I leased a 2020 M340xi in September of 2019 with 12k/36 months, then covid happened and all my mileage calculations were off the table.The car has completed 19 months and I have clocked just 10k miles on it, the way I have been driving it, I am doubtful I will touch even 17k miles on it, so just for fun today I got quotes from Caravan etc and was shocked with Carmax quote. Was not expecting any positive equity on it.
So will profit around $2k if going with carmax, now couple of questions:
The next payment is due April 30th and that includes payment of MA state excise tax of around $800 (anyone knows if we can prorate this, once I sell the car off) or that’s money down the drain. Is it possible to ask for an abatement from the state since you technically paid tax for the entire year but sold it mid-year.
Also how soon does bmw refunds the msds back, can anyone tell me their experience with selling a bmw to these companies with msds.
Was this an initial quote or has car max inspected it and that is their quote? Do you have to at taxes on the sale (it’s MA so o assume you will). Might be a couple of things to think about
Initial online quote, then took it to local carmax and the quote remained same. The tax I am talking about was the excise tax (property tax) that MA resident have to pay every year, not sure if I will be able to prorate that once I sell the car.
Bmw financial told me that I should be able to get prorated amount back from state once I sell the car but I am not sure how that will work, as bmw pays the state and later on charges the amount to us.
I had the same issue in Virginia with our annual tax. This is a common issue with leases so they should know how to do it*.
Of course I had the opposite experience where due to Covid-19 related issues Acura did not know how to do this. After many many calls and getting absolutely enraged at a customer service agent telling me Acura was just going to keep the excess tax I paid (which is very illegal) I wrote a demand letter to their registered agent in Virginia. Acura sent me my excess tax payment back very quickly after that.
I did read that document, but the confusing part here is that, bmw holds the title and technically they are paying the tax and just collecting from lessee, so not sure how would I claim it later on
With a financed car or a car you own outright, you get the tax bill directly in your name (which you can easily claim later on).
Edit: @EC99 So Acura paid you back the excess amount , right ? Rather than the state ? I was assuming the same as state would be refunding the amount back to the entity that paid the tax in the first place (ie BMW Financial in my case).
It’s a little different in Virginia, the annual tax isn’t baked into lease because it’s an unknown amount at signing. But yeah, Acura paid the tax for calender year 2020. My county then sent Acura a refund for months I paid for but didn’t own the car in 2020.
It’s complicated because the leasing company is the intermediary but if you bug them they will send you the money.
Same car here. Thought about getting out of my car too. Was wondering what would you replace ur m340 with? I’m looking at the m3 but definitely not at the prices they are going for now. Plus I want awd so I’ll just ride out my lease.
My plan is bit convoluted, had two cars as both wifey and me were driving to work, now with my job going remote till q1 2021, won’t be needing another car for a while, and due to inflated used car market, got good price for my 17 Civic that wifey used to drive Plan now is to get a fun used project car for myself like a old 911, mx5 or c4,c5 corvette and then sell off m340i and get a regular car leased for wifey (mostly a suv).
