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-   -   lease miles (http://www.bimmerfest.com/forums/showthread.php?t=644557)

sdadept 09-08-2012 05:23 PM

lease miles
 
I just took a new position where I will go from driving 3 miles to work to now driving 40 miles to the office (80 mile round trip). Needless to say, this is going to be VERY bad on my lease. On the bmw website I noticed I can buy miles for .20 a mile or $2k per 10k miles. I guess my question is, how far can you take that? If I add 20k miles to this for $4k extra, I'll be bringing it back with 56k miles on it when I turn it in on the 3 year lease. Somehow that doesn't sound quite right (but maybe it is, who knows).

I kicked around the idea of buying a commuter car to take some of the pressure off the lease, but again, I'm on the fence.

thoughts?

ChrisF01 09-09-2012 09:08 AM

I drive ~50mi/day round trip, when I went through the F/I guy, he actually mentioned you can call BMW Financial and buy more miles (per mile is less than what you're quoting) as long as it's at least 6 months before the maturity date.

I'd give them a call and ask them. The reason I went this route is because I'll only pay for what I really actually use, rather than just buying 15/18k miles. They decrease the depreciation at the start. So it'd be a waste if I end up not using them.

Good Luck
Chris

RGSM 09-09-2012 12:51 PM

You can buy as many additional miles as you want.
The discounted price is good up until 4 months prior to the end of the lease.
After that, the price goes up.
You can pay a lump sum, or divide the cost evenly over your remaining payments.
Remember, you also have to pay sales tax on the additional miles.
I recently purchased 15,000 additional miles for my X5.

sdadept 09-09-2012 04:09 PM

Fair enough. I guess it just seems like 20k extra miles on the car would depreciate it more than the $4k I'd pay for those miles (they show as $.20 a mile when I login to my account on the bmw website. I just don't want to turn the car in and have some surprises.

davidc1 09-09-2012 06:34 PM

Why buy another car when you'll only spend 4k. Add to it the pleasure, or lack there of, of driving something cheap.

ChrisF01 09-09-2012 08:40 PM

Quote:

Originally Posted by sdadept (Post 7063631)
Fair enough. I guess it just seems like 20k extra miles on the car would depreciate it more than the $4k I'd pay for those miles (they show as $.20 a mile when I login to my account on the bmw website. I just don't want to turn the car in and have some surprises.

I was under the impression it was cheaper to buy the mileage (the F&I guy said something like .16 or .17/mile) before the last 6 months, than just going over and getting dinged at the end of the lease at the .20 or .25/mi.

I'll call them tomorrow and find out exactly what it is. But like David said, its cheaper even to just go over and spend 4k (I dont think it will be that high) for mileage than buy a small car thats no fun/pleasure to drive.

Chris

A side note, my best buddy drives new VW's every year. Something about their poor electrical/AC/mechanical issues he absolutely adores :rofl: But he leases them, and he drives well over the mileage limits. But because he just buys another VW, they tend to look the other way and not charge him (if anything a very very reduced amount) for the excess mileage. That might be negotiable, if you're going to buy another car from the dealership. Just something to think about, our cars do depreciate much harder, and faster than small, cheap, and gas efficient veedubs though. So not sure if thats applicable. This is my first BMW, and first lease, might as well pop two cherries at once!

RGSM 09-10-2012 10:36 AM

Just an FYI.
Extra mileage charges are owed to the lease company, in this case BMW Financial Services, and not the dealer.
The dealer has no authority to forgive your miles. When the dealer tells a customer they are forgiving your extra miles, they are actually just transferring the cost to your new lease. Trust me, you are paying for the miles. It's a shell game.
Miles are. 20 if purchased prior to 4 months before lease end and .25 after that.
You can buy them online directly through BMW FS. It takes all of 5 minutes. Do not go through the dealer unless you prefer to pay them extra profits.

RGSM 09-10-2012 10:45 AM

Also, keep in mind there is no rush.
No point in buying the miles until it's closer to the 4 month deadline.
If you buy them now, and then your car gets stolen or totaled, you wasted your money.

ChrisF01 09-10-2012 11:26 AM

Quote:

Originally Posted by RGSM (Post 7064891)
Just an FYI.
Extra mileage charges are owed to the lease company, in this case BMW Financial Services, and not the dealer.
The dealer has no authority to forgive your miles. When the dealer tells a customer they are forgiving your extra miles, they are actually just transferring the cost to your new lease. Trust me, you are paying for the miles. It's a shell game.
Miles are. 20 if purchased prior to 4 months before lease end and .25 after that.
You can buy them online directly through BMW FS. It takes all of 5 minutes. Do not go through the dealer unless you prefer to pay them extra profits.

Thank you for the clarification!

Chris J

NickyBlack 09-15-2012 11:14 AM

.16 per mile when purchased 4 months prior to end of lease. I'd just drive it and pay the extra. Don't let the lease dicate your driving pattern. If your putting in 400 miles per week i'd rather do it in a 7 than a pos sentra or civic.
edit: it used to be this ^^ on my M5, currently for the 7 it's .25per mile, .20 purchased early.

sdadept 09-24-2012 07:57 PM

I went ahead and bought 12k extra miles which will put the turn in at 48k miles (the end of the warranty). Thanks for the advice everyone.

RGSM 09-24-2012 08:47 PM

Good luck with the new position.
40 mile commute should go quickly in the comfort of your 7-series.

ChrisF01 09-26-2012 02:12 PM

Quote:

Originally Posted by sdadept (Post 7094339)
I went ahead and bought 12k extra miles which will put the turn in at 48k miles (the end of the warranty). Thanks for the advice everyone.

Did you just write them a check or did they add it to your lease payment?

Like RGSM said, the commute should be short and comfortable. Much cheaper than buying a Focus or some other death trap.:thumbup:


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