Upgrading Lease Question

Nikki · 03-13-2007, 01:03 PM

So I went over to the dealer to check out the coupe for the first time and ended up sitting down with someone. My car is in a 3 year lease which is halfway through and I have 10,500 miles on my car (10k allowed per year).

He told me that if I wanted to upgrade my lease my payments would go up obviously since it is $5k more than the MSRP of my current car but that I'd have to pay about $4,000 depending on what they value my car at. Does this seem about right?

Revlis · 03-13-2007, 01:16 PM

Sounds within the realm of possibility, but it seems like they would want to work with you more seeing as you are moving into another BMW... I dunno though, the whole "lease" thing is still mud clear.

But, your fantastic pictures made it really hard to decide against the Arctic Metallic.

txusa03 · 03-13-2007, 01:17 PM

I think they are raping you on both end, additional $4,000 and the higher payment

. If I trade in my car right now, I get hit just like you too. If you have the mean to even consider doing this, what does it matter what we think? All i can say is you get hit in the wallet/bank account. How much will you get hit depends on how good you are at dealing and sweet talking.

gl

Nikki · 03-13-2007, 01:18 PM

Oh I forgot to add I'm not doing it for $4,000, I was just wondering what everyone else was told and what they think is a reasonable price.

jonerik26 · 03-13-2007, 01:24 PM

when i switched over the lease from my 06 325i to a 07 335i they had me put down $2,000

matt19hsc · 03-13-2007, 03:46 PM

Take your car to CarMax and see what they offer you. If it is close to your current payoff, then bargain with your dealer. They should be more flexible since you are essentially making your contract longer.

'Cane · 03-13-2007, 08:10 PM

If you really want to get out of your lease, try a site like swapalease. You will not be able to trade without being upsidedown.

darkcloud · 03-13-2007, 08:18 PM

Why not just hold out the year and a half? They'll knock out a few more bugs and maybe even bring out the LED taillights or something.

I too mildly considered doing a trade in on my 325i. I didn't do any numbers but just the look I got kept me away from going futher. Besides I wanna do ED at the end of my lease. E90 335xi or E90 ///M3 here I come haha.

Nikki · 03-13-2007, 08:50 PM

Quote:

Originally Posted by darkcloud

Why not just hold out the year and a half? They'll knock out a few more bugs and maybe even bring out the LED taillights or something.

I too mildly considered doing a trade in on my 325i. I didn't do any numbers but just the look I got kept me away from going futher. Besides I wanna do ED at the end of my lease. E90 335xi or E90 ///M3 here I come haha.

yeah i am going to wait and do ed. i was just curious what other people have been told. i didn't plan on even working out numbers, i just wanted to know if i could see out of the coupe. it's a little less visibility but not too bad.

'Cane · 03-13-2007, 08:58 PM

Quote:

Originally Posted by Nikki

yeah i am going to wait and do ed. i was just curious what other people have been told. i didn't plan on even working out numbers, i just wanted to know if i could see out of the coupe. it's a little less visibility but not too bad.

Mine is going to be on a boat soon. If you ask nicely, I may let you check it out.

RichP · 03-13-2007, 09:46 PM

Nikki,
It basically works like this. You owe BMW all of your lease payments (lets say you pay 400 a month) You have 18 months left, at $400, which is $7200. If the dealer can buy your car and resell it for more than its buyout, some of that profit (not all of course) could go towards the $ you owe BMW (your remaining payments) The difference that is not covered the dealer will just roll into the payments on your next car.

Basically, you get screwed, shorting a lease RARELY works out in your favor.

CALIF65GM · 03-13-2007, 10:37 PM

Quote:

Originally Posted by Nikki

i just wanted to know if i could see out of the coupe. it's a little less visibility but not too bad.

LOL Nikki if you can't see out of the e92, just get the e93 then...

tibook · 03-13-2007, 10:47 PM

I didn't do a lease, but I bought a 06 330, and of course then they come out with the 335, which I really want because of the better tranny and engine. But I am going to hold out another 18 months and do an ED on a 335 with (hopefully) a dual clutch ala VW group and "high performance" package :rocks: gosh I hope they do that for model yr. '09...BMW always holds out on the goodies for the first few years...

logik06g35 · 03-13-2007, 10:48 PM

Nikki,

ill tell you first hand exactly how it goes...im a manager at my cousins dealership so i go through this junk everyday lol. you can very easily get out of lease early and roll over your negitive equity on to another car. I wouldnt always recomended doing this becuase your pretty much burying yourself, unless of course your car has a really good buy it. You should also inquire about an early termination for your lease as you might have less negitive equity this way.

If you have any other questions feel free to ask.

