Florida Lease End Buyout

carbo56 · 04-11-2023, 08:03 PM

Hi all,

I have a 2021 M550 coming off lease in Florida, and I want to buy it. In understand that the only way to buy out the lease in Florida is to go through a BMW dealer. You cannot buy directly from BMWFS due to the laws in Florida.

Does anyone have experience buying out a lease in FL? I want to avoid any bogus charges by the dealer. According to BMW FS: "there may be a purchase option fee imposed by a BMW Center upon a lessee’s exercise of the purchase option, if such fee was disclosed on the Lease Agreement. Other mandatory fees should not be imposed by a BMW Center."

There is no mention of any such fees in my lease agreement. So I should only need to pay what is stated in my payoff document from BMWFS, correct?

Thanks.

NGT2 · 04-11-2023, 10:54 PM

If that’s how it reads, I interpret it the same as you have.

Joe-BMW33 · 04-12-2023, 06:44 AM

If they are doing the plates, registration and title work, they will certainly try to hit you with a Documentation Fee. I am sure this is exclusive from the lease language and more of a dealer service fee.

srybicki · 04-12-2023, 07:42 AM

Get it certified and pay them few bucks for the privilege of helping you out.

jrstech · 04-12-2023, 04:17 PM

My daughter recently bought her X1 off lease at a South Fla dealer. The only additional cost aside from payoff amount plus sales tax was new tag, title and registration approx. $350 which included two year sticker. Previously the dealers charged an additional fee and would try to sell you on CPO'ing the car or some type of inspection but I believe that changed last year. The bill of sale was from the dealer and not BMWUSA so they might be purchasing the car at a discounted amount that I'm not aware of and wouldn't be surprised. The closing process was similar to buying or leasing a new car.

MauiSteve · 04-13-2023, 02:54 AM

Hawaii was the same, I could not buy directly from BMWFS.

I described my lease buyout experience in this thread: https://g30.bimmerpost.com/forums/sh....php?t=1969305

Start thinking about the BMW Platinum Extended Service Contract and consider reviewing my separate thread on that as it may give you an idea of what to pay during negotiations with the finance manager as well as good info on what this warranty covers.

04-11-2023, 08:03 PM	#1
carbo56 Private 20 Rep 86 Posts Drives: BMW M550 Join Date: May 2020 Location: Florida, USA iTrader: (0)	Florida Lease End Buyout Hi all, I have a 2021 M550 coming off lease in Florida, and I want to buy it. In understand that the only way to buy out the lease in Florida is to go through a BMW dealer. You cannot buy directly from BMWFS due to the laws in Florida. Does anyone have experience buying out a lease in FL? I want to avoid any bogus charges by the dealer. According to BMW FS: "there may be a purchase option fee imposed by a BMW Center upon a lessee’s exercise of the purchase option, if such fee was disclosed on the Lease Agreement. Other mandatory fees should not be imposed by a BMW Center." There is no mention of any such fees in my lease agreement. So I should only need to pay what is stated in my payoff document from BMWFS, correct? Thanks.
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04-11-2023, 10:54 PM	#2
NGT2 Brigadier General 5697 Rep 4,630 Posts Drives: BMW M550i xDrive (2020) Join Date: Jan 2022 Location: West TN iTrader: (0) Garage List 2020 M550i xDrive [9.75]	If that’s how it reads, I interpret it the same as you have. __________________ 2020 M550i xDrive (Champagne Quartz/Black) 2021 X7 40i M-Sport (Arctic Gray/Tartufo) RETIRED: 2018 540i Luxury Line (Dark Graphite/Canberra Beige)
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04-12-2023, 06:44 AM	#3
Joe-BMW33 Major General 7440 Rep 6,817 Posts Drives: '18 M550i\|'21 X5\|'03 540i Join Date: Apr 2021 Location: Boston iTrader: (1) Garage List 2013 VW Tiguan [0.00] 2015 Infiniti QX60 [0.00] 2021 BMW X5 [0.00] 2003 BMW 540i [0.00] 2018 BMW M550 [10.00]	If they are doing the plates, registration and title work, they will certainly try to hit you with a Documentation Fee. I am sure this is exclusive from the lease language and more of a dealer service fee. __________________ 2018 M550ix\|Carbon Black\|Dinan Modifications\|2003 540i\|Jet Black\|M-Sport\|2021 X5 Mineral White Prior BMW's: 1987 325e\|1993 740i\|1998 740il\|2001 530i\|2002 745li\|2007 750li\|2006 750li\|2001 530i\|2012 535xi\|
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04-12-2023, 07:42 AM	#4
srybicki Private First Class 81 Rep 123 Posts Drives: 98 M3 Join Date: Oct 2017 Location: South Jersey iTrader: (0)	Get it certified and pay them few bucks for the privilege of helping you out.
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04-12-2023, 04:17 PM	#5
jrstech Lieutenant 78 Rep 449 Posts Drives: '21 M550 Join Date: May 2008 Location: So Fla iTrader: (7)	My daughter recently bought her X1 off lease at a South Fla dealer. The only additional cost aside from payoff amount plus sales tax was new tag, title and registration approx. $350 which included two year sticker. Previously the dealers charged an additional fee and would try to sell you on CPO'ing the car or some type of inspection but I believe that changed last year. The bill of sale was from the dealer and not BMWUSA so they might be purchasing the car at a discounted amount that I'm not aware of and wouldn't be surprised. The closing process was similar to buying or leasing a new car. __________________ '17 F80 (RET) '14 F22 M235i (RET) '11 E90 335i (RET) '07 E92 335i (RET) '89 E30 M3 (RET) Last edited by jrstech; 04-16-2023 at 06:05 PM..
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04-13-2023, 02:54 AM	#6
MauiSteve First Lieutenant 286 Rep 389 Posts Drives: 2020 M Sport 540i Join Date: Feb 2019 Location: Maui, Hawaii iTrader: (0)	Hawaii was the same, I could not buy directly from BMWFS. I described my lease buyout experience in this thread: https://g30.bimmerpost.com/forums/sh....php?t=1969305 Start thinking about the BMW Platinum Extended Service Contract and consider reviewing my separate thread on that as it may give you an idea of what to pay during negotiations with the finance manager as well as good info on what this warranty covers. __________________ 2020 540i MSport \| Alpine White \| Mocha Nappa \| Aluminum Rhombicle \| Exec Pkg \| Luxury Seating \| Bowers & Wilkins \| Parking Assistance Pkg \| MSport Brakes \| Ceramic Controls \| Space Saver Spare \|
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