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  #1  
Old 12-12-2012, 03:26 AM
wayner44 wayner44 is offline
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Cancel one lease start a new one?

Hello I recently started a lease on a 2013 335 for three years but I think I will want to upgrade to a 5 series in a year time.

Has anyone ever heard of a dealer allowing the customer to cancel a lease to upgrade to a another car?
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  #2  
Old 12-12-2012, 04:01 AM
ddk632 ddk632 is offline
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You can't cancel a lease technically speaking. What you can do is sell the car. That means you get a payoff quote from BMW and either trade to a dealer or sell to CarMax, or to a private party.

If after a year the payoff is greater than the value of your car, then it will cost you money to do this. No one can say what will be in a year, but unless you got a screaming deal it's likely you'll be upside down at that point.

Another option is leasetrader or swapalease, which is basically a lease transfer to someone else. Again, depending on your payment and mileage, you may need to add a cash incentive to bump a lease transfer deal along.

Hope this makes sense and gives you some options.
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  #3  
Old 12-12-2012, 04:07 PM
Leonardo629 Leonardo629 is offline
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you can't cancel a lease, as stated in the agreement when you do the signing.

I believe you have two options if you want to exit a lease

1. Put the lease on the market, and have someone take over the lease. Most of the time you'll have to provide some sort of cash incentive or no one will bite.

2. Buy the car outright, and try to sell it as a used car. You'll lose some money for sure, since car value takes a dive as soon as you leave the lot.

Did you take advantage of the holiday cash and royalty cash to make your monthly payment super attractive? If not, looks like you'll be driving that 335 for a while.
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  #4  
Old 12-12-2012, 07:29 PM
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1985mb 1985mb is offline
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Quote:
Originally Posted by wayner44 View Post
Has anyone ever heard of a dealer allowing the customer to cancel a lease to upgrade to a another car?
It wouldn't be surprising if a dealer said they could "do it" but that would probably mean just rolling the negative equity (payoff/residual amount less trade-in value) into your new lease, resulting in higher payments.
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  #5  
Old 12-14-2012, 02:36 AM
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cha777 cha777 is offline
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Got my X1, hated it, went to the local dealer and traded-up to an X3. The mark-down and current incentives ate-up most of the negative equity.
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  #6  
Old 12-16-2012, 07:03 PM
smashhell smashhell is offline
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Originally Posted by cha777 View Post
Got my X1, hated it, went to the local dealer and traded-up to an X3. The mark-down and current incentives ate-up most of the negative equity.
That doesn't even make sense.
It just means that they gave you a X3 at Full Price while ripping you off thousands of dollars where you suppose to save from the incentives.
Than giving it a nice name like "covering your negative equity".
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  #7  
Old 12-16-2012, 09:08 PM
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cha777 cha777 is offline
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Originally Posted by smashhell View Post
That doesn't even make sense.
It just means that they gave you a X3 at Full Price while ripping you off thousands of dollars where you suppose to save from the incentives.
Than giving it a nice name like "covering your negative equity".
You're correct. The alternative would have been to lease me an x3 at full price and add the negative equity above and beyond that. What would you have done in this situation? Ridden out 35 more months of torture?
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  #8  
Old 12-16-2012, 10:30 PM
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Greg@Pacific BMW Greg@Pacific BMW is offline
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What did you hate about the x1?
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  #9  
Old 12-17-2012, 02:47 AM
smashhell smashhell is offline
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Originally Posted by cha777 View Post
You're correct. The alternative would have been to lease me an x3 at full price and add the negative equity above and beyond that. What would you have done in this situation? Ridden out 35 more months of torture?
Yeah You will lose money either way.
However, you can minimize the lose by selling the lease online or even in this forum instead of trading in with the dealer. This way you should lose no more than couple grand maybe less depending on your mileage.
Than purchase a brand new X3 with the exact same discount and incentives.(trust me they can do the same kind of discount even without the trade in. You won't be paying it full price)
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Last edited by smashhell; 12-17-2012 at 02:49 AM.
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  #10  
Old 12-17-2012, 06:46 AM
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cha777 cha777 is offline
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Originally Posted by Greg@Pacific BMW View Post
What did you hate about the x1?
Coming out of a 2 door convertible, I thought it would be bigger. The problem was that it wasn't really. I was hitting my head getting in and out of it, my kids (ages 4 and 6) seemed to be squeezing into it. The engine is the same as on the X3 but execution of that engine and transmission seems totally different. I compare the X1 to the Honda CRV. Also, for a few thousand more MSRP on the X3, I got several more options like the xenons and a parking camera. The X1 was difficult to back into spaces and the headlights without xenons seemed anemic. The engine start/stop was more "jerky" on the X1 even at 1000 miles on it than the X3 at 150 miles. The trunk is more spacious in the X3 and the X3 also has the coin/wallet holder to the left of the steering wheel that the X1 was missing. The whole package of the X1 felt more claustrophobic and more cheaply made than the X3. Does that make sense/answer your question?

@smashhell - You're correct again, best move would have been to unload my X1 on the forum or on swaplease/leasetrader. The problem was one of time which was fixed by the dealer. I know this isn't the most frugal option, but sometimes time is worth much more than money. And believe me I'm patient, I did survive an ED and plan on doing another one about 36 months from now
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