When I did a lease buyout, Ally sent me original paper title. I am not sure how electronic title works. You need to call your finance company and check how they handle the buyout process. You also need to confirm with them the timeline for this whole process to complete. All of these might be different with each finance company.
At least for my case, when I did a chat with Carvana, they said the title must be in your name to sell. Anyways, Shift took the title without any issues. I heard Vroom, Carstub etc take them too.
Check out my experience in detail here - California 10 day tax exempt For lease buyout - #60 by socalguy
