Is this good deal? Have to pay $500 transfer fee. I will get vehicle inspection by dealer.
They will cover disposition fee.
Not to sidetrack - but did you checkout the pastry place near the Vatican?
What more data? Does it matter if I don’t plan to keep it after lease ?
Just asking for knowledge purpose.
Current mileage, remaining miles/month, approx. MSRP of the car, was the car new or a loaner, and does that price include tax. It would be good to know what state it’s coming from as it could have tax implications. Buy out amount is not really relevant to evaluate the lease.
Keep In mind the factory maintenance plan doesn’t transfer.
How do you plan on having them pay the disposition? Give you $395 upfront while you cover the $500 transfer fee?
I think I had too many pastries every where else. LOL
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Current miles : 15k
Remaining : 21k
lease end 10/31/18
I have to check on MSRP. They have not give me those details, MSPR, Residual value, MF, payoff.
I will get check or something when i take over. but they promised to cover
You mean 10/31/2019?
If so, that’s a ton of miles in a short period of time so seems pretty good if you need them. MF and residual are what they are so doesn’t impact your assessment of the lease as you only care about your effective monthly cost.
As a next step, I would review his actual lease agreement before doing anything else. You can confirm what he’s told you to this point as well as other items like MSRP.
Only downside with a short term lease is it can be annoying and cost you a few hundred bucks to get the car registered and titled if changing states as well as take 1-2 weeks AFTER the lease transfer is completed.
I have the lease transfer agreement from bmw financial which talks about 466/month lease amount. i dont know payoff or other details how lease was written. I am assuming it’s pretty standard.
I know… this is my point… ask the current lessee to see his signed lease agreement to confirm all the details. If he balks, walk away.
Once you sign the transfer paperwork, the lease is yours and the BMW paperwork is unlikely to spell everything out. You have to do your due diligence. He could be lying about the mileage cap, taxes, etc and there is no easy recourse after the fact.
What states are involved as this could impact your tax and total payment - For example, leases coming from NY will typically be double taxed since it’s paid upfront in NY and not refunded or transferred.
Both of us are in same state so that would be ealier. planning to get inspection done from bmw before i take over the leae.
Good to know.,yes, in state is much easier and less costly from a DMV perspective. Keep in mind it may take a week or so to register it and if the guy takes his plates (as he should) it may sit in your driveway as there won’t be any temp plates available.
Candidly, the inspection from the dealer is pretty worthless especially for a car with 15K miles. You are likely better off seeing it in persons to confirm no physical damage, driving it, and pulling the CarFax and/or service records. I personally wouldn’t take a car that’s been in a significant accident even though you are turning it in at the end but your call. Tires should be fine at that mileage but double check in case it’s they are unusually low as you would be responsible for replacing them.
Feel free to post the lease agreement (with any personal info removed) and people can chime in if you are missing anything major.
If it’s really 2k miles per month for under $500 and the car is local, it seems like a great deal no matter the specs and go for it once you confirm the details.
Saw the car today. looks good. but its registered in NY and they have not changed registration to NJ yet. they moved from NY to NJ recently.
its not 2k/ month. 1k per month . He did not have lease agreement. He said he put 5k down and had receipt with 2.5k and his wife covered another 2.5k. I told him i would need lease agreement before i send out transfer agreement.
This appears to be getting sketchy… did he tell you it had more miles or was your post here wrong? Also weird to have a reciept for half the down payment in hand with that backstory but not the actual lease.
He may have told you the car is registered in NJ initially bc it has significant tax implications. My understanding is you will be double taxed, as NY state is paid upfront and they don’t provide any credit or refund. Assume the $470 will go up about $40-50/month for NJ tax plus $150-$250 in DMV fees (titling and registration)
With only 1K/month available, it’s not much of a deal and I would likely walk if anything he says doesn’t check out or if the tax situation I mentioned is accurate. Transfer is all about trust with the other guy as there is no one else validating what he’s telling you about the lease, agreed upon condition, or incentive he is promising you.
Feel free to PM me and I can give you some guidance. I’m in NJ too and completed a few successful transfers.
It’s my mistake. proabably has 36k miles. this is the ad
You can lease this BMW X3 for $466.22 a month for 21 months . You can average 1,000 miles per month for the balance of the lease or a total of 21,000 miles through the end of the lease.
Current Miles : 15,000
Remaining Miles : 21,000
Miles Per Month : 1,000
Leasing Company : [BMW Financial Services]
Months Remaining : 21
Est. Lease End Date : 10/31/2020
He never told me car was registered in NJ. I assumed that since he lives in NJ. But if i have to pay another 40/50 a month, not much of a deal.I have to pay bmw registration fee of $530. He told me he will cover end of lease. i told him today will not move forward unless i see acutal lease contract.
I found the ad on SAL… pretty loaded, likely $50K car, so seems like a good deal. You still need to see the lease.
The $500 paid to BMW Financial has nothing to do with registration. Solely to check your check and transfer the lease from a legal perspective. You would be responsible for titling and registration as you would with a new car.
We can catch up offline.