How do Lease Buy Outs work?

If the lease buy out involves no change in registration or registrant and the vehicle is currently registered, a lease buy out is a “Title Only” transaction.  At the initial meeting with the registrant/buyer, the dealer should complete the MV-82 and obtain a copy of the registrant/buyer’s ID.  Because the dealer will not have title “in-hand”, the dealer cannot submit an eMV-50 to VERIFI at this time.

The dealer should request a scanned/copied version of the title from the leasing company, enter the title number, along with the rest of the required fields, into their BOR. The dealer should then enter all of the required information for the sale/transfer and print a “saved” version of the MV-50. 

Dealers that have historically included a secure paper MV-50 in the financing application can print a “Saved” eMV-50 that is date/time stamped.  The “Saved” eMV-50 can be used to establish the date of sale for a lending institution if they agree to accept it.

When the dealer receives the title from the leasing company the dealer can complete and submit the eMV-50, and forward the title application package (MV-82, registrant/buyer ID, Title and VERIFI Transaction Receipt) to DMV.

Finally, the dealer must print a copy of the submitted eMV-50, sign it and send it to the registrant/buyer.