02-15-2019, 05:14 PM | #1 |
New Member
6
Rep 9
Posts |
Buying out lease advice
Anyone have any advice on buying out a lease? I have 30/36k allowed on my 2018 BMW 230i x drive and I still have over 1 year left...so I expect I will be about 10k miles over once the lease is up. Has anyone had any luck bargaining down the residual? I suspect I should avoid buying extra miles ahead of time? The car is in perfect condition, not a scratch, has been 95% highway driven.
Thanks! Alex |
02-15-2019, 06:15 PM | #3 |
Private First Class
83
Rep 170
Posts |
|
Appreciate
0
|
02-15-2019, 06:39 PM | #4 | |
Second Lieutenant
84
Rep 283
Posts |
Quote:
There was a time where you can negotiate the residual in your contract at BMW dealerships. They have recently ended that program. I was offered a 2k off my residual at one point a month before my lease was ending and then I extended the lease. Upon the end of the extension 5 months later, I found out that BMW no longer will negotiate, what they do offer though is a buyout price which in my case was about 1k off the residual. I bought it anyway as I had mods that I did not feel like putting back to stock and also considered that all 4 tires needed to be replaced. I also didn't see any other car that I was interested in at the time. SO call BMW towards the end of the lease and see if they will offer you a lower buyout price and if it makes sense then buy it DIRECTLY through BMW. There is no reason to buy your lease through the dealership anymore unless they can offer you a better buyout price. In addition in California if you buyout through dealership rather than direct you have to smog the car and pass safety inspection which they will charge you for, I bypassed all of this buying directly through BMW financial. |
|
Appreciate
0
|
02-17-2019, 09:53 AM | #5 |
Lieutenant
199
Rep 428
Posts |
Times have changed. I sold and leased BMW in the previous century. I guess it's was BMW Financial that allowed that? A Lease Agreement is a legally binding tenant-landlord contract.
|
Appreciate
0
|
02-17-2019, 09:58 AM | #6 |
Lieutenant
199
Rep 428
Posts |
Buying a car? Cash is king. Pay cash after you have their best price. Don't be shy. Another option, after you have the best choice for your needs, drive the car off the lot with no money down and an affordable payment plan.
|
Appreciate
0
|
02-20-2019, 11:17 PM | #7 |
Private First Class
75
Rep 177
Posts |
Everything's negotiable, I was offered $2k under my buyout price. Dealers love making quick money, if they can buyback the car from BMWNA and sell to you and make a couple of grand they will, regardless of the buyout.
|
Appreciate
0
|
03-03-2019, 10:33 AM | #8 | ||
will bring some beers
10
Rep 134
Posts |
Quote:
lol, not even close to true. it may be the best financial decision for you as the buyer vs. a long term loan, but it often will not get you the best price. if you want the best price, negotiate down as far as you can (incentives, holdback, whatever). then tell them you want to use the manufacturer's finance arm to finance it (or the local bank they are pushing on you). for both of those, the dealer is getting money back to them to use that finance company and you tell them you know it and want additional $ off the bottom line for it. with no prepay penalty, you walk off the lot with only a credit report ding for running your credit and then you pay the loan off with your cash that you had. you're welcome Quote:
^this and like any contract, it can be mutually modified by the parties |
||
Appreciate
0
|
03-04-2019, 06:10 AM | #9 |
Major General
4527
Rep 8,942
Posts |
You have to be within 3 remaining payments in order to "negotiate" at all, so immediately after you make your 4th payment you can see what programs BMW is offering. I say "negotiate" because it's not like the old days where the dealer could buy the car at market value and sell it back to you. Now BMW can, if they choose, offer a purchase incentive to try and entice you to buy the car. I did this last week on my F31 we had 3 payments left, BMW offered me $4K towards the buyout. So the math was 3 remaining payments + residual - $4K free from BMW then in my case - $4K MSD which I used as a down payment.
My F23 I am in the same situation BMW only offered $900 though so I am going to wait and see if it gets better towards the end of the term, it's not done until end of June.
__________________
2022 Macan S
2016 F31 328i xDrive Sport Wagon 2006 E46 330ci ZHP Convertible |
Appreciate
0
|
03-05-2019, 09:19 AM | #10 |
Lieutenant Colonel
1167
Rep 1,930
Posts |
give it back..
Don't buy the lease, as soon as you do, everything will blow up and your stuck with it like I am.
__________________
www.nybmwcca.org
Current Cars: 1995 M3 Coupe Manual Alpine White 1997 M3 Sedan Auto Cosmo Black Metallic 2018 x3 m40 Auto Grey Metallic |
Appreciate
0
|
03-05-2019, 11:35 AM | #11 |
Captain
181
Rep 772
Posts
Drives: 2015 435i grand coupe xdrive
Join Date: Jan 2017
Location: Philadelphia, PA
|
This guy is so bio-polar
__________________
2015 435i grand coupe xdrvie (current)
2006 F250 powerstoke CCSB (current) 2014 M235i Black on Red (SOLD) / 08 e90 335i MT Pure Stage 2 High flow (SOLD) 08 128i 6MT (SOLD) / 08 335i 6MT Pure stage 1 (SOLD) |
Appreciate
0
|
03-07-2019, 08:58 AM | #12 |
Lieutenant Colonel
1167
Rep 1,930
Posts |
just stating facts. say that to my face and watch the rage bro. check yourself and delete that.
__________________
www.nybmwcca.org
Current Cars: 1995 M3 Coupe Manual Alpine White 1997 M3 Sedan Auto Cosmo Black Metallic 2018 x3 m40 Auto Grey Metallic |
Appreciate
0
|
03-10-2019, 11:10 PM | #13 |
Second Lieutenant
104
Rep 233
Posts |
Buy miles at the last minute, but before you turn it in. I think it's .20. You might total the car before the lease ends, and the extra miles won't be an issue. There's such a big gap between residual and market price, you're almost better turning it in and then having it show up on the used lot.
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|