Lease car buyout question
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Anonymous
| We are moving to the midwest at the beginning of next month and are hoping to turn in our leased car (BMW) before we go. The lease isn't technically up until July, but we've been approached a number of times about turning it in early. We do not plan on getting another car from BMW right now since we are moving and don't want to drive the car out. My husband is convinced that we can take our car to another dealer (not BMW) and they will buy out our lease without buying a car from their dealership. I'm skeptical about this. Anyone have any experiences with this? |
Anonymous
All those offers to buy you out early from a lease are contingent upon you're getting another car from the dealer. Why would they take it early from you for nothing in return? Most leases allow you to return within 30 days of the lease date. You won't get anything back but if it's more convenient to return it early then you can. |
Anonymous
Yes that's also what I was thinking, but from one offer that we got: "We are in a position to offer TOP DOLLAR for your vehicle. There is no obligation on your part – you can sell us your vehicle and take the cash!! " I understand this sounds too good to be true, which is why I'm asking. |
Anonymous
| If the lease payments are paid off early, is there still a penalty to turn it in early? |
Anonymous
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No, there is no penalty to pay it off early (other than having to pay the monthly payments while also paying for your new car). Those offers are contingent on you buying a car from the dealership that "buys out" your lease.
We moved in June and my lease was up in Oct. The moving company shipped the car for free as it was part of a transfer. I bought out the lease in Oct, but could have also returned it to any dealership. |
Anonymous
| You're moving within a days drive of DC...not to the other side of the planet. Ship the car for $500 or drive it out. Sure someone will buy you out at a price that makes sense for them, not you. |
Anonymous
Your options OP: 1. Call this company and see what they will do. If it works out so that you are not worse off compared to driving it to you future destination, you are done. 2. If you plan on leasing a new BMW at your new hometown, find a dealer with branches at both places and see if you can turn in your car early here, sign the lease papers but pick up the new car at your new home. Best of both the worlds.. |
Anonymous
We've priced this out. It's nearly $1000 to ship it out. We have another car that we are driving out. So neither of those options work for us. |
Anonymous
| Reason #472 why I will never lease a car. |
Anonymous
Why? It's been great for us. Maybe not for everyone, but we see lots of benefits. |
Anonymous
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You can usually just pay the remainder due under the lease and turn the car in anytime, but call ahead to the dealership and let them know you're doing that and they'll walk you through it
Or, leave the car with a friend for a couple of months and have them turn it in for you (or come back for a day and do it yourself) |
Anonymous
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Costo had a deal last year that had a Cruze 2016 for zero dollars after rebate.
20k in 2 years with free oil changes, and zero hassle. Leasing is cheaper than owning just need to know how to get the right deal and how |
Anonymous
Having it no longer suits you and you don't know how to get out. if you own the car you sell it whenever you feel like it. Sooner, later, totally up to you. Leasing cars is for people who have cash flow but little to no assets. |
Anonymous
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You didn't mention the model of BMW, but BMWFS inflates residuals on their high-volume models (3,5,X3).
For example, a 535i has a residual of ~63% ($39k lease-end buyout for a $62k MSRP vehicle). Your husband is right in that the dealership(s) will make you an offer for the car, but "we'll buy your vehicle even if you don't buy ours" is a ploy to get you into the dealership and they're not going to offer you anywhere near $39k. Best bet is: 1. Turn it in early from the dealership you leased from 2. Call a dealership that will be local to you in the Midwest and ask if you can turn it in there |
Anonymous
OP is kind of an edge case (interstate move as the lease is coming up) and you answered a question that nobody asked but I will indulge you. If you're the type who will buy a Honda and drive it for 15 years then leasing is not a good option. If you don't understand that some people enjoy driving and want a nicer car then stop reading here. If you want a higher-end European car and drive a predictable number of miles each year, leasing provides a fixed payment on a car that is 100% under-warranty your entire use period. At the end you have a fixed buyout figure or you can simply return it to the dealership and wash your hands of it. Additionally, you don't have it long enough to need to pay for major consumables like tires or brakes. |