Hi, I'm fairly new to the forums and thought I'd pose this question to you guys to get some quick suggestions. I've been leasing my 2008 328i Coupe since August '08 and am wondering what my options are to possibly get out of my lease. My situation has changed and I'm getting stretched thin making the monthly payments. Would it be worth it to try to sell the car and pay the payoff? I've also tried posting the car on leasetrader.com but have had no offers/questions. Any help or suggestions would be great. Thanks!
Getting out of a lease?
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the only options that dont involve a repo and the resultant implosion of your credit score are either getting someone to assume the lease, or paying the payoff amount by selling the car. you can try to offer cash incentives to sweeten the lease trade.
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Both of those are your best options. If you can sell the car for at least the lease payoff amount you are not restricted from doing that or if not and you can make up the difference that's ok, too. You might also want to post your lease on some other lease trading sites. If your lease deal isn't too good it may help to kick in some cash to sweeten the deal.
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8,180 Posts
Also consider getting help from friends and family.
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The OP is in TX - they'll have to pay sales tax on the payoff.
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3,284 Posts
Look at the lease payoff documents. For my leases the payoff amount on BMWUSA.com includes the sales tax. I'm 99% sure the payoff amount is the total amount owed, nothing extra.
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No he won't. In Texas sales tax is paid on the entire selling price of the car, even on a lease. There will be no state tax implications for the OP. If he sells the car (rather than doing a lease trade) the buyer will have to pay 6.25% sales tax on the purchase price.
I just turned my 07 x3 in 4 months early b/c wanted to get an 09 135 in which the deals were crazy(1000 under invoice). They probably will have the pull ahead program extended to Feb. but all the 09 135i will be gone. The dealer actually split the payments with me...so I called bmwfs and asked them I wanted to turn in early and they told me just pay the 4 remaining payment and they waived the disposition fee b/c I released a 135i.
To the OP you could lease a 128i and have them roll you remaing payments into that lease. Get an 09 128 that way you will atleast get a smoking deal on the 128i to help defray the cost of assuming the remaining lease payment. This isn't best case scenario but at least an option.:dunno:
To the OP you could lease a 128i and have them roll you remaing payments into that lease. Get an 09 128 that way you will atleast get a smoking deal on the 128i to help defray the cost of assuming the remaining lease payment. This isn't best case scenario but at least an option.:dunno:
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OK - can you clarify? This means that the buyer pays BMWFS directly, so the title doesn't even go into the name of the OP? And by doing this the OP won't be liable for sales tax? My assumption was that just buying out the lease to sell the car to a 3rd party triggers a sales tax liability to the OP on the payout.
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In Florida, if you buy out your lease you pay sales tax. The payoff amount on BMWUSA includes the sales tax.
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