That sheet shows a 2017 X1 with 60k miles. Figured it was safe to assume that was not the vehicle in question.
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You’re probably right, if the doc fee is standard practice nowadays, then it’s probably not worth the effort to try and save a few hundred bucks. While I’ve leased quite a few cars over the years, I’ve never actually been in a position where it made more fiscal sense to purchase the car at lease end so I wanted to first make sure the doc fee was kosher. I appreciate your pragmatic reply to my question.
Ahhh, didn’t even see that!
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Ah, I see the confusion now. I have no idea why the dealer wrote it up like that but the car I have now is a 2020 X1 with less than 8K miles on it. Once the pandemic hit I started working from home so I racked up a lot less miles than I was expecting.
With those miles and your buyout, it certainly makes sense to buy it out. But don’t be surprised that in less than a year that “equity” likely disappears.
If you care about equity why not list it private party then and have the dealer do an in and out once you find a buyer?
Your dealer gets a guaranteed buyer, you get to cash in on some equity and your buyer gets a CPO’d car. Everybody is happy and no one leaves feeling they got taken for a ride.
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The doc fee is standard practice nowadays anytime you buy or lease a new car, and pretty much anytime you have to buyout your lease through a dealer.
What is relatively new (past 1-2 years?) is BMWFS forcing customers in certain states to go through a dealer to buyout their lease.
In the past you would just mail a check directly to BMWFS for your payoff and they would send you the title, easy peasy, you never had to involve a dealer and their bogus fees for 10 mins worth of work.
Here are two relevant threads with information on dealers that will help save you some $$$
Or just sell it to the highest bidder among brokers, dealers and dealership holding companies (Autonation, Penske, etc).
Much easier than finding a private buyer plus finding a dealer who wants to facilitate this without an arm and a leg.
huh, since when - I’m not aware of any law on the book saying that in PA.
Did BMWFS directly say this, because this is news to me.
When I first considered buying out the lease that’s exactly what I thought I could do. Simply, send a check to BMW FS and be done with it. Sadly, that no longer seems to be the case. Thank you for including the other threads, I’ll be sure to check those out.
Yep, here it is in writing and I also called BMW FS and spoke with someone who told me the same thing. If anyone has found a way around this in PA, please, do tell.
I just bought out a Land Rover lease in august directly, I’ll look at anything thats changed since then, thats so weird
Unless something has changed in a lot of states then BMWFS is just flat out lying by saying you’re required to buy it out through a dealer due to “state guidelines”.
In Florida, with BMW you do have to go through a dealer. I just dealt with this with an X3 M40i. My local dealer was going to charge me an $899 dealer fee and $175 “inspection fee“ - that fee was reportedly refundable. I called a different dealer in the northern part of Florida and they did it by docusign with no fee. I would recommend calling around to different dealers and ask if they will do it without a fee.
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In PA? My Hyundai Documentation specifically mentions FL And PA as forced dealer buyouts as well.
Could you PM me a censored version of that, I’m trying to hunt down the new regs that state that - and I’ll take a look at the documentation I get with my dad’s new lease as well.
I believe this is state law driven, so BMW is irrelevant in this case.
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Can You send me contact info on this dealer in FL?
Capital Eurocars in Tallahassee is the BMW dealer