06-09-2021, 12:01 PM | #1 |
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Lease Buy-out - Registration? (FL)
I bought my car out of the lease at the end of the lease by sending a check to BMWFS. I got the title and letters back telling me to check with the DMV on what to do next about the transfer of ownership and license plates. I see nothing on the DMV site about lease buyouts and prefer to avoid a trip in if I don't need to make one.
Anyone in FL who has completed this before and can point me in the right direction?
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06-09-2021, 11:42 PM | #2 |
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I'll preface this with I'm in CA and recently did the same thing of buying out my lease via BMWFS w/ a check. Sent me the title and bill of sale. I would imagine this is the same for all DMVs regardless of state as the Title is officially being transferred and you'd need to complete this at your local DMV or AAA if you are a member. You will likely also owe tax on the purchase of the vehicle as well based on your local tax requirements:
1) Complete title transfer to you as the new registered owner and the DMV will issue a new Title in your name and remove the lienholder (BMWFS / VCFS) 2) Pay the use / sales tax for the vehicle which is due You are subject to fines and fees and tax repercussions where applicable if you don't do this. Hope this helps - didn't take too long at the DMV for me, depressing as always but I was in and out of there within 45 minutes.
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06-09-2021, 11:47 PM | #3 |
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I did mine through a dealer and they came to my house and I just signed the paperwork. I kept my current plate and they just provided a new registration paper.
I've use Boca Tags, on Federal Highway, for 15 years for all of my other title/registration work on previous purchases. They only charge $75 and take care of everything. Give them a call and see if they can make it easier. And it'll save you a trip to that god awful DMV in Delray.
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06-10-2021, 06:10 AM | #4 | |
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06-10-2021, 06:12 AM | #5 | |
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06-10-2021, 08:28 AM | #6 | |
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They are great.
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06-10-2021, 09:56 AM | #7 |
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Thanks again. Called them and the girl who answered knew exactly what I need to do. It sounds like I will be able to deal with this via email / regular mail, which is perfect since a trip to Boca during the week would be a huge time investment.
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06-10-2021, 10:01 AM | #8 |
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So you don't coming to the Rat's Mouth.
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06-10-2021, 11:19 AM | #9 |
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Oh I come down to Boca for dinner quite a bit. But a trip down in the middle of the week to deal with this would cost me hours. They aren’t open on the weekend.
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