12-04-2020, 03:23 PM | #1 |
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Payoff process and registration in CA
So I am planning to send a check to BMWFS to buy out my 2018 M3. Lease just ends couple days ago and I finally decide just to buy it out. Anyways, here's my situation. I already just pay the CA car registration. I have two small business, currently title is under one company name. Due to Covid, sales has been way down, and I plan to transfer title to either my personal name or my other company.
Here's my question. The payoff instruction does not include any sales tax to get the title. Can I pay the amount, get the title, and immediately transfer the title to the new company? Basically, I want to only sales tax once, and that I don't need to pay again for the yearly car registration fees. I asked couple dealers (one in local SF bay area, the other in LA area) and they both state the price will be the same as BMWFS. I don't know if it's easier/harder to do it through BMWFS directly or go through a dealer. If I do it through a dealer, not sure if they have any other fees, and will I possibly need to repay the car registration again? Thanks in advance. |
12-04-2020, 04:23 PM | #2 | |
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12-04-2020, 05:04 PM | #3 |
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So I am kind of confused about the process.
Once I send the payoff to BMWFS, I will get a title from BMWFS? Is that title an out of state title (wherever BMWFS is based from?), or is that already a CA title? Does that mean I will get a out of state title, and I must re-register with CA DMV so the title is now in my name? During that time, I can change the title to whichever name or company I want, and at that time I will pay the sales tax once? So, even if I decide to leave the name of the title unchanged, I still need to make a visit to DMV and pay the sales tax? |
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12-04-2020, 08:46 PM | #4 | |
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