BMWFS Lease Assumption Process and Timeline

Stage 2 rework (transferee docs) email 9/25 11:08am CT…

Hi asfarr,
Any word from bmwfs with your stage 3?
On the same situation lol.

Von - No. The revised doc (apparently one signature by the transferee was not “clear” enough) was overnighted Friday 9/25 and delivered Saturday 9/26. As of today I called BMW FS to check on status and they said they had still not gotten around to mail from Friday or Monday but hoped they could confirm later today…I won’t hold my breath.

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I called BMWFS this afternoon as well. Things are not looking good with assumption timelines guys…be warned. Stage 2 docs received 9/4, and they still haven’t cleared Stage 2. Once they have…I’m told by COB Friday assuming no re-work then its 10-14 business days until Stage 3!!!

This is my second transfer in 2020 and I’m truly shocked by the length of time and horrible communication about status. Message from customer services was 300+ pending Stage 2 transfers and a 2 person team.

All of this said, BMWFS is still one of the best to deal with and this ability to transfer makes lease hacking better for both sides. But wow…they need to get it together.

Yep - I just called this morning. As an aside to all my complaining, I will say the representatives are extremely polite, so I cannot complain from a client-facing perspective.

So first they (finally) confirmed they have my transferee’s rework as of yesterday (again, no email received–they are too swamped to send email updates anymore apparently) and said they need 3-5 (“but most likely 5”) business days to review. As I noted above, all that was wrong with the original paperwork was one signature was not clear enough–not sure why that needs 5 whole business days to be verified at this point, but I am sure it is something like they have to go back and review the whole set of 3 pages again…

Then they said it would be 10-14 business days (or perhaps more–it is “the longest stage”) for stage 3 to be complete…

I just made my October payment early to make sure that doesn’t hold things up.

I am going through this process myself right now on an 2020 X3M, as the new leaser.

I submitted my credit check on 9/22 and received the approval email within 2 minutes or less.
Stage 2 paperwork came through on 9/23 and was posted same day.
Received an email 9/29 to let me know that the current leaseholder’s stage 2 paperwork had arrived at BMW FS. No email regarding mine yet.
BMW FS have confirmed that it could take 5 days to review Stage 2. Stage 3 will take up to 3 weeks once stage 2 completes…

Will keep you posted…but I am thinking that it might not be until November that the car is mine…

CA to CA
Stage 2 Completed: Sept 9th
Stage 3 Completed: Sept 28th

Took the doc package to a local AAA branch, and been told I have to go to DMV in person to make change on the title.

They were messing around with me on my X3M Comp transfer. Credit approval was no problem. They said my assume’s signature didn’t match the signature on his license… I was like… okay, and? I can guarantee you my signature on my license that I signed when I was 17 is not the same signature as the one I have now. Seems like they’re being sticklers over nothing. Had to send in extra stuff now for rework, just further adding to the delay.

9/14: Credit App Submitted and Instantly Approved
9/15: Stage 2 Docs Received
9/16: My docs delivered
9/17: Assumee docs delivered
9/25: They claim rework needed because of a signature mismatch
9/25: Assumee emailed what they asked for
9/28: I call to confirm they got what he emailed, they say yes and magically after I hang up the phone I get an email saying that “Stage 2 Documents received”

Now still waiting for them to literally just check his signature again, I guess. My assumee says he has copies of everything he sent and the signatures match, so we’ll see what happens.

That being said, the reps are all still very pleasant, but it doesn’t make it any less annoying, it makes the process somewhat stressful.

Going through the same stuff here…

09/14: Credit app submitted and approved
09/15: Stage 2 Docs received
09/16: Stage 2 Docs sent
09/22: Stage 2 Docs received (UPS had delays delivering…)
10/05: Stage 2 complete. Stage 3 paperwork to be sent within 5 business days

Called today for some updates, making sure all docs were received and accurate, which they confirmed… Still waiting on Stage 2 completion… Hoping everything else goes quick and smooth. We are in the same state and our DMVs have been open and normal, so hoping theres no hassle with the title stuff.

How does one pay the MSD or any upfront cost to previous owner?

In what form of payment ?

When? When u physically take possession of car after stage 3?

Also what about inspecting the car? Is it okay to not see car till after all stages are cleared ?

I asked for payment once stage 2 was completed per BMWFS instructions when I called them to ask. He sent a venmo.

Of course you should see the car first.

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This is more or less exactly what is happening in my situation (word for word). I am also still waiting for them to approve the revised signature. It has been 4 business days since they got the revised page…I guess they are getting the FBI signature analysis out for it.

Yeah. I don’t know who the hell they have doing handwriting analysis over there or why they even care. There is so much other proof that he is who he says he is. Hell, he sent in yet ANOTHER form of ID past his DL, so that alone should be enough but they said the signature on that had to match too. Insanity.

But, like you said, they’re all very pleasant and helpful.

Nothing to do but keep waiting I suppose…it is incredible how times have slowed considerably since this whole thread started.

Credit app 9/9/20
Credit app approved 9/9/20
Docs recvd - 9/15
Stage 2 completed - 9/24, bmwfs email says will be completed 5 biz days(bs!)
It’s 6 biz days now, so i dont know…
Stage 3 - no update as of 9/24.

I just got my Stage 2 Complete email this morning. Also says 5 BDs (doubt it includes today, lol). Timer is now ticking…

I’m still waiting.

BUT !!! Like everyone says. They are very nice and helpful :wink:


It’s hard to get annoyed when they’re all very nice.

We’re going to see companies using COVID as an excuse for poor service well into next year.

Its a different world my friend, and in our industry, people dont get it. I still get beaten up for matching deals from February :sweat_smile: