Most states only allow lienholders to hold electronic titles.
So it usually goes like this:
You payoff the car and have to also submit a federal odometer statement by mail or fax to the lienholder. Then, the lienholder will electronically notify the DMV that the lien has been satisfied. Finally, the DMV mails you the physical title to your address.
It’s all automated except the odometer statement, so it shouldn’t take more than two weeks turnaround.
Yes - that was the point of my post update.
Ball has fallen, starting 7/25/21 BMWFS will no longer allow third party buyouts, period. No you call to request dealer buyout workaround.
Source - BMWFS, and a prominent east coast exotic dealer.
Edit: this policy may not be in effect? Separate calls have yielded unique answers.
Wow so they went from 7/1 need to call to 7/25 No more …
Between losing out $$$$ on the delta between FMV and customer payoff as well as dealers clamoring for more used inventory, expect no captive to allow this loophole any more.
This is going to drive used car offers even higher at third party dealers now that this avenue of lease trades will dry up until the end of the year.
A representative from TFS reached out to clarify that Toyota Financial Services (TFS), Lexus Financial Services (LFS), and Mazda Financial Services (MFS) do not have restrictions in place that prevent a third party from purchasing a lease vehicle, and the payoff does not change for any third party. While TFS had been reviewing its policies per the Automotive News report, TFS has opted to not make any changes at this time.
Therefore, the OP has been updated accordingly.
Can we get Hyundai/Kia off the no 3rd party list? I’ve confirmed they still allow 3rd party sales. I saw a post on another site stating they couldn’t sell their Hyundai and listed this thread as their source.
Question…is southeast Toyota financial the same as TFS? And if not is Toyota actually allowing 3rd party… I was told by carvana ,vroom and a local Chevy dealer that they couldn’t
Tfs is different than Southeast Toyota Finance
Maybe SETF isn’t allowing it while TFS is. Who is your lessor?
I’m looking to sell my lease Toyota Highlander and spoke to TFS who said they did not hear of TFS not allowing 3rd party buyouts. It sounded like the reps I spoke with had no idea this was even a thing. They provided me with a lease payoff quote on their letterhead. I have 2 weeks or so before I need to sell it so hopefully things don’t change before then. emphasized text
My lessor is TFS …I haven’t actually asked TFS itself yet. I contacted Vroom and CarMax by phone a few days ago after qetting quotes to make sure. They both said they were not able to continue with Toyota that I would have to pay off the vehicle first
To add to the dataset - sold a MBFS lease to CarMax today (7/30) and the dealer payoff quote was the same as what’s shown in my account.
I assume you in a state where MBFS does not collect taxes even for self (customer) pay-off?
Correct, California.
Does anyone know if Audi Financial Services will honor the lessee’s payoff if sold to a VW dealer? Or is it Audi dealer only?
To quote, only certain dealers which pay off x amount of cars per time period with AFS/VWFS will be able to get the car for leasee payoff.
So a larger VW dealer may be able to get the lower payoff on an Audi lease, correct?
If they’re lumping AFS and VWFC payoffs together, I assume all VW dealers see a fair amount of VW lease turn-ins per month.
