BMW Lease ending in 10 days, buy it out from BMW Finance or finance through credit union and buy from BMW Dealer

[itahmed]

So we have a BMW 430 X Drive 2019. The lease will end this month (end of Sept).

We have the option to go through BMW Finance to purchase it. They said they can offer us the platinum warranty for $5350 which covers everything except wear and tear. They finance up to 5 years at intrest of 2.44%. I could not negotiate anything down.

I could also get the car through my credit union (navy federal and others at a lower rate and extended period of loan but then would have to go through dealership and pay dealership fees.

What is your advice, do I go through dealership, do I certify the car? Is it best to go through BMW Finanace?

I hate buying cars because I feel getting ripped off but hopefully you guys will be guide me to make a better decision.

[mllcb42]

@itahmed

I could also get the car through my credit union (navy federal and others at a lower rate and extended period of loan but then would have to go through dealership and pay dealership fees.

Why is this your other option rather than use your credit union financing to buy it directly from BMWFS for your contractually agreed on buy out price?

[max_g]

@itahmed

option to go through BMW Finance to purchase it. They said they can offer us the platinum warranty for $5350 which covers everything except wear and tear.

This is exorbitant. Look in the BMW forums and see what they recommend. Route 66 Warranty through credit unions for example.

[itahmed]

Is the warranty comprable to what I would get from BMW Finance?

[itahmed]

The concern is the warranty quality

[Kctham18]

Posted yesterday and updated this morning:

List of Lenders that Allow Lease Buyouts without Dealer

As new car prices soar, many lessees are finding it worthwhile to purchase their leased vehicle at lease-end to keep for several years, or in some cases, to sell it immediately for a profit. It could be considerably cheaper to buy out an existing lease than to pay the market price for an equivalent used car. The terms of the purchase option can be found in the lease contract, but in general, the purchase option amount is always the residual value of the lease. On top of that, there may be a nom…

[max_g]

They have 2-3 choices, the top one being an exclusionary warranty which is the type you want.

If you want to dive into what the exclusions are vs BMW’s, you’ll have to compare the exclusions from each yourself.

[itahmed]

So I got concord protect offering the top of the line for $2950 which includes everything BMW top of the line offers. Do you think I could trust them or will they deny something here and there?
I guess is, who are the reputable ones that do not scam you when you try to use the warranty… keep in mind my factory warranty expires a year from today (4 year warranty from manuafacturer) but would need to decide if I need to buy the warranty now from BMW as the lease ends in a week.

[mllcb42]

A good place to ask that question is some of the more popular bmw forums. You’ll want feedback from people that have tried to use it.

[Speedy]

Contact Christine at this dealer and they will give you a discounted offer for the BMW ESC if you r car is still under the factory warranty. Not a huge savings (about 20% usually), but its the same thing your dealer or BMW online will sell you; why not save a bit. You can save a bit more if your car is under 20k miles at the time of warranty purchase.

CNewman (at) SteveThomasBMW (dot) com

[itahmed]

I reached out to her and her prices were way below the other quotes I received. It was cheaper than third party quotes we received and those are BMW dealer along with zero deductible.

I appreciate forwarding the info.

[CarHax]

@itahmed

We have the option to go through BMW Finance to purchase it

Did BMWFS send you a quote or how did you get a apy quote?

[certpreown13]

you should be able to see that on the bmw app with the purchase price. once you know the figure, you can take it to the credit union and they would cut a check. with the extended warranty there was a girl who sold that on the bmw forum or something 4got her name.