In Reply to: End of Lease posted by MelK on September 20, 1999 at 15:39:23:
You are correct. I was recently in a similar situation. What you will first have to do is pay the buyout to whomever holds the title. Let's say it's BMWNA finance. You send them the check for the $27,000 and they send you the title. Hopefully within a reasonable time. You then must take the title to transfer ownership at the DMV. At this point you will have to pay whatever sales tax for that dollar amount. Don't forget your costs for advertising in the classifieds, taking time out of your workday, or worse yet weekends, to have a bunch of strangers come and beat on your car in test drives, having mechanics look at it, etc....Needless to say, my car was traded in to a dealer and I sucked up the $400 difference in payoff. It was the best financial and logistical move IMHO. I also bought my new 328CI so I would never have to deal with this again. Good luck.