Not sure what is “in and out” fee (I will research). As per the dealer that $500 is for them to check my car( tires , brakes etc…) and it is mandatory as per them for the sale.
That is complete nonsense, you are buying out the car that you’ve been leasing, they don’t have to check anything.
And just to double check, there’s no option online to buy it out straight from BMWFS, correct? If BMWFS is in fact requiring NC buyouts through a dealer now then call around, or maybe IAC can help.
Southpoint is charging you $1,200 for the buyout, a complete ripoff. By my count there are 6 other dealers within ~100 miles of us here in the Triangle.
This has been a sticking point here in NC. Especially, here in the triangle, I have two cars coming off lease tomorrow. I visited both Southpoint and Leith, they are charging high doc fees. The originally lease agreement states that there are to be no mandatory fees. BMWFS is playing fast an loose with NC dealers license law. I spoke to folks this weekend who bought out a Honda and MB leases here in NC and they did it directly through the financial services division of each company. I see a class action lawsuit looming. I found a work around and will gladly share through private messages.
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I’m interested in this because I have a BMW coming off lease soon and want to anticipate any issues. I wonder if you could force BMWFS’ hand by delivering them a letter exercising your option under the contract to buy the car under the terms set forth in there and letting them know you will not make any payments beyond the last lease payment. And then just keep the car. Are they really going to try and repo the car and get into a huge fight just to support the dealers BS fees. I would think that your possession of the car gives you leverage here.
Tony—I’d be interested in your work around if you could message me direct.
Thx.
I see nowhere in my BMW payoff statement that one needs to go through a dealer at all. It says to print out the payoff statement, sign papers and send certified funds to them directly and then the title will be sent right to you.
I think this requirement is for 16 states in USA. You are in luck if you are not in one of these 16 states.
FWIW I just left a dealer in NJ and they told me I had to go through a dealer to buy out my 2019 X3. They wanted to charge the $500 “inspection” fee (despite my car being in service as we speak) and a $699 doc fee + DMV. They said if I don’t agree, I have to go elsewhere to buy it. I’m going to poke around at other local dealers to check my options.
@TonyI DM me your workaround. I’m interested. Thanks.
Of course a dealer would say that.
Talked to BMWFS and they said I can buy it directly through them without the dealer. Also, the dealer tried to charge me $4k over my residual, plus $1200 in fees. For the record, I got my BMW at a different dealer who never tried something like this. Stay vigilant.
People in NC that are looking to buyout the BMW lease can reach out to “CROWN BMW” in Greensboro (ask for JIM).
Today , I bought my BMW lease through them and they did not charge me any additional fees.
I paid Residual+ title+tax+NC state inspection ($31).
I have to talked 4 other dealers in the area and I only find crown BMW as reasonable.
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What about South Florida? Is there any such BMW dealer who won’t charge exorbitant fees on lease buy-outs?
Have you tried buying from BMWFS directly?
You can buy BMWFS leases in FL directly unless there has been a change very recently.
It has changed for FL, IL and many other states. I am not looking to pay cash, not in this current economic climate. I rather hold my cash and do a 5 yr finance since I would only keep this car 2 years at most. I figured by then the craziness will be over. Car also has equity being an M340i so I could also sell and just order a 23’ model.
Not possible, pay off docs even mention must transact through local dealer.
My work around, was through BMW of Manhattan. I found out that they are the only BMW corporately owned store in North America. Although I did pay a doc fee of $175. My contact was Ms. Jodi Staub, [Jodi.Staub@bmwnyc.com] she was awesome! Just email her copies of your drivers license, insurance registration and pic of mileage and she will get you the necessary buyout information. I’m sure they can easily arrange financing and warranties as well.
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I got my car from them but because FedChoice didn’t have Lein codes I had to go direct through BMW to buy it out most dealers would not do a buyout without it. Also, corporate means nothing they are the same as any other dealer IMO.
Thank you, will try this…
No but thank you for asking!
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