[Yankfan4L]

my lease ends in september

i decided to go with the 10,000 miles a year lease. since this is my first BMW and i love it so much, i have almost 30,000 miles on it, and my lease ends in september 2004.

is it possible for me to turn in my car early and get a 2004 bmw, or am i going to have to pay a huge fine for mileage, or can i redo the lease agreement?

what are all my options

thanks alot guys

 

[Jupiter19]

You can buy extra miles upto 6 months before the lease ends (I believe) I think it comes out a little cheaper than turning it in with more miles.

 

[bobm3]

you can do what jupiter says

i think that is the way to go. unless you want to buy the car and then resale it. so you don't get any extra costs because of the millage facter.
bobm3 :thumbup: :thumbup:

 

[TheProdigalDre]

Given that you've got almost a year left to run up the mileage you definitely need to act quickly.

Look at your lease agreement and find your "Residual." That, as you know is what you will owe at lease end. The thing with leases is you are obligated to make those remaining payments.

So, first step, get your car appraised.

The dealer buyout or amount you can purchase the car for will be that residual value + remaining lease payments (plus any misc fees). This number at this point in the lease I imagine is going to be high. If you got a phat residual somehow and the difference in what you owe (resid+payments) is NOT that far off from the appraised value, then just buy it outright now.

My hunch, though, this is not the case. Jupiter's suggestion to purchase more miles may be your best option to avoid a total fiscal nightmare at turn in.

You could just buy it outright, immediately sell it and just eat the difference, in other words, cut your losses, and go out a buy an '04.

Get some advice on this one because at this rate you are pretty much going to be forced into purchasing your 2001 330i with by Sept 2004 with upwards of 45,000 miles for much more than it is worth at the time (not to mention what you have already dumped into it in lease payments).

Bottom line, the car still has sweet value now, buy it now for what you owe, then turn around and sell it or make it your own for a while.

Hope that helps.

 

[Yankfan4L]

thanks

that helps alot

thank you