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Discussion Starter #1
So I'm about a month away from lease end, and I will be buying my car out. My residual is $34k, so that's what I figured the payoff would be. But I checked the BMW financial site, and in my account it says the payoff is only $30k. Is that weird?:dunno:
 

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Discussion Starter #2
Nevermind, just saw the $6k payoff discount. Lucked out with that one!
 

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Congrats. I wish there was a $6k discount when my lease came up last year.

Hold on to your wagon... we ain't getting them no more :(
 

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Unless I am mis remembering, I remember an epic hunt this OP put into getting that wagon, too and a lot of back and forth about pricing and such...

Am I mis remembering that @maxwagon? I seem to remember really almost cheering when you finally landed it.
 

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Unless I am mis remembering, I remember an epic hunt this OP put into getting that wagon, too and a lot of back and forth about pricing and such...

Am I mis remembering that @maxwagon? I seem to remember really almost cheering when you finally landed it.


You are remembering correctly. And IIRC, the hunt resumed later when he totaled his wagon and had to go on the hunt for another one.


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Man, time flies! Obviously the collision repair was satisfactory, as OP deems the wagon worth keeping. Gift that keeps on giving! Or did he get another one after the wreck?"
 

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Discussion Starter #7 (Edited)
Congrats. I wish there was a $6k discount when my lease came up last year.

Hold on to your wagon... we ain't getting them no more :(
Exactly. I like this car too much to give it up, even for another used one.

Unless I am mis remembering, I remember an epic hunt this OP put into getting that wagon, too and a lot of back and forth about pricing and such...

Am I mis remembering that @maxwagon? I seem to remember really almost cheering when you finally landed it.
Yes, one and the same. It seems when adding up the total cost of the lease, plus financing it with the way interest rates are nowadays + the $6k off from BMW, the total cost to pay the car off will be right around what the sales price was (which was 23% off MSRP to begin with), so I this all works out quite well financially altogether.

Man, time flies! Obviously the collision repair was satisfactory, as OP deems the wagon worth keeping. Gift that keeps on giving! Or did he get another one after the wreck?"
Unfortunately, yes this is one of those rare (some would say stupid) cases of someone deciding to NOT turn in a lease that was hit. The car was NOT totalled, not even close - but the hit was in the rear, didn't affect the car's driveability (car drove 50 miles home that day), and I can't find any adverse effects of the accident. Body panel gaps are still perfect, including the trunklid and alignment. Only a trained mechanic would be able to tell this car was ever in an accident.

Obviously, the car's value will be affected, but I'm not selling it nearly anytime soon enough to matter so I decided I didn't care. The car was repaired at significant cost and time by a reputable shop, with original BMW parts. I'd rather own this car where I know it's entire history, than roll the dice (and take the time) to pay the significant mileage penalties for turning in the lease, and look for another one that's 3-4 years old.
 

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Unfortunately, yes this is one of those rare (some would say stupid) cases of someone deciding to NOT turn in a lease that was hit. The car was NOT totalled, not even close - but the hit was in the rear, didn't affect the car's driveability (car drove 50 miles home that day), and I can't find any adverse effects of the accident. Body panel gaps are still perfect, including the trunklid and alignment. Only a trained mechanic would be able to tell this car was ever in an accident.

Obviously, the car's value will be affected, but I'm not selling it nearly anytime soon enough to matter so I decided I didn't care. The car was repaired at significant cost and time by a reputable shop, with original BMW parts. I'd rather own this car where I know it's entire history, than roll the dice (and take the time) to pay the significant mileage penalties for turning in the lease, and look for another one that's 3-4 years old.
Is the accident reported on Carmax? If so the resale value will be affected.

Turning in a repaired leased car is touted as the most important advantage of lease, not taking advantage of this perk can be travesty to some lease enthusiasts.

Having said that, one of my old cars was bought at steep discount at 2 years old and 15k miles but with rear quart damage that was expertly repaired. The car drove great for another 85k miles and sold for $6k less than purchase price. :)
 

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Discussion Starter #10
I haven't run the VIN, but the police were involved as it was a hit and run so I'm certain it would show up in a Carfax. I'm absolutely not a lease enthusiast, and at this time I'm not interested in anything else BMW offers. Not to mention, I'm looking at over 6,000 miles of mileage penalties, which I'm not interested in paying just to get into a car I don't want. :dunno:
 

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Not to mention, I'm looking at over 6,000 miles of mileage penalties, which I'm not interested in paying just to get into a car I don't want. :dunno:
One option to handle the 6k miles can be to purchase excess miles at a discount before lease expires(don't know the current prices).

BTW, was your repair done at CCRC? If so how was your experience with the shop?
 

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Discussion Starter #12
One option to handle the 6k miles can be to purchase excess miles at a discount before lease expires(don't know the current prices).

BTW, was your repair done at CCRC? If so how was your experience with the shop?
No, what's CCRC?
 

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Discussion Starter #14
BMW's certified collision repair center or BMW logo body shop. :)
Ahh, no. Our local dealer sends collision work out to a shop down the street from them. I used a shop that came recommended by a reputable independent BMW mechanic.
 

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Ahh, no. Our local dealer sends collision work out to a shop down the street from them. I used a shop that came recommended by a reputable independent BMW mechanic.
Since you know the car, know the repair, and know the condition after the repair, this is one of those times it makes sense to buy the car at lease end... especially since they basically dont sell it here anymore.

Just think of the 6k BMW is throwing you as covering some of that accident depreciation that is being mentioned. Also, since you are keeping the car, the amount of accident depreciation absolutely does...not...matter.

It wont make much difference 5 years from now if you go to sell the car. it would only make a difference right NOW... and bmw is already giving you a discount for the car.
 

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Strong work Maxwagen, satisfying to share your full circle journey with you:thumbup:. Agree 110% with you to buy out your lease with BMWFS providing $6,000 and very low interest rates. Enjoy! :beerchug:
 
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