Finally the time has arrived. I leased an X3 M40i from BMW NYC back in 2019 and it is coming up for maturity on 05/30. Deal details can be found below, good old days when you could find decent deals to lease BMW’s…
I have the $36k purchase option listed in the contract so will most likely exercise it come May. I have two quick questions for the community:
This is my first lease. Is there anything I should watch out for while going through the buyout process? Anyone had dealt with BMW NYC in the past? The guy who sold me this vehicle moved to Westchester BMW so most likely I will be dealing with a new sales guy there
For vehicle (title) registration and tax, am I supposed to deal with DMV directly? What do I need from BMW to get that done? Does anyone know if BMW helps with that process? Any directions on that will be greatly appreciate as well
Dealer has nothing to do with your buyout. Get your payoff documents directly from your BMWFS portal. It has very clear and straightforward instructions on how to proceed. They will provide all the necessary documentation, then you just need to head to the DMV. Any questions, just call BMWFS. Good luck.
Edit: unless your state requires you to buy it out via a dealer, then it gets tricky. Calling BMWFS and/or checking your online portal will be your first step
in NY buyouts happen online (Unless you are Nissan), no need to go to the dealer unless you are selling / trading it.
They send you a paper to send to the DMV. Note : To get the new title in your name it’s going take 60-90 days (per a recent post here). If you need your title sooner (i.e to sell to Carmax ), there are services in NY that claim to do that … for a nice fee.
