Even if payment shopping only, cashing out the equity in the expiring lease nets him the same payment on a new vehicle.
My Lords, I’ve returned from my quest with thy answers.
- Carvana offered the most at $29,704. Autonation was lowest @ $26,730
- Numbers from the dealer:
2022 X1 28i x drive Stk # 211464
MSRP $42,245
Lease Trade -8006.97 equity
Loyalty Rebate -2000.00
58 % residual $24,502.10
Money Factor .00151
Lease payments of $358.00 w/tax per month
Lease 3 yrs and upto 30,000 miles
Al quotes good till 12-31-21
Perhaps, nay quite likely, my math is wrong, but Carvana is offering $29,700 and my cost to buy from BMW is $21,859 (after 5.6% WI state taxes), then I would make $7,800. Relatively speaking, the $8,000 equity they’re offering seems fair (?).
Next steps I’ll contact other local dealers for their lease buyout offers. Thanks to all for your guidance. Let’s see what fish I can catch.
2 Likes
MF seems to be marked up which eats into equity / rebate
1 Like
Yes, but remember to take that equity as a check when you sign
Is your payoff after deducting MSDs, or would you get that back, too? And what about the new offer? With or without those MSDs you already paid?
Even if we assume you get the MSDs back, with $8k equity paid up front, your effective payment would be $580/mo. How does that sound to you on a $42k X1?
Ok, team updates! The initial dealer that offered me the renewal said if I don’t sign a new lease they won’t offer me a dollar (ouch). The only other dealer that replied to me said he’d offer $24,000 netting me about $3,500. So obviously the clear choice is to buy the car from BMW, pay the taxes and then sell to Carvana netting me around $8,000 ($29,700 from Carvana - $21,800 payoff after taxes).
This has been a strange, unexpected journey. I still think the original offer for a new X1 at the same monthly was a fine deal, but since my dad is having health issues I’ll be taking over his Mercedes GLB lease so it makes my decision easier. Thank you for everyone’s input, albeit I think some of the initial responses of “getting taken to the cleaners” were exaggerated.
PS Payoff is before deducting MSDs, so I should get MSDs back.
2 Likes
Ah, but the way I see it, now you have an extra 8k in your pocket? Compared to if you took the original offer, and another 4.5k if you sold it to bmw.
Either way, well done and I hope your father recovers to good health.
3 Likes
Hey Y’all, the dealership said I should come in and they’ll do the lease buyout for me. I’m wondering if they’ll try to sneak in extra charges that I would not pay if I did this directly through BMW over the phone. Any idea?
Long story short, the dealer “accidentally” grounded my car when we were negotiating a trade-in. BMW says I cannot buy it out until they unground it. I called dealer morning and they’ve not fixed it yet. Now they’re saying, come in and buy it out through us then we don’t need to unground it.
1 Like
Like a sheep being led to the slaughter…you need to have all your #'s in order before ever talking to a dealer…and especially going there.
Did you sign any paperwork? How did this accident happen? Sounds like the dealer is “playing” games.
How did all this happen is less than an hour between these 2 posts? The dealer cannot re-sell it to you w/o getting penalized by BMWFS. If the dealer doesn’t “unground” it, kiss that X1 and any possible equity goodbye.
2 Likes
Yeah no shi!t they won’t work for free. Ofc it will cost you more than going directly through BMWFS.
Suuuuuuuuure
The cynicism is palpable. Deep breath, team. We’re gonna survive this I promise.
What was the result?
They ungrounded my car (after I called them every hour for a day). Now get this, I paid $2500 in Multiple Security Deposits, but BMWFS says the lease they have on file shows no MSDs. So I’ve emailed them a copy of my lease, but the manager says in his 10 yrs he’s never had the wrong lease on file. In the meantime, I’m unsure if I should send my payoff check or wait to clear this up. Perhaps I’ll ask them to extend the lease til we can settle things. So yeah… to be continued!
N.B. the dealer that grounded my car is a different dealer than the one that dicked up my MSDs.
Just me or is this the universe telling you not to get another bmw?
10 Likes
Definitely clear it up. Don’t buy or extend until then.
Since you have the original lease contract, it really shouldn’t take them too long. If they don’t, it’s a massive red flag not to give them another cent.
I don’t see how you can pay $2500 in MSDs if your monthly is $360/mo. Can you post a copy of your original lease contract?
$360 x 7 = $2520