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-   -   Dealer Question - lease trade in (http://www.bimmerfest.com/forums/showthread.php?t=662169)

gehmjc21 12-04-2012 01:02 PM

Dealer Question - lease trade in
 
I've put a few posts up about a potential lease takeover for my '12 6er coupe. I wanted to get a dealer's opinion on this.

I signed my lease back 7/1 for my coupe and it looks like we're going to be starting a family sooner than expected, so I'm thinking about the 6er GC.

Would it be possibly to do a lease trade AND still get some of my initial money down (MSDs and cap cost reduction) assuming I would eat my upfront tax paid.

Not sure if there's anyway to do this so early into the lease?

With the holiday incentives going on, I could get a GC for pretty much the same monthly payment.

Thank you in advance.


http://www.bimmerfest.com/forums/sho...d.php?t=661125

xofruitcake 12-04-2012 05:21 PM

Quote:

Originally Posted by gehmjc21 (Post 7230636)
I've put a few posts up about a potential lease takeover for my '12 6er coupe. I wanted to get a dealer's opinion on this.

I signed my lease back 7/1 for my coupe and it looks like we're going to be starting a family sooner than expected, so I'm thinking about the 6er GC.

Would it be possibly to do a lease trade AND still get some of my initial money down (MSDs and cap cost reduction) assuming I would eat my upfront tax paid.

Not sure if there's anyway to do this so early into the lease?

I never did an early termination or trade in with BMW but I did a few early termination of Lexus and Infiniti lease.

The process is generally very easy. You can call BMWFS and ask them what is your car early termination pay off amount. They will tell you it is $X if you do it before a date Y. Now it is your turn to shop your car around either as part of the trade in or take it to several BMW dealerships around you (if you have multiple BMW dealerships around you. If not, you are stuck with the one in town) and see what is their best price. We did both of them. And in most case, the first offer is always a couple thousands below X (since they know exactly what your pay off amount is.. They figure you will be o.k. to pay a couple thousand to get ride of the car) regardless of the real wholesales price of the cars at the moment. The only way to figure out is to shop around and the highest bidder is what the market price is. You will always get back your MSD once your lease is paid off. The upfront cost is iffy and you need to negotiate hard for that by shopping your cars around. You can also sell the car or transfer the lease on your own. But I think there is some hassle if they guy who take over your lease don't pay down the road. Some manufacturer will make you liable for the non-payment while other don't. But either way, BMW will have to approve your transfer..

You can get some idea of the ultimate price you can get by looking at the dealer asking price for a model similar to your CAR. Subtract 2 to 4 thousand from their asking price and it should be close to what you ultimately can get... Dealer will need to make money too. So you won't be able to get the same price that they will eventually ask for your car once you trade it in. Good luck.. You have a very good problem of planing a GC to be your family car 8-)

gehmjc21 12-04-2012 06:18 PM

Incredibly useful information, thank you! I think I'll call my CA I bought the car from tomorrow and take it from there. Then I'll feel my local dealership out.

We'll see if it's even worth the hassle!

miamiboyca 12-04-2012 10:14 PM

Quote:

Originally Posted by gehmjc21 (Post 7231196)
Incredibly useful information, thank you! I think I'll call my CA I bought the car from tomorrow and take it from there. Then I'll feel my local dealership out.

We'll see if it's even worth the hassle!

Keep in mind with 6 months into the lease the value has dropped like a brick tied around another brick so dont be surprised if its not worth the hassle.

Happened to me one, and i had no choice but to ride it out. Good luck.

gehmjc21 12-05-2012 03:42 AM

Quote:

Originally Posted by miamiboyca (Post 7231626)
Keep in mind with 6 months into the lease the value has dropped like a brick tied around another brick so dont be surprised if its not worth the hassle.

Happened to me one, and i had no choice but to ride it out. Good luck.

Yea that's what I'm thinking. Might have to ride it out.

It's still a better deal than leasing a '13 with similar options. Only thing is the engine change.

Thank you though!

chrischeung 12-05-2012 09:32 AM

I think you need to be realistic. Most folks who can afford to lease a 650i will want to lease a new car, and not a used one. And they'll want to get the latest and greatest car. After all, if money was a concern, wouldn't they be leasing a 3 series coupe? You're probably going to take a bath getting out of that car.

My advice, assuming that your baby is like most and won't arrive for 9 months, is to keep the car for as long as possible. At that time see if you really need to get out of the lease, or if you can make do with using a second car. The thing with a baby is that you tend to go out less and drive less.

gehmjc21 12-05-2012 10:52 AM

Quote:

Originally Posted by chrischeung (Post 7232217)
I think you need to be realistic. Most folks who can afford to lease a 650i will want to lease a new car, and not a used one. And they'll want to get the latest and greatest car. After all, if money was a concern, wouldn't they be leasing a 3 series coupe? You're probably going to take a bath getting out of that car.

My advice, assuming that your baby is like most and won't arrive for 9 months, is to keep the car for as long as possible. At that time see if you really need to get out of the lease, or if you can make do with using a second car. The thing with a baby is that you tend to go out less and drive less.


Hey Chris....You're right about people wanting a brand new car and not used. I was more or less offering someone an opportunity for a 6er with very few miles at a price much less than what you can get nowadays, given current residual, mf and even incentives.

But you make some good points. And my wife has an A6, so the more I think about it I may just hold on to my car and use hers for baby transport. Plus, as much as I dont want to think about it, we probably won't be going out as much :yikes: scary thought!

Thanks again

djsaad1 12-05-2012 12:13 PM

Quote:

Originally Posted by gehmjc21 (Post 7232401)
Hey Chris....You're right about people wanting a brand new car and not used. I was more or less offering someone an opportunity for a 6er with very few miles at a price much less than what you can get nowadays, given current residual, mf and even incentives.

But you make some good points. And my wife has an A6, so the more I think about it I may just hold on to my car and use hers for baby transport. Plus, as much as I dont want to think about it, we probably won't be going out as much :yikes: scary thought!

Thanks again

If it makes you feel any better, I have been driving a cts coupe for the past few weeks while waiting for my GC to arrive. I put a car seat in the back and my 2 year old loves it. As long as it is just me, my wife, and our child we have no issues. Although it is a little bit of a pain buckling her in compared to a 4 door car.

chrischeung 12-05-2012 12:18 PM

Quote:

Originally Posted by djsaad1 (Post 7232592)
I put a car seat in the back and my 2 year old loves it.

Not sure about the OP, but many folks, myself included, opted for a travel system that has a baby carrier (why wake a sleeping baby?). That will be difficult to get in and out of the 650i I imagine. Alternatively, if you use a convertible car seat, for the first 6-9 months, that will be rear facing. That will mean moving the front seat much further forward, cutting down a lot on leg room.

ledname 12-09-2012 06:39 PM

Have you taken a look at leasetrader.com ? I got out of 2 BMW leases using it (though it has been more than 5 years since the last time I used them). Sometimes you have to incent people to take over your lease by offering some $$$. BMWFS is very easy to deal with regarding lease assumption. You call them, tell them you found someone to take over your lease...they create a special website for the other party to apply for credit and process the paperwork. Wish I could say the same for Acura...they required the original lessee to stay on the lease as a guarantor...no way! Ended up trading it instead. BMW fully releases you if someone assumes your lease.


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