Definitely, they don’t want the 3rd party to make any money so they up the charge as high as 25%
Edit : Sorry that’s all others but BMW. (BMW forces a phone call with you and the 3rd party to get that number right now)
You will need to request the 3rd party payoff from BMWFS.
BMWFS currently is not charging higher rates for 3rd parties, although that could change.
2 Likes
Please provide a singular example of BMW doing this.
1 Like
I don’t think there’s any proof of BMW FS charging a higher payoff to third party dealers than they do to the consumer, unless it’s to account for taxes in some states. Let’s not misinform everyone. If someone has an actual personal experience of BMW FS charging a third party a higher buyout then that’s one thing. But so far no one has experienced that. They are just making it more difficult to get the payoff amount.
2 Likes
Oh yah I forgot BMW isn’t they are just forcing people to get a 3rd party quote.
But going in without a Payoff? Isn’t that just asking for a major error to occur?
No worries. Of course. I would highly recommend anyone looking to sell their BMW lease to first call BMW FS and get a dealer payoff. It takes 5 minutes.
They’re simply requiring the lessee to request the 3rd party payoff rather than the 3rd party themself.
3 Likes
Slightly more complicated I bet. They are also expecting the name of the 3rd Party dealer to issue the title to.
But you are saying they don’t have to have the 3rd party on the phone? I was reading that part different.
This would be handled as part of processing the transaction, not requesting the 3rd party payoff.
I just encountered an interesting issue, wondering if anyone else has been through this:
Dealer payoff from BMW sent to CarMax does not, and cannot include the security deposit even if you request they send it. The reason I requested them to apply the MSD is because CarMax has a mandatory form that basically says you waive your rights to the security deposit. BMW insists they will not honor this and will only send the MSD to the lessee, and CarMax will not do a deal without this form signed.
Has anyone else had experience with this? CarMax insists that they never buy a car without this form signed, but if they get my MSD then that puts me at negative equity. Should I trust that BMW won’t honor this form?
Yes you should.
1 Like
I sold my BMW to CarMax and signed the same security deposit form last week. The CarMax manager explain to me that this is a standard form to allow BMWSF to release the security deposit. I just received the deposit refund from BMWFS this morning so I think you should be fine.
1 Like
it is actually very easy. Do not need 3rd party on the line. Just call up and ask for 3rd party dealer quote to be emailed to you. Takes a few minutes.
1 Like
??? So how is this different than before?
Before they would require the third party dealer to call in to get the dealer payoff quote.
The lessee is requesting the buy out rather than the 3rd party dealer.
1 Like
So isn’t this easier then? Not harder.
You’re right, I think it’s easier.
That’s great to hear. It’s odd that they would have that form and that language, and that so many people sign without question. As many BMWs as they buy, with MSDs so common, I would have guessed that this was a bigger concern. The manager made it seem as if no one had ever brought up the issue, which I thought was shocking.
They’re common in the LH world, but not in the normal world.
1 Like