Hey everyone, first time posting here. I have a 2016 bmw 428xi gran coupe msport. My lease is up in august, im allowed 36k at end of lease. Im currently at 37k. My current payment is 525. Do you think i should turn the car in early and pay for the 1k im over. Or just wait till august and pay the .23 per mile. My next lease i want to be at around 400 with no cap cost, any good cars people recommend in that price. Im looking for a car or suv. What do you guys think i should do?
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Figure out how much the trade in value is right now versus the current buyout price and determine whether it is lower than the cost of monthly payments + 0.23c per mile over 36k you will reach by August.
You may find yourself underwater $5k right now in terms of negative equity but that may be cheaper than paying 5-6 months payment + mileage fee/other potential costs since the trade in value is likely higher now than in August with more miles on it.
That the most straight forward way to do this.
what @Parth_Bharwad said, go to carmax or get a quote from carvana or vroom. Then call BMWFS and asked for payoff quote. See what the difference is and take it from there.
As for getting a new car, no point in debating now, programs will change significantly by August.
i called bmw fiinancial earlier. My buyout right now with remaining payments & tax is 37k. In august it will be 34k. Im waiting to get quote from vroom and carvana
Hate to break it to you but you’re probably looking at $7-8k in negative equity right now, maybe more.
Let us know. I’m very curious about bmw residual vs market value during a lease.
USUALLY bmws are very underwater, but who knows!
You’re probably going to be underwater, and the negative will be more than finishing the lease and paying the mileage over.
Anyone know if bmw runs any pull ahead programs? That’s usually the best way out, but not every manufacturer offers them.
BMW doesn’t do pull ahead. Mercedes does 6 payments pull ahead
yupp vroom quoted my car at 23,500
also, calculate your buyout without tax. If you are selling to dealership you dont pay tax when buying the car from BMWFS if I recall correctly.
You should confirm with BMWFS.
Ouch negative $15k equity?
that’s worse than alfa romeo lol
Stop driving it. Buy a cheap beater or use Uber. Welcome to the forum.
Bad advice. Even if he stops driving it he still needs to insure it. At this pace, he’ll probably be 6 or 7k miles over at lease end. At 23 cents a mile, it’s around $1500, which really isn’t the end of the world. This sounds harsh, but if you can’t afford a $1500 over mileage bill, you shouldn’t be leasing a $50k luxury car.
Getting a beater or relying on Uber won’t save any money.
I suggest just continue driving it, but pre-pay the miles before turning it on.
Yes contact bmw financial. OP should be able to at least pre pay some miles @20 cents. Maybe less.
Make sure not to overpay either.
BMW pre-pay is now .23/mile
has nothing to do with not being able to afford the 1,500. I wanted to see if it was worth just paying off the lease and turning it in early or if anyone has had luck with bmw dealers taking over the last few payments and getting into a new car. I’ve gone to two dealers and no one will let me “pull ahead”. Even though they call me atleast two times a week saying they want my car back early.
If the dealer is taking over the last few payments, guaranteed they are rolling it into the new lease or reducing discount to compensate. There’s no BMW corporate pull-ahead at the moment, so no dealer will cut you a break without you paying for it.
People have a misconception that dealers will bend over backwards and throw money at you to get you into a new car. Reality is, unless the captive supports it, there’s no freebie and the buyer pays one way or another.
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No dealer “wants” the car based on the current value vs. amount owed, so it’s just a sales ploy to get you to the dealership.
23 cents per mile isn’t bad for a $500/month car, so I would just keep it and be ready to pay the overage and start looking in July and maybe you can find a unicorn to offset the money spent on mileage.