BMW Lease Buyout

Ask the Hackrs Used Cars
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1

I currently have a 2021 BMW X3 and the lease expires at the end of next month. I spoke with BMW Financial Services and because I live in IL, I have to purchase my X3 directly through the dealer. They told me the dealer has sole discretion of selling me the car at the price they want and I was advised to call around and see which dealer offers me the best purchase price.

Whats the best way to get around all these hoops? I really don’t want to get nickeled and dimed at a dealer when I already know what the buyout price is online.

2

Hmmmmm… That doesn’t sound right. Did you read the purchase option criteria in your lease agreement?

3

This would be a breach of a typical lease contract.

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4

So I know some states require you to go through the dealership. But the price is the price. They are free add on the doc fees and admin fees that the law allows. And can try to sell you other extra BS.

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5

Yeah I read the lease last night, states that can purchase the vehicle at the Residual value agreed upon plus applicable taxes and fees. I just don’t want to go thru the hassle of negotiating whats already been negotiated

6

Yup, that’s what I thought. It’s in most lease contracts… pretty much standard language.

No need for a hassle. Be in control of the deal. The dealer is just an intermediary between you and BMWFS. They may charge you a modest fee for exercising your purchase option but that’s all.

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7

Make a list of all IL BMW dealers and start calling them to ask for their buyout fees. I don’t see any other solution.

8

I have a Qs. I just leased M440i in Nov 2023, but I realize that I am putting much more miles with having to go in to work every day instead of working virtually.
Can I do a “Lease buyout” even though it has been barely 5 months? What happens to the MSDs?
Also what if I decide to switch the car, is it better to just purchase it and then sell it?
Thanks so much

9

You can buy it anytime you want. You will get back your MSDs. Easier way would be transfering your lease to someone else before you put too many miles and lease another car with higher mileage allowance. If you buy it and sell it you will pay a lot of taxes for no reason.

10

Thanks for the feedback. How do you transfer your lease to someone else? Do you just let the dealership do it for you? otherwise, it could be a cumbersome process. Thanks

11

You advertise it to others (can do it here, Swapalease, LeaseTrader as some examples) and find someone willing to take it on. Then you contact BMWFS and go from there.

12

Oh I see!.
Many thanks