Turning in a lease early?

How does it work if one is already in a current lease with BMW but wants to turn the current car in for another.. however, the current lease is not near the end of its contract. For example:

With the possibility of the new M5 coming in all wheel drive, I feel it would be the perfect daily for me. I would turn in my 535i xDrive in a heartbeat! However, I just signed a 3 year lease for the 535. I know the M5 may not come in xDrive, but.. if it does, I would want it instantly! Yet, I would still have a many, many months left on my 535 lease. Is it possible to turn in my 535 at anytime and lease the M5? Or, will I have to wait out the entire 3 year lease and then when it ends, lease the M5 at that time?

You can get out of the lease at any point subject to the amount you still own.
The least expensive way to get out is to go to Swapalease.com and find someone to take it over. Depends on how low your current payment is in relations to others, you can offer an incentive for someone to take it over which would still be better than giving it back to BMWFS and paying the difference

When I did it in 2006 I was bent over and rammed with a greased pole....

it's very easy to break a lease if you're willing to pay.

you get the payoff from the finance company, in this case BMWFS. there's a theory that the dealer can buy the car cheaper than what you can.

get the dealer trade-in number, and you have to come up with the difference, haggle out a dealer, apply incentives, etc.

the real trick is to take advantage of incentives, low interest rates, timing. it's the fastest way out.

but, be ready to pay. if you're scared to write a 10K+ check, don't even think about it. i've found though, that BMW to BMW early lease trade-in have been the cheapest.

Rule of thumb is that a lease is guaranteed money to the lessor.

M5 is not coming in xDrive.

Originally Posted by massyman

How does it work if one is already in a current lease with BMW but wants to turn the current car in for another.. however, the current lease is not near the end of its contract. For example:

With the possibility of the new M5 coming in all wheel drive, I feel it would be the perfect daily for me. I would turn in my 535i xDrive in a heartbeat! However, I just signed a 3 year lease for the 535. I know the M5 may not come in xDrive, but.. if it does, I would want it instantly! Yet, I would still have a many, many months left on my 535 lease. Is it possible to turn in my 535 at anytime and lease the M5? Or, will I have to wait out the entire 3 year lease and then when it ends, lease the M5 at that time?

Put your car on LeaseTrader.com. Check it out. Throw some money towards the deal. Someone will pick it up quick. I've done it 3 times now...works like a charm.

Originally Posted by Caddyshk

When I did it in 2006 I was bent over and rammed with a greased pole....

At least the pole was greased........

Originally Posted by Financeman

At least the pole was greased........

oohhh

Go Swaplease and get your F10 M5

Thanks guys. Appreciate all the responses.

Originally Posted by Needsdecaf

M5 is not coming in xDrive.

where have you been?

http://carguideblog.com/15362/2012-bmw-m5-built-xdrive/

Hmm, I had a Lease on my now-old 2010 E-Class for just a year, and got tons of solicitations from M-B Dealers that they will "buy my car, and give me a new one for the same payment".

I was in one day looking at a CLS, and another Dealer tried it. Long story short, I ended up just swapping cars for a newer (and better optioned, with a slightly higher MSRP) model, and got my payment reduced by $50 a month.

It's all about finding an aggressive Dealer. For the record, I STILL get calls from other M-B Dealers (who want my business back) who ask if I'd be "willing to swap out of my 2011 for the same or cheaper payment", lol.

Right now the Used Car Market is at its highest prices ever (massive correction from 2008-2009), so Dealers are making a lot of money from CPO Used models, while there are ridiculous incentives from the Manufacturers to sell New models.

Just find an aggressive Dealer.

Originally Posted by AutoUnion

where have you been?

http://carguideblog.com/15362/2012-bmw-m5-built-xdrive/

And if you remember they gave us a hint that they maybe doing something crazy
when they actually
had this video with the M5 (supposedly "a rear wheel car ")
on a frozen track or something that was full with snow?

Originally Posted by K-A

Hmm, I had a Lease on my now-old 2010 E-Class for just a year, and got tons of solicitations from M-B Dealers that they will "buy my car, and give me a new one for the same payment".

I was in one day looking at a CLS, and another Dealer tried it. Long story short, I ended up just swapping cars for a newer (and better optioned, with a slightly higher MSRP) model, and got my payment reduced by $50 a month.

It's all about finding an aggressive Dealer. For the record, I STILL get calls from other M-B Dealers (who want my business back) who ask if I'd be "willing to swap out of my 2011 for the same or cheaper payment", lol.

Right now the Used Car Market is at its highest prices ever (massive correction from 2008-2009), so Dealers are making a lot of money from CPO Used models, while there are ridiculous incentives from the Manufacturers to sell New models.

Just find an aggressive Dealer.

Interesting. Assuming the M5 xDrive won't be the first vehicle released in Spring.. I will probably be a year or so into my 535 lease possibly by the time it's ready for orders/production. I'll ask my dealer if he'd be interested in working out a deal before I get my 535 delivered.

Work with your dealer. He can treat it like a trade in and make it work for you.

Originally Posted by pharding

Work with your dealer. He can treat it like a trade in and make it work for you.

Will do. Thanks.

The key here is working with a dealer and allowing them to do some funny math. (Something that dealers are quite good at...)

BMW Financial and the company do not care. They want the money you agreed to pay for your 535, and they also want the money you would have to pay for the M5. There isn't a "loyalty swap" program in place with BMW itself.

Originally Posted by FastMarkA

The key here is working with a dealer and allowing them to do some funny math. (Something that dealers are quite good at...)

BMW Financial and the company do not care. They want the money you agreed to pay for your 535, and they also want the money you would have to pay for the M5. There isn't a "loyalty swap" program in place with BMW itself.

Agree 100%. I actually used to work for a bank and we offered auto loans. It is 100% the dealer to make this work. The dealer needs to pay your lease off and roll your negative equity into the new lease. Or, you cut a check.

Thanks FastMarkA and 535Stu. I'm sure it won't be a while until the M5 xDrive comes out.. so we shall see.