After running some carvana offers on my current bmw lease, I decided to run it by my bmw dealership to see what they would buy it for. I presented the carvana offer as a starting point for them. My sales rep talked to his manager who concluded they couldn’t match the offer.
The manager also advised to just take the carvana offer as soon as possible, because he’s hearing that BMW is going to follow GM soon in terms of no longer allowing third party lease buyouts. Wondering if anyone has heard similar stories lately, or if he’s just blowing smoke. He has nothing to gain by telling me this.
Yikes! I have a Carmax offer in hand plan to sell my BMW Monday for $4k equity. Any idea if this is already being implemented or will be implemented in near future (I know GM says starting 7/1)?
Market is moving fast. Sold an X1 at 26.2K to Shift 2 weeks ago. They tried to sell it at 28 and now it is priced 26.5 + 1.25K service fee. They are offering only 24K for the same car now. Not sure whether there is a 10% dip in offers in 2 weeks… But it is highly likely the forces are correcting the imbalances fast…
Payoff hasn’t been sent so if BMW puts an immediately halt on these before payoff check is received, I guess I’d be left up shits creek without a paddle and back to assumptions
Edit- I called GMTV and they said since it’s already dated and in process I have nothing to worry about.
That said, I’ll be worried until I see my account close.
I can understand with leases, but if you are financing, you should be free to trade it in or sell it any point. I guess you always have the possibility of just paying it off then selling it, but why jump through those hoops when there is no reason to. It also messes with sale tax credits in a lot of states, which is the big reason to be upset. If you want to buy another brand, you can no longer save on sales tax (if you don’t have the cash to buy it out). So now not only can your local dealer low ball you on your BMW, but you can lose thousands in tax savings. If I was a lawyer, I would seriously be looking into a class action suit but I am sure the suits at the captives have explored that.
Since the lease terms never gave the right to anyone other than the lessee to buy the car, I do not think a class action would succeed. Additionally, on my last Audi lease, there was a mandatory arbitration clause for any disputes arising out of the lease. Assuming BMW has a similar clause, a class action lawsuit would not succeed.
Do the captives own the car during the lease term? Was the intent of that language - regarding payoff - was to say how the lessee could take control of the car or buy it out by him/herself or through an agency - at lease end or doing lease since the car was SOLD to the lessee during the initial transaction?
I don’t understand the argument that lessee does not own the car during the lease period. Captives do own the car once it is returned until then they own the financing part of it.
