I am looking at a fairly fully optioned 2018 540i MSRP of $73K:
'You can lease this BMW 5 Series for $586.76 a month for 17 months. You can average 1,030 miles per month for the balance of the lease or a total of 17,502 miles through the end of the lease.
The Seller is asking for $9,975 down which works out to be the sum of the monthly payment noted above. this is a ONE-PAY lease takeover. This lease is paid up - seller is asking for down payment of $9,975. There will be no monthly lease payment due through the end of the lease term on 7/27/2021. Buyer to pay the transfer fees ($500). This seems like a good deal as I am not concerned about mileage or the amount of time left. Any thoughts? Am I missing something?
Just grab one from a broker here. For 10k down… i’d buy a car. Terrible terrible deal
Sounds like it’s a one-pay scenario. But OP, I’d verify that it’s $9975 and no monthly payments, as opposed to $9975 down in addition to $586/mo. If it’s that, then run and hide. If it’s not, then it’s up to you.
To clarify - it’s a one-pay lease so the $9,975 is the only payment made for the remainder. Sorry I wasn’t clear
I understand - to be safe on your end I’d get a copy of the original contract for peace of mind
Got it - but payment wise, if broken down my month seems like a good deal?
Generally the deals here are evaluated holistically… with just the monthly payment hard to tell but I think it’s pretty decent for that MSRP. If i was you, I’d probably pick up a retired loaner but if you want a shorter term than this is the way to go i guess. I’d get a few more opinions tho
What if the car gets totaled out in an accident or it gets stolen? Can you recoup your money?
I would call BMW Financial with the person to verify the account is paid up. Once payments are made to BMW they cannot be taken out of the account according to BMW Financial. I helped my Brother-in-law with a similar takeover.
If the car gets totaled, you could lose out on some money as noted above.
I just had an Infiniti lease that was totaled. The payout from other insurer was $21,800 and they buyout was $28,000. Infiniti has GAP built in, didn’t affect me. The buyout will not always match the payout.
No, money is technically stored in an escrow account until it’s applied and returned if the car is totaled.
Do you know if there are any tax implications of taking over the lease? Are you also in CA?
Seems like a decent deal put probably could get him to cover at lease the transfer fee as the amount of people on SAL looking to prepaid a lease like this would be limited.
