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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Might be a dumb lease question?



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      03-17-2008, 01:05 PM   #1
mrquach
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Might be a dumb lease question?

hi everyone,

i've had my 335 since Jan of 07. i have about 22 months on my current lease and being that this is the first time that i have ever leased a car i wanted to see if i could get a quick question answered.

would it be possible to get into another model and start my lease over or transfer what i have to the new vehicle prior the original lease ending. i've tried contacting two bmw services reps for the questions but their reply time is super long. thanks everyone, i apologize in advance if it's a stupid question.
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      03-17-2008, 01:09 PM   #2
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Yes its quite possible.. If your going to another BMW then BMFS might help you out but more along the lines of 6-8 months left... Now the dealer might pay off your lease depending on how much you owe. Most will use the rebates or specials on the car towards your payoff, but be aware that negotiation for the new cars is slimmer since they have already taken a lot off to pay off your lease.
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      03-17-2008, 01:20 PM   #3
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NO! With 22 months left you are going to loose your shorts and a good chunk of change to get out. Be happy with your current car.

Last edited by beefybmer; 03-19-2008 at 03:19 PM.
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      03-17-2008, 01:37 PM   #4
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BMW FS is not like GMAC, they will not buy our your 22 month lease unless you die. You might get a break or be able to arrange something that is a little more favorable than paying the 22 remaining payments- but trust me, if you want to get out of the lease, you have no favorable options other than to sub-lease or transfer to someone else. Be prepared to take a substantial (read: one huge ass) hit. Just enjoy the car and forget about it.
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      03-17-2008, 01:40 PM   #5
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just transfer your lease. that's what i did. find a buyer (or assumer) thru here, or thru leasetrader.com or swapalease.com or someone you know (my former boss took mine). then contact BMWFS and they will guide you thru the process.

you can ask for cash back from the new leasee, or you can give him money as an incentive that's up to you.

but let me tell ya, u wont make a fortune doing that
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      03-17-2008, 01:41 PM   #6
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try leaseswap or something to get rid of ur current lease and then start over.
Or find out how much is your lease payoff at this time and sell the car individually. This is a tough situation. what are you planning on getting?
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      03-17-2008, 02:10 PM   #7
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Quote:
Originally Posted by beefybmer View Post
NO! With 22 months left you are going to loose your shorts and a good chunk of change to get out. Be happy with your current car.
People like you make me laugh

It depends how much the payout is on your car. For example, i traded my 330 for a 335. The payout was $40000, but the dealer would give me only $38000 for the car. So it costed me $2000 to get out of the lease. It depends how much equity you have on the car. For me $2000 was no big deal to pay out. Find out what the payout is and ask your dealer what your current car is worth.
Maybe it's not the same in the US, but that's how it works in Canada.
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      03-17-2008, 02:25 PM   #8
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Quote:
Originally Posted by fastrack View Post
People like you make me laugh


It depends how much the payout is on your car. For example, i traded my 330 for a 335. The payout was $40000, but the dealer would give me only $38000 for the car. So it costed me $2000 to get out of the lease. It depends how much equity you have on the car. For me $2000 was no big deal to pay out. Find out what the payout is and ask your dealer what your current car is worth.
Maybe it's not the same in the US, but that's how it works in Canada.
No, people like you make me laugh!

I've been through this many times. If there is 22 payments left he is going to be way upside down (major negative equity). The car is worth much less than what he owes. The only way that the payoff would be close to the trade in value is if he put a lot of money down on the lease. If it he did put a large sum down in the beginning, then he would just be throwing it away by trading.

I have seen people willling to spend money to get out but it makes no sense to me. JMHO
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      03-17-2008, 02:41 PM   #9
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well i'm paying $525 now.. my GF has her lease coming up in MAY and she wanted to lease an 08 335 coupe but has been nice enough to bite the bullet and get a MUCH MUCH cheaper car for us to potentially look into getting the M3 sedan. And yes I know a high percentage of 3 series owners ask why sedan. Honestly if I had know more of a comfirmation that BMW was bringing the M3 sedan to the states I would have waited longer to get rid of my previous car which was an 03 e55. By the time I placed my order in December of 06, I didnt really hear about the M3 sedan until May of 2007.

