So I know that many out there say dont buy out a lease. Esp a BMW lease. But, (1) I’m way under mileage, (2) Its an F80 M3 that I’m in love with, and the new one looks like dog shit. So…
I’m very serious about buying out this BMW.
I’m looking at rates online and sort of shocked to see what 3.79 seems to be the average for 60 mo ‘used refinance’ right now.
Is there any lenders that are doing better than this these days? Tier 1 credit.
I’ve tried the big standard credit unions. They seem to be all right at 3.79.
I thought rates were supposed to be stupid cheap right now?
Any direction to the lenders with the best rates out there would be helpful.
No not yet. But this one I know I’ve taken care of, I’ve always had a strong feeling I’d buy it out so I’ve done a few things to it already like window tint and clear bra. (yes a waste if I wasn’t going to keep it). The only reason I leased was to ensure it wasn’t going to be BMW trash in 3 years. But the car has been flawless and the F80s by all accounts seem to be built to a higher standard. The only reason I would get rid of it is if the new G80 was something amazing. It isn’t.
We also did euro delivery of it, and it was a great experience so we have some nostalgic value in this car itself.
Bottom line is, I’m 99.999% sure I’m buying this thing out. Decision made, whether its the best financial decision or not.
Looking for a cheap rate at 60. Pen fed is only doing 2.99 on 36 months (which I would consider) but purpose of this topic was does anyone know of a better rate than 3.79 on a 60 month used refi right now (again top tier credit).
Keep in mind that a point on a car loan isn’t that big of a deal, it’s not like a mortgage. The biggest downfall of buying a bmw lease is the residual is usually inflated so you’re over paying for the car. Being nostalgic or attached to a vehicle almost guarantees you’ll be in it for too much, but if that’s what you, it’s your💰.
I can respect that and there is a point where even I’m not willing to spend the cash on the nostalgia.
I will certainly ensure I consider how much I’m potentially over paying for it before I pull the trigger. There’s a dollar amount I’d be willing to spend to ensure I keep the car that I know I’ve taken care of back in my possession. If that number is too high though, then I may have to just cut bait and move on.
This would have been so much more of an easy decision if BMW didn’t completely ruin the front end of the G80.
Another option I’ve been considering (since I’m cool with my original sales guy) is to have the car grounded, certified, and purchase it right then on the spot. This way maybe I am overpaying, but at least its a certified car now. Just something I was toying around with, I haven’t contacted him yet to see how this could work.
A BMW person will know better than me, but I wonder if it’s possible to buy out your lease through a dealer, have them pay the certification fee to add the CPO warranty, and if BMW has reduced financing for CPO you should be eligible for that - no?
Keep in mind that bmw forces the dealer to sell you the car at the RV where they can sell to anyone else at market value, meaning an identical cpo car sitting next to yours could likely be purchased for thousands less.
