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My lease, which I started before the pandemic, ends in a few months, but I will be ~11k mi under due to covid lockdowns. Most of my lease term has been under lockdowns unfortunately.

I'd expect many lessees to be in a similar situation. Has BMWFS offered any contingency terms, like more lenient lease time extensions to deal with this situation?

(Yes, I've searched the forum as usual, but did not find anything particular about this, surprisingly.)
 

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Nuclear engineer
02/2012 X5 35d M57Y CPO 121K miles NOKIAN WR G3 30K miles
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Realize that they are all independent of BMW NA/AG, and beholden only to their own bankers.
 

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Go Hawks!!!
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My lease, which I started before the pandemic, ends in a few months, but I will be ~11k mi under due to covid lockdowns. Most of my lease term has been under lockdowns unfortunately.

I'd expect many lessees to be in a similar situation. Has BMWFS offered any contingency terms, like more lenient lease time extensions to deal with this situation?

(Yes, I've searched the forum as usual, but did not find anything particular about this, surprisingly.)
Just buy out at lease end...and keep...or sell and pocket some coin.
 

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My lease, which I started before the pandemic, ends in a few months, but I will be ~11k mi under due to covid lockdowns. Most of my lease term has been under lockdowns unfortunately.

I'd expect many lessees to be in a similar situation. Has BMWFS offered any contingency terms, like more lenient lease time extensions to deal with this situation?

(Yes, I've searched the forum as usual, but did not find anything particular about this, surprisingly.)
They'll gladly extend your lease if you have another BMW on order. (I suspect they'd also do that if you have a MINI or Rolls-Royce on order.)

BMW FS guessed at the residual value of your almost three-year-old car about... well... almost three years ago. Then they inflated it to reduce your lease payment (and stimulate demand for new BMW's). The used car market has gone nuts due to COVID and the disruption of the supply chain. Your car is likely now worth far more than the inflated residual value set by BMW FS almost three years ago. If you want to keep your car a few more months or years, buy it at the residual value. The used car shortage seems to be getting worse instead of better. So, you stand a real good chance of buying it, driving it a few more months, and then selling it for a profit. That's sort of like getting a short-term lease for... free, free, free, free-free.

The value of Frau Putzer's 2018 X3 went up about $5.5k since March 2021. The value of my 2014 535i went up about $3.5k since March 2021.

BMW FS might have some good deals on financing you lease buy-back. If not, credit unions are also good about used car loans. Two big credit unions, Navy FCU and Pentagon FCU, currently have 36-month used car loans for 2.39%.

With low annual mileage, leasing is a horrible way to drive a new(er) BMW.
 

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They'll gladly extend your lease if you have another BMW on order. (I suspect they'd also do that if you have a MINI or Rolls-Royce on order.)

BMW FS guessed at the residual value of your almost three-year-old car about... well... almost three years ago. Then they inflated it to reduce your lease payment (and stimulate demand for new BMW's). The used car market has gone nuts due to COVID and the disruption of the supply chain. Your car is likely now worth far more than the inflated residual value set by BMW FS almost three years ago. If you want to keep your car a few more months or years, buy it at the residual value. The used car shortage seems to be getting worse instead of better. So, you stand a real good chance of buying it, driving it a few more months, and then selling it for a profit. That's sort of like getting a short-term lease for... free, free, free, free-free.

The value of Frau Putzer's 2018 X3 went up about $5.5k since March 2021. The value of my 2014 535i went up about $3.5k since March 2021.

BMW FS might have some good deals on financing you lease buy-back. If not, credit unions are also good about used car loans. Two big credit unions, Navy FCU and Pentagon FCU, currently have 36-month used car loans for 2.39%.

With low annual mileage, leasing is a horrible way to drive a new(er) BMW.
I looked at buying my 2018 330i, but BMWFS said if I wanted to finance it, I would have to talk to a dealer, they do not finance directly to customer.

I asked two different FCUs and none would write a check directly to me and BMWFS would not accept 3rd party payment from a FCU.

I was forced to either pay a very large markup from the dealer or pay cash.
 

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I looked at buying my 2018 330i, but BMWFS said if I wanted to finance it, I would have to talk to a dealer, they do not finance directly to customer.

