In my case, BMW requested the title of the vehicle 3 months ago, when I called the customer service to ask an assumption question, which at that point we were entertaining the idea, and didn’t even ask to initiate a transfer.
Crazy how you guys are transferring cars cross country… a lot of long distance transfers here…
How are you guys handling the logistics of these transfers?
Sorry final question, once the transfer is complete and the transferee takes the car, do you get an official letter (as a transferor) from BMWFS that your financial obligation has ended? How long did it take for your account to show as “paid in full” or “closed” on your credit report?
You have to ship figure shipping cost into the deal, and then if you want to confirm the cars condition, the use of a remote car inspection service (like Carchex).
PA to NY
12/28 - Credit Application and Credit Decision (immediate approval)
12/31 - Stage 2 Documents emailed - sent out an hour later
1/4 - Stage 2 Documents received
1/13 - Stage 2 Completed
1/14 - Stage 3 Completed
Things seem to be moving along nicely, hopefully it stays that way!
What was your process with DMV and transferring plates ? I am in a current BMW lease returning as soon as I receive the transfer car. Did you go to DMV and request plate transfer, add the car to insurance and get temp registration? Should I transfer plates or get new? How did you return the existing car back to dealership?
also any shipping company recommendations ? do they take pictures before shipping?
From my experience in NJ. The person that assumed my lease received what necessary authorization from BMW FS to register the car and get plates at the DMV. When he came to pickup, he has those in his hands. Plates won’t transfer especially for an out of state transfer.
Once completed, the new owner, added the car to his insurance then I removed it.
Got it thank you for your reply
So my best way to register the new car with new plates, and return the old back to dealership and surrender those plates?
The BMW FS transfer timeline seems a LOT quicker in 2021 than it was in 2020. Below are examples for two pending transfers I’m doing right now:
FIRST TRANSFER (Total Time - 11 days start to finish)
Stage 1: Credit App
1/4 - applied and received decision in 1 minute
Stage 2: Transfer Docs
1/5 - email received with Stage 2 docs
1/6 - transferor docs mailed out to BMW FS
1/7 - transferee docs mailed out to BMW FS
1/8 - BMW FS received both sets of docs
1/12 - Stage 2 Complete
Stage 3
1/15 - Assumption Complete
SECOND TRANSFER (Total Time - 16 days start to finish)
Stage 1: Credit App
1/12 - applied and received decision in 1 minute
Stage 2: Transfer Docs
1/12 - email received with Stage 2 docs within one hour of credit approval
1/12 - transferor docs sent out
1/13 - transferee docs sent out
1/14 - transferor docs received
1/22 - transferee docs received (he used snail mail)
1/26 - Stage 2 Complete
taking over a BMW lease and I am from NY. The car is out of state from Virignia. I am wondering do i wait for bmw to send final docs and then i go to dmv to register the car. Then pick it up? Also, will NYS DMV have me pay the tax on the remaining months(16months) or the 36 month term.