|
|
|
|
|
|
BMW Garage | BMW Meets | Register | Today's Posts | Search |
|
BMW 3-Series (E90 E92) Forum
>
Has anyone tried to get out of their lease?
|
|
04-07-2007, 08:50 PM | #1 |
Private First Class
14
Rep 111
Posts |
Has anyone tried to get out of their lease?
How difficult was it to get out of a lease. Do you have to go through BMW with regards to paper work?
Has anyone got out of their lease by buying another new vehicle and that dealer ended up take over the lease? If anyone had any experiences with getting out of leases please advise. Just curious to see how it works. |
04-09-2007, 05:40 AM | #3 |
Private
4
Rep 57
Posts |
|
Appreciate
0
|
04-09-2007, 02:21 PM | #4 | |
Lieutenant Colonel
98
Rep 1,614
Posts |
Quote:
If you are trading up to another BMW, your dealer will usually buy out your lease, but often at a substantial cost to you (i.e. the difference between the amount owing on the lease and what they give you for the car as a trade). If you're near the end of your lease you can often reduce this liability to zero, but that's highly unlikely if you're only a few months into the lease. One of the advantages here is that the GST helps you -- i.e. the dealer can work with you on the amount net of GST, whereas if you're paying off the lease yourself your buy-out will be the amount owing plus GST. Another option is to sell the car privately, at which time you can pay off the amount owing on the lease (pretty sure there is no penalty from BMW for doing so) and hopefully have positive equity (i.e. you sell the car for more than is owing on the lease). See my point above about GST, though, and keep in mind that if you are only a few months into the lease it's very unlikely that your car is worth more privately than is left owing on the lease. Long story short: IMHO Leasebusters is best early on in the lease; private sale is best towards the end of a lease.
__________________
2019 G05 40i (premium excellence, m-sport, 2VR), Tesla Model S 100D, Nissan Leaf SL
Volvo XC90 T8, Subaru Outback, E84 X1 28i, E91 328i xdrive, 6MT, VW Touareg TDI, E90 330i, E46 325iT, MINI Cooper S (all retired) |
|
Appreciate
0
|
04-10-2007, 10:12 AM | #6 |
I'm Starving , So I Guess You Are What You Eat
240
Rep 943
Posts |
selling the car privately would probably be the quickest and easiest way but chances are you will DEFINITELY lose money. its very rare to have positive equity in a lease. I highly contemplated selling my car to carmax and paying off the lease, it would have been very simple, but i would have lost like 3k
__________________
2006 325i Sparkling Graphite Metallic-Black Leatherette
Navigation-Bmw Assist Automatic-Xenons Carbon Fiber Front Lips-Aluminum Pedals Power/heated Front Seats 5% Tint all around 30% On windshield all the way down |
Appreciate
0
|
Bookmarks |
|
|