 2019 530ix with 11,000 miles (thanks COVID!) and it looks like I will just have to turn it in.
I’m willing to bet you will get money back from BMW FS once they close your account. Same thing happened to me and by the same exact amount, and I ended up getting it back. It turned out to just be padded interest based on when the dealer requested the payoff. Let us know in 3-4 weeks if that holds to be true for you too.
Edit: Since your account is likely not paid off yet, you can confirm this by logging into your BMW FS account and checking what the payoff is. I bet whatever payoff it gives you is what CarMax got too.
My 4 series were losers on a sale prior to termination, but my wifes M235 is +$4000 or so with Carvana/Vroom.
1 Like
M3 , sold mine back in March.
1 Like
I’d be fascinated to see that lawsuit…
“Your honor, bmwfs is enforcing a monopoly by not selling us their stuff… you need to take their stuff and give it to us instead. It’s not fair they have it just because they bought it!”
7 Likes
When I sold the leased BMW, I used algo, Carvana, vroom, carmax, Shift… I am sure lot of them contacted BMWFS - which is pain in the butt for BMW. My guess is that they are reacting to that heightened workload - mainly…
Cheers
verified today with BMW Financial Services. Can still sell to third party…but they will no longer release payoff info to third party.
Payoff quote to myself, compared to third party was only about $70 difference.
We should get the title of this thread revised, it’s misleading. Seems like BMW FS is not suspending 3rd party buyouts, but is limiting who it will release the payoff information to. Big difference between the two.
9 Likes
Visited a BMW dealership today. They informed me that BMWFS is not NOT allowing sales to 3rd party dealers. In contrast to that, I spoke with BMWFS on Tuesday (June 29) and they said they were still allowing it and even emailed me a dealer payoff valid until July 25. Apparently this changed as of July 1 and they are doing what everyone else is doing by restricting to only BMW Dealers. BMWFS is closed so cannot call to confirm until Tuesday probably. Real shame if they are going this way. Although I have it in writing a dealer payoff good until July 25. I suspect that if the change was made they will not honor it. Guess we will see when I call.
1 Like
Did you try selling your car to a third party without success? It’s possible the BMW dealer wanted you to sell the car to them instead and that’s why they said that. Or they were simply confused by the recent change in policy like some of us initially were here as well. But definitely let us know what you find out when you call tomorrow!
I tried selling to another dealer today. They said BMW policy in full effect to not allowed purchase. MFers. Will call to confirm tomorrow. They are closed today.
2 Likes
My local dealer stated I could only sell to a BMW dealer. Have yet to try a third party buyout. Will report back.
1 Like
I called BMWFS this morning. Essentially the rep said they are trying to keep it as vague as possible and not give out dealer quotes to third parties. You need to call to get it. However he said they will still allow sales to third party dealers. According to him it will go through. They are just making it difficult. And won’t verify or talk to third party dealers.
1 Like
So if I have a lease, and want to sell it to say carmax/carvana etc, how does one answer the question, if the car is leased, when selling the car to 3rd party and 3rd party payoff is more than the payoff from BMWFS?
I.e, Will carmax/carvana still cut a cheque to BMWFS? How will this process work, if 3rd party arent allowed to confirm the payoff amount.
I can sell see the payoff amount on my BMWFS account, do we just use this figure and ask the 3rd party to cut one cheque to BMW, and the rest to me, if positive equity?
Without the 3rd party quote:
- you can actually owe money
- You can owe up to 10% more in taxes and transfer fees, and the 3rd party won’t do this because you hold the title of the car, they don’t.
Thanks, so the payoff quote I am seeing online, could be different for 3rd parties?