I asked two different FCUs and none would write a check directly to me and BMWFS would not accept 3rd party payment for the cCA.

I was forced to either pay a very large markup from the dealer or pay cash.
BMW FS currently would much rather you just turn in your leased car and lease another new BMW. So, they're not going to bend over backwards to make it easy to buy it for far less than the current market value. During the lockdown-smackdown, they were offering huge discounts below the residual price.

Does your lease agreement prohibit third-party payment for a lease buyout? They might have been bluffing.

The quality of FCU's vary greatly. I belong to Navy FCU (#1 in the US) and Pentagon FCU (#3 in the US). They're both now offering used car loans for ~2.4%. My local community credit union, Bubba County FCU, is now offering 1.99% used car loans. They saw my monthly BMW FS payment from my checking account, and asked if I'd like to re-fi the loan on Frau Putzer's X3.
 

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///Monkeyazz Duck
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I looked at buying my 2018 330i, but BMWFS said if I wanted to finance it, I would have to talk to a dealer, they do not finance directly to customer.

I asked two different FCUs and none would write a check directly to me and BMWFS would not accept 3rd party payment for the cCA.

I was forced to either pay a very large markup from the dealer or pay cash.
Huh? You have a contractual right to purchase your car at the residual value stated in the contract. The dealer cannot mark up the purchase price. (I have no idea what you mean by cCA).

Are you perhaps saying that the dealer wanted to charge you a higher APR that what you could get from your credit union? There is a very simple solution: Purchase the car from BMW using their APR, make a payment or two, then refinance with the credit union. Easy peasey. You were not "forced" to do anything. You just did not think through your options.
 

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BMWFS would not accept 3rd party payment for the cCA.
There is a difference between a third party BUYING the car and a third party paying the note, and YOU getting title.

I believe you were given bad ('illegal') advice on this
 

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Huh? You have a contractual right to purchase your car at the residual value stated in the contract. The dealer cannot mark up the purchase price. (I have no idea what you mean by cCA).

Are you perhaps saying that the dealer wanted to charge you a higher APR that what you could get from your credit union? There is a very simple solution: Purchase the car from BMW using their APR, make a payment or two, then refinance with the credit union. Easy peasey. You were not "forced" to do anything. You just did not think through your options.
cCA was a typo.
 

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Huh? You have a contractual right to purchase your car at the residual value stated in the contract. The dealer cannot mark up the purchase price. (I have no idea what you mean by cCA).

Are you perhaps saying that the dealer wanted to charge you a higher APR that what you could get from your credit union? There is a very simple solution: Purchase the car from BMW using their APR, make a payment or two, then refinance with the credit union. Easy peasey. You were not "forced" to do anything. You just did not think through your options.
When I called BMWFS, I was told that if I wanted to finance, I had to speak with a BMW dealership as BMWFS does not finance directly to the customer.

When I went to my local BMW dealership, the salesman said that the buy out price was between me and BMWFS, but if I wanted to finance, the dealer would buy the car from BMWFS and then sell me back the car at a markup before interest.

Again the cCA was a typo should have read FCU.
 

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///Monkeyazz Duck
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The dealership lied to you. You have a CONTRACT with BMWFS. The dealership does not have any right to change that contract. They can only handle the financing. If they told you that in writing, I would forward the correspondence to your State Attorney General's office, and your local news station's Consumer Protection team. They'd love a story like that.

Do your fellow Festers a favor and post the name of the dealership. Out of respect to the Jon Shafers of the world, I try not to use the term "Stealership". But in this case I think it applies.
 
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I think we are talking about two different things, the buyout from BMWFS of which I had a contract for is not what the dealer was referring to.

The contracted buyout is between me and BMWFS and BMWFS told me on two different phone calls that they would not let me finance the buyout, the only option I had with BMWFS was to pay the exact amount on the lease contract I signed.

Both phone agents said if I wanted to finance, I would have to deal with a BMW dealership. When I spoke with a salesman at my local BMW dealership he said the contracted lease end buy out if I financed through the dealership would be whatever the used car Manager decided to charge for the car. He explained that to finance, the dealer would by the car from BMWFS and then it becomes a new deal.

