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10-24-2014, 12:41 AM | #1 |
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early lease turn in question ( paid off lease)
Got a question. I leased my 2013 M3 for a 3 year/36000 mile term. its due back in January 2016. I paid the lease off the day i got the car.
I drove a lot more than i thought, and i will be WAY over the miles by the time i reach the due date. I also dont want to buy more miles either. I kinda wanna grab a new car, and turn this one in around march-April 2015 which is when i should hit the 36000 miles or so. i would be turning it in like 10 months early. but its at the miles, and is paid off. Would BMW let me turn this car in ? would it be a issue ? thanks for any help. |
10-24-2014, 04:19 PM | #2 |
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shouldn't be an issue since the lease is already paid off. might need to pay a little early termination fee. but if you get another bmw i'm sure they'll void any extra fees.
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10-26-2014, 02:35 AM | #3 |
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BMW will be good to you as long as you buy another BMW. It's all win for them. IMHO BMW is very good at keeping and appreciating loyal customers.
I've got three loans with them right now. M3, M6 and reluctantly an X1 for the girlfriend. Humans rather than just computer algorithms review their customers to work with you. |
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10-28-2014, 07:50 AM | #5 |
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I find it crazy they would slap a fee even though all payments made. It's a total win for them from the start as they get the car back early and get all the payments, so can resell for more.
Anyway Ezio what are you going to hop into?
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10-28-2014, 09:38 AM | #6 |
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leaning towards getting a c7 corvette ATM. was going to place a order this winter.
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10-28-2014, 10:19 AM | #7 | |
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11-05-2014, 11:48 AM | #8 |
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BMW charges you $350 plus tax when 'leaving the brand.' You won't get charged to turn in the lease early because you already paid the lease. You will have to pay that fee though.
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11-05-2014, 12:19 PM | #9 |
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350$ for Leaving the brand? That is the weirdest charge.
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11-05-2014, 05:39 PM | #10 |
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Yes. I know numerous people not only that lease BMW's but also other makes and they charge them when they turn in their lease and do not lease another vehicle of that same manufacturer. It's a bullshit charge. Then again, I think leasing is bullshit but that's just me.
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01-10-2015, 07:03 PM | #11 |
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Ezio there will be a mileage hit, you are allowed 12k miles per year, sounds like you are going to be 10k miles over what you should have. You're looking at a $2400 hit at lease turn in.
Another thing, never pay a lease off early unless you have to get out of the car. You total your car you are screwed. Dave
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02-01-2015, 04:03 PM | #12 |
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I think they can within 6 months. I have 4 payments left and looking into a cpo m3. So the early lease return incentive waives my 4 payments as long as I get into another bmw?
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02-05-2015, 03:43 AM | #13 | |
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02-05-2015, 06:25 AM | #14 | |
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Ultimately the OP simply needs to ask the folks at his dealer who handle leases and lease returns... They might be forgiving if he was buying/leasing another BMW but if he is leaving the brand they will likely not be as forgiving... What's unique here is that the OP has already paid the entire lease off so essentially he will be out of pocket the remaining 12 months of lease payments. Not sure how much BMW would be willing to return to the OP as he has "used" the entire 36k miles the contract called for.
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02-16-2015, 09:35 PM | #15 | |
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Correct, the contract is for 12k miles per year. Its 36k miles at the end of the contract. Dave
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02-23-2015, 04:32 AM | #16 |
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lol some of the logic in this thread is just plain silly.... a 2013 with 36k miles is still a 2013 with 36k miles thats the agreement on the paper.... return this car with less than 36k miles. On my lease agreement it is written 36months 36000 miles. no where does it state 12k miles per year. how do you figure a car 2 years old with 36k miles is less valuable than a 3 year old car with 36k miles?
