You guessed correctly
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Can you sell a leased BMW to carvana, etc.? I know some manufacturers have stopped allowing that, especially if you are in the middle of a lease?
Yeah dude the 3rd party thing is dead in the water! Manufacturers have gotten wise to this, Bmw is one of them. Im in the same boat, my lease is due next weekend. My buyout is $22607, add the 8.25% tax to that I got a total of $24473. Judging by all the research I did on a 320i x drive under 36k, It looks like Carvana offer is 22490,
Carmax is 22600, Vroom is 23937. Hardly worth it to me anyway.
What if your offer was $26K. What would you do?
Bmw is still allowing 3rd party sales, they have just added a restriction that the lessee must be the one that requests the dealer pay off. They will not send it to a dealer requesting it.
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Yes, I would, but I would really be motivated at $1500!
Why would dealer “give” equity at lease end? They have not contractual obligation to do so. That would be like them asking you to write them a check if the car is worth less than residual at lease end. The only way the BMW dealer would roll any potential equity into another lease would be to trade the car in before the lease has matured.
Thanks, that’s exactly what i’m asking and what my gut was telling me. They have no incentive to give me anything if I hand it over in December. I’ll still pay the disposition fee, and walk away empty handed.
Right now, I can get $3k in equity out of it from Vroom. Like everyone else, I need a car, but what makes this situation different is that whether I sort it out now or in December I have the same crappy options in front of me for a new vehicle.
I suppose I need to figure out if I take the $3k now or see what Vroom offers in December, or extend the lease until February and hope the market has enough inventory that I could negotiate a deal for more than $3k in savings vs taking my $3k now.
No, you can’t. Vroom no longer buys out any leases.
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You’re probably out of luck on a 3rd party buyout. So BMW dealer will be the only option for a buy out/trade in. Do you know what you would replace the 4series with? You’re more than likely going to pay much more for an equivalent BMW at this time. So even if there is equity in the trade via a BMW dealer it may be a drop in the bucket to help offset the additional cost.
BMWFS still allows 3rd party buy outs. (Although that could change between now and December)
For me, when I leased the car, I bought 17K miles per year, totaling 51000 miles plus 2 months more of extended lease miles. Im presently at 35,500. Bmw will cut me a check at .22 per mile of unused miles. That’s positive equity! I can use to order the 2 series M240 launching in November, but can be built on the site NOW!
They don’t cut you a check for it.
“The Lessee will receive credit for the Unused Miles equal to the per mile purchase price, which will be applied against any remaining obligations owed under the Lease”
It’s only applied against lease end obligations
And that’s only for any extra miles you purchased mid lease as part of the mileage adjustment program, not the original miles.
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In N.Y you exempt from paying tax if “3rd party dealer” buyout the lease the banks are wise now but if they still allow buyout call on 3 way like I did and get the payoff amount.
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Just for reference, as it relates to the contractual mileage:
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Agreed, till I visited a BMW dealer last week, told them I was way under mileage, he came back with, BMW will cut me a check.
But originally, When I worked at Bmw dealership, manager had said I would get a credit towards another purchase, I think that’s better personally.
I also pulled out my contract, and it says I will get .20 for miles refund from 45009 and 51009 unused miles
I’m in a very similar situation. My 440GC lease expired a month ago, so I’m a month into the extension they offered.
Remember if you order a car from BMW, they will extend your lease for up to 6 months total. Then, when the car comes in you can accept the lease terms (RV/MF/incentives) from the day you ordered it or the day it comes in. You can also buy it or decline it and turn in your GC.
This market definitely sucks for deals and car selection. It’s making me strongly consider buying a factory ordered car…
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Currently in a similar position.
BMW dealer priced me at just under my buyout.
Third party dealers are offering about 8% over my buyout.
BMW is offering me tax credits for my trade in if I lease, but I’m not falling for the dangling carrot in this market. Will likely just sell to another dealer. *Im not in need of another vehicle.
The current risks for holding onto the vehicle: BMWFS can shut this down at anytime, something could happen to your car and devalue it (check engine light, hit by drunk drives) and supply could miraculously increase.
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