I bought my BMW 330i before end of lease so that I can use it as a trade in. BMW FS received the payment today and applied it but said that I will need to wait 15 business days before mailing the title because I used a non-certified check. People who have done this, did they really make you wait 15 business days before they mailed the title?
they need to make sure the check doesn’t bounce.
It is stated clearly on the payoff documents so I used a Bank Check.
Let us know how long it actually takes.
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I will. I know they say 15 business days, but I feel like this is overly cautious and they may not really wait that long.
If they send the title and the check bounces, they can’t repo the car. That would be pretty dumb of them.
Yes that would be dumb of them.
Found this on the web. Think it explains the wait. It’s the feds!!! Guess a bank check would work faster than a personal one.
“Essentially, any transaction you make exceeding $10,000 requires your bank or credit union to report it to the government within 15 days of receiving it – not because they’re necessarily wary of you, but because large amounts of money changing hands could indicate possible illegal activity.Jun 3, 2022.”
You are mixing up different rules.
10,000 is a CASH figure, they report it. They don’t report Checks as it is fully traced. Otherwise every big company would be reported every second.
15 days is what BMW is waiting to prevent him from doing a stop pay. Because stop pays cannot easily be done after 14 days.
No, your reference is talking about a verbal request for a stop payment. The verbal authorization lapses in 14 days.
During that 14 day verbal authorization period you need to complete a written authorization which is good for 6 months.
You can request a stop payment anytime before the check is considered stale dated.
Checks lost in the mail is a common reason for a stop pay and it could easily take more than 2 weeks to determine if a check is MIA
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that’s true, but still the other poster was talking about Cash transactions,
The form the bank fills out is pretty detailed and a copy has to be given to the account holder as well. It’s different.
BMW is still waiting 15 days in case of bounced check, that’s why they want certified, it can’t be stopped once cashed (properly)
It looks like the title is out for delivery today. So 12 days from the day BMW received the check. With the holiday, I assume it would’ve arrived yesterday. So about 10-12 days with a personal check is a safe estimate.
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