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)
-   -   2008 E92 Lease/Selling/Trading options? [noob here] (http://www.bimmerfest.com/forums/showthread.php?t=675821)

AliBamshad 02-11-2013 07:51 PM

2008 E92 Lease/Selling/Trading options? [noob here]
 
Hey everyone. Been a while since I've been in here.

I love this car, but financially its not working out anymore.
My parents got it for me initially. For a 3 year lease.
Upon the return date, my miles were way below the term, and I definitely was looking to buy it because of the condition and such low miles.

The guys at Crevier and I punched some numbers and re leasing it again then buying it looked like the right move to go with. Which I did.
But as of late, I'm having trouble with the payments + insurance and all.

The dealer was dying to get the car back from me because of all the upgrades my parents had done + low miles obviously. And i dont think much has changed since a year ago.

I'm really terrible with this stuff, And i'm pretty sure I made the wrong move by re leasing. Can you guys please be detailed as to what options I have. and what you would do in my shoes?
Much appreciated.


Here's some specs about the car;

2008 335 Coupe/Manual/Saddle brown w/ Aluminum -- 39k miles
Fully loaded with Nav minus heated seats
Bmw upgraded body kit + upgraded rims
And the car was BMW certified when I re-leased.

Here are some pics of which body kit/rims i spoke of (The car literally is in the same condition, sorry for the non current pics)

Please let me know if you need current pics to help with any answers, Will take a few tomorrow morning if needed.

Cheers guys

http://i50.tinypic.com/1038lu1.jpg

http://i46.tinypic.com/2s0nvq9.jpg

http://i50.tinypic.com/2r53k38.jpg

fatsooo 02-11-2013 08:05 PM

Fool!

BashedBarrique 02-12-2013 07:13 PM

I understand if you don't want to give financial details (like the lease buy out amount) but it's hard to give advice without it.

The bottom line is really if you think the buy out price is worth it to you and if you can afford it. In other words, will buying it put you in a postion where you are making sacrifices you are not willing to make to keep the car.

It is a beautiful car, and it sounds like you have taken good care of it. But ultimately you have to do what's smart for your life, which may or may not include keeping the car.

tturedraider 02-12-2013 11:16 PM

Quote:

Originally Posted by fatsooo (Post 7375476)
Fool!

Unnecessary.

Quote:

Originally Posted by BashedBarrique (Post 7377759)
I understand if you don't want to give financial details (like the lease buy out amount) but it's hard to give advice without it.

The bottom line is really if you think the buy out price is worth it to you and if you can afford it. In other words, will buying it put you in a postion where you are making sacrifices you are not willing to make to keep the car.

It is a beautiful car, and it sounds like you have taken good care of it. But ultimately you have to do what's smart for your life, which may or may not include keeping the car.

He has already "bought" it after the lease by re-leasing it.



OP, the likelihood is high you are royally screwed as far as getting out of this car without incurring substantial losses. Re-leasing/leasing a used car (which is what you did) is a colossally bad financial decision. The guys at Crevier screwed you over. Not knowing the numbers, it is very unlikely the dealer will give you enough to get you out of the car. It is also very unlikely you can sell it outright for enough to pay off the lease balance, but that is probably the scenario with the best likelihood of success.

Two additional options - get your parents to help you out of the mess, or re-finance/borrow the money to pay off the lease with a 60 month purchase loan. If your credit is still good and you have the income to qualify Pentagon Federal CU www.PenFed.org is an excellent source of financing. Anyone can join. They will finance 100% of the NADA retail value of the car and they are offering 1.49% for 60 months right now.

Good luck.

You've been a Bimmerfest member for five years. You have a great resource here. You should have asked for advice at the end of your lease. Please, don't make the same mistake again.

harkirath 02-12-2013 11:57 PM

Interesting information on the 60 month financing. 1.49% for 60 months beats my 1.49% for 48 through BMWFS when I picked up my CPO. Might need to make that switch.

fatsooo 02-15-2013 12:09 PM

Quote:

Originally Posted by tturedraider (Post 7378170)
Unnecessary.



He has already "bought" it after the lease by re-leasing it.



OP, the likelihood is high you are royally screwed as far as getting out of this car without incurring substantial losses. Re-leasing/leasing a used car (which is what you did) is a colossally bad financial decision. The guys at Crevier screwed you over. Not knowing the numbers, it is very unlikely the dealer will give you enough to get you out of the car. It is also very unlikely you can sell it outright for enough to pay off the lease balance, but that is probably the scenario with the best likelihood of success.

Two additional options - get your parents to help you out of the mess, or re-finance/borrow the money to pay off the lease with a 60 month purchase loan. If your credit is still good and you have the income to qualify Pentagon Federal CU www.PenFed.org is an excellent source of financing. Anyone can join. They will finance 100% of the NADA retail value of the car and they are offering 1.49% for 60 months right now.

Good luck.

You've been a Bimmerfest member for five years. You have a great resource here. You should have asked for advice at the end of your lease. Please, don't make the same mistake again.


very very very necessary...
look at OP's location and mine
we are friends lol

just here for trolling purposes.


1.49% for 60 mo is a great deal...just had a buddy pick up a e92 m3 with a 55% DP got 1.83% APR (random i know) and i though that was a killer deal...

bam bam give me a call later...

Leekay07 02-15-2013 12:55 PM

Look at what the buy out is on the lease then sell it for above that amount in auto trader or cars.com.

lqaddict 02-15-2013 07:38 PM

Quote:

Originally Posted by Leekay07 (Post 7383451)
Look at what the buy out is on the lease then sell it for above that amount in auto trader or cars.com.

Easier said than done. Don't forget you have to pay a tax (check with your state regulations) if you buy out at the end of the lease, for the most it negates the difference between buyout and sellout.

Chop362 02-15-2013 09:53 PM

Quote:

Originally Posted by fatsooo (Post 7375476)
Fool!

Leave the kid alone:thumbdwn:


All times are GMT -7. The time now is 04:35 PM.

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