to answer the OP question I was in the same exact boat as you in my 328i before I got my M3... I had put my name on the list for the last e92s and it was coming in before my lease was up. so i decided I'd just pay it off and turn it in. BMWFS told me any way you look at it you have to pay the remaining payments and can turn in the car at any point without fees (since i was staying within the brand) as long as it was below the agreed 36k miles. They insisted I kept the car as a backup / secondary since I way paying for the months anyways. running out of driveway/garage space I ended up turning the car in 3 months early. all I did was call BMWFS payed for the remaining months and then all I had to do was return the car to any BMW dealership. Took the car to a totally different dealership than I leased it from. They looked it over, tried to sell me another car the entire time even after telling them I already had a new bmw. They signed off a checklist and gave me a copy... boom done out the door. Since your lease is fully paid for I'm sure this is reflected on your credit as 0 due. I dont see why you couldn't go out and get the car you want to replace the M now and have both till its time to turn it back in. Last edited by dadealus; 02-23-2015 at 04:44 AM.. |
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02-24-2015, 12:25 PM | #17 | |
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Buy back the car and private sell it. On an M3 the depreciation is 58% - 62% or more. In other words you paid 58% of the car in 3 years. That is a lot!!! no matter how you look at a lease they are expensive. Money down the toilet. IMPO. Check how much is the residual value vs the price on the market for a car similar to your and then you can decide. It's so good that the sales guy will do anything to change your mind. If the car is clean they can sell it at the dealer for 8-10k profit. Do the math and then decide. And never pay a lease upfront. How much is 30k in the stock market for 3 years? |
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04-01-2015, 01:25 PM | #18 | |
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I would ask what the price is to buy out the car presently. If the buy out is less than they trade in value, today, then buy out the car and you will be ahead by that difference. The NadaGuides.com website places your clean trade in value at $48,100.00. Once you have the title in hand you can decide to sell the car or keep it. If you sell it for a profit, you will recover part of the money you already spent on the lease pay off, when you buy a new car. If you definitely do not want to keep the car, you will probably lose any equity you already have in the car, since the dealer is going to try hard to ruin the trade in value, stating the car is old, worn, high miles, and that the auctions have the car listed at a much lower price. That is all BS in any negotiation in my book. Hence my advice to first take ownership of the car, and then turn around and sell it or trade it as soon as you have the title in hand. Your trade in value can be more than I estimated ($48,100) for a 2013, E92 with no sunroof and no other options, and 33k miles on the odometer. Here is the link if you want to configure the estimate yourself. http://www.nadaguides.com/Cars/2013/...e-2D-M3/Values Also, do not forget, during trade in for a new car, in most states you can deduct the cost of the car you are selling to the dealership during a trade in from the cost of the car you buy for the purpose of estimating tax on the new car. So, that is about 6% in MD. As a result, if you trade your car for 50k, and buy a new one for 75k, you will pay 6% tax only on the new car price minus the old car price, i.e. 1500 tax, instead of say 4500 tax. And hence, it is hard to beat the trade in benefits when you sell your car independently, to later buy a car from a dealer. Just FYI. Last edited by M3 n X5M; 04-01-2015 at 01:29 PM.. Reason: Missing info added. |
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04-02-2015, 03:07 PM | #19 | |
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What are you missing is that BMW is now going to have to dispose of a car with 12k more miles than expected per year. Therefore they lose money on the transaction on the resale, hence the mileage hit. At early lease termination BMW will hit him with a bill sent in the mail due to the mileage. Dave
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04-02-2015, 09:54 PM | #21 | |
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04-03-2015, 11:47 AM | #22 | |
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However, I could be wrong, and the values are way off on all these websites. However, from the standpoint of seeing what your car is worth, the fewer options for price estimation in the nadaguides are a good reminder that in the real world the options purchased for the car tend to get matted down during the pricing for trade in or resale. Options may make a car more desirable to certain interested buyers but may not get the price you expected. I.e. if I am buying, I may want the sunroof, but I want to pay you for a car without one, when I am buying used. |
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