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  #1  
Old 03-17-2012, 09:27 AM
Vishster Vishster is offline
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Turning in BMW lease under mileage: any benefits?

So, I am done with my 3 year lease on a BMW 328 convertible this week and will be turning it in. On order for a new 328 and will lease it. I am 2k under the mileage on a 10k/year.

Can my under mileage transfer to new lease? Some posters have mentioned that. Not sure how to do it

Any other options for me?
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  #2  
Old 03-17-2012, 09:30 AM
bkun bkun is offline
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There is no benefit for you. The next owner benefits from a low mileage car.
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  #3  
Old 03-17-2012, 10:58 AM
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mjsbmw mjsbmw is offline
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No transfer of miles. Not like roll over minutes!

If the car is pristine, and your car is a highly desirable car for a dealer to retail, a dealer might give you a few dollars to allow them to buy it (as opposed to the "other" bmw store. I was able to do it twice with 328xis that were coming off lease around December timeframe in the Northeast. One car generated $2K and the other generated $1K.
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  #4  
Old 03-17-2012, 11:03 AM
Vishster Vishster is offline
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Quote:
Originally Posted by mjsbmw View Post
No transfer of miles. Not like roll over minutes!

If the car is pristine, and your car is a highly desirable car for a dealer to retail, a dealer might give you a few dollars to allow them to buy it (as opposed to the "other" bmw store. I was able to do it twice with 328xis that were coming off lease around December timeframe in the Northeast. One car generated $2K and the other generated $1K.
Do not understand. Some additional information please.
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  #5  
Old 03-17-2012, 11:06 AM
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mjsbmw mjsbmw is offline
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Pm to you.
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  #6  
Old 03-17-2012, 01:39 PM
vern vern is offline
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Pm to you.
If you don't mind PM me also TIA
cheers
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  #7  
Old 03-17-2012, 02:30 PM
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The standard BMW lease allows for 15,000 miles per year. The only time there could be a "benefit" (e.g., a refund for unused mileage) would be in the case of a person who contracted for additional miles at inception (e.g., 20k mi/year), a lessee who "purchased" extra miles up front, and then only drove 15,000 mi/yr or less. A couple of thousand miles under on a standard 15k lease or a low-mileage (12k or 10k) lease unfortunately does not translate into "cash equity" at maturity... The amount that any particular dealer might bid for your car is the only thing that might vary, although most dealers base their appraisals using the same formulas nowadays. A dealer who is out of used cars to sell might step up a bit more than one that is "heavy" on pre-owned inventory. In the majority of cases the most sensible thing to do is simply turn it in and get another one... If one expects equity in an auto lease, they are setting themselves up for disappointment the overwhelming majority of the time -- unless the particular vehicle they leased is unique/hot/or in short supply (e.g, an off-lease M3). Right now with many new and unsold E9Xs sitting on dealers' lots, it would be a tough proposition to try to get cash out of one, especially with all of the dealer cash/rebates on remaining coupes and convertibles, ...etc. that your used BMW will be competing with buyers for...
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  #8  
Old 03-17-2012, 09:15 PM
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mjsbmw mjsbmw is offline
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Quote:
Originally Posted by Jon Shafer View Post
The standard BMW lease allows for 15,000 miles per year. The only time there could be a "benefit" (e.g., a refund for unused mileage) would be in the case of a person who contracted for additional miles at inception (e.g., 20k mi/year), a lessee who "purchased" extra miles up front, and then only drove 15,000 mi/yr or less. A couple of thousand miles under on a standard 15k lease or a low-mileage (12k or 10k) lease unfortunately does not translate into "cash equity" at maturity... The amount that any particular dealer might bid for your car is the only thing that might vary, although most dealers base their appraisals using the same formulas nowadays. A dealer who is out of used cars to sell might step up a bit more than one that is "heavy" on pre-owned inventory. In the majority of cases the most sensible thing to do is simply turn it in and get another one... If one expects equity in an auto lease, they are setting themselves up for disappointment the overwhelming majority of the time -- unless the particular vehicle they leased is unique/hot/or in short supply (e.g, an off-lease M3). Right now with many new and unsold E9Xs sitting on dealers' lots, it would be a tough proposition to try to get cash out of one, especially with all of the dealer cash/rebates on remaining coupes and convertibles, ...etc. that your used BMW will be competing with buyers for...
Jon...what you said makes lots of sense. It is a supply and demand thing!
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  #9  
Old 03-17-2012, 09:24 PM
ZoomVT ZoomVT is online now
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Not to contradict the experts but I beehive thatif you are x% below your normal allotted miles then you can get bmwfs to give you a credit towards damages.

