Year, Make, Model, and Trim: 2020 BMW M340i
Location: Fredericksburg, VA
MSRP: $61,570
Monthly payment: $665.07 (VA tax included in lease payment)
Effective monthly payment (if incentive is provided): $565.07 ($3000 cash incentive)
Current mileage: ~1760
Maturity mileage: 30,010
Effective miles per month: ~942
Maturity date: 8/23/23 (30 months remaining, 1/24/21 payment made)
MSD due (if any):
Cash due (if any):
Incentive for new lessee (if any): $3000
Financial institution: BMW Financial
Transfer fee: Yes, $500 paid by new lessee
Out-of-state transfer allowed (yes/no): Yes, new lessee’s expense
Vehicle condition (accidents, tire wear, etc.), options, and other details: Mineral Grey Metallic with 19" M jet black wheels. Vehicle is in excellent condition inside and out! Very low miles. Very well equipped with driving assistance package, premium package, executive package, remote start, Harmon Kardon surround system, ambient lighting, etc. (see build sheet image).
Can’t seem to find exact answer…since Virginia taxes entire price of car up front, and that is rolled into this lease, if someone out of state wants to swap, do they have to pay additional tax? What about someone in VA?
You’re offering a good incentive… depends on how fast you want this moved. I’d suggest giving swapalease a shot if you want to stick to this offer. More eyes out there on SAL that may bite on it. GLWT
It can be hard to find the right buyer where a large incentive is required to make the lease attractive.
After you tack on local state tax, you will be making a $700/mo payment for a 3 series. Granted, you will have $3K in your bank account, but that will get further reduced by the transfer expenses which need to be covered. It takes somebody pretty disciplined to use that equity evenly over the remainder of the lease term to get to the “effective” payment. Most likely you blow it on some new wheels and are stuck overpaying.
How upside down are you on the buyout?? Obviously more then $3K I presume. The wholesale value of this car is around $52K so your buyout is north of $55K?? If you really need out of the lease, this may be the better option.
Actually the buyout is only $53712. I didn’t really know the value I guess, and this process is new to me. When I searched I thought the value was around $49k. Maybe sale or wholesale is an easier route? Would need to figure that out.
I went to CarMax a few days ago but they only offered me $44,000 and the best my dealer would do was $46,000, but I never considered carvana. Just checked it, and offer was even lower, so no luck. Thanks though!
I’m interested and local! Could someone tell me the requirements for getting approved on a transfer would be? For example, minimum credit score & etc. As I have heard bmwfs is harder on lease transfer than just going through a dealership. If any of experts could tell me according to what they have seen been approved with bmwfs on a transfer would be great. - Thanks!
Typically lease transfer credit requirements seem to be fairly high. I wouldn’t spend the money on a lease transfer application if I wasn’t solidly tier 1 personally.
