I agree and with MB shutting down on lease transfers, they are surely getting way more interest in BMW transfers. Lots of transfer fee revenue.
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Yeah. I know weâre all supposed to be cool and patient, but you canât forget we pay $400 for the privilege of going through this process. I think at $400 I should except somewhat expeditious service. Even if they do 500 transfers a month, thatâs 3mil per year in fees. I think they can afford some staffers.
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I wanted to share my recent experience with BMWFS lease transfer.
Aug 26 - provided assume contact info to BMWFS
Aug 26 - CC application filed and the transfer fee paid
Aug 28 - CC approved
Aug 31 - stage 2 paperwork received by both parties
Sept 1 - stage 2 docs sent via express mail
Sept 4 - stage 2 approved
Sept 18 - stage 3 completed (notified via email)
Sept 21 - assume received documents by mail and picked up the car
Sept 28 - I received final documents from BMWFS via mail
I hope the info above helps.
Looking for a unicorn this November - December:)
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I doubt it
Not a good time to be transferring a lease, but at least BMW is actually still doing transfers unlike a certain competitor. I actually had two people before me who were denied (one reapplied with a cosigner and was approved, but decided not to pursue the car, but I digress).
Hereâs how my transfer went with the final transferee:
8/26 1:18pm: Transferee contact info provided / credit app filled out
8/26 2:27pm: Transferee approved
8/27 11:17am: Stage 2 docs received
8/27 2:17pm: Transferee docs mailed (not express)
8/28 4:23pm: Transferor docs mailed (not express)
9/4 10:47am - 10:55am: Received email stating that stage 2 docs received had error, received clarification email explaining that my signature was not on file because I e-signed the contract, emailed photo of driverâs license BMW FS asked for
9/10 6:42pm: I called BMW FS asking for an update, was told the process was halted due to a stop-sale recall on the Z4, was also informed they still hadnât âprocessedâ the driverâs license signature
9/14 12:04pm: Recall completed by dealer, sent photos of recall paperwork to BMW FS
9/18 12:50pm: Transferee called BMW asking for update, rep said sheâd put in a request to complete stage 2
9/22 6:43pm: Stage 2 completed, stage 3 initiated, was told stage 3 process was taking 10-15 business days on average
10/1 2:00pm: Stage 3 / transfer completed (earlier than expected)
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Yea not at the rate they are going nowâthey have over 1000 in the queue every time I call though and allegedly only 5 staffers.
WA to FL transfer:
Credit app submitted and approved: Sep 10th.
Stage 1 overnighted by both parties: Sep 11th
Stage 2 completed: Sep 19th
Assumption complete and car is good for release: Sep 28th
BMWFS account off credit report on Oct 2nd.
As an update - as of today according to BMW FS they are in the process of reviewing/preparing stage 3 for September 18 (stage 2 complete) lease transfersâŚthey have well over 1000 in line still.
At least you got your Stage 2. You sent your correction in at the same time as me, and yet you somehow have Stage 2 completion before me. Who knows wtf is going on over there.
No rhyme or reasonâI share your frustration.
CA to AZ Transfer
Credit App Submitted and approved - 9/1
Stage 2 Documents Received by seller/buyer - 9/2 - BMW ordered CA title
Stage 2 Documents Received by BMW - 9/4
Stage 2 Documents Completed but waiting on CA DMV copy of title - 9/14
Stage 2 Complete after receiving copy of title from CA DMV - 9/21
Stage 3 Complete email - 10/7
Hang in there!
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Your timeline masks sense, as BMW told me yesterday that they were processing Stage 2 completions from the 21st.
To update everyone, I got my Stage 2 Completion, finally, this Tuesday. As I mentioned above, BMW is about 2 weeks behind on sending out Stage 3 docs. As of 10/7, they told me they were processing those who completed Stage 2 on 9/21. She said they are trying to move through as quickly as possible, sometimes they catch up 1 day per day, sometimes they catch up 2 days per day. She told me realistically to expect about 2 weeks for Stage 3.
2 weeks between stage 2 and 3 or 2 weeks in addition to their quoted â10-14â BDs?
right now about 2 weeks from stage 2 completion to stage 3. Their quoted time is accurate.
Called today for an update. We completed Stage 2 on 10/05 and the rep said theyâre moving through their backlog at a decent speed. Said 7-10 business days from stage 2 to stage 3 completion. But if there were any delays the max time sheâs seen is 12 business days. So, hoping they can get these done on the low side of the timelines! Glad theyâre giving everyone accurate information, all seems to be consistent.
Update for you fellas!
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!)
Itâs 6 biz days now, so i dont knowâŚ
Stage 3 - no update as of 9/24.
Stage 3 complete today! 10/9
Congratulations! We are pleased to inform you the lease assumption is complete and the documents required to register this vehicle has been sent to you via Federal Express. This email confirms that you are authorized to take possession of the vehicle.
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One question generallyâwhy the need for overlapping insurance during the pending transfer? My transferee had to put insurance on for Stage 2 and then with the long delay I am still insuring the car tooâso theoretically if it exploded in my garage BMW collects twice? (Joking, but seriously, does the transferee not have the same 30 day grace period to add the car on his or her insurance like if you take the car home new?)
Generally speaking. When you buy from the dealership they always ask for some sort of insurance (at least with every car Iâve bought). Doesnât need to be for that car specifically, but they ask for proof of a policy that youâre covered under and use that.
No understood but why is that not good enough? The stage 2 paperwork requires transferee to add the car to their insurance at that time.
Why would BMWFS assume whatever grace period youâre referring to applies in all 50 states and/or all insurers?
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