BMW E46 Fanatics Forum banner

1 - 12 of 12 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter #1
I currently am leasing a 2003 BMW M3 Coupe which as of next year I won't be able to afford. I am getting married in January and I need to do something about this situation. My wife also won't be able to drive the car so we need a SUV or a family sedan. I have 2 years left on the lease and the car is only a few months old. I have less then 5,000 miles and it is in absolute mint condition. Any ideas on what BMW will charge me to end my lease early? Will they even do it? What kind of penalty should I be expecting to pay?

If anyone here on the board is interested in taking over my lease please let me know. I put a 5,000$ down payment, and paid about 6 payments so far. My lease is 800$ a month. I don't want any money from you, just take over my payments, simple as that. Thanks
 

·
Registered
Joined
·
22 Posts
I'm pretty sure that BMWNA will not allow someone to simply take over your lease payments if you are leasing through them. I could be wrong but the new lesee would be required to go through a credit check etc as if they were going to lease directly through the dealer themselves and this could effect the APR, payment, etc they are awarded through BMWNA. Your lease is based on your individual credit rating. Just food for thought.
 

·
Registered
Joined
·
61 Posts
My experience with leases, and BMW in particular, is that they will gladly take the car back and "allow" you fair market value. That's wholesale. If the balance of the lease is more than that, then you pay the difference. If the balance is less than that (fat chance!) then they'll write you a check. If your car is a few months old, well, sorry bud, break out the K-Y. :rolleyes:

You can sell the car yourself, but that's a disaster too (I've BTDT). You end up having to BUY the car from BMW Financial Services, get the title, and then sell it to your buyer. In my state (NC) this meant that I had to pay sales tax on the buyout amount, not the market value. So, when I sold my leased Z3, it went something like this:

lease payoff: $28,000
car selling price: $27,000
sales tax on $28,000: $840
Fast title fee: $100

so it cost me something like 2K to get out of the lease early and get the title to the buyer (he wasn't going to pay me if I couldn't get the title - right?). I was not a happy camper, and in hindsight, I should have just kept the damn thing. :D

Good luck,

Michael
 

·
Registered
Joined
·
214 Posts
M3NACE 1 said:
I'm pretty sure that BMWNA will not allow someone to simply take over your lease payments if you are leasing through them. I could be wrong but the new lesee would be required to go through a credit check etc as if they were going to lease directly through the dealer themselves and this could effect the APR, payment, etc they are awarded through BMWNA. Your lease is based on your individual credit rating. Just food for thought.
Actually, I'm financed through BMWNA, and they do allow assumptions. The individual would assume the lease terms as is, providing their credit passes.
 

·
Registered
Joined
·
22 Posts
Anonymous_FTP said:


Actually, I'm financed through BMWNA, and they do allow assumptions. The individual would assume the lease terms as is, providing their credit passes.
Cool. Nevermind my stupid ranting then :)
 

·
Registered
Joined
·
718 Posts
The finance manager at my local BMW dealer told me that I was only responsible for the first year of payments and after that I could bring the car back and deal with the fair market value thing. If you put any money down, which is generally not a good idea, and you have low miles you might get out of there without breaking your bank account.
 
1 - 12 of 12 Posts
Top