I am currently in step 2 of 3 of a lease transfer on my 2019 BMW X1. Essentially all we are waiting for is a confirmation letter from BMW. The transferee wants to take delivery of the vehicle this coming Saturday but I’m not certain that the transfer will be finalized by then. The transferee has added the vehicle to his insurance policy and and sent me an email detailing proof of his insurance coverage on it. My question is, is there any reason I shouldn’t allow him to take delivery? If it helps, he has proven himself to be very trustworthy, normal and non-sketchy in our dealings thus far. Thank you in advance for your feedback!
Nope. The vehicle is still under your name and on your credit. Once stage 2 completion email has been received, you have to wait for stage 3 completion which allows you to hand over the car.
Not worth the liability risk. You can call BMW Financial and they hopefully can give you estimate of when it will be completed. You will get an e-mail confirmation that stage 3 is complete and you can give them the car. Stage 3 is typically completed a few days after stage 2, shouldn’t be that long.
Thank you. If the car is listed under his insurance, though, where is the liability to me coming from?
Did you even read the first sentences of my first reply?
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Just as a data point, my BMW transfer back in October took 2 days from stage two completion to stage three completion.
What if they hit someone and severely hurt or kill someone with your car? Do you really think the lawyer for that person won’t come after you as well? Don’t be foolish, let the process flow thru completion. Explain to the person that BWM won’t allow the transfer until they say so.
Yes, I did. Are you saying that my credit is somehow at risk? How? The next payment isn’t due until the 30th and the transfer will absolutely be finalized by then.
I think you are all correct…thank you for your input. I am trying to be flexible with this guy because he has been so with me.
You are still the current owner of the vehicle on the books of records of bmw and your state dmv. Just cause the other party has added the vehicle to their insurance doesnt mean they own the car yet.
yes there is, the transfer is not complete until stage 3 is done and they notify you it’s complete. So if you let him take delivery, he can crash the car and you are liable.
If you want to return the favor for the other party’s previous accommodations, offer a gift card for a tank or two of gas to use post-delivery.
But don’t hand over the keys until this is officially done.
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