Lease Buyouts

YoungGuna86 · 10-16-2009, 10:43 AM

Lease Buyout
Also posted in General Forum but looking for answers quick...

Anyone familiar with Lease Buyouts?

I am buying a 335 from a gentleman who was still on a lease. he purchased the vehicle from BMW and then is selling it to me...however the title came in BMW name transferred to him. Now he must send title to Albany for them to transfer it to him so he can sign to me...I called ALbany to see if there was any way to expedite it and they are saying you cant send it directly to ALbany you have to get a sales tax receipt from local DMV who sends papers...NOw i am all confused and have no car since i sold mine to pay for his...Anyone with experience or knows sum1 in industry who can help me??? Located in Queens, NY

Very much appreciated

Gtrain · 10-16-2009, 02:27 PM

I don't believe that can be expedited. But wouldn't you be paying double the tax doing that? Tax for the buyout to BMW and tax to purchase from the guy? Hope everything works out.

Sal@AUTOcouture · 10-16-2009, 03:00 PM

"expedite" and "dmv" are never in the same sentence.

bknight · 10-16-2009, 03:10 PM

Quote:

Originally Posted by AutoCouture

"expedite" and "dmv" are never in the same sentence.

so true. they told me today they are running on a one month delay (in addition to the "normal" 6 week processing time) for sending new licenses following a change of address.

RevC · 10-16-2009, 03:41 PM

the DMV is a joke. '"ope, you know what? im on break."

10-16-2009, 10:43 AM	#1
YoungGuna86 Lieutenant 27 Rep 403 Posts Drives: 530xi M Sport Join Date: Apr 2008 Location: Merrick, NY iTrader: (3)	Lease Buyouts Lease Buyout Also posted in General Forum but looking for answers quick... Anyone familiar with Lease Buyouts? I am buying a 335 from a gentleman who was still on a lease. he purchased the vehicle from BMW and then is selling it to me...however the title came in BMW name transferred to him. Now he must send title to Albany for them to transfer it to him so he can sign to me...I called ALbany to see if there was any way to expedite it and they are saying you cant send it directly to ALbany you have to get a sales tax receipt from local DMV who sends papers...NOw i am all confused and have no car since i sold mine to pay for his...Anyone with experience or knows sum1 in industry who can help me??? Located in Queens, NY Very much appreciated
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10-16-2009, 02:27 PM	#2
Gtrain Colonel 144 Rep 2,018 Posts Drives: something slowwwww Join Date: Mar 2006 Location: NYC iTrader: (21)	I don't believe that can be expedited. But wouldn't you be paying double the tax doing that? Tax for the buyout to BMW and tax to purchase from the guy? Hope everything works out.
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10-16-2009, 03:00 PM	#3
Sal@AUTOcouture 733 Rep 10,105 Posts Drives: E93 M3, E36 M3 Join Date: Feb 2007 Location: Sofla iTrader: (30)	"expedite" and "dmv" are never in the same sentence.
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10-16-2009, 03:41 PM	#5
RevC Lieutenant General 178 Rep 11,768 Posts Drives: a couple fast toys Join Date: Jun 2009 Location: Voorhees+cherry hill,NJ iTrader: (26)	the DMV is a joke. '"ope, you know what? im on break." __________________ -Rev SGM e92 335xi\|Helix\|AFE\|AWE\|PROCEDE\|SYNAPSE\|ER\|OSS\|BMW PERFORMANCE\|P3\|always growing..
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