Looking to get some insight on BMWFS lease transfers from the original contract holder POV. Those that have transferred out of a BMWFS lease, how hard was it to find a transferee and was the process smooth overall?
I’ve been following transfers closely and have seen some mention from owners about transfer apps being denied by BMWFS. Has anyone had any similar issues while going through the process? Multiple denials?
I have a G80 in production and am going to keep it for the short term (likely sub 10-12mo) - certainly will want to transfer out of it prior to lease maturity. Looking for the path to lowest TCO and leasing seems like the way to go.
Sounds good in theory, but want to make sure I’m not setting myself up for a disaster…
Not to sound too obvious but it depends on the deal.
If a buyer can find a better deal than your lease, you will have a hard time.
If your lease is better than the then market leases, it should be pretty easy.
I should’ve been more descriptive and mentioned approval process and likelihood of finding a candidate that was qualified enough for approval from BMWFS. Are they more stringent with transfers?
I’ve seen lots of comments about transfer apps that were not approved so wondering how common this is.
I transferred out of a 2020 330i XDrive that I had for about 3 months. I transferred out of the 330 because @IAC got me a deal on a loaner X5. I found someone to assume my 330 lease within about 2 weeks of securing the deal on my X5. The process was easy. My assumee (sp/grammar?) must have had good credit because the deal only took about 10 days to complete. The only hiccup was transfer of plates. That could vary from state to state. I’m in TX and the person who took over my lease said there wasn’t clear guidance from BMWFS on that issue. Luckily, this was a person I knew, so that made the process easier as well.
BMW has been known to be picky on transfer approvals, especially on the higher $$ cars. The thinking is that they generally don’t want to take on more risk than the original lessee.
Over the years we’ve seen otherwise good credit applicants get denied who would have no problem going down to their local BMW dealer and leasing a new one.
So while I definitely don’t think you’re setting yourself up for disaster, I would plan accordingly and allow a bit more time for the transfer, especially on an M3 with what will be probably a $1400+ payment?
If your deal is solid then you’ll probably have a line of applicants, so even if 1 or 2 get denied you can just move on to the next.
Thanks for the insight @j_e_f_f…exactly what I was looking for. I’ve got a $1,2xx/mo almost locked on a G80 6MT with a few options (incl carbon buckets which I think would help on the transfer).
I’ve been watching comps and everything posted seems to be $1.3k to $1.4k with a crazy amount down required. People are in outer space with these things.
I know it’s not the best strategy, but full tax on purchase price will make this situation even worse. I am thinking this may be the best way to go.
BMW probably has the fastest and easiest transfer process, and they’ve actually now made it a lot easier by allowing you to e-sign all the docs. As long as the person who is taking over the car is honest about their credit and knows they’ll be approved, I have accomplished a transfer in under 1 week with BMW.
