My 3 year lease on the BMW 328iX is up in January, the car is in excellent shape and way under in mileage, I am thinking to re-lease it for another year or two. Does anyone have any tips that could be shared please?
I am currently paying $325/month and the car has only 18K miles, don’t feel like paying the dealer again to set up another contract, and also feel like the payment should be less now that the car is 3 year old…
Technically, from what I hear, you CAN re-lease a BMW if calling BMWFS. That said, the terms are HORRIBLE, and in no way in your best interest to do. You would be much better refinancing the remaining balance and driving it till the wheels fell off.
I’d be curious to know what the offer would be. BMWFS completely goosed the residual for these cars. CarMax will sell you a 2016 328i with under 20k mile for 21k-23k. So what must the auction price be? 15k?
If there was a practical way to offer a re-lease it would make sense. But it’s like negotiating the buyout, it’s too logistically difficult. I’d say mostly because you don’t want to let the people who went over miles off the hook for free.
Thanks guys! Well, it does go against all the pros of leasing but since there’s still warranty left till 2020, and if I can knock down monthly payment without much money/complications, why not drive it for another year until the 4 year warranty/maintenance is up was my thought. Let’s see if we can get some other tips on this.
You should be able to get a couple of months as an extension, 6 if you have a car on order. Other than that you can turn it in/pay residual. The dealer has 2 buy out options- 1 is if the original lease (you) want to buy it (they pay more) and one if your are not buying it. The not so above the board option is to turn it in with the understanding your friend or family member buys it back from the dealer after you turn it in (so the dealer gets the better price). Try and negotiate XXX over what the dealer pays for the car and it is yours. Option 2 is turn it in and google the vin number to see where the car ends up later (assuming your dealer does not want to buy it)— and purchase it from the dealership it ends up at a later date (this is more of a gamble and would probably cost more than having a friend/family member buy it out).
I can guarantee you they will not lease it to you for less. Expect your payment to skyrocket if you negotiate another lease in the car through BMWFS as used. It will not stay the same, and there is 0, Z.E.R.O. chance it will be lower.
Am not even sure what that means, there’s deals on these cars, just look at this below. Sounds like you must have put a bunch of money down last time, that’s a big NO NO. These cars cost too much to keep once they go out of warranty, just find another one.
I am paying $325 including tax for the AWD iX model which is about a couple grand more than the RWD, don’t remember the exact drive off amount but I normally don’t put much down, so the deal is not too bad. But what I meant is if I have to pay the dealer say $1000 or more to write up another lease, then I would not do it but if we can re-lease for a few hundred bucks and shave off $50-$100 per month, it seems like a no brainer to drive it for another year (how big of a repair can it be for a car with just 18K miles with virtually no repairs so far? It’d be covered under warranty anyways)…I will call BMWFS and local dealers and see what they say. I will keep you guys posted and many thanks for all your feedback!
I have never done a re-lease and this was the reason for my posting but I am assuming dealer will want some money to draw up another lease, so Jon may be right, doc and acq fee etc. or whatever they come up with…