Hi all!
Wanted to know if anyone had any experience with this - I have 30k miles allotted on my lease which matures in March. I’m already as 29.8k.
I know one option is to buy more miles but I was wondering if let’s say I drive the car to 31k miles by December and then sell it to a dealer.
Would I have to give BMWFS any mileage overage fee in that case? Or is that not relevant as I got someone to pay off the vehicle? Thanks!
Thats not relevant as you got someone to pay off the vehicle
As long as the negative equity isn’t greater than disp + excess mileage fees.
thats a separate decision whether selling it makes sense
Also keep in mind you can only sell it to a BMW dealer or to a dealer group with a BMW dealer in their network.
If you sell to a dealer or even Autonation they will still ding you the dispo fee so keep that in mind.
Also keep in mind that the dealers are smart. Due to the limitation of BMW leases, you have no choice but to sell back to another BMW dealer. Of course, they know the BMWFS agreements quite well, and so they know that your mileage overage will be about a $0.25 - $0.30/mile penalty. So when they buy back your car, they have some negotiating leverage to reduce the price they pay you by that amount. So it might end up being a wash whether you pay for the overage yourself now, or let the dealer “adjust” the price of your new car to absorb that difference.