And that's why I even brought up getting out of the lease. We figured if we can lease the new M3 under $750 a month and get a cheaper car just for work it still would be cheaper than a combination of my 335 lease and her potential 335 coupe. sorry if this route wouldn't make much sense to most people but this was just an idea we thought because she knows I really wanted a M3 sedan to come back to the states.

Quote:
Originally Posted by Raja Ventureshield View Post
try leaseswap or something to get rid of ur current lease and then start over.
Or find out how much is your lease payoff at this time and sell the car individually. This is a tough situation. what are you planning on getting?
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      03-17-2008, 02:47 PM   #10
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750 a month on a new M3 and I would have one. They are at 1200 to 1400 a month for 36 months with money down.
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      03-17-2008, 02:52 PM   #11
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wow 1200-1300 that seems alot.. i would think that payment range is in the M5 & E63 lease range with money down.
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      03-17-2008, 02:53 PM   #12
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Quote:
Originally Posted by mrquach View Post
well i'm paying $525 now.. my GF has her lease coming up in MAY and she wanted to lease an 08 335 coupe but has been nice enough to bite the bullet and get a MUCH MUCH cheaper car for us to potentially look into getting the M3 sedan. And yes I know a high percentage of 3 series owners ask why sedan. Honestly if I had know more of a comfirmation that BMW was bringing the M3 sedan to the states I would have waited longer to get rid of my previous car which was an 03 e55. By the time I placed my order in December of 06, I didnt really hear about the M3 sedan until May of 2007.

And that's why I even brought up getting out of the lease. We figured if we can lease the new M3 under $750 a month and get a cheaper car just for work it still would be cheaper than a combination of my 335 lease and her potential 335 coupe. sorry if this route wouldn't make much sense to most people but this was just an idea we thought because she knows I really wanted a M3 sedan to come back to the states.
You could always try the lease swap idea like the other people said. I have no experience with it but I do wonder why someone would take over someone elses payment on a year old car when they could lease a new one for the same or less. It might be worth a shot though.
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      03-17-2008, 03:01 PM   #13
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yea that wouldn't make sense to me either unless it's family or someone that knows you really well that would want to take over a year old lease. but that's one of the things i wanted confirmation on and this forum has been nothing but awesome with advice and suggestions.

anyone else can confirm that the new M3 lease payments are in the 1200-1500 with money down. dont get me wrong i think that car is SMOKIN but with that payment range i would probably steer towards the M5 or 63 with a little more power on the wheels.


Quote:
Originally Posted by beefybmer View Post
You could always try the lease swap idea like the other people said. I have no experience with it but I do wonder why someone would take over someone elses payment on a year old car when they could lease a new one for the same or less. It might be worth a shot though.
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      03-17-2008, 03:01 PM   #14
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750 a month on a new M3 and I would have one. They are at 1200 to 1400 a month for 36 months with money down.
no way in hell unless u drop like 15k down payment
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      03-17-2008, 03:08 PM   #15
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Seems to me like I have offended some people with a potential $750 payment on the new M3. I apologize in advance for new readers to read this post, just didnít think a new model would blast your pockets this deep and still not keep up with the M5 or 63ís.
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      03-17-2008, 05:14 PM   #16
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M lease programs are not good at all. There is no reason for BMW to add incentive to a limited production car. Sometimes at the end of a model year they will offer some dealer cash.
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      03-17-2008, 05:38 PM   #17
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      03-17-2008, 06:24 PM   #18
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Quote:
Originally Posted by beefybmer View Post
M lease programs are not good at all. There is no reason for BMW to add incentive to a limited production car. Sometimes at the end of a model year they will offer some dealer cash.
I dont think 100k cars a year is limited production....
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      03-17-2008, 08:14 PM   #19
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Quote:
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I dont think 100k cars a year is limited production....
I think you should call BMW and let them know that they should offer the better lease program and interest rate on the M3 instead of the 328. It just makes sense because we all know that they produce more M3's than 328's or 335's. Right? That sounds logical to me!

