Question about Lease Takeover

[Explorer3253]

I am taking a government job so I will probably have to try to get rid of my e92. Is anyone familiar with the process? I paid for NYS sales tax up front. Would the new owner have to pay the tax again? (If so, how would they go about doing that) Would I get a refund on the tax of the unused months? Also, what additional fees are involved and how hard is the process. I am aware that the new owner will receive my security deposit that I left with the dealership. Any help would be greatly appreciated.

[Tondtar]

If it's a lease, you only pay taxes on your monthly payment. It's already calculated into your lease payment every month. It's not like buying the car or financing it where then sales tax is charged all at once.

I suggest you visit the "Buying and Leasing" part of this site. There is plenty of priceless information there. You can also post this question there :

http://www.e90post.com/forums/forumdisplay.php?f=95

[stooken]

Originally Posted by Explorer3253

I am taking a government job so I will probably have to try to get rid of my e92. Is anyone familiar with the process? I paid for NYS sales tax up front. Would the new owner have to pay the tax again? (If so, how would they go about doing that) Would I get a refund on the tax of the unused months? Also, what additional fees are involved and how hard is the process. I am aware that the new owner will receive my security deposit that I left with the dealership. Any help would be greatly appreciated.

the tax you paid is included in your monthly payment. that is it. once the new owner gets qualified through BMW financial, he/she assume your payments. once the name get transferred, you are completely free of any and all obligations to the car.

transfer fees totals about $500. the application fee ~$100 is non-refundable. the transfer fee is if the new owner does not get approved by BMW. in CA, the new owner has to re-register the car with DMV. i got screwed with this by registering my car thinking it was refundable by the state. that's what BMW told me. WRONG!

the entire process takes roughly 3-4 weeks. 2-3 sets of documents that need to be filled out, signed and notarized. filling out the docs don't take long. it's the mailing and documentation process with BMW that takes long. overall, it's very easy. just make sure everything is filled out correctly so you don't have to redo anything.

just worry about your end. the new owner should do his/her due diligence and research his/her end of the deal. once the car is transferred over, it's his/her responsibility.

PM me if you have any questions. i'll be glad to answer them.