it was mentioned in other threads in the past. Some claimed that they were able to get up to 400 bucks in damages waived. I believe the threshold is 10% with a max waiver of $400.

I tried it on my last lease return but I was only 7% below on a 12k/yr lease.

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  #10  
Old 03-18-2012, 09:48 AM
jon330cic jon330cic is offline
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Quote:
Originally Posted by Jon Shafer View Post
The standard BMW lease allows for 15,000 miles per year. The only time there could be a "benefit" (e.g., a refund for unused mileage) would be in the case of a person who contracted for additional miles at inception (e.g., 20k mi/year), a lessee who "purchased" extra miles up front, and then only drove 15,000 mi/yr or less. A couple of thousand miles under on a standard 15k lease or a low-mileage (12k or 10k) lease unfortunately does not translate into "cash equity" at maturity... The amount that any particular dealer might bid for your car is the only thing that might vary, although most dealers base their appraisals using the same formulas nowadays. A dealer who is out of used cars to sell might step up a bit more than one that is "heavy" on pre-owned inventory. In the majority of cases the most sensible thing to do is simply turn it in and get another one... If one expects equity in an auto lease, they are setting themselves up for disappointment the overwhelming majority of the time -- unless the particular vehicle they leased is unique/hot/or in short supply (e.g, an off-lease M3). Right now with many new and unsold E9Xs sitting on dealers' lots, it would be a tough proposition to try to get cash out of one, especially with all of the dealer cash/rebates on remaining coupes and convertibles, ...etc. that your used BMW will be competing with buyers for...
This makes sense. What about more than a few thousand miles?

We'll be turning in a 135i Convertible with only about 20K miles on a 3yr/36K lease and replacing with another BMW.
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  #11  
Old 03-18-2012, 10:22 AM
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Jon Shafer Jon Shafer is offline
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Quote:
Originally Posted by jon330cic View Post
This makes sense. What about more than a few thousand miles?

We'll be turning in a 135i Convertible with only about 20K miles on a 3yr/36K lease and replacing with another BMW.

It all depends on where your residuals are relative to ACV (Actual Cash Value).

I wasn't in the car business 3 years ago, but I suspect that the residuals were fairly high given the desperation of automakers to move product back in 2008 & 2009. Ten years ago the lease penetration was much higher than it seems to be today, meaning very few off-lease cars being remarketed (today), so you car should have good value due to the current shortage of CPOs.

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  #12  
Old 03-18-2012, 06:30 PM
BMWofBloomfield BMWofBloomfield is offline
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The full $400 credit towards lease end damage is when your 25% under your contract miles. ie:

returning with 21,000 miles when you contracted for 30,000 miles.
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  #13  
Old 03-19-2012, 05:28 AM
jon330cic jon330cic is offline
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Thanks Jon & Ivan - these are both very helpful!
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  #14  
Old 03-19-2012, 06:04 AM
Wardman Wardman is offline
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Mercedes used to lease where you could buy miles up front, and if you were under mileage, they would write you a check when you turned the car in. That was nice!

I guess the option to buy up miles at a reduced rate during your lease is a nice option, but I'd buy up front if I could get it back, but I'm probably in the minority.
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  #15  
Old 03-19-2012, 04:07 PM
ZoomVT ZoomVT is online now
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Ahh. Thanks for the clarification on the 25% threshold

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  #16  
Old 03-20-2012, 08:26 AM
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Justin T Justin T is offline
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YMMV...

I turned in the M3 with just under 23K miles on a 30K limit and got the $400. Same thing with the Z4. I think they give you a little leeway if you a "frequent customer" so to speak.
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  #17  
Old 03-20-2012, 09:24 AM
ctorrey ctorrey is offline
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Quote:
Originally Posted by Justin T View Post
YMMV...

