Hi everyone. I have a 2023 BMW X7, I am starting year 3 of my 36mo lease, so 12 months left approximately. My payoff quote is approximately $63,894+tax which includes my remaining payments that already include the tax on my lease. The residual is $47,369. Have to figure out what my X7 is worth and whether or not I have positive or negative equity.
I am entertaining getting out of this lease early and getting something new. Looking hard at Genesis GV80 because it has all the features I want (radio jog wheel, highway assist / somewhat hands free driving, digital key, somewhat large SUV). Also entertaining some other cars from GM, Jeep, Kia, Hyundai but many of these don’t have a jog wheel (I absolutely despise touch screen only as I am a carplay guy).
I am trying to figure out if any of these dealers can do a third party buyout and make me an offer. Lets say a dealer makes me an offer on my trade, how do they buy out my car if BMW doesn’t allow it? Should I just find a dealer I want, buy the car out myself (pay 63894+4085 sales tax), then buy whatever car I want and just pay cash / finance the difference and take the sales tax savings? I’d prefer to get into another lease, but again not sure how to handle my lease trade in. Don’t want another BMW, they have been absolutely horrendous.
Depending on mileage and if it’s MSport or not, you’re probably at least 5k negative in terms of buyout vs wholesale value, possibly in a better situation if it’s a low milage MSport car. Feel free to send me your VIN and mileage privately, I can take a look.
That was 2 weeks ago. I had a m340i which I don’t know if it holds its value better or what the difference between the suv is but I had a 36 month lease and I didn’t care for it. My payoff was 45k and kbb said value was similar but I reached out since it didn’t hurt to get a quote. They ended up quoting me 49k with pending inspection proved true. In the end I am not sure how they did it but they also worked with the pay off and got it lowered and I ended up with a good amount back. They picked up my car and got my check mailed and received in 2 days after. I wanted to just get out of the car and get something different because I was tired of it.
When I went on swapalease.com it said my lease isn’t eligible for transfer, I have to do an “off lease”. Does anybody know what this means or entails vs. a financing company that can take over my lease? Also $199 to see if you can find somebody seems like a lot of money but I guess that’s the cost of doing business. TIA.
I believe the payoff is lower for a dealer than what the leasee is presented with. I sold a BMW dealer my M4 earlier this year and my final equity check was also bigger than what I was initially quoted.
