I am approaching the maturity date on my 2018 340xi. It was originally due back in February but I was able to extend for 6 months.
When I spoke with BMW FS the rep said if I do not turn in the vehicle by the maturity date I will be charged $12 per day late fees (pro-rata of lease payment). I asked how long I could do this, and they said while they don’t recommend it as long as the registration and insurance is current it is legal, and to let them know that I will not be returning it on the date and when they can expect to receive the car back. These per day late fees can be applied to payout if purchasing.
Just wanting thoughts here. While I do not intend to do this for an extended period of time it is appealing for a couple months.
Pretty sure this is on top of the regular payment not replacing the payment. So they will charge the current lease payment plus $12 per day. So lease PLUS $360 per month.
This is certainly on top of what you already pay. They want the car back or want to be paid a good premium on top of your regular lease, to let you hold on to it.
OK so you won’t be paying the monthly lease + prorated daily rental charge. Only daily rental charges.
Same thing happend to me on my VW GTI few months back. I bought the GTI at end of 3 yr lease since it only has 12k miles of 36k allowed.
There system never update the buyout and start billing me on a prorated daily rate for almost a month . I complain and they told me don’t worry they not caught up with the buyout paper work once done I will owe them zero $ . They were right it got fixed but took almost 30 days. I guess one hand doesn’t know what other hand doing.
You need to call BMW FS to ask them - they did not grant 6 months at once. I called twice and they gave me three months , and then another three months.
Wow, that is helpful. I called prior to the end of my lease and they said 2 and that’s it. I’m now 1 month into those 2 so maybe their tune will change.
This honestly doesn’t pass the smell test. Why wouldn’t anyone just hold onto their car after lease end? How many reps did you speak to to verify this? I would call and make sure you get the same exact information at least one more time.
Ok, so I just called BMWFS. They did extend my lease an additional month (3 months total), but it took some pushing to get that. They said the daily rental concept did not exist (maybe its a state related issue) and that with no proof of deposit/order number, they could not extend further. They also said that if I chose not to return the car at the end of the now 3 months, they ‘might’ have it repo’ed. I could get up to 6 months total with a deposit/order number.
Seems like a stretch and probably just standard process, but at the end of the day they do want their car back. If anybody else gets more than 3 months without an order number/deposit, please let us know how it happened.
This isn’t a daily rental. It’s a late fee. The rep may have been misinformed. You are definitely supposed to turn in the car on or around the post-extension maturity date. They should have specified they’ll make arrangements for a week or two with a date, not a couple of months.
