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Re: BMW Financial Services is killing me........ (archive)

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Posted by JASON on July 29, 2000 at 23:55:50:

In Reply to: BMW Financial Services is killing me........ posted by JG on July 29, 2000 at 18:08:54:

MY COMMENTS BELOW:

If I found a guy who is willing to buy my car (which is on lease)- willing to pay the buyout. The information I'm getting is that I have to buy the car and get the title (which means I have to pay state tax-$3,000)- then transfer the title over to the gentleman who wants the car (he pays tax again).
>>
YOU ONLY PAID TAX ON YOUR PAYMENTS WHICH WAS BASED NOT ON THE PURCHASED PRICE OF THE CAR. IF YOU HAD BOUGHT THAT CAR INSTEAD OF LEASED IT YOU'D BE IN THE SAME SHOES. LEASING GIVES YOU MORE FLEXIBILTY BUT NO POWER AS YOU DON'T OWN THE CAR.

So, basically BMW won't send the title to anyone whose name isn't on the contract- even after all the stupid paperwork is done on the other buyers behalf-

Why would BMW care who buys the car outright?
>>
BMW ENTERED AN AGREEMENT WITH YOU NOT THE PERSON THAT WANTS TO BUY YOUR CAR. YOU SETTLE YOUR CONTRACT WITH THEM AND THEN YOU ARE FREE TO DO WHAT YOU WHAT IE., EITHER SELL, TRADE IN OR KEEP.


Same thing with taking over the lease- they charge you $450, person has to send in a credit app, both parties sign a transfer of interest form (gets notorized)- but if they default on the payments, the person on the contract is still responsible- this is also a bunch of crap, what am I paying $450 for.
>>
YOU CAN HAVE THEM TAKE YOU FULLY OFF THE LEASE. ITS NOT EASY BUT CAN BE DONE. #1 YOU WOULD NEED TO FIND A BUYER WHO HAS A1 CREDIT. #2 YOU WOULD HAVE TO TALK WITH BMW FINANCIAL SERVICES MANAGEMENT TO ORGANIZE THIS TASK. NOT EASY MANY PHONE CALLS AND FAXES BUT IT CAN BE DONE. THE $450 IS FOR THE ADMINISTRATION PAPER WORK ETC.


My friend just sold his Viper (bought used at a Chevy dealer)- he had no problems with GMAC switching over all "responsiblity" and title to the buyers name, leaving him without having to pay state tax. Its a different company, but still- BMW shouldn't be any different.

>> THE KEY IS HE OWNED THE CAR - IT WASN'T LEASED. HE MAY HAVE HAD A NOTE LEFT TO PAY ON IT BUT THE ABOVE IS THE MAIN DIFFERENCE. WHEN HE BOUGHT IT HE PAID FULL TAX FOR IT ON THE PURCHASED PRICE AND THAT WAS EVENLY SPREAD OUT ON HIS PAYMENTS OR IF HE PAID CASH IT WAS FIGURED IN THE TOTAL PURCHASE PRICE. YOU CAN'T HIDE FROM TAX.


Am I missing something????? I hope so. thanks for reading.

I HOPE THIS HELPS. IT CAN BE FUSTRATING BUT THATS ONE OF THE DOWN SIDES TO LEASING.

JASON


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