BMW - Off Lease per day rental?

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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.

Appreciate any insight from others experience.

Other Data Points:

  • Dealer Payoff $38,400
  • Best Third Party offer: $33,000
  • Warranty: Exp 2/2022

How much you paying now for the lease per month and rental per month will be 30x12=360.
Not bad in current lease environment.

Other option is to buy it and sell it later when used car market is still good.

How did you extend for 6 months? They only offered me 2 months. Did you sign a new lease at a new rate to get the additional 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.

It is not. I asked them. The lease contract will be over. Hence the prorated per day charge.

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.

$40000 payoff for 340xi seems quiet large.
I guess they got you on the residual.
What was the msrp or the selling price.

I think just drive the car till 2/2022 then check the mkt for a new lease. Buying at 40k is too much for this car.

That was my thought - until warranty expiry.

MSRP was ~$59k

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.

Thanks

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.

2 Likes

I thought the same thing. Three. They all had a similar response. And encouraged me to call them to let them know when I planned to return it.

I would get it in writing if possible.

59k msrp and I guess you didn’t pay the sticker price and $40900 buyout is quiet high. Or you have it for 24/10.

I have Q8 with 75k msrp selling price 64k and my RV is $40240 on 36/15. I am buying that at end of lease since only have 18k miles on it.

Do double check on rental thing . If true I won’t bother returning keep driving as far you can go.

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.

They could also file a police report and you could be arrested for unauthorized use of a motor vehicle for failing to return

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.