This is my first lease return. My 2019 BMW 330xi lease ends this July, however, my car does have some deep scratches/chips on the rear bumper, several tiny chips on the front hood/windshield, wheel curb rash, and my tire treads are low. I do need to have the car inspected before turning it in. So, other than having the issues repaired/replaced, what is my best bet in order to avoid paying more and avoid additional charges? Will BMW hook it up with any excess wear waiver? Should I get the inspection done at my home or through the dealership? etc?
In addition, what are the best values and leases on a new luxury non-SUV for my next lease? TYIA
Is there any equity? Did you shop it around to get some pricing ideas? If there is you have an easy way out, by selling it.
Why would you need to replace the small chips and scratches. Won’t those be covered under normal wear and tear?
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Just get the inspection done 30-60 days before turn in. BMW should send you info on how to schedule it, the inspector will come to your house.
After the inspection you’ll get an itemized list of everything the inspector found and what you’ll be charged. At that point you can make a decision on whether it’s better to fix the issues yourself or just pay BMW.
In a lot of cases the inspectors can be pretty lenient and the charges can be significantly less than fixing things yourself.
For my last Audi turn in I was worried about the same thing, curb rash on 2 rims, deep scratch on rear bumper, missing key. Inspector said everything was no charge normal wear and tear and only got dinged $125 for the key (vs. $500 if I had replaced it through the dealer).
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I am told 3 series and 5 series do not have positive equity… carvana offered me less than my buyout and a BMW dealer did not even want to buy it, they said they can get it cheaper straight from BMW
I’m in the exact situation as you (330i lease expiring in July). Every time I’ve checked the value (including 5 minutes ago), it’s the same or less than my payoff. My sales guy asked what I was going to do, told him I may buy it. He said “You’ll need a safety check if you do decide to buy out.” I asked for more information on why that would be needed, he said “Safety/emission check. Any time BMW FS sells a leased vehicle back to a client, it’s required.” So I called BMW FS and asked if any inspection is needed if I’m buying it, he said no. This guy has pretty much been straight with me from the beginning, so is he just flat-out lying? As far as I can tell from the payoff instructions, the dealership doesn’t have to be involved at all. I’m in Florida if it makes any difference – no state inspection is required here. Also, I asked if the lease can be extended. Yes, for two months. Or up to six months if you are buying another BMW (which I’m not). If I do decided to return the car, he gave me the number of AutoVIN to schedule it (855-269-2846) and it can be done anytime within 60 days of lease-end. He said the vehicle has to be returned to the same dealer (I was hoping I could return it to a closer dealership.)
Probably trying to charge you his $999 dealer fee, $499 electronic filing fee and some other bs fee. If you decide to buy it, just do it through BMWFS like you mentioned.
BMWFS doesn’t require it if you buy direct. If you buy through a dealer they might require it since legally they buy from BMWFS and resell to you, so if your state has any lemon laws or similar consumer protection laws you could go after the dealer for any problems with the car. The transaction is viewed as if you were just buying a used car off their lot and that might be a state requirement or just their dealer policy.
never ever ever in a 330
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I had a little equity when I sold my 430 to a dealer last week. All about the deal you got at the beginning really. Shop around to another BMW dealer or three if you can. If you don’t have equity, you might be able to at least cut free from paying your final payments, dispo fee and any turn in related charges such as new tires and any damages you might have (I say tires because I drove 31k on the factory tires and did not change).
dispo billed on all bmw now.
I just got my security deposit back from BMW two days ago and they did not charge the dispo.
Was credited out for whatever reason, maybe because I have an existing BMW vehicle (purchase and prior to this lease).
The RV is the RV, so near the end of a lease, the deal you got has very little to do with having equity or not.
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Sounds like complete BS unless it’s something required by your state
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Seems like this guy is all BS, check with your closest dealer to see if they will take a car or do pre-inspection. I took my 330e to a dealer that was very lenient and he even mentioned that they never charge for curb rash (which I had). They did the pre-inspection and turn in and I bought the car from a different dealer.
Yeah, I was just considering the total amount of payments remaining. That has to be factored in regardless of residual. If high payments, then it eats away at potential equity is what I meant.
This. The equity is purely based on difference between the RV (which is calculated using the MSRP) and the current market value. How well you negotiated has little to do with it, except perhaps on payments remaining before your lease ends.
For current value, see how much CarMax, Carvana, etc will give you. You can either buy the vehicle out and sell it if it makes sense or use those numbers to see if your dealer could roll that equity into another lease. Don’t just turn a lease in leaving equity on the table.
So why would you buy it?
In other words, even in the most inflated used car market in history, it’s not worth its RV. So why would you overpay by paying RV + any fees to buy it?
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Just to clarify, it was the BMWFS guy who said I have to return it to the original dealer. But I’ll call my nearby dealer and ask.
His job is to turn every lease buyout (from BMWFS) into a retail transaction handled through the dealership.
Which could involve:
Doc, processing and filing fees
Upselling consumables like tires and brakes
Selling F&I products like warranty and service plans
Making money on the financing
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