Does BMW have a takeover payment program?

medik13 · 06-28-2009, 02:54 PM

As much as I tried to like my new 2009 328i e90, I really just don't think it is the car for me. I was wondering if BMW has a Payment assumption program and how it works. My sister wants it at the deal I negotiated, but her credit is not as good as mine. Can she just takeover my payments and put the car in her name, clearing me of all financial responsibility? I thought I have read that BMW has a program like this but searches seem to come up short. BTW, this is not a lease.

PaulBailey@ltbmw · 06-28-2009, 02:59 PM

Can't say for sure, but I would assume that she would need to take out an auto loan of her own and then pay you to pay off BMW Financial.
But, you can always call 1800-578-5000 and explain you situation.
Tell them, You can no longer make your payments due to financial hardship and you'll likely lose the car.
They will probably try to help you out with the transfer.
But either way, i'm pretty sure they have to run her credit/

iheartsole · 06-28-2009, 03:00 PM

You can't.... unless you're talking about a lease.

Banks will not transfer your contract to another person, in a lease they will, but not a loan.

So if you want someone to take over your payments, it will have to be between you and the buyer. So everything will have to remain in your name... the loan and insurance. But if anything happens, such as the buyer not making the payments, you will be held responsible and your credit will be ruined.

DrGP · 06-28-2009, 03:59 PM

Couldn't you just go to the dealer and sell the car to your sister and have them arange new finacing in her name. You would have to pay all the taxes and transfers. Not sure you would get the same interest rate either. But I believe it could be done. In fact I don't really think you need to go through the dealer if your sister can obtain her own financing at a better rate than at the dealership. Perhaps through a Credit Union. Sell her the car and pay off BMWFS. Don't believe it will turn out to be a good deal for your sister though.

persian54 · 06-28-2009, 04:42 PM

what rate did you get?

nonetheless, to keep this cheaper, you need to keep the car in your name and have her pay you so you can pay BMW

or, like others said, she needs to get her own loan...

medik13 · 06-28-2009, 05:09 PM

Thanks for all the input. I ended up getting a 0.9% which she would not qualify for. I am just going to hold onto it until I figure something out then.

deuceap610 · 06-28-2009, 05:24 PM

Quote:

Originally Posted by medik13

As much as I tried to like my new 2009 328i e90, I really just don't think it is the car for me. I was wondering if BMW has a Payment assumption program and how it works. My sister wants it at the deal I negotiated, but her credit is not as good as mine. Can she just takeover my payments and put the car in her name, clearing me of all financial responsibility? I thought I have read that BMW has a program like this but searches seem to come up short. BTW, this is not a lease.

Out of curiosity, why did you decide that it's not the car for you?

DavidBMWofMiss · 06-28-2009, 05:32 PM

In order for BMW to allow you to do that you will need to transfer the lease into your sister or another persons name. There is a lease transfer fee to pay which will vary but will be in the 3-400 mark. When you transfer the lease the new owner must also do a credit check and be deemed acceptable. BMW runs no lease takeover program, you have to find your own person or use another service from an outside company

persian54 · 06-28-2009, 05:45 PM

Quote:

Originally Posted by medik13

Thanks for all the input. I ended up getting a 0.9% which she would not qualify for. I am just going to hold onto it until I figure something out then.

.9?

keep it

there is nothing better out now.. and i doubt rates will drop any further... isnt it 2.9 now anyways?

persian54 · 06-28-2009, 05:47 PM

Quote:

Originally Posted by deuceap610

Out of curiosity, why did you decide that it's not the car for you?

maybe he wants more power?

lauer87 · 06-28-2009, 05:52 PM

If you trust her 100%, and since she is your sister, you could just keep the car in your name and let her make the payments to/for you. Just a thought.

persian54 · 06-28-2009, 06:02 PM

Quote:

Originally Posted by lauer87

If you trust her 100%, and since she is your sister, you could just keep the car in your name and let her make the payments to/for you. Just a thought.

mixing family and money is usually not the best.... just my opinion though

jngjng72 · 06-29-2009, 07:12 AM

Quote:

Originally Posted by persian54

mixing family and money is usually not the best.... just my opinion though

I cannot agree more with the above statement. Never mix money and family unless you are willing to accept that you will never get paid back. My father in law took out a loan on a car with my wife as the co-signer. Less than a year later, my wife noticed that her bank account was dropping. Apparently her father decided that he couldn't make the payments on the car 6 months prior and not tell us. The bank simply started taking money out of our account. We didn't notice for a while because we didn't actively use that account. Fortunately we discovered what was going on before the account was completely drained. We sold that car after this nonsense and he ended up getting some 1993 POS Oldsmobile. Now that car is dying. And this time we ain't gonna help.
Is there stress in the familiy. Sure, but at least her father understands why.

Hopefully your sister will be much more responsible than my father in law and you won't have to deal with any messes. But unless you co-sign the loan, she may have problems getting the loan on her own if her credit isn't stellar, especially in this time of tighter credit. But if she makes good on her payments, her credit will improve. Good luck!

gos · 06-29-2009, 07:53 AM

If you're going to do this, have your sister send you a check each month, and you pay the loan yourself, directly.