Good luck!
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      03-18-2008, 08:46 AM   #20
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Quote:
Originally Posted by beefybmer View Post
No, people like you make me laugh!

I've been through this many times. If there is 22 payments left he is going to be way upside down (major negative equity). The car is worth much less than what he owes. The only way that the payoff would be close to the trade in value is if he put a lot of money down on the lease. If it he did put a large sum down in the beginning, then he would just be throwing it away by trading.

I have seen people willling to spend money to get out but it makes no sense to me. JMHO
How is it possible that you've been through this many times, and yet still don't know what you're talking about? It is absolutely possible to turn a leased BMW in early and transfer to a new one without putting new money down, and I know at least two people who have done it.

Now, granted, the OP will be better off waiting until he's closer to the end of the lease, but that doesn't mean it's impossible. It depends entirely on the market conditions, and what model you want to transfer from and to. It may work, it may not, but there is absolutely no harm in trying.
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      03-18-2008, 02:11 PM   #21
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Originally Posted by Lassaxi View Post
How is it possible that you've been through this many times, and yet still don't know what you're talking about? It is absolutely possible to turn a leased BMW in early and transfer to a new one without putting new money down, and I know at least two people who have done it.

Now, granted, the OP will be better off waiting until he's closer to the end of the lease, but that doesn't mean it's impossible. It depends entirely on the market conditions, and what model you want to transfer from and to. It may work, it may not, but there is absolutely no harm in trying.
Who said it was impossible. READ his original question.

No you can't transfer to a new lease unless you trade it and pay the difference, sell it and pay the difference or find someone who will assume the lease (that BMW approves). The current used car market is bad especially in the luxury car market and if you understand leases and he has 22 payments left.....well I guess you don't understand. Again, the only he will be close to his payoff with 22 payments left is if he put money down on his lease which is the same as if he didn't and paid the difference now. He loses a chunk.

Yes people always turn in leases early but you make the remaining payments on that lease by the dealer rolling the remaining payments into the new lease (or) some customers pay cash for the remaining payments (or) if a dealer is desperate they can deduct some payments off of the sales price to make it look like they are paying them unless you negotiate a sales price up front.

I have been through this many times because I do this for a living. I do not like to mislead customers like others do and I also want them to know up front what costs are involved. He can roll some of the negative equity into a new lease but up to a certain point (depending on his credit). This makes the new lease payment go up. If a salesperson said they transferred a lease they are playing with words, to put it nicely.

No, it does not hurt to try. In fact that is how people like you learn how this works.

Summary: Yes it is possible but it will cost him quite a bit. If he is open to that.....Great. I don't want to destroy dreams but I am a realist.

The only time that it is really worth looking at is if you are within maybe 4 months or less but you are still waisting money. Ride out the lease to the end and lease again within 6 months to save the $350 fee.

OH yeah, next time PLEASE take the BLUE pill. As JWED335 said in another lease post, "Ignorance is Bliss"!

Last edited by beefybmer; 03-18-2008 at 03:45 PM.
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      03-18-2008, 06:43 PM   #22
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Quote:
Originally Posted by beefybmer View Post
NO! With 22 months left you are going to loose your shorts and a good chunk of change to get out. Be happy with your current car.

This is my understanding as well... straight from a Buddy who is also a BMW Finance manager as well as another friend who was the Sales manager for a local BMW dealership.

It's possible but it's going to likely leave a $5-10k hole in your wallet. Not the end of the world, but enough that I am not swapping cars around based on color.
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