Turn in mini 2 months early?

Ask the Hackrs Buy/Finance
,
1

Currently I have a mini cooper, the lease will be due 10/21. Monthly payment is slightly over $500, 2 payments left. I know I signed a stupid lease at that time (supply chain issues and high interest rate).

Now I am looking into leasing a BMW i4. Probably the new car will be picked up before the next payment date 8/21. Would like to get it done before BMW summer sales end.

What is the best way to handle this mini lease?

  • Can the BMW dealer take the mini back early and waive the last 2 payments?
  • For leased car, do I have any equity? Can I “trade in” my mini for the new car?
  • worst case scenario, I will have 2 cars at the same time for 2 months. Not the end of the world. I have made mistakes much worse than this

Thank you.

2

1- They can’t waive it but they can roll in those payment to your new car.

2- Very unlikely but it’s free to check. Check the megathread @max_g created for online offers.

3- Yes, not the end of the world.

3

I’m talking to a dealer about BMW i4 lease. I said the residual value should be 51%. They used 49% and said the residual value has to be adjusted because it is a loaner with 5000 miles.

Is that true or bs?

4

Loaners get adjusted for mileage, yes.

5

On i4’s it’s a $0.25 per mile adjustment

6

My current mini cooper lease will be due 10/21. It was signed 3 years ago during supply chain issues, no negotiation room at all and it was a horrible deal.

I am looking into BMW i4 lease. With $9900 rebates plus $2000 loyalty credits, it makes the lease really sweet.

My mini still has 2 payments. Should I wait? Most of the current lease deals will expire 9/2, am I going to miss them if I wait? What is your opinion?

Thank you.

7

Sign something mid September.

8

Do you think We will still have the good deals like this Mid September? Thank you.

9

I come on to this forum often. There has never been a month go by where I haven’t been impressed by a deal that someone scores on here.

I think the only major shift will be the expiration of the $7,500 EV credit on 9/30/2025. Which if you sign mid-September would avoid that if an EV is in your sights.

10

My guess is yes. But if I could see the future I wouldn’t be poor now.

ashevtotal 11

All That Magic GIF by Nickelodeon

12

It’s start looking now. Inventory is starting to drop and off you want something that specific, even more applicable.

13

Can you afford the two,payments and insurance for two months? If so, then the earlier you get a new vehicle the better. There will be more choice and dealers will be more likely to offer discounts than when supply gets low. There is too much FOMO going on with the tax credits now, and it will likely only get worse.

Just don’t expect to be able to get out of your new lease early. I suspect manufacturers will drop prices on EVs come October and it will crush resale values. Just see what Tesla did to existing owners.

14

QFTT

If you see a deal you like on the car you want, take it.

There may be great deals mid September, but you most likely won’t be able to pick among too many brand, models and trims.

Even during the past couple years we’ve always seen only a handful of cars that had exceptional deals each month.

15

@ruivickysun I weirdly have a lease ending on the exact same day as you and I just signed a lease yesterday for a LYRIQ. I spoke to several dealers and they are already pricing aggresively to get them moved - granted this doesn’t mean all dealers are doing this. The dealer I signed from only had about 3 EVs left in total. If you can get a good enough deal, my opinion would be that it makes sense to at least start you search now to guarantee you find something before the credit is up and/or dealers have moved most of their inventory. Everyone’s financial situation is different, but for me I was happy to get what I wanted now and pay an extra month or two of double lease/insurance for the peace of mind

16

Gotta do this soon.
I’m not sure I’m waiting too long on this.

The i4 isn’t a car that has like 5k or more inventory at dealerships.
I’d start working the deal now so you have time to negotiate with several dealerships.

Absolutely get on this tho.

17

Every month the fine print says that. That’s neither here nor there.

Which i4 trim do you want? Saw another post that said not many M50s left. Can’t remember if that referred to a specific model year.

18

Thank you. I’m looking for i4 xDrive40, potentially a 2025 loaner/demo.

I have identified 3 cars. Probably I will finalize the deal next week.

19

Congratulations on your crazy good deal!