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      04-29-2019, 11:44 AM   #1
Daleyplanit
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How long does a lease assumption take?

We're very excited to have come to an agreement for a '17 Rex. We've been approved for the financing, submitted all the required paperwork and added the car to our insurance. Last week we sent all the paperwork to BMW - the seller did, too. Now how long do we have to wait and has anyone been through this before that may have some words of advice, caution, wisdom or encouragement?

Thanks - Martin
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      04-29-2019, 12:15 PM   #2
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I transferred a leased on my 430 convertible a few years back and from start, to finish it was 3 weeks. If you're already approved then it shouldn't be much longer.
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      04-30-2019, 02:20 PM   #3
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Quote:
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I transferred a leased on my 430 convertible a few years back and from start, to finish it was 3 weeks. If you're already approved then it shouldn't be much longer.
Similar timeframe I experienced with taking over an m3 lease. BMWNA makes it VERY easy I found.
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      04-30-2019, 03:43 PM   #4
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Update!

BMW acknowledged the docs are clean, and now we wait up to 5 biz days 'till the next set...
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      05-06-2019, 11:55 AM   #5
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Status report:

"Congratulations! We are pleased to inform you the lease assumption is complete and the documents required to register this vehicle has been sent to you via Federal Express. This email confirms that you are authorized to take possession of the vehicle.

We are committed to providing you the highest level of service. If you have any questions, please contact a Customer Service Advocate at 800-578-5000, Monday through Thursday, from 9 a.m. to 9 p.m. ET and Friday, from 9 a.m. to 6 p.m. ET."

"What's in the boooox?" Really... What will be in the envelope? NYS DMV website tells me I need:

1) A certified copy of the title certificate, original Manufacturers Statement of Origin (MSO) or Manufacturer's Certificate of Origin (MCO)

Authorization from the leasing company to register the vehicle in New York, which consists of all these things
a) Letter from the leasing company that gives you permission to register the vehicle in NY State
b) Power of attorney from the leasing company that authorizes you to register the vehicle in NY State
c) The signature of a leasing company officer in box 3 on the Vehicle Registration/Title Application (pdf) (MV-82) or on the Registration Authorization (pdf) (MV-95)

Proof of sales tax payment, sales tax exemption, or purchase price. Is this prorated for the remaining lease payments?
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      05-06-2019, 12:28 PM   #6
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I'm not sure how this works with the sales tax in NY, but congrats!
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      05-13-2019, 11:13 AM   #7
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Acquired!

It took 18 days from the day we looked at the car and said "let's do this" till the day we got our paperwork and registered the car. It helped the seller was organized and did things right away. We were organized and prompt, too. Even BMW seemed to turn things around on the schedule they claimed they would follow. NYSDMV was tough, but thanks to BMW sending all the right forms, and to the fact the seller has all the original paperwork to go with the car, I walked out with a registration and picked up the car this past Saturday.

Pending no more - we are BMW EV drivers!
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      06-27-2019, 11:46 AM   #8
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Can I ask which lease swapping service that you used? I am considering putting up my i3 for a lease swap.

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      07-02-2019, 01:46 PM   #9
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lease swap

We used Swap-a-Lease to find the car. They did help the "seller" get organized" but it was really up to us to navigate with BMW and then NYSDMV. It cost $40 to register and get seller's contact info. for the buyer there's really no benefit to using the service other than finding seller info.

Two things that we learned:

1) our DMV was perplexed and I had to walk them through all the documents
2) the warranty did not transfer. When we asked our local BMW about this they said "should have let us handle it" except we tried to work with the seller's BMW dealer and they wanted no part of it. didn't want to inspect or anything.

Was saving the $1000 down worth it? We'll see at turn in. So far a brake flush cost $175.

-Martin
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      07-03-2019, 10:09 AM   #10
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Quote:
Originally Posted by Daleyplanit View Post
We used Swap-a-Lease to find the car. They did help the "seller" get organized" but it was really up to us to navigate with BMW and then NYSDMV. It cost $40 to register and get seller's contact info. for the buyer there's really no benefit to using the service other than finding seller info.

Two things that we learned:

1) our DMV was perplexed and I had to walk them through all the documents
2) the warranty did not transfer.
#1 is not surprising. DMVs don't recruit from the deep end of the pool.
#2 is a bit misleading. BMW warranty stays with the car for 4 years / 50K miles. BMW Service maintenance program does not, as it is non-trasferable (post 2015 or 2016 model year):
https://www.bmwusa.com/explore/bmw-v...onditions.html



Quote:
Originally Posted by Daleyplanit View Post
When we asked our local BMW about this they said "should have let us handle it" except we tried to work with the seller's BMW dealer and they wanted no part of it. didn't want to inspect or anything.

Was saving the $1000 down worth it? We'll see at turn in. So far a brake flush cost $175.
There was nothing for the dealer to "handle" - Service warranty is not transferable.
For future reference, $175 for brake flush is kinda rich, and you may want to consider shopping around for service from independent garages.

Personally, I would NEVER take my cars to a BMW dealer for any service that is not free!

a
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