03-15-2021, 07:36 AM | #1 |
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Lease end purchase questions
Hi all,
My lease doesn't end for another 10 months or so, but I like to be prepared, and I have many options including buying the car, getting another 540i or going rogue and admitting that I'm old and leasing a Mercedes. Or embracing my "you only live once" mantra and getting an M550i. I have only kept a car through lease-end once, and I hated and despised it (Infiniti) and ran away as quickly as I could. The others I have all sold or traded before the lease ended. Right now the car is worth about $10K less than the lease payoff, which means that it's cheaper to park it than to end the lease early. Not that I want to, just saying that by lease end, it will be worth substantially less than what the residual is. The car is a 2019 540i and the lease ends in February of 2022. I will probably have about 18K on it, out of my allowed mileage of 30K, thanks largely to Covid. Who here has negotiated down the price of the residual with BMW FS in order to buy the car at lease end? Was it a chore? What steps did you have to go through? Any advice? Thanks!
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03-15-2021, 08:30 AM | #2 |
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I'm interested in this too. Anyone else try this?
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03-18-2021, 08:03 AM | #3 |
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I don't think you will be successful in trying to negotiate with BMWFS on a reduction the payoff price. However, as you get closer to lease-end, e.g. three months, check your payoff amount on the website, since they will sometimes offer an incentive/reduction in the payoff price. If I remember correctly, they were offering a $7.5K reduction on my 2018 M550 that was ending in July of last year. The mileage is not really a factor in those cases. They do give you a very small refund if you return it significantly under the mileage, but I think the max they give you back is $350.
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03-18-2021, 10:12 AM | #4 | |
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You can reach out to BMWNA for a purchase quote towards the end of the lease, and they'll move somewhat. I got my residual discounted a few grand, basically enough to cover taxes. I thought the car was still worth less, so I declined snd ordered an M550i. But, they wholesaled my car, and a dealer had it for sale for $5k more than my residual and the car sold within 30 days - but no idea on final price. Maybe I was wrong on my value estimate, or maybe someone else got hosed. But BMWNA offered me a little something, and I felt I wanted a new car more than to keep my old car, so that's what I did. |
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03-18-2021, 12:58 PM | #5 | |
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04-03-2021, 03:58 AM | #6 |
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I went to lease a new car in June of 2020. They had no cars. Was able to negotiate 5500 of lease buy back. Had it cpo d and wife still driving it and loves It.
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04-30-2021, 05:32 PM | #7 |
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I just purchased my G30 off of lease this month. BMWFS didn't list any discount off of the residual, but my dealership showed a $2500 discount which I was given. My lease would have ended in July.
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04-30-2021, 07:42 PM | #8 |
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If you are in good with your dealer and sales rep, they can help you flip the car by turning it into them, they CPO it and sell back to you which can be less than your residual.. it’s basically a favor to you since they won’t make anything on it… but they keep you happy and get a sale for the day.
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04-30-2021, 07:49 PM | #9 | |
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My dealer will work with me, so i will certainly ask, when the time is right.
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05-04-2021, 08:59 AM | #10 | |
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That worked for me on a 2001 X5, but favors being given out are the stuff of back in the day.
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05-25-2021, 05:47 PM | #11 |
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because of covid, im 10k miles under also and my lease is up in june. here is bmw's structure they will issue you credit if you're under miles but not much. bmwfs will also not negotiate residual, all the info is buried deep in their website if you look hard enough.
Percent of Contractual Miles not Utilized 10%-14.9% 15%-24.9% 25%-100% Credit Offered for Unused Mileage $200 $250 $300 |
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