What’s the overage charge on 2k miles - $400? If all the steps @forbs suggested don’t bear fruit, then it’s not a tremendous amount of money.
I was ~10K over on my 2020 Tacoma lease (TFS) last August (would have been $1800 in overage) and was able to get out of it via trade-in where they gave me more than was owed (matched my best 3rd party offer from Enterprise Car Sales) + a tax savings to boot as I purchased a new truck.
Before you jump into another lease, consider whether this strategy is saving or costing you money.
Vs.
My guess is one strategy is costing you many thousands of dollars over the other, long term.
Hi, I am new to the forum and glad I found it.
Currently, I drive a 330 xDrive which I love. The lease is coming to maturity in July so I am starting to evaluate some options. I leased it for 643/mo including tire and rim insurance + 3-year Service program.
I am trying to cut down the monthly payment a little bit so I can also finance a small car for my teenage son. Hence I thought about purchasing my car at the end of the lease financing the purchase and keeping it for ~5 years or so. The car is only 20k miles (with a lease of 30k). I live in NY state and the payoff value of the car today 2 months in the lease still, is $33.2K.
My questions are: 1) If I want to finance the purchase at the end of the lease, can I do it through BMW Financial Services? 2) What would be the expected monthly payment for 60 or 72 months? 3) Do I need to consider any out-of-pocket costs? taxes? 3) Would you recommend that or go for a new lease (probably would need to be a much lower category)
Oh man
@HN308 had amazing lease options for 5 series just a week ago
He still has one remaining
But yeah you can buy out your lease (residual plus unpaid payments and taxes)
Do this. 5 series for less than your 3 series lease was.
Also, look around online for what similar mileage and year 3 series are going for. A quick search shows a few available listed cheaper than your buyout price.
There’s this about buying out your lease:
There’s this about financing options:
Do you have a good independent mechanic? Even if you drive relatively few miles, I would be hesitant to buyout a German car w/ the plan to drive it for another 5-6 yrs w/o that.
Do you have any positive equity in the car (I kind of doubt it, but…)?
Do you plan to keep the 3-series for that long?
Honestly, if you’re willing to spend that amount of money to buy out your car, I personally would rather sell your car and finance something for yourself that will likely retain more value over time and be cheaper to maintain (like an Accord, which should still drive nicely).
wrong person??
1010
Oh, could’ve sworn my post was a response to @Miguel_CG. Maybe something got disconnected when the thread was combined?
@max_g
Why was this moved?
Poster asked if he should get another lease
And I dropped a suggestion
Did that violate something ?
Pricing was really good in the summer of 2020, so this was pretty hard to read. Please please please do your due diligence next time before signing anything.
That’s going to depend on your credit and how much effort you put into finding the lowest APR you qualify for.
After that you can plug in all the variables into a calculator like the one on cars dot com or bankrate etc etc.
You’ll owe taxes either way. Up to you whether you want to pay upfront or pay interest on the taxes by rolling them into your loan (assuming the lender allows).
But based on your post one would infer you don’t have a ton of financial flexibility. So financing a BMW and therefore committing to owning it well past warranty expiration may not be the best fit for you.
There are other cars at the $32,500 price point or below that would have a way lower TCO.
All posts in the original thread were moved/merged.
I had the same immediate reaction but couldn’t remember what pricing was back then. And that is why I think recs for poster to get another BMW (or even to lease) is not a great idea…
Don’t think buying out the lease saves you much money on monthly payment. Financing your residual of $33k (assuming you pay taxes out of pocket) would probably be mid-600s for 60mo or mid-500s for 72mo. I personally wouldn’t take out a 72mo loan on a 3 year old car, do you still want to be making payments when it approaches 9 years old?
Question for those of you who had the pleasure of buying out your lease from US Bank recently. I’ve read the lease and called them and haven’t been able to get a clear answer. My lease ends in August. The person on the phone said to call right after the last August lease payment clears and initiate the buyout paperwork. If I wanted to go ahead and buy it out 3 months early, right after the May payment clears, will there be additional fees or costs? Aside from needing to pay the last 3 payments of course. Is it really better to wait until August? Thank you!
Wait for more / higher-quality responses, but I would just call again and ask another agent for a payoff quote (assuming you can’t get one online).
Completely different lessor (and the market has changed) but when I made the decision to buy my BMW it made more sense to do it at that moment rather than pay rent charges for the last three months.
Two Volvo lease-end questions.
Our Volvo V60CC lease is coming to an end in a few months, and it’s definitely looking like buying-out the lease is the optimal way to go. Since this is my first lease, I have two basic questions:
is the Payoff Amount quoted on the Volvo Financial website, the “real” payoff amount? Obviously, it includes a few additional lease payments currently, because the lease end is still a few months away, but in terms of additional fees, etc., are there any? Or is it really as simple as Volvo makes it seem: fill out the form and send them a check. I am in CA.
And secondly, is there a way to add an extended warranty or some sort of service agreement when buying out a lease? I’d like to cover myself since the original 3year lease is expiring at lease-end. Any recommendations or Volvo-specific experiences?
edit: in CA
You didn’t mention what state you’re in. In CA
Yes, payoff includes disposition, everything but sales tax, which you pay when you submit the title to be transferred into your name
if you buyout directly from vcfs, no. If a dealer handles the buyout, you have an opportunity to CPO (and add that warranty) or add a warranty. There is also a thread here on third party warranties, but remember Volvo factory is 4y/48k miles.
Thank you. Makes sense. Will look at that thread re: third-party warranty and added California to my post.
Doesn’t matter that the title says BMW
@Ashleigh might also remember which Volvo dealer was selling cheap extended warranties, and if they still are
Steingold Volvo in RI has good online pricing on. Volvo warranties and Fidelity 3rd party for other brands.