My friend leased a BMW M440 Convertible 3 weeks ago. 20k down and $1,050 a month. She had no auto credit so they wanted a lot down.
She had no idea what she was doing (obviously) and they sold her a tire/wheel/windshield protection plan that was almost $250 a month, she says. I’m assuming they also got her for GAP. They also marked up the price of the car even though it was a left over 2023. She asked them to cancel everything finance got her for and get the payment back down to $798. They said the payment would stay the same, she would just finish paying the lease off in 31 months instead of 36. Is this normal? Or should they be able to adjust the monthly cost as well?
Worst case scenario, just lose the car and claim insurance, or accidentally total it. Second option is to buy it outright, resell it at minimal loss and learn from the mistake. It’s better than defaulting and have bad credit for 7 years.
If her MF is insane (due to no credit or whatever) it might make sense just to sell the car and get out of the lease. It’s still early summer so convertibles might get a slight premium. Depending on what the selling price of the car was, she’s going to have to lose a big chunk of that $20k she put down, but in the long run it still might be worth it. $20k + $1050/mo over 36 months is like almost $60k to lease what I imagine is a $65-70k car? Which is insanely bad.
In @max_g defense, if she or you wants specific advice on what to do, then you need to share the exact details of the contract. No assumptions or guesses.
She had no auto credit so they wanted a lot down.
