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      02-01-2017, 11:54 AM   #1
smchuck
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corporate incentives

I live in Cleveland, Ohio and am purchasing a 2 series BMW. My son lives in California and works for Apple that offers a BMW corporate incentive.

The guidelines for the incentive say the purchaser may use the son's incentive if both the purchaser and son reside at the same residence. I live in Ohio while my son lives in California.

I already have a contract with my local dealer for a purchase. My question is if its possible to add my son's name to the title then use his corporate incentive for the purchase?

Is this possible? Please let me know.
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      02-01-2017, 12:05 PM   #2
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Quote:
Originally Posted by smchuck
I live in Cleveland, Ohio and am purchasing a 2 series BMW. My son lives in California and works for Apple that offers a BMW corporate incentive.

The guidelines for the incentive say the purchaser may use the son's incentive if both the purchaser and son reside at the same residence. I live in Ohio while my son lives in California.

I already have a contract with my local dealer for a purchase. My question is if its possible to add my son's name to the title then use his corporate incentive for the purchase?

Is this possible? Please let me know.
Yes. But if not paying cash he'd have to consign your note or lease. Maybe not worth the hassle for $500. I did this way back when and got $2500 off a Touareg by having my mother (then a VW owner) cosign for me.

One thing to keep in mind going that route if something were to happen to you junior would be on the hook for the car. Leasing especially problematic as he'd have to make all remaining payments. Buying he could sell and settle up w the bank if upside down.
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      02-01-2017, 12:10 PM   #3
smchuck
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corporate incentive is $2500 so a good amount and worth a certain amount of hassle. Not so sure about him having to be on loan, though. are you positive about that?
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      02-01-2017, 01:00 PM   #4
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Quote:
Originally Posted by smchuck
corporate incentive is $2500 so a good amount and worth a certain amount of hassle. Not so sure about him having to be on loan, though. are you positive about that?
Maybe not for a corporate incentive you'd need to check. If it were owner loyalty through BMwFS for example he'd definitely need to be on loan if he had BMW and you didn't for example. But since you won't have a title you'd have the note in your name but registered in both? He'd absolutely need to be involved in the actual purchase.

Think about it from the bank's perspective. Your auto loan is collateralized by the car. It would have to complicate matters if they try to take your car away but it's also registered to someone else.

What you could probably do is refi the note shortly after you get the car to clean up all the mess involved w doing this. Honestly probably doesn't matter to have him on everything but there's the very small chance that it could turn j to a worst case scenario.
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      02-01-2017, 01:15 PM   #5
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makes sense. thanks.
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