Need to get out of lease, trying to understand my car’s value

[jameshp]

Hi. I recently had a family situation and am trying to swap my lease on my 2017 M3. Below is a link to the ad. Someone told me that the buyout price is more that my car is worth. How can I find out what this price is?

http://f80.bimmerpost.com/forums/sho....php?t=1450556

[moonluv810]

I'm sorry to hear about your personal situation.

I think what most people are saying, BMW offered significant incentives in November and December (I'm not sure if it's still happening) that brought selling price 10%-12% less than MSRP for brand new cars, either for leasing, financing or buying out right.

In your case, MSRP was $83K and buyout now is still at $80K.

[jameshp]

Thanks for the info. Here is the latest from BMWFS:

Quote Date 12/29/2017
Good Through* 1/24/2018
Total Lease Payoff $80,728.52

[M_DRlVER]

I’m looking at taking over another lease. I saw your car over the last few days, very clean and it has peaked my interest, however...I’m able to lease a BRAND NEW 2018 M3 from the dealer for about 200 less a month than what youre asking. Until your able to get those monthly payments around 850-950, I don’t think this car will be going anywhere. Similarly, I can get a used well option M3 lease transfer for 750-850.

[RickFLM4]

Yeah, even with $5K incentive, $1,228 / mo. seems like an awful high starting point. OP, did you roll negative equity into the lease or something?

[jameshp]

Thanks for you honesty and help. A poster made an offer for $8k incentive. Which would get close to the payments you suggest.

[Parabolica]

Try posting on auto trader or cars.com. People on this board are too 'smart'.

[jameshp]

No , I didnt put any money down...

[Time Lord]

Originally Posted by M_DRlVER

I’m looking at taking over another lease. I saw your car over the last few days, very clean and it has peaked my interest, however...I’m able to lease a BRAND NEW 2018 M3 from the dealer for about 200 less a month than what youre asking. Until your able to get those monthly payments around 850-950, I don’t think this car will be going anywhere. Similarly, I can get a used well option M3 lease transfer for 750-850.

theres 10k off on 2018s now. almost makes sense just to buy/lease new.

[uniqueMR]

Originally Posted by Parabolica

Try posting on auto trader or cars.com. People on this board are too 'smart'.

True

[uniqueMR]

Have you posted or tried on swapalease.com ??

[hi_officer]

In for $20k incentive

[jameshp]

Yes I have it posted on SwapaLease also. If you are comfortable would you mind telling my what you guys paid for your M3's? How much down, year, lease or buy ballpark monthly? Not trying to pry, just learn. What is the monthly/down payment for a 2018?

[RickFLM4]

http://f80.bimmerpost.com/forums/sho....php?t=1349306

[alex2364]

Take it to a BMW dealer or CarMax and see what they will give you for it. As for monthly payment, you need to be under what most people can get for a new car at the dealer because there would be no reason for someone to take over your lease. I’m paying $950/month for a $82k M4 with $0 down and tax and all fees rolled into the payment. If I paid tax and fees up front, I’d probably be at $850/month.

[ONE1]

Originally Posted by jameshp

Yes I have it posted on SwapaLease also. If you are comfortable would you mind telling my what you guys paid for your M3's? How much down, year, lease or buy ballpark monthly? Not trying to pry, just learn. What is the monthly/down payment for a 2018?

The incentives the last few months made it an unusually good time to buy. This wasn't the case all year long. I'd guess that prices will tick back up, especially as production winds down later this year. This might make your car more competitive.

There's also different factors that draw some buyers to assuming a lease over buying new (such as the desire for a shorter lease term, extra miles per month, etc) but the monthly payment is going to make this one a hard sell. No doubt you'll have better luck on Swapalease. Good luck.

[gatorfast]

Yikes OP good luck getting rid of it. Once you do I recommend buying an inexpensive and reliable car to get you around for a while so you can educate yourself on how leasing and car buying in general works. Not trying to be a prick - but you are doomed to repeat the same mistake unless you do some research and learn more.

[jameshp]

QUESTION...for those of you who have swapped a leased vehicle before, how does it reflect on your credit? Does it show up as paid? AND, once BMW finalizes the transfer, I am FREE of ALL legal responsibilites on the vehicle correct?

[hi_officer]

Originally Posted by jameshp

QUESTION...for those of you who have swapped a leased vehicle before, how does it reflect on your credit? Does it show up as paid? AND, once BMW finalizes the transfer, I am FREE of ALL legal responsibilites on the vehicle correct?

I exited out and entered into a lease with Swapalease. It will always show on your credit, but it should say completed or current or whatever. And if you intend to buy a house or another car with a loan, you can explain that you transferred the lease and are not liable anymore.

Be careful though, some leasing companies keep you as a liable party even if you transfer the lease. BMW does not keep you liable, but Nissan/Infiniti, VW/Audi/Porsche, and a few others DO keep you liable.

Also, with BMW there is a $100 credit app fee and a $400 transfer fee imposed by BMW to be paid by you or new buyer.

[jameshp]

Thanks for the info. I may enter into a lease after this, how do you get the car honestly inspected if its out of state?

[hi_officer]

Originally Posted by jameshp

Thanks for the info. I may enter into a lease after this, how do you get the car honestly inspected if its out of state?

If you have a friend near the car ask him to go look at it. Look at the carfax.

Is it worth doing a full PPI? Maybe, maybe not. It's a lease with a factory warranty still intact. As long as nothing would cost you more at the end of the lease during trade-in I wouldn't worry about it.

[drgmt]

How can someone be liable for a lease after it is transferred to someone else?