I surrendered my BMW yesterday. The BMW bank people gave me simple and clear directions on how to do it--so simple and clear that I asked them if they were getting a lot of these calls. "Oh yes--and it only seems to be getting worse."
However, the guy at the dealership to whom I surrendered the car seemed to by unsure of what to do when I called him and told him I was coming. He had it figured out by the time I got there, and the whole process took less than five minutes.
Called BMW bank back today to tell them the deed was done, as well as ask them what I should do about the release of liability. They had no idea!! They said the question had never come up. I find that hard to believe--although I am certainly not accusing them of lying. It just seems weird to me that no one has ever asked that question. I mean, if I do not release the liability to someone (and the DMV won't let me release it into space) at best I am still on the hook for annual registration fees, not to mention possible damage in the case of a future accident.
Am I right, or am I missing something here just because BMW bank still holds the title and the lien?
However, the guy at the dealership to whom I surrendered the car seemed to by unsure of what to do when I called him and told him I was coming. He had it figured out by the time I got there, and the whole process took less than five minutes.
Called BMW bank back today to tell them the deed was done, as well as ask them what I should do about the release of liability. They had no idea!! They said the question had never come up. I find that hard to believe--although I am certainly not accusing them of lying. It just seems weird to me that no one has ever asked that question. I mean, if I do not release the liability to someone (and the DMV won't let me release it into space) at best I am still on the hook for annual registration fees, not to mention possible damage in the case of a future accident.
Am I right, or am I missing something here just because BMW bank still holds the title and the lien?
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