Bimmerfest - BMW Forums

Bimmerfest - BMW Forums (http://www.bimmerfest.com/forums/index.php)
-   E90/E91/E92/E93 (2006 - 2013) (http://www.bimmerfest.com/forums/forumdisplay.php?f=99)
-   -   Help getting rid of lease (335xi E92)? Not a novice, but running into dead ends (http://www.bimmerfest.com/forums/showthread.php?t=667586)

EyesOnly 01-02-2013 05:21 PM

Help getting rid of lease (335xi E92)? Not a novice, but running into dead ends
 
Short story - I've got a loaded 2012 335xi coupe on lease, way below mileage requirements. It's listed in the classifieds here:

http://www.bimmerfest.com/forums/sho...d.php?t=664793

The trouble is that after a few months of craigslist postings and a little dabbling here, I can't seem to get anyone to even bite. It's actually a pretty good deal; I got it at dealer cost and the super elite tier money factor.

I'm not really working right now and am therefore an idiot for having the car. I'd love to offer some lavish incentive to get rid of it, but if I could afford that, I could afford the car. Make sense? I'm drawing down my savings like crazy to not default and keep my credit rating.

The residual is nice and high, which was great for the lease terms, but impossible for a sale to a private buyer - the payoff quote is about $8k over market value due to the artificially high residual that BMW set at the time of the lease. As you can see from above, I don't have $8k in my pocket for the difference.

Not looking for pity or "told you so" posts; I'm an adult and will face my own consequences, but just curious if anyone has had a similar experience and how you resolved it.

chrisk03 01-02-2013 05:32 PM

Have you tried any of the lease swap sites or even perhaps your dealer to see what they might be able to do...consignment or something? May cost you a little, but better than a dinged up credit score. Good luck.

EyesOnly 01-02-2013 05:37 PM

Good call - I guess I just assumed the dealer would tell me tough luck, but it never hurts to try. I previously had someone assume a lease on a Z4, and I had posted it on swapalease with no responses (seriously, zero), and I got about 50 inquiries by craigslist, which I thought was odd.

pointandgo 01-02-2013 06:43 PM

Quote:

Originally Posted by EyesOnly (Post 7285497)
Short story - I've got a loaded 2012 335xi coupe on lease, way below mileage requirements. It's listed in the classifieds here:

http://www.bimmerfest.com/forums/sho...d.php?t=664793

The trouble is that after a few months of craigslist postings and a little dabbling here, I can't seem to get anyone to even bite. It's actually a pretty good deal; I got it at dealer cost and the super elite tier money factor.

I'm not really working right now and am therefore an idiot for having the car. I'd love to offer some lavish incentive to get rid of it, but if I could afford that, I could afford the car. Make sense? I'm drawing down my savings like crazy to not default and keep my credit rating.

The residual is nice and high, which was great for the lease terms, but impossible for a sale to a private buyer - the payoff quote is about $8k over market value due to the artificially high residual that BMW set at the time of the lease. As you can see from above, I don't have $8k in my pocket for the difference.

Not looking for pity or "told you so" posts; I'm an adult and will face my own consequences, but just curious if anyone has had a similar experience and how you resolved it.

Not sure that I should really chime in here. Certainly the residual is "high" for a 2012 car (that would look a lot better 2 - 3 years from now)...and you may still be competing with leftover "new" cars from dealerships. Quite frankly, your monthly is similar to my "fully equipped" '08 335i (sports pkg, nav, etc.)...although it wasn't the "xi"...hard to calculate the difference!

It goes without saying that getting out of a lease EARLY is DIFFICULT due to the depreciation factor...especially with a 2012!!

As stated in here, there are "lease takeover" companies (I had checked them out previously), but quite frankly speaking, this could be a big hassle as you deal with your lease company who must "vet" the buyer...GOOD LUCK anyway.

tturedraider 01-02-2013 08:20 PM

Good luck with this difficult situation. Just to give you a little better idea of what you're up against right now, it appears there is substantial manufacturer to dealer incentive money right now that is allowing dealers to be able to sell brand new 2013 models for several thousand dollars below invoice. With the current E92 market conditions it is very likely someone can lease, or even purchase, a new 2013 for less than your current lease payment.

SARAFIL 01-02-2013 08:35 PM

+1

To be honest, it comes down to the "deal"... your payment is a bit high, you'll likely need an incentive to move it.

I have a similar car though mine is a late 2011, same MSRP, and my lease was $550 with no down payment. I have been running numbers on new cars as my lease is up about 6 months, and I could get into another one just like mine for a similar payment.... so at $650 yours is a bit high. I could get a loaded F30 for that.

Db750 01-02-2013 09:14 PM

You posted in the discussion forum so here is my thoughts; your lease rate is absolutely outrageous! One can now lease a new F30 with more options for less. Didn't read the entire post, or any reply, but bottom line you need to come off $200/month to make your car relevant.

Good luck.

EyesOnly 01-02-2013 10:25 PM

Much appreciated all - when I needed a car this time last year, that was the best deal to be had (I know from comparing on this forum). The residual and MF were average, but I left the dealer just about nothing on the table. To be fair, the sticker price was $57k - the xi coupe really tacks on the base price.

Anyway, I'll post in the classified thread, but I could probably make a payment or two for someone who's interested. Or just give them the money. Wish I could do more...

bikenski 01-03-2013 11:26 AM

The E92 is at the very end of its life cycle, with the F32 launch right around the corner. Coupe buyers in particular tend to be more style conscious, and don't line up to buy a model that will shortly be "outdated." For the few buyers who are out there, BMW is offering great lease deals on '13s to keep them from stagnating on dealer lots.

The example lease on BMW's website for a '13 335i xDrive Coupe is $389/month with $4114 cash due at signing. Even structured with $0 cash outlay whatsoever, you're looking at barely over $500/month. And that's before negotiating down from MSRP.

Having said that, you likely have three options if you're not able to continue the lease until the end of term:

1. Forfeit on your existing lease, turn the car in, and walk away. I'm not sure how BMW Finance handles this, and what the long-term implications are on your credit, but if you don't have a new source of income on the horizon, it may be worth considering.

2. If the consequences of (1) are too tough to stomach, and you can somehow come up with the cash to do so, increase the incentives on the lease transfer to at least $200/month for the remaining term. That will make your more competitive with the current offer, and someone who loves your car's color/option selections, and who can't find a match at a dealer, may bite.

3. Wait it out a bit longer until the 2013s are no longer on subsidized leases at the dealers. Eventually the residuals will tank on the '13s and the subsidized lease programs will stop being offered. At that time you may find someone who hates the styling/electric power steering/softer handling/first year unreliability/etc. of the F32 and is seeking a low mileage E92. That will take some time though, and you'll be stuck bleeding the monthly payments until then. Also, still no guarantee that you'll be able to transfer it without costly incentives.

Sorry to be the bearer of bad news, but hopefully your financial situation will improve soon!

unrealii 01-03-2013 12:38 PM

Check with Carmax. I'm not sure if they purchase cars out of leases, but it wouldn't hurt to get a number from them.


All times are GMT -7. The time now is 02:21 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
© 2001-2011 performanceIX, Inc. All Rights Reserved .: guidelines .:. privacy .:. terms