That way you never have to worry that she didn't make a payment to the bank, and your credit won't get ruined.

You may have to repo the car from her if she skips payments, but at least you get to keep your credit rating.

06-28-2009, 02:54 PM	#1
medik13 Private First Class 9 Rep 178 Posts Drives: 2007 e60 Join Date: May 2009 Location: So Fla iTrader: (1)	Does BMW have a takeover payment program? As much as I tried to like my new 2009 328i e90, I really just don't think it is the car for me. I was wondering if BMW has a Payment assumption program and how it works. My sister wants it at the deal I negotiated, but her credit is not as good as mine. Can she just takeover my payments and put the car in her name, clearing me of all financial responsibility? I thought I have read that BMW has a program like this but searches seem to come up short. BTW, this is not a lease.
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06-28-2009, 02:59 PM	#2
PaulBailey@ltbmw General 663 Rep 26,878 Posts Drives: 2-325 330 2-335 2-Z4 2-135 X5d Join Date: Mar 2007 Location: Huntington Beach, CA iTrader: (34) Garage List 2008 BMW 335i E90 [7.00] 2011 BMW 335i E92 [7.96]	Can't say for sure, but I would assume that she would need to take out an auto loan of her own and then pay you to pay off BMW Financial. But, you can always call 1800-578-5000 and explain you situation. Tell them, You can no longer make your payments due to financial hardship and you'll likely lose the car. They will probably try to help you out with the transfer. But either way, i'm pretty sure they have to run her credit/
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06-28-2009, 03:00 PM	#3
iheartsole Brigadier General 85 Rep 4,929 Posts Drives: 08 335i coupe Join Date: Apr 2007 Location: San Diego iTrader: (2)	You can't.... unless you're talking about a lease. Banks will not transfer your contract to another person, in a lease they will, but not a loan. So if you want someone to take over your payments, it will have to be between you and the buyer. So everything will have to remain in your name... the loan and insurance. But if anything happens, such as the buyer not making the payments, you will be held responsible and your credit will be ruined.
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06-28-2009, 03:59 PM	#4
DrGP Lieutenant Colonel 136 Rep 1,914 Posts Drives: Sapphire 335i coupe Join Date: Oct 2006 Location: SE, PA iTrader: (0)	Couldn't you just go to the dealer and sell the car to your sister and have them arange new finacing in her name. You would have to pay all the taxes and transfers. Not sure you would get the same interest rate either. But I believe it could be done. In fact I don't really think you need to go through the dealer if your sister can obtain her own financing at a better rate than at the dealership. Perhaps through a Credit Union. Sell her the car and pay off BMWFS. Don't believe it will turn out to be a good deal for your sister though.
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06-28-2009, 04:42 PM	#5
persian54 Lieutenant General 923 Rep 15,818 Posts Drives: M760/G83M4 Join Date: Jun 2009 Location: The Valley, SoCal iTrader: (298)	what rate did you get? nonetheless, to keep this cheaper, you need to keep the car in your name and have her pay you so you can pay BMW or, like others said, she needs to get her own loan...
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06-28-2009, 05:09 PM	#6
medik13 Private First Class 9 Rep 178 Posts Drives: 2007 e60 Join Date: May 2009 Location: So Fla iTrader: (1)	Thanks for all the input. I ended up getting a 0.9% which she would not qualify for. I am just going to hold onto it until I figure something out then.
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06-28-2009, 05:32 PM	#8
DavidBMWofMiss Salesman and Enthusiast 5 Rep 22 Posts Drives: 1998 328is ///M Join Date: Jun 2009 Location: USA iTrader: (0) Garage List 1998 328is ///M [0.00]	In order for BMW to allow you to do that you will need to transfer the lease into your sister or another persons name. There is a lease transfer fee to pay which will vary but will be in the 3-400 mark. When you transfer the lease the new owner must also do a credit check and be deemed acceptable. BMW runs no lease takeover program, you have to find your own person or use another service from an outside company
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06-28-2009, 05:52 PM	#11
lauer87 Lieutenant 8 Rep 586 Posts Drives: 335xi Join Date: Sep 2007 Location: USA iTrader: (0)	If you trust her 100%, and since she is your sister, you could just keep the car in your name and let her make the payments to/for you. Just a thought.
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06-29-2009, 07:53 AM	#14
gos Captain 27 Rep 959 Posts Drives: E90 330xi Join Date: Jan 2006 Location: Colorado iTrader: (0)	If you're going to do this, have your sister send you a check each month, and you pay the loan yourself, directly. That way you never have to worry that she didn't make a payment to the bank, and your credit won't get ruined. You may have to repo the car from her if she skips payments, but at least you get to keep your credit rating. __________________ -- 330xi SG/Terra/Burl -- ZPP, ZSP, ZCW, CA, Sirius, PDC
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