Ending 335 lease early for M3

[MRCUR]

Hi all,

I'm considering ending my current F30 335xi lease early to get an F80 M3. I've been reading about options to end a lease early and I think my best bet would be to trade in my 335. I emailed my CA about this and he said he'd never done that before and didn't think it would be possible.

What are my options for ending the current lease early? I should have some equity left in the car right now that will give me some cash if I trade the car in with the current payoff amount. Otherwise I could pay all of the remaining payments, correct? (My payment is incredibly low, so this isn't a terrible option for me.)

Thanks!

-MRCUR

[JoeyBananas]

Have someone take the lease over, or pay out the remainder of the balance. It's nearly impossible to just turn in a lead early unless the dealership is willing to ??????

[BigMo]

Originally Posted by MRCUR

Hi all,

I'm considering ending my current F30 335xi lease early to get an F80 M3. I've been reading about options to end a lease early and I think my best bet would be to trade in my 335. I emailed my CA about this and he said he'd never done that before and didn't think it would be possible.

What are my options for ending the current lease early? I should have some equity left in the car right now that will give me some cash if I trade the car in with the current payoff amount. Otherwise I could pay all of the remaining payments, correct? (My payment is incredibly low, so this isn't a terrible option for me.)

Thanks!

-MRCUR

Have never done this before with a BMW but with other cars I call the leasing company (or had the CA do it) and request a dealer buyout quote. They will need to know the name of the dealership. Then based on the trade in they will give you and the buyout quote you get the equity (sometimes it's positive, sometimes negative). The buyout is usually a little less than the remainder of your payments so I wouldn't just make the payments (since residual is slightly higher today vs the end of lease term).

[MRCUR]

Originally Posted by BigMo

Have never done this before with a BMW but with other cars I call the leasing company (or had the CA do it) and request a dealer buyout quote. They will need to know the name of the dealership. Then based on the trade in they will give you and the buyout quote you get the equity (sometimes it's positive, sometimes negative). The buyout is usually a little less than the remainder of your payments so I wouldn't just make the payments (since residual is slightly higher today vs the end of lease term).

Thanks BigMo. I asked my CA to look into my options, so we'll see what he says. I had read this thread (http://f30.bimmerpost.com/forums/sho...d.php?t=177388) and thought the trade in route might be my best bet.

Based on the buyout on BMW's site as of right now, I should have some positive equity. Otherwise I owe about $2,600 in payments (17 months left).

[BigMo]

Originally Posted by MRCUR

Thanks BigMo. I asked my CA to look into my options, so we'll see what he says. I had read this thread (http://f30.bimmerpost.com/forums/sho...d.php?t=177388) and thought the trade in route might be my best bet.

Based on the buyout on BMW's site as of right now, I should have some positive equity. Otherwise I owe about $2,600 in payments (17 months left).

Wow that is a low payment! I bet the buyout will be the term end residual plus like $600-$1000. Right off the bat you save at least $2K. Since BMW's have such high resale, your trade in will probably bring in another few thousand. Just a guess though. Good luck with it!

[ixse]

If u have believe that u have positive equity, your best bet is to either sell it private or Carmax. Simple turn in to dealer early won't get you most out of those equity. I've tried before.. Ended up selling to carmax.
Or like someone has mentioned, have someone take over your lease.

[brianeck]

swapalease.com. If your payments are really that low someone should jump all over it. I'm meeting a prospective transfer for my 650i xdrive on 11/9 from there.

[MRCUR]

Thanks for the suggestions. Yes, the payments really are that low - $155/month, 17 months left.

My CA emailed me their initial trade in offer. It's very reasonable for a first offer, so I'll be meeting with him later this week. As I expected, there's positive equity in the car right now, so I'll be better off trading in than swapping the lease.

[Maddict3]

swapalease.com

[tmobrien]

Originally Posted by MRCUR

Hi all,

I'm considering ending my current F30 335xi lease early to get an F80 M3. I've been reading about options to end a lease early and I think my best bet would be to trade in my 335. I emailed my CA about this and he said he'd never done that before and didn't think it would be possible.

What are my options for ending the current lease early? I should have some equity left in the car right now that will give me some cash if I trade the car in with the current payoff amount. Otherwise I could pay all of the remaining payments, correct? (My payment is incredibly low, so this isn't a terrible option for me.)

Thanks!

-MRCUR

So this should be pretty easy. I am in a 2011 Lexus IS-F lease now and have some equity and am waiting on my M4. All you need to do is contact BMW financial or whoever your lease is through and get the current buyout number. They will give you a number thats good through the end of the month. With this number you have some options:

1) sell it outright (positive: you will get more for it, negative: you are responsible for the taxes basically eating away at the more you make)
2) sell it outright through your dealer. The dealer can and should be able to take your buyer and your price and transact the deal. This way you don't pay the taxes as the dealer is exempt and the dealer can offer your buyer financing and extended warranty
3) take the trade value your dealer is willing to give you on the car. This minus your buyout (dealer will pay that off) and you are left with the difference to roll into another lease whether positive or negative

If you are ambitious #2 is the best way to go. As I am kinda lazy I opted for #3 as my dealer made it pretty close to number 2

There may be some laws that change this outcome in other states as I am no lawyer but here in Ohio its that simple...

Tim

[MRCUR]

Thanks for the info Tim. I'm probably going to go with option #3 as well. Given their initial offer, I think I can get them to the number 2 price.

Meeting with my CA Saturday to hopefully get some initial numbers on an M3 lease. Not ready to order just yet, but I will be very soon.

[BigMo]

Originally Posted by MRCUR

Thanks for the info Tim. I'm probably going to go with option #3 as well. Given their initial offer, I think I can get them to the number 2 price.

Meeting with my CA Saturday to hopefully get some initial numbers on an M3 lease. Not ready to order just yet, but I will be very soon.

I'm with you on option 3. It's easy to say to sell to private buyer (whether it's a lease, financing, or owning outright) but finding a buyer, the time and effort is all a pain. The dealer is easiest and you get a significant tax credit but it comes at premium that most are willing to pay.

[MRCUR]

Anyone know what the incentives will be for 11/1? The innovations credit expired today and I don't think I can use the $1k graduate credit again (used it on my 335).