[Mintex]

Hi Folks,

My lease for my 2021 M340i is ending on Feb 14, 2024. I am considering buying out the car through BMWFS, but still need a bit more time to think about alternate options.

I had a question - do I have until at least Feb 13 to mail out the cashier cheque over to BMWFS or is it advised that I send it out much sooner than my lease end date? i.e. are there any unexpected complications that can arise as a result of me waiting till the very last day?

Edit: I am located in California if that matters

[madpistol]

From what I remember, you have to deal directly with a dealership to figure out all of the details. BMWFS doesn't deal with lease buyouts.

[Mintex]

Originally Posted by madpistol

From what I remember, you have to deal directly with a dealership to figure out all of the details. BMWFS doesn't deal with lease buyouts.

I don't believe that is true for California. The BMWFS website is showing me the option to buy-out the car directly through them without going through a dealership

[Portimao Blues]

You should be able to purchase your leased vehicle directly from BMW Financial Services. Last year, my parents purchased their leased X3 a month before their lease matured with an auto loan from Bank of America. Bank of America offers a "Lease Buyout" loan. Bank of America sent the payoff amount directly to BMW Financial Services. My parents never had to set foot in a BMW dealership. It was easy and painless. The reasonable lease buyout and low mileage made it a smart option for them.

[tturedraider]

Originally Posted by Mintex

Hi Folks,

My lease for my 2021 M340i is ending on Feb 14, 2024. I am considering buying out the car through BMWFS, but still need a bit more time to think about alternate options.

I had a question - do I have until at least Feb 13 to mail out the cashier cheque over to BMWFS or is it advised that I send it out much sooner than my lease end date? i.e. are there any unexpected complications that can arise as a result of me waiting till the very last day?

Edit: I am located in California if that matters

You need to call BMWFS to find out for sure.

Originally Posted by Mintex

I don't believe that is true for California. The BMWFS website is showing me the option to buy-out the car directly through them without going through a dealership

If the website is giving you the option then it is an option that is available in your state, California.

Originally Posted by Portimao Blues

You should be able to purchase your leased vehicle directly from BMW Financial Services. Last year, my parents purchased their leased X3 a month before their lease matured with an auto loan from Bank of America. Bank of America offers a "Lease Buyout" loan. Bank of America sent the payoff amount directly to BMW Financial Services. My parents never had to set foot in a BMW dealership. It was easy and painless. The reasonable lease buyout and low mileage made it a smart option for them.

It depends on the state. Because of a fairly recent lawsuit filed by a number of states accusing BMWFS of acting as a dealer by doing this it is no longer allowed in a significant number of states.

Here’s the list:

Originally Posted by tturedraider

I just noticed this on a recent BMWFS statement. There have been questions about which states are requiring a dealer to be involved in buying out a lease. In these states you cannot just send your lease payoff straight to BMWFS and have them send the title directly to you. If you send in your lease payoff from these states BMWFS will return it to you. You must go to an authorized BMW dealer.

AZ
CO
FL
HI
IA
IL
IN
NV
NM
NC
OK
PA
SC
SD
VT
WI

[bavarianride]

Originally Posted by tturedraider

If the website is giving you the option then it is an option that is available in your state, California.

Thanks for the info. I am glad that CA still allows buyout directly with BMWFS.

I do wonder if BMWFS currently has buyout discounts given the used car market is somewhat returning to normal.

[tturedraider]

Originally Posted by bavarianride

Thanks for the info. I am glad that CA still allows buyout directly with BMWFS.

I do wonder if BMWFS currently has buyout discounts given the used car market is somewhat returning to normal.

Kind of amazing given Cali’s typical SOP. Yeah, that would be interesting to know. I bet it’ll take a little longer before we get to that point.