Payoff process and registration in CA

[kchan]

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.

[Jbonly21]

Originally Posted by kchan

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.

I don't have to pay a registration fee for the title transferred. And your taxes is base of what ever % sale tax is in your zip code, and is due during title transfer.

[kchan]

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?

[Jbonly21]

Originally Posted by kchan

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?

It's already a CA title, but after payoff, you have to go to the DMV to remove BMW as a lean on the title and transfer it in to what ever name you want. Paying the taxes is part of the transfer. And I believe you have 30 or 60 days to do the transfer.