Looking to (re)finance the lease buyout through a) BMWFS or b) a BMW dealer and then sell as a workaround to the third-party sale restrictions. (And then apply for the CA10 day sales tax refund.)
This should work because carmax etc doesn’t require a title for a financed car.
My only question is how long does it take BMWFS or BMW dealer to do the CVR title update? I’m on a tight timeline to sell to CarMax (they’re offering 10% more than next highest dealer/buyer)
autonation can buy your lease / a dealer with a bmw dealer in their network no need to pay the tax…
what car is this?
Correct me if I’m wrong but I’ve never heard of a state that will refund sales tax on a purchased (titled) vehicle no matter how long you keep it after purchasing.
Edit: 10 day in CA
i think hes talking about the 10 day CA rule sell it when the title comes
I think you meant to search for
And
I stand corrected.
Its mind blowing that CA of all places would allow such a thing
My only question is basically how fast is the CVR updated for both routes - BMWFS direct and thru dealer.
I don’t know for BMW. My Volvo was about 2 weeks from buyout to receiving the LRT, but then for Carfax you have to take it, reregister in your name, pay tax, and then you can resell it.
@BMW_Dave handles the rereg on buyout, may have a better idea on speed.
Yeah the direct buyout will take longer than the 7 days but I thinking it’d be faster for CVR update with BMWFS loan (because lenders use etitle) or BMW dealer financing (since dealer also etitle)?
BMWFS normal buyout doesn’t etitle because neither the buyer or seller is a dealer or lender. And the paper one takes forever.
Out of curiousity how much more is Carmax offering over BMW dealers or a BMW affiliated group?
Edit: I see 10% in your OP. Guess it may be worth it then, though it may be worth it to see if someone will close the gap enough to not jump through these hoops.
Autonation is 30% below carmax and below residual so nope.
Got bids from: gmtv, carvana, myauto, shift, vroom, autonation, other dealer groups that own a bmw dealership, kbb, 6 bmw dealers, drivewayz
Update for everyone:
a) Refinance through BMWFS - they use a third-party firm to handle it called RefiJet instead of handling it directly. It sounds like the ‘funding’ alone will take 3-5 days and CVR update will happens some number of days/weeks after that. I was hoping it’d be more like instant funding since it’s BMWFS paying BMWFS…
b) Buy through dealer - so technically the dealer is buying from BMWFS and you’re buying from the dealer. It takes 3-4 days to ‘fund’ and up to 3 weeks to update the CVR (this part is confusing since the ELT website says it’s done overnight). It’s unclear you’ll get the 10 day refund since you’re not buying it directly from the lessor - it depends how annoying California wants to be I guess.
https://www.dmv.ca.gov/portal/vehicle-industry-services/electronic-lien-and-title-program/
“Lienholders will no longer need to wait for a paper title in the mail to verify their liens are perfected. Instead, they’ll receive electronic notification the next business day, with owner and vehicle information included.”
a) Wow BMWFS will do financing on a 3yr old car directly?
b) The ‘Refund’ goes to the dealer in that case. Good luck trying to get it from them.
It’s 10 days from when you receive the title, not start the process. Several people have reported using the postmark on the envelope if all else fails.
Yeah it’s not timing, it’s more that you’re not buying from the lessor (and instead the dealership that has bought it from BMWFS)
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