Rocco

03-13-2007, 01:03 PM	#1
Nikki Major General 990 Rep 6,381 Posts Drives: Sepang Z4MC Join Date: Aug 2005 Location: LA iTrader: (9)	Upgrading Lease Question So I went over to the dealer to check out the coupe for the first time and ended up sitting down with someone. My car is in a 3 year lease which is halfway through and I have 10,500 miles on my car (10k allowed per year). He told me that if I wanted to upgrade my lease my payments would go up obviously since it is $5k more than the MSRP of my current car but that I'd have to pay about $4,000 depending on what they value my car at. Does this seem about right? __________________ Nikki
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03-13-2007, 01:16 PM	#2
Revlis Now With 33% MORE Sarcasm Free! 157 Rep 3,462 Posts Drives: M4 i3 X3 Join Date: Feb 2007 Location: Phoenix AZ iTrader: (0)	Sounds within the realm of possibility, but it seems like they would want to work with you more seeing as you are moving into another BMW... I dunno though, the whole "lease" thing is still mud clear. But, your fantastic pictures made it really hard to decide against the Arctic Metallic. __________________ A BMW is Just a Car, it doesn't make you smart, handsome, clever, better, cool, or wealthy.
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03-13-2007, 01:17 PM	#3
txusa03 Major General 548 Rep 6,563 Posts Drives: TS330iPPSP6MT Join Date: Jul 2005 Location: Planet Earth iTrader: (3)	I think they are raping you on both end, additional $4,000 and the higher payment . If I trade in my car right now, I get hit just like you too. If you have the mean to even consider doing this, what does it matter what we think? All i can say is you get hit in the wallet/bank account. How much will you get hit depends on how good you are at dealing and sweet talking. gl __________________ under construction!
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03-13-2007, 01:18 PM	#4
Nikki Major General 990 Rep 6,381 Posts Drives: Sepang Z4MC Join Date: Aug 2005 Location: LA iTrader: (9)	Oh I forgot to add I'm not doing it for $4,000, I was just wondering what everyone else was told and what they think is a reasonable price. __________________ Nikki
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03-13-2007, 01:24 PM	#5
jonerik26 Lieutenant Colonel 58 Rep 1,906 Posts Drives: black 335i e90 PRE-LCI Join Date: Apr 2006 Location: somewhere iTrader: (23) Garage List 2007 335i [8.00] 1998 Acura Integra [8.50] 2006 325i [8.00]	when i switched over the lease from my 06 325i to a 07 335i they had me put down $2,000 __________________
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03-13-2007, 03:46 PM	#6
matt19hsc New Member 2 Rep 29 Posts Drives: 2006 MB/B 325i & 2006 X3 Join Date: Jan 2006 Location: Charlotte iTrader: (0)	Take your car to CarMax and see what they offer you. If it is close to your current payoff, then bargain with your dealer. They should be more flexible since you are essentially making your contract longer.
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03-13-2007, 08:10 PM	#7
'Cane Major General 8497 Rep 5,365 Posts Drives: 2022 Aventurin/SS G82 xDrive Join Date: Feb 2007 Location: South Florida iTrader: (0) Garage List 2022 M4 Comp AWD [8.00]	If you really want to get out of your lease, try a site like swapalease. You will not be able to trade without being upsidedown.
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03-13-2007, 08:18 PM	#8
darkcloud Colonel 335 Rep 2,385 Posts Drives: 09 VW JSW Join Date: Aug 2006 Location: cleveland, oh iTrader: (2) Garage List 2006 325i [0.00]	Why not just hold out the year and a half? They'll knock out a few more bugs and maybe even bring out the LED taillights or something. I too mildly considered doing a trade in on my 325i. I didn't do any numbers but just the look I got kept me away from going futher. Besides I wanna do ED at the end of my lease. E90 335xi or E90 ///M3 here I come haha. __________________ retired 06 E90 325i New: 09 VW Platinum Grey Jetta Sportwagen 2.0T SEL w/DSG, panoramic sunroof and Ipod adapter
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03-13-2007, 09:46 PM	#11
RichP Major 144 Rep 1,184 Posts Drives: F80 Join Date: Jul 2005 Location: CT iTrader: (4)	Nikki, It basically works like this. You owe BMW all of your lease payments (lets say you pay 400 a month) You have 18 months left, at $400, which is $7200. If the dealer can buy your car and resell it for more than its buyout, some of that profit (not all of course) could go towards the $ you owe BMW (your remaining payments) The difference that is not covered the dealer will just roll into the payments on your next car. Basically, you get screwed, shorting a lease RARELY works out in your favor.
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03-13-2007, 10:47 PM	#13
tibook Private First Class 3 Rep 101 Posts Drives: E92 M3 Join Date: Sep 2005 Location: East Coast iTrader: (1)	I didn't do a lease, but I bought a 06 330, and of course then they come out with the 335, which I really want because of the better tranny and engine. But I am going to hold out another 18 months and do an ED on a 335 with (hopefully) a dual clutch ala VW group and "high performance" package :rocks: gosh I hope they do that for model yr. '09...BMW always holds out on the goodies for the first few years...
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03-13-2007, 10:48 PM	#14
logik06g35 Private First Class 13 Rep 129 Posts Drives: g35 6mt, 335i soon, 07 yfz450 Join Date: Feb 2007 Location: Brooklyn NY iTrader: (0)	Nikki, ill tell you first hand exactly how it goes...im a manager at my cousins dealership so i go through this junk everyday lol. you can very easily get out of lease early and roll over your negitive equity on to another car. I wouldnt always recomended doing this becuase your pretty much burying yourself, unless of course your car has a really good buy it. You should also inquire about an early termination for your lease as you might have less negitive equity this way. If you have any other questions feel free to ask. Rocco
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