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  #1  
Old 12-05-2017, 05:31 PM
sean.witlock sean.witlock is offline
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HELP! Low-Mileage Lease-End Question

Hey guys, long time reader, first time poster. Not sure if this is the correct Forum, but I have a quick question about my lease before I return it. I have a 3-year/30,000 mile lease on a 2014 BMW 328i M-Sport which I need to return by December 17 2017.

Question is: I only put 20,000 miles on it, are there ANY incentives, benefits or or leverage I can get from the fact my mileage is so low?

It seems to me that I paid for three years of a car that was only really used for 2... Do I get any incentives or money back in any way?? Don't think there is but thought I would ask.

I'm not sure what I'll be doing for my next car, I would like to go with BMW again (been with them for 6+ years with flawless payment history). However I really would like to save some money, and am looking to downgrade a bit in terms of car to get a lower monthly (Currently $360 w/ 2k down). What do you recommend?

Do I:

a) Extend the lease of my current car by a year? Is this even allowed? Encouraged?
b) Get into a new BMW? Again, returning my car with this low mileage, do I have any leverage at the dealer at all?
c) Purchase the car? This is something I'd rather not do at all, especially since the maintenance runs out in a year. Never felt that owning was a good bet with these kinds of cars.

Thanks again, long-time reader, first-time poster! Thanks for welcoming me!

Last edited by sean.witlock; 12-05-2017 at 05:37 PM.
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  #2  
Old 12-05-2017, 05:50 PM
jjrandorin jjrandorin is offline
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Quote:
Originally Posted by sean.witlock View Post
Hey guys, long time reader, first time poster. Not sure if this is the correct Forum, but I have a quick question about my lease before I return it. I have a 3-year/30,000 mile lease on a 2014 BMW 328i M-Sport which I need to return by December 17 2017.

Question is: I only put 20,000 miles on it, are there ANY incentives, benefits or or leverage I can get from the fact my mileage is so low?

It seems to me that I paid for three years of a car that was only really used for 2... Do I get any incentives or money back in any way?? Don't think there is but thought I would ask.

I'm not sure what I'll be doing for my next car, I would like to go with BMW again (been with them for 6+ years with flawless payment history). However I really would like to save some money, and am looking to downgrade a bit in terms of car to get a lower monthly (Currently $360 w/ 2k down). What do you recommend?

Do I:

a) Extend the lease of my current car by a year? Is this even allowed? Encouraged?

b) Get into a new BMW? Again, returning my car with this low mileage, do I have any leverage at the dealer at all?
c) Purchase the car? This is something I'd rather not do at all, especially since the maintenance runs out in a year. Never felt that owning was a good bet with these kinds of cars.

Thanks again, long-time reader, first-time poster! Thanks for welcoming me!
A: You cant do a 1 year lease extension. The longest is 6 months IF you have a car on order with BMW (they will want the production number). Other than that, I think its limited to 2 weeks to 2 months.. When I say "you cant" I mean you cant just keep making the same payments on the same car on the same deal.

You could conceivably re lease your used car but thats not a good idea (and would not be a good deal).

b. BMW FS (the bank) will pay you $300 credit for under mileage, but I believe they only credit you that if you get a new car from them (have an existing account with them). $300 is the maximum under mileage credit BMW FS will give you toward your account for under mileage.

You could take your car to carmax and see what they would buy it from you for (and see if that is more than your residual). On a 328 its unlikely, but it would not hurt to ask. The price to the dealer for the car from BMW FS will be as if the car has 30k miles. They (BMW FS) dont discount to the dealer based on whether the car had an accident or not, or give a higher sales price for lower miles.

This means that the car MIGHT be worth more to the dealer, and you could attempt to get them to overlook any lease end charges (things like tires if you need them, or any scratches / scuffs they would normally charge for.

As far as "straight cash, hommie!" (randy moss quote), try carmax and see but its unlikely.

C. Purchasing the car would be an option, if you could pay it off in 2-3 years. You dont want to take a 5 year loan out on a 3 year old car, although with the amount of miles you are currently driving its likely ok. You wont likely save any money with this option however.

I recommend you turn the car in, and then search for cars in your desired price range / budget, and considering the low miles you drive unless you like the idea of trying to get a new car every 3 years, you might want to consider buying something (instead of leasing). I love leasing, but its an expensive "pleasure" I am paying for, to have a new car every 3 years.

Since interest rates are still low right now (but likely going up next year) you might consider either a used BMW or maybe a less expensive new car like a GTI, or maybe even a Mini if you dont need the size.
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  #3  
Old 12-06-2017, 05:08 AM
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tsoc88 tsoc88 is offline
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Quote:
Originally Posted by sean.witlock View Post
Hey guys, long time reader, first time poster. Not sure if this is the correct Forum, but I have a quick question about my lease before I return it. I have a 3-year/30,000 mile lease on a 2014 BMW 328i M-Sport which I need to return by December 17 2017.

Question is: I only put 20,000 miles on it, are there ANY incentives, benefits or or leverage I can get from the fact my mileage is so low?

It seems to me that I paid for three years of a car that was only really used for 2... Do I get any incentives or money back in any way?? Don't think there is but thought I would ask.

I'm not sure what I'll be doing for my next car, I would like to go with BMW again (been with them for 6+ years with flawless payment history). However I really would like to save some money, and am looking to downgrade a bit in terms of car to get a lower monthly (Currently $360 w/ 2k down). What do you recommend?

Do I:

a) Extend the lease of my current car by a year? Is this even allowed? Encouraged?
b) Get into a new BMW? Again, returning my car with this low mileage, do I have any leverage at the dealer at all?
c) Purchase the car? This is something I'd rather not do at all, especially since the maintenance runs out in a year. Never felt that owning was a good bet with these kinds of cars.

Thanks again, long-time reader, first-time poster! Thanks for welcoming me!
I just returned a 228 on a 30K 36 month lease. It was under mileage though not the numbers you have. BMW financial services gave me a $250 credit, applied to my new lease on an X1. The credit appears on my monthly on the nee lease. From the paperwork the dealer gave me it appears credits can run up to $500.
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  #4  
Old 12-07-2017, 09:02 PM
BMWFirstCarLove BMWFirstCarLove is offline
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You should lease again and look for something smaller like a 2 series or get a 320i instead for cheaper payments, since youve been with BMW for so long youll hate all other options, Audi and MB are up there but if you want to go cheaper best bet is a Lexus. Its not German but it does the job.
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  #5  
Old 12-08-2017, 11:09 AM
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BeemerGuy BeemerGuy is offline
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End of the year, you should be able to find some good incentives on whatever it is that you decide to buy. I can't imagine that you can get much of a European car for $360 a month though...
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