Release liability after lease transfer complete

[alexfz420]

Hi guys,

I just completed the lease transfer today (got email from bmw saying i am authorized to give the vehicle to the transferee)

BMW said i do not have any action item anymore, transferee is responsible to go to dmv and register the car.

My question is: 1) can i cancel my insurance right now? 2) How i need to/how do i release the liability of the car?

The guy on the phone seems not really understand/knowledgeable about this, the registration will still under my name until the transferee register the car right?

[Thescout13]

Originally Posted by alexfz420

Hi guys,

I just completed the lease transfer today (got email from bmw saying i am authorized to give the vehicle to the transferee)

BMW said i do not have any action item anymore, transferee is responsible to go to dmv and register the car.

My question is: 1) can i cancel my insurance right now? 2) How i need to/how do i release the liability of the car?

The guy on the phone seems not really understand/knowledgeable about this, the registration will still under my name until the transferee register the car right?

Bill of sale (here the contract that confirms the lease transfer) trumps what the car registration states for liability (legal) purposes. Remove your plates and registration from the car.

Can cancel your insurance immediately, but best to just call and have them end it for the day after you hand it over to transferee.

[Aaaaaaaaa]

2) https://www.dmv.ca.gov/portal/dmv/de...ne/nrl/welcome

"Reporting the sale or transfer of a vehicle or vessel to the DMV does not constitute a transfer of ownership. The record is not permanently transferred out of your name until the DMV receives a completed application for transfer of ownership and payment of appropriate fees from the new owner. "

[Thescout13]

Originally Posted by pheerlx

2) https://www.dmv.ca.gov/portal/dmv/de...ne/nrl/welcome

"Reporting the sale or transfer of a vehicle or vessel to the DMV does not constitute a transfer of ownership. The record is not permanently transferred out of your name until the DMV receives a completed application for transfer of ownership and payment of appropriate fees from the new owner. "

That applies only if you had title in hand. It is a lease he does not. Either way, legally speaking for liability, bill of sale > registration of vehicle.