We’re located in GA have a lease ending in two months. It was for 36k miles we’re at 42k.
No accidents. Red interior 21 inch wheels etc great condition
Our payoff amount is about $28,330 on the portal. Here are my questions:
Offers:
Carvana offer 27k
Local dealership 26.5k
Does the payoff amount include sales tax/fees?
Dealership payoff is higher than that about $29.2k because of “excess mileage”. I feel like that is a scam. We should not have to pay for the extra mileage because they’re buying it out.
The dealership does not buy it from you. They are buying it from BMWFS who owns the vehicle. The buyout price for you at the end of the lease is your residual. A BMW dealership should get the same price. You didn’t mention if this was a BMW dealership that gave you the higher buyout price.
The dealership offer may include any remaining payments on your lease.
It was a local bmw dealership that offered 26.5. The payoff price includes remaining payments (28.3). Hence how do I negotiate the extra thousand plus off for “excessive mileage”?
Have them show you a print out. FWIW it’s not unheard of to have an inflated payoff. In my experience I’ve only seen it after a lessee has completed a lease end inspection
I was always curious about that. I have purchased/leased many BMWs, but I have never been offered a price lower than my residual in any trade-in scenario. i also have never heard of the buy-out price increasing due to being over mileage. Usually excess miles simply lowres the trade-in value. There must be something else being included in the OPs higher buyout price.
Only dealerships get this option. They will get a dynamic payoff because they’d rather have a dealer buy/cpo the lease return rather than shipping it to a manheim auction, paying fees, etc. Usually only happens on things like 7 & 8 series that are heavily underwater
