Hey everyone, here is what i got:
2020 BMW X5 xDrive40i(M package, panoramic roof, loaded)
original terms:
36/12
Monthly payment before tax: 895.60
After tax: 976.20 (IL)
7 month left
Payoff amount: $48.8k
Current miles: 19k
Clean, no accidents.
Question is: what is my options to get out of the lease earlier? What is the best way to do it?
I remember bmw use to have early lease pull out program (not sure if that how it was called)
Pull aheads (pull out solves a different problem) haven’t been around for years or they’re just a way of the dealer rolling in your equity or negative equity to your new lease without telling you.
If you want to keep the car, you can buy out the lease by calculating your payoff amount on the BMWFS website. If you fill out the forms and send them the check you’ll get your title and payoff documents in a few days.
We just bought out our X5 - payoff after the MSDs was only $38k so it was a no brainer to not bother leasing the same exact car for $300 more a month.
I paid it off early to lock in the lower interest rates back in September.
If you want to get rid of the car, then you basically are stuck shopping it to BMW dealers to see who will give you the most for it. Any negative or positive equity will go to your next purchase.
Dont wanna keep it, i have another deal on Tesla that i cant miss so trying to get rid of it
In the past, some manufacturers will waive a few payments, usually up to 3, if you lease another car from them.
You’re not going to get any help exiting your X5 lease and getting into a Tesla
You are stuck either eating the payments or go to a BMW dealer and see what they’ll offer you outright. You may have some equity but BMW no longer allows third party buyouts so you can’t have a third party take it over.
What’s the current buyout minus taxes? You can see it online in the BMWF portal. Get quotes from local BMW dealers and other companies who can buy out BMWs like Autonation. Most wholesalers just use a dealer to buy it out as a way around the restriction anyway. The used car market dipped but you should still have some equity since it’s the current body style and a fairly desirable model.
Put it up for lease transfer and see if anyone bites?
Last time I checked BMWFS did not allow transfers in the last 6 months so you’ll have to get a move on and provide an incentive if necessary.
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