First time posting, so go easy.
I’m communicating with a seller on SAL, and I asked for his original lease contract. He doesn’t have a copy, but provided a screenshot of his account details with monthly payment, contract end date, and total miles allowed. It’s a BMW, so it could be a standard agreement. I also imagine that if we proceeded further with the transfer, I would receive my new leasing agreement from the leasing company which would probably have all the information from the original contract. Would I receive this only after I’ve paid money for the transfer/credit check? Am I assuming too much risk continuing without seeing the original contract? Thanks in advance.
Unfortunately that is correct.
BMWFS will not send a copy of the lease to a potential new leasee. If you want it before the transfer process starts (I would not proceed without it IMO), the current leasee has to call BMWFS, request a copy, then they can send it to you.
I don’t think anyone’s ever asked me for a copy of my contract during a BMW lease assumption.
What would be point? In case they’re lying about mileage or payment? I assume that wouldn’t be in someone’s best interest because the assuming party would eventually see it when they get their copy of the contract to sign, and then could just back out of the deal and get 400 out of their 500 back.
I’d provide it if someone asked, I just didn’t think this was very common.
The one time I did not ask for a copy…I was burned 
The seller lied about the mileage allowed.
Its just easier to see the real deal up front an avoid any potential issues. And, its pitifully easy for the seller to obtain a copy if they lost theirs.
Dr., does it show starting mileage on the vehicle?
Do you mean if it were a loaner and had a few thousand miles on it prior to leasing? It wouldn’t, just the contract would show that.
It would show contract mileage tho, so if it started at 4000 and you got 10k it would show 34000 total allowed. I’m 100% certain that’s also somewhere on the online account.
The paperwork you sign from BMW Financial will state the terms of the original lease. You will still need to do the credit application before this. Once the lease is assumed, you will get a copy of original lease agreement from BMW Financial.
As shown above the terms are on their BMW Financial account as well.
I have assumed a few BMW’s and transferred as well. I didn’t ask for the original contract or did anyone ask me. I did get a surprise on my first assumption of a BMW. They put $3,500 in Multiple Security Deposits down, that made the deal even better.
Excellent, thank you! Just found it on my MINI profile under the “Calculate and Buy Miles” tab!
I appreciate all of the responses. In SAL’s Buyer Tips they email you when you sign up, they state: "Make sure you remember to get a copy of the “lease agreement” so you can review the payment, total mileage allowance and all lease terms. THIS IS THE MOST IMPORTANT STEP BEFORE YOU AGREE TO ASSUME THE LEASE. "
It’s interesting to me that it’s not more common for buyers to ask for it. I suppose I could get through negotiations with the online account screen shots, then just scour the assumption contract for any surprises. Thanks again!
I understand why most people don’t feel the need, but many don’t read the standard lease agreement either. There is nothing wrong with asking the current leasee to get a copy from bmwfs.
If you care about things like:
- can I Turo this car?
- What are the terms for early termination without sale or transfer (which more than a few people learned the hard way during covid)
- what insurance minimums, if any, am I required to carry?
These, and more, including use of the subjunctive tense can be found in the lease agreement, not in a screenshot from the website.
That is correct. If the lease was demo/ loaner, the online screenshot shows that the mileage started from XXXX miles. So if its is 30k lease for 3 years and the original lessee leased it while it had 2400 miles, it would show total miles allowed as 32400.