Quote:
Originally Posted by ATX_M3
Does anyone here have any experience with lease buyout and whether there is any difference in working directly with BMW FS or having my local dealer process the lease turn-in and purchase for residual?
I am nervous my dealer is going to play games and charge a bunch of fees - they are already requesting a $200 inspection for them to be able to sell the car to me as a used car.
I called BMW FS a week or so ago and they mentioned RefiJet doing the processing of lease buyouts. Anyone have any experience in this area?
Thanks!
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I literally went through this and going through the dealer was more expensive. Their buyout price is different than your buyout price. If you buy directly from BMWFS, there is no inspection fee. So literally just go to your BMWFS account, print out the buy out papers, mail them a check for your residual only, wait a few weeks and then you get your title. Once you get your title, you will need to go to the DMV/AAA and pay the sales if applicable and transfer the title to your name. BMW is supposed to give you a letter something about selling you the car or something like that. If you did not renew the registration, you will need to renew it. If the registration is current, you do not need renew it again.
In the past they used to give out incentives to lower your residual but how things are, I don't think anyone is getting any incentives. The residual is not negotiable with BMW. So whatever is on your contract is what you need to pay (assuming you went through the entire lease period). If you are buying out your car prior to the lease ending, you will save some $$$ from the interest you won't be paying on your last remaining payments.
If you are planning to finance it, I don't know how that works as I got them a cashier's check.
You also need to stop any automatic payments once you mail out your check. Your BMWFS account will close and you will get docked on your credit score (because you closed an account).