Quote:
Originally Posted by scott13
I'm at the end of a 3yr lease on a 2015 M4 and now I'm thinking about buying it out. I know, I know...that's the WORST way to end a lease, but after a lot of consideration I'm thinking it's actually not such a bad deal for my specific situation.
I've leased many cars before, but never bought one out at lease end for all the obvious reasons and I'm getting some "suspicious" info from my dealer. Just curious if anyone has bought out a lease before and might be able to help me sort out what's legit and what's dealer BS.
The things they're telling me that seem odd are:
1) I need to give them the car for ~4 days so they can secure the title from BMW FS. If nothing else, just seems like a LONG time for that process
2) Dealer will perform a mandatory "safety check" of the car at a cost of $250. Not sure why this is necessary if I'm essentially buying the car directly from BMW FS (as opposed to dealer buying it from BMW FS and then selling it back to me).
3) As part of the "safety check," they will determine any additional repair costs that I'll be responsible for. Not sure why I'd incur repair costs if I'm buying out the lease.
On top of that is the usual documentation fee, plate/registration fee and state taxes, but that seems pretty standard to me. As does the high APR they're giving me for financing through BMW FS (~4.5%).
Any help/guidance anyone could provide would be greatly appreciated.
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Its all BS, you pay no excess or anything if you decide to purchase the car at lease end. Just go to the BMW Finance website, find out the pay off amount and send them a check, either from your bank, credit union, etc.,, or apply for credit through the website and finance it.
I have bought all of my leased cars in the past (albeit cash) and I have never visited a dealer.