He explained that I am well within my rights to buy the car for the agreed upon price, but that the dealer would not have any hands in that process that would be between me and BMWFS.

He encouraged me to buy it directly from BMWFS as in this market I would make money.
 

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I think we are talking about two different things, the buyout from BMWFS of which I had a contract for is not what the dealer was referring to.

The contracted buyout is between me and BMWFS and BMWFS told me on two different phone calls that they would not let me finance the buyout, the only option I had with BMWFS was to pay the exact amount on the lease contract I signed.

Both phone agents said if I wanted to finance, I would have to deal with a BMW dealership. When I spoke with a salesman at my local BMW dealership he said the contracted lease end buy out if I financed through the dealership would be whatever the used car Manager decided to charge for the car. He explained that to finance, the dealer would by the car from BMWFS and then it becomes a new deal.

He explained that I am well within my rights to buy the car for the agreed upon price, but that the dealer would not have any hands in that process that would be between me and BMWFS.

He encouraged me to buy it directly from BMWFS as in this market I would make money.
you kept asking the wrong question.... For that matter you shouldnt ask. The trick with many things in life is to know your rights, where you stand, and simply DO.

Dont keep asking them to finance your purchase- they arent in the 'helping you' business.... Buy the car off lease with a check from a third party. As long as you will be the owner, BMW cant refuse payment. (yes, they are refusing payoff whereby a third party then owns the car- this is totally different from a bank loan to you to buy the car...they may SAY no on a call when you ask, but they are probably lying.)

I am not surprised you got bad info on phone calls- they are ephemeral... "oh, he clearly misunderstood, we would never say that".... BMWFS is clearly trying to get these leased cars back for their dealers, and they are makign it hard for you. Even misrepresenting things. Or they would say "clearly our agent misunderstood, sure he can may off the note with a bank check"

Id even go so far as to pay it off, and challenge them to reject the bank payoff- of course Id have a legal opinion, not just mine.

And a quick google search would have helped you as well. Like BMW_dave over on leasehakr
 

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If you are going to buy the car and pay off Bmw FS, it doesn’t matter where you get the money. If you go to something like the fedcredit union, (PenFed) do a contract with them , they will help you get the deal done with BMW FS. The dealer does not even come into it.

You do not have to be a veteran to join penfed, just make a small donation to one of the veteran charities… Like wounded warrior…
 

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If you are going to buy the car and pay off Bmw FS, it doesn’t matter where you get the money. If you go to something like the fedcredit union, (PenFed) do a contract with them , they will help you get the deal done with BMW FS. The dealer does not even come into it.

You do not have to be a veteran to join penfed, just make a small donation to one of the veteran charities… Like wounded warrior…
I think you have to be a US citizen, but that's it. We re-fi-ed our mortgage with PENFED back in 2009 or so, and it was painless. Other than taxes and court filing fees, the cost of re-fi-ing was just a few hundred dolllars. They had a local contractor come by our house and do all the paperwork. The contractor said that dealing with PENFED was the easiest of all her clients. PENFED's strict on who they lend money though. During the real estate meltdown they had one of the lowest loss rates in the industry.
 

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///Monkeyazz Duck
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It is so much easier if you view this as a 2 step process, with the second step being "refinance."
  • Use your Amex to buy the car; then go to the CU and refinance;
  • Take out a HELOC to buy the car; then go to the CU and refinance.
  • If you have a BMW, you likely also have a 401K. Borrow from the 401k, then go to the CU and refinance.
  • If you have kids, you likely have permanent life insurance: UL, IUL or VUL. Borrow on the policy, pay the interest to yourself, then go to the CU and refinance.
  • Reach out to ard. His employers in the Sinloa cartel are always looking for excuses to launder. Then go to the CU and refinance.
  • Embezzle from your employer. It's the holidays, and they won't notice. Then go to the CU, refinance, and put the funds back in the general account before the comptroller sleeps off his hangover from the office holiday party.
Just don't let the slimy mouth-breathing bastards at the dealership win.
 

