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      02-11-2021, 02:59 AM   #1
umairriamu
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M3CS Lease Extension Questions

Howdy. I have a few questions regarding extending my M3CS lease and am wondering if anyone has been in a similar situation.

Details: I am currently leasing a 2018 M3CS with a maturity date of March 10, 2021. The car was originally leased in March 2019 for a 2 year, 24k mile lease with maintenance included (this is important and I'll explain why below). I was able to snag this at a pretty good rate and I really enjoy the car, so I am hoping to extend this lease until I'm ready to jump into something new. I'm also currently under mileage cap at ~20k.

From my conversations with BMW FS, they have informed me that I can do a 2 month extension, while keeping my existing monthly payment and monthly mileage allotment (1k). While that is enticing, registration is also coming due on March 11, 2021 and paying ~$900 to register the car for 2 months doesn't seem worth it. In order to be eligible for the max lease extension of 6 months, I'd need to submit an allocation number to BMW FS, which I have no issue putting a refundable deposit down for. The only issue is that the quote time for a G80 M3 is 10 weeks (according to my dealership) and upon delivery of the new car, the CS will need to be turned in.

Question #1. Has anyone had success extending their lease for the full 6 months and what was that process like with an allocation?

Which brings me to question #2:
As previously mentioned, the maintenance warranty was purchased in March 2019 when the car was leased. When speaking with BMW FS, they mentioned that the maintenance warranty will expire upon lease maturity date of March 10, 2021. However, my dealership is saying that the maintenance warranty is 3 years or 36,000 miles from date of purchase, which would mean that it's valid until March 2022.
Who is correct here?


Side note: after the 6 month extension the buyout of the car should be ~65k. I will not be buying the car out, so instead of the car going to auction I'd prefer for it to go to a fellow forum member. If anyone is interested in a CS around the Sept 2021 time frame, feel free to reach out.

Damn, what a lengthy post. Thank you for reading and for your insight!
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      02-11-2021, 10:58 AM   #2
SYT_Shadow
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Maintenance comes free with all BMWs. I don't know if it's 3/36k or the old 4/50k but it's free for a long time.

I've seen people extend their leases as long as they like, within reason. Multiple cases of 6 month extensions. I don't understand why you'd have a huge problem extending yours more than 2 months
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      02-11-2021, 01:56 PM   #3
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Quote:
Originally Posted by umairriamu View Post
Howdy. I have a few questions regarding extending my M3CS lease and am wondering if anyone has been in a similar situation.

Details: I am currently leasing a 2018 M3CS with a maturity date of March 10, 2021. The car was originally leased in March 2019 for a 2 year, 24k mile lease with maintenance included (this is important and I'll explain why below). I was able to snag this at a pretty good rate and I really enjoy the car, so I am hoping to extend this lease until I'm ready to jump into something new. I'm also currently under mileage cap at ~20k.

From my conversations with BMW FS, they have informed me that I can do a 2 month extension, while keeping my existing monthly payment and monthly mileage allotment (1k). While that is enticing, registration is also coming due on March 11, 2021 and paying ~$900 to register the car for 2 months doesn't seem worth it. In order to be eligible for the max lease extension of 6 months, I'd need to submit an allocation number to BMW FS, which I have no issue putting a refundable deposit down for. The only issue is that the quote time for a G80 M3 is 10 weeks (according to my dealership) and upon delivery of the new car, the CS will need to be turned in.

Question #1. Has anyone had success extending their lease for the full 6 months and what was that process like with an allocation?

Which brings me to question #2:
As previously mentioned, the maintenance warranty was purchased in March 2019 when the car was leased. When speaking with BMW FS, they mentioned that the maintenance warranty will expire upon lease maturity date of March 10, 2021. However, my dealership is saying that the maintenance warranty is 3 years or 36,000 miles from date of purchase, which would mean that it's valid until March 2022.
Who is correct here?


Side note: after the 6 month extension the buyout of the car should be ~65k. I will not be buying the car out, so instead of the car going to auction I'd prefer for it to go to a fellow forum member. If anyone is interested in a CS around the Sept 2021 time frame, feel free to reach out.

