I am buying out my X5 and my dealership is having me “sell” them the car to add it to their inventory, even though I don’t own the car. Bmw finance does. Any problem with this? I am financing the buyout and they said this is the way I need to do it.
Thanks
Why involve the dealer? Find your own financing and send payment directly to BMWFS.
Because That’s how I had done it in the past and it still went through Honda financing. At this point they have my credit app and shopped for the deal. Should I just back out and go through Bmw? Just seems weird, but would be a hassle to start over again.
Is the dealer taking a cut?
What do you mean they “shopped for the deal”, for your buyout financing?
When you log in to your account at BMWFS and request a payoff quote you should see exactly what it will cost you to buy it out if you sent the $$ directly to BMWFS.
Conversely, what is the total the dealer is charging you for the buyout? If it’s more than the above, then they are of course taking a cut (make sure any taxes are included in both numbers).
It’s extremely rare that a dealer would process a buyout without adding their doc fee or some kind of bogus processing fee or a safety inspection fee, etc. etc. You will almost always pay more going through a dealer.
There was a charge of 135 dollars for documents and reregistering the car. Otherwise, it is the same buyout listed on my lease.
Then that doesn’t sound too bad, it’s not uncommon to see dealers add $1,000 or more of crap onto the buyout price.
As long as whatever financing they arranged is competitive then I’d probably just go with it.
Are you selling it to a bmw dealer or a non bmw dealer?
I am buying out my lease, and the bmw dealership arranged financing and took care of my dmv documents.
My buyout is way less than I can sell it for on the market, so I decided to buy it out.
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