it does make sense. bmw leases the vehicle with a specific residual in mind. and the true residual can certainly be affected by number of previous owners. once returned they carry the burden of selling it. if a lease is transferred 3, 4, 5, 6 times then the carfax reflects that # of owners. a 1 or 2 owner car that is 3 years old is easier to sell than a 3+ owner car.
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