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BMW 3-Series (E90 E92) Forum
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Lease return options?
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05-29-2012, 01:08 PM | #1 |
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Lease return options?
I have a 2010 space grey coupe manual w coral red, sport, premium, navi, logic 7 with 9000 miles and my lease is up in 2 months. Is there any way to get any money back from my car being way under on the mileage? Also is returning the car back to bmw the best option?
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05-29-2012, 01:19 PM | #2 |
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you have 4 options
1. turn it in and walk away 2. buy it out 3. sell it to carmax/private party...potential of making some money 4. trade it in...not necessarily for a BMW depending on your residual...I'd say sell it to Carmax/Private party and pocket the rest of the cash. That car is nicely optioned out with really low miles. The only thing about private party sale is that it's a PITA since you do not have the pink slip yet
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05-29-2012, 02:49 PM | #3 | |
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05-29-2012, 07:25 PM | #6 |
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Your residual is fairly high...private party sale would be around $37k so carmax would put you at maybe $35k. Of course MMR could be less than actual payoff so you might want to try carmax
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06-03-2012, 05:00 PM | #7 |
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Your residual is negotiable. Mine was 31k I was offered 27k by a local dealer. So if you call 3 dealers and ask how much they would sell you the car for, less tax you could sell it to a 3rd party and run the deal through the BMW dealership that gave you the lowest price.
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06-03-2012, 07:45 PM | #8 | ||
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are they reasonable offers or big low balling?
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06-03-2012, 09:04 PM | #10 | |
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06-04-2012, 12:07 AM | #11 |
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06-04-2012, 12:25 AM | #12 | |
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The actual dealer pay off/MMR(average historical sale price)...this is not the residual value that's on the paperwork...might be lower than your actual payoff. Let say your residual value is $32k if Carmax or the dealership was to buy it off of you, their actual pay off might be around $29k. It doesn't matter how much mileage is on the car since bmwfs already calculated the depreciation through the mileage on your lease and you already payed for that. At least, that's how I understand it.
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06-04-2012, 10:09 AM | #13 |
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i dont wanna be a dick, but you entered into a contract with preset terms and conditions. now, because you havent used those terms and conditions, you want that contract altered?
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06-06-2012, 10:16 PM | #14 |
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06-07-2012, 10:52 AM | #15 | |
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you purchased a period to time in a vehicle and its mileage. you got the time part, the mileage as on you. have you considered an elongated road trip?
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06-07-2012, 11:50 AM | #16 |
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Play out some of the options suggested. Dealers will negotiate on lease returns, though they don't like acknowledging it. Hell the dealers make more on used cars, CPO's then new vehicles, other then service costs out of warranty.
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06-07-2012, 09:22 PM | #17 | |
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Otherwise what's the point, they get it car on their lot when you return it
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06-07-2012, 10:51 PM | #18 | |
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Thank everyone for the advise. My wife's best friend's dad owns a BMW dealership and pretty much said you where spot on with your advise. He told me a private sell will most likely have a higher return for me. |
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06-24-2012, 02:23 PM | #19 |
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06-24-2012, 02:34 PM | #20 | |
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the point being made is, try negotiating this if you aren't getting another car from them.
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