I turned in the M3 with just under 23K miles on a 30K limit and got the $400. Same thing with the Z4. I think they give you a little leeway if you a "frequent customer" so to speak.
I turned my previous e90 with 18k on a 30k limit in Dec '10 and got $500 towards damages ($600 for very light scratches under the front bumper). They didn't comment/notice to two tire bubbles, but the car was pristine other than those blemishes. The $100 balance would have been waived had I leased or ordered another car before/at turn in (Didn't do this until 5 months later).
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  #18  
Old 03-21-2012, 08:55 AM
tagheuer tagheuer is offline
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I have no damages, and will be turning in 2 months early and under mileage

(tires are about to go and can't continue driving)

Can I apply the credit towards the dispo fee?
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  #19  
Old 03-21-2012, 09:58 AM
ctorrey ctorrey is offline
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Quote:
Originally Posted by tagheuer View Post
I have no damages, and will be turning in 2 months early and under mileage

(tires are about to go and can't continue driving)

Can I apply the credit towards the dispo fee?
If you lease another BMW within 6 months, they will waive the dispo fee.
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  #20  
Old 03-21-2012, 12:24 PM
tagheuer tagheuer is offline
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Originally Posted by ctorrey View Post
If you lease another BMW within 6 months, they will waive the dispo fee.
how does this occur in practice? Does BMW wait 6 months to charge you the dispo fee?

I am going to turn in early, will be under mileage, and want my $3200 in MSDs back...
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  #21  
Old 03-21-2012, 12:56 PM
Alpine300ZHP Alpine300ZHP is offline
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Quote:
Originally Posted by tagheuer View Post
I have no damages, and will be turning in 2 months early and under mileage

(tires are about to go and can't continue driving)

Can I apply the credit towards the dispo fee?
I do not know if you will have enough credit to cover the cost of tires, but they are $250 each if under 3/32nds of wear. The most cost effective way to deal with the tires is to buy a used set on ebay motors and put them on the car. For 17 inch wheels you can get two tires with 5/32nds to 6/32nds for about 150-200 bucks for the set and that is better than $500 to BMWFS. This will allow you to keep the car until maturity and still avoid tire fees since you obviously do not drive enough to go below 3/32nds if you do a used tire swap. BTW...I do this all the time on lease returns because the used tires are perfect for this sort of thing.
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Old 03-21-2012, 12:58 PM
Alpine300ZHP Alpine300ZHP is offline
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Quote:
Originally Posted by tagheuer View Post
how does this occur in practice? Does BMW wait 6 months to charge you the dispo fee?

I am going to turn in early, will be under mileage, and want my $3200 in MSDs back...
If you turn it in and do not immediately re-lease they will take the disposition fee out of your MSD's and refund you the difference. If you lease another BMW within 6 months they will then send you the disposition fee as a refund after you commence the new lease within the required time period.
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  #23  
Old 03-22-2012, 12:26 AM
Ty Vil Ty Vil is offline
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I'm turning in a lease in August on a car that has 25.5k miles on it currently; the lease is for 45k. I think that makes me the big "winner" (but really loser) in this case.

I moved two years ago from having a 32 mile round trip commute to having a 3 mile commute.
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  #24  
Old 03-22-2012, 05:04 AM
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Andrew*Debbie Andrew*Debbie is offline
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Quote:
Originally Posted by tagheuer View Post
how does this occur in practice? Does BMW wait 6 months to charge you the dispo fee?

I am going to turn in early, will be under mileage, and want my $3200 in MSDs back...

In 2007 we had a several month gap between turn in and pickup.

BMW charged us the fee. We paid it. BMW credited it back on the next lease. It showed up as a credit on the lease statement.
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  #25  
Old 03-22-2012, 06:48 AM
tagheuer tagheuer is offline
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thanks for the advice guys, especially AlpineZHP

I found a used set of 17 tires....for about $270 shipped, all for, that should work out perfectly...in case I need them...

I can run my existing tires down to wear bars since its almost summer at this point...
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