Lease Buyout Processing
With eMV PARTNER, dealers have the option to identify lease buyout transactions when processing. When a lease customer is buying the vehicle they are currently leasing, dealers must select the check box for "Transaction is to include a Lease Buyout."
Once the check box is selected, the system will pre-populate the owner information.
It is important to select this check box to avoid having the transaction appear on the late title report.
Effective May 1, Wisconsin law re-classified a 3-wheeled vehicle with a steering wheel and a seat that drivers do not straddle as an AUTOCYCLE.
- Most autocycles in Wisconsin are Polaris Slingshots.
- Dealers licensed to sell autos, and cycle dealers that sold these vehicles prior to May 1, 2020, are authorized to sell them.
- Authorized dealers and third-party title agents can issue a temporary plate; mail all title applications to DMV for processing.
- The new “autocycle” license plate is the same size as a motorcycle plate, and DMV will mail the plates after title/registration are complete. Registration fee is $45/year; plates expire annually on 4/30.
- Autocycles are subject to late fee for license plate renewals, wheel tax, odometer disclosure, and mandatory display (temporary plate required).
- Autocycles are not subject to emissions tests.
DMV is contacting customers who own these, because these vehicles were previously titled and registered as motorcycles.
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