Hi,
I need some quick advice on whether it fiscally makes sense to return my leased 2022 330i xdrive early. I have $1200 left in payments, 1,300 allocated miles left, lease officially matures end of April. I will easily utilize the 1,300 miles if i keep it until the end of term. I just went for a lease end inspection and the dealer offered to buy it out tomorrow if i give them $350. I’ve already leased a new car in Nov so i don’t need this one anymore, but i can utilize it if needed. I can’t come to a conclusion if it makes sense to pay $350 and get out of the car, or pay $1200 to drive another 1,300 miles.
If i go 1,300 miles over on my new lease, it’s cost me $300, so i’m thinking my cost to turn in early is $650, which saves me $550, assuming no major benefit for me to have an extra vehicle. Does that logic make sense? Or would most people just keep it for 2.5 more months?
Also car has some damage which is being covered by lease end protection, which is why I’m not really considering a third party buyout. Also bmw sedans dont carry much equity.
Counter with the dealer and say, “it’s your without the $350” and be willing to stand your ground on it. Or tell them another dealer is interested without the $350.
Keep in mind your insurance should drop if you no longer have the car.
Thanks for the advice! I leased a new car from this dealer in Nov so i think bmw financial should still be waiving the disposition fee, but thats a good point!
The dealer is buying your car from you or just grounding it early? II would be very surprised if a 330i has $1300 in positive equity. Did they present you with a firm buyout showing you would not need to make the final payments?
You’ve already inspected, you’re saving $850 in payments plus dispo as mentioned, and you already have the replacement. Hand them both sets of keys and your CC already.
I guess i don’t fully understand what they’re doing as i did not believe there would be any positive equity. I just called to confirm i wouldn’t have to make the last 2 months payments and they claimed they would “ground” the car, i’d give them $322.60 and be done. My residual is 27,822.60 and i recall hearing somewhere they offering $27,500. This sounds like someone owes bmwfs $1200 but they claim i will not owe anything. What would i need from the dealer to confirm i’m not making anymore payments?
Sounds like a straight buyout with you only paying difference between their offer and buy out price. I think you should take their offer before you owe another payment.
Thanks! I’m going to drop it off tomorrow and confirm again that i wont owe any more payments. This will also be my first time getting security deposits back, does that come from the dealer or bmwfs?
Thanks, i just wanted to confirm to make sure i wasn’t missing something obvious. 2 months ago when i leased a new car from them, they told me i was $3k in negative equity and i should just keep it until maturity. So i was suprised they want it now.
Thanks, hopefully this is not a case of my salesperson not understanding the process. I wish i could deal with the used car manager directly, an instance where single point of contact is not ideal.
The sales rep most likely doesn’t have a clue what the finance/sales manager is doing to get you out of your lease, so I wouldn’t put any weight into what they said. All they know is that you can pay $300 or whatever and be done with it.
Assuming the dealer is in fact just buying your car, since you have MSD’s you need to verify what payoff amount the dealer is using. If their payoff already includes your MSD’s then you wouldn’t get anything back from BMWFS (and thus selling it to them now is costing you way more than just the $300…).
It’s not that the dealer is being disingenuous but rather they just don’t know. They get the payoff number from BMWFS and have no idea whether you did MSD’s or not.
Before selling your car to a dealer like this you should have a good handle on what your current payoff is, both with and without MSD’s included, so there’s no room for error.