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Lost but making good time
3er + 3er + 4er = 10er, Bimmers?!
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  • Reach out to ard. His employers in the Sinloa cartel are always looking for excuses to launder. Then go to the CU and refinance.
  • Embezzle from your employer. It's the holidays, and they won't notice. Then go to the CU, refinance, and put the funds back in the general account before the comptroller sleeps off his hangover from the office holiday party.
Most of the time, I'm annoyed by how the new forum software drops you right to the latest post on a thread, no matter whether you've read the thread before or not. The old system knew the difference and would start at the beginning on your first reading of a thread.

Then there are the rare exceptions like this, where I can't wait to skip back and see how we got from the thread title to the punchline. :ROFLMAO:
 

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It is so much easier if you view this as a 2 step process, with the second step being "refinance."
  • Use your Amex to buy the car; then go to the CU and refinance;
  • Take out a HELOC to buy the car; then go to the CU and refinance.
  • If you have a BMW, you likely also have a 401K. Borrow from the 401k, then go to the CU and refinance.
  • If you have kids, you likely have permanent life insurance: UL, IUL or VUL. Borrow on the policy, pay the interest to yourself, then go to the CU and refinance.
  • Reach out to ard. His employers in the Sinloa cartel are always looking for excuses to launder. Then go to the CU and refinance.
  • Embezzle from your employer. It's the holidays, and they won't notice. Then go to the CU, refinance, and put the funds back in the general account before the comptroller sleeps off his hangover from the office holiday party.
Just don't let the slimy mouth-breathing bastards at the dealership win.
(y) I have waited all year for this post. It took until mid-December, but it is a holiday gift I will cherish. (y)
 

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Happily Driving
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It is so much easier if you view this as a 2 step process, with the second step being "refinance."
  • Use your Amex to buy the car; then go to the CU and refinance;
  • Take out a HELOC to buy the car; then go to the CU and refinance.
  • If you have a BMW, you likely also have a 401K. Borrow from the 401k, then go to the CU and refinance.
  • If you have kids, you likely have permanent life insurance: UL, IUL or VUL. Borrow on the policy, pay the interest to yourself, then go to the CU and refinance.
  • Reach out to ard. His employers in the Sinloa cartel are always looking for excuses to launder. Then go to the CU and refinance.
  • Embezzle from your employer. It's the holidays, and they won't notice. Then go to the CU, refinance, and put the funds back in the general account before the comptroller sleeps off his hangover from the office holiday party.
Just don't let the slimy mouth-breathing bastards at the dealership win.
#postoftheyear
 

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I think we are talking about two different things, the buyout from BMWFS of which I had a contract for is not what the dealer was referring to.

The contracted buyout is between me and BMWFS and BMWFS told me on two different phone calls that they would not let me finance the buyout, the only option I had with BMWFS was to pay the exact amount on the lease contract I signed.

Both phone agents said if I wanted to finance, I would have to deal with a BMW dealership. When I spoke with a salesman at my local BMW dealership he said the contracted lease end buy out if I financed through the dealership would be whatever the used car Manager decided to charge for the car. He explained that to finance, the dealer would by the car from BMWFS and then it becomes a new deal.

He explained that I am well within my rights to buy the car for the agreed upon price, but that the dealer would not have any hands in that process that would be between me and BMWFS.

He encouraged me to buy it directly from BMWFS as in this market I would make money.
How things have changed since last year.... summer 2020 BMW was putting some lucrative $ into lease buy-outs as they didn't want/couldn't take leased cars back with things being shut down. I ended up biting on that, and never had to deal with a dealership. BMWFS contracted this out to RefiJet, but they handled all of the financing of the lease buyout for me.

Sounds like they've changed their position now with the way the market has turned out, but I still can't imagine BMWFS won't let you finance the the buyout. Maybe they don't want to do it, but surely if you work with a bank/credit union on the financing they won't turn down the money?

That also doesn't seem right that the dealer would charge you whatever they feel like for buying out the lease. You signed a contract that said if you wanted to buy the car at lease end, you'd pay XYZ amount of dollars. BMWFS won't agree to finance that amount, and the dealer won't honor that because they'll buy it from FS at that amount then sell to you as a used car? Something isn't right there.
 
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