Damn, what a lengthy post. Thank you for reading and for your insight!
Maintenance is covered for 3 years/36000 miles for MY2017-on: https://www.bmwusa.com/explore/bmw-v...onditions.html
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      02-28-2021, 01:19 PM   #4
Robotechnology
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3 years/36k excluding brakes and wipers. Sometimes BMW FS will do the 3rd month without a buyer’s order/order number but, usually don’t bend on that for months 4-6.
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      03-01-2021, 06:07 PM   #5
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Quote:
Originally Posted by umairriamu View Post
Howdy. I have a few questions regarding extending my M3CS lease and am wondering if anyone has been in a similar situation.

Details: I am currently leasing a 2018 M3CS with a maturity date of March 10, 2021. The car was originally leased in March 2019 for a 2 year, 24k mile lease with maintenance included (this is important and I'll explain why below). I was able to snag this at a pretty good rate and I really enjoy the car, so I am hoping to extend this lease until I'm ready to jump into something new. I'm also currently under mileage cap at ~20k.

From my conversations with BMW FS, they have informed me that I can do a 2 month extension, while keeping my existing monthly payment and monthly mileage allotment (1k). While that is enticing, registration is also coming due on March 11, 2021 and paying ~$900 to register the car for 2 months doesn't seem worth it. In order to be eligible for the max lease extension of 6 months, I'd need to submit an allocation number to BMW FS, which I have no issue putting a refundable deposit down for. The only issue is that the quote time for a G80 M3 is 10 weeks (according to my dealership) and upon delivery of the new car, the CS will need to be turned in.

Question #1. Has anyone had success extending their lease for the full 6 months and what was that process like with an allocation?

Which brings me to question #2:
As previously mentioned, the maintenance warranty was purchased in March 2019 when the car was leased. When speaking with BMW FS, they mentioned that the maintenance warranty will expire upon lease maturity date of March 10, 2021. However, my dealership is saying that the maintenance warranty is 3 years or 36,000 miles from date of purchase, which would mean that it's valid until March 2022.
Who is correct here?


Side note: after the 6 month extension the buyout of the car should be ~65k. I will not be buying the car out, so instead of the car going to auction I'd prefer for it to go to a fellow forum member. If anyone is interested in a CS around the Sept 2021 time frame, feel free to reach out.

Damn, what a lengthy post. Thank you for reading and for your insight!

No, don't extend it if it's only for a short time frame. You will need to pay that hefty registration fee if you want to continue driving it. If you are turning in the car, you don't pay it and give the car back.

Not sure how BMW lease extension works with allocation.

This is why leases like 39 month or 26 month are not advised. You will pay the registration for only 2 additional months of you driving it.

Maintenance is 36 month/36,000 miles excluding brakes and wiper blades. Should be covered until 2022. I got my BMW the same month and year and it's March 2022. However I bought the "old" maintenance plan to include brakes and I am about to bank on it. Idrive reads 12000 miles on my front brakes lol.
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      03-03-2021, 09:08 AM   #6
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Quote:
Originally Posted by umairriamu View Post
I will not be buying the car out, so instead of the car going to auction I'd prefer for it to go to a fellow forum member. If anyone is interested in a CS around the Sept 2021 time frame, feel free to reach out.
A little off topic. I had planned to purchase my car off the lease in August, however, the underlying value of my has dropped below the residual due to a theft w/ minor damager followed by collision last week dude, T boned me. Being that BMW FS won't negotiate the buyout I've started toying with the idea of returning the car and buying it back at auction. Any insight into that process?

FWIW - I am urging BMW FS to file a diminution of value claim against the liable party's carrier and to apply any award as a reduction in the lease buyout.
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      03-04-2021, 10:50 AM   #7
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Quote:
Originally Posted by DerekLimeRock View Post
A little off topic. I had planned to purchase my car off the lease in August, however, the underlying value of my has dropped below the residual due to a theft w/ minor damager followed by collision last week dude, T boned me. Being that BMW FS won't negotiate the buyout I've started toying with the idea of returning the car and buying it back at auction. Any insight into that process?

FWIW - I am urging BMW FS to file a diminution of value claim against the liable party's carrier and to apply any award as a reduction in the lease buyout.
I believe this is a scenario where it would best to walk away from the car and one of the advantages of a lease. Unless you really REALLY love this particular one.
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