Opinion on buying out my lease

[Mr. Hankey]

Originally Posted by f80er

Possibilities are endless.

You'll miss it though...

[GearRex]

I don't think you have to buy it out, and then sell it to CARMAX. If you buy it out, you will have to pay taxes up front, which will negate any equity.

What I have done in the past is:
- Get a payoff quote from BMW so you know the number to beat.
- Go to CARMAX, AutoNation, Whomever you like and have your car appraised. They will give you an offer in writing.
- If the appraisal is higher than the payoff quote, the dealer will write a Check to you for the difference, so you walk away with the equity.

They will take care of all the paperwork. This takes a couple of hours.

BMW allows this. They don't care, as long as the car is gone.

[Aaaaaaaaa]

Originally Posted by GearRex

I don't think you have to buy it out, and then sell it to CARMAX. If you buy it out, you will have to pay taxes up front, which will negate any equity.

What I have done in the past is:
- Get a payoff quote from BMW so you know the number to beat.
- Go to CARMAX, AutoNation, Whomever you like and have your car appraised. They will give you an offer in writing.
- If the appraisal is higher than the payoff quote, the dealer will write a Check to you for the difference, so you walk away with the equity.

They will take care of all the paperwork. This takes a couple of hours.

BMW allows this. They don't care, as long as the car is gone.

I’m not sure if OP will get the payoff discount going this way. It’s been mentioned elsewhere on the forum that dealers won’t see the discount, thus they’ll only take the difference between the appraisal and the non-discount payoff quote. That’s why I bought the car then immediately sold it. In CA at least you don’t have to pay sales tax if you sell the car within 10 days of getting the title.

[BMWfan2006]

My lease buyout discount of 5500 has disappeared. I had it last month. Now with 2 payments remaining poof it's gone !

[doug_999]

Originally Posted by BMWfan2006

My lease buyout discount of 5500 has disappeared. I had it last month. Now with 2 payments remaining poof it's gone !

I had a feeling BMW was going to pull this deal. The cars are in demand and owners (leasees) are getting the car way below market.

[enginediver]

Originally Posted by BMWfan2006

My lease buyout discount of 5500 has disappeared. I had it last month. Now with 2 payments remaining poof it's gone !

Same on mine. I called them up and said WTF..they put it back on.

[GearRex]

Oh, no. Discounts disappearing is bad news. These cars are a bargain in contrast with prices on the new BMW’s, particularly if you have a low mileage, well loved example. They are reliable, and good looking.

2021 M440i is hitting $70K when optioned the way we all want them.

I figure the new M3/M4 will be in the $80K - $95K range.

[scoale]

Boy, these $5,500 discounts must be taking a big chunk out of BMW profit on the car.

[BMWfan2006]

Originally Posted by enginediver

Same on mine. I called them up and said WTF..they put it back on.

Seriously? They put the discount back on? Honestly I've got 2 months left and waiting until July for a new M3 comp is going to kill me

[Zed519]

I saved my payoff quote from 2 weeks ago, after i read this post I pulled the trigger and got my loan started to buy it out. My payoff is good though the end of the month so I should be good to go. But I’m glad they added it back for you, hopefully I won’t need to call them.

[enginediver]

Originally Posted by BMWfan2006

Seriously? They put the discount back on? Honestly I've got 2 months left and waiting until July for a new M3 comp is going to kill me

Yeah..for another month.

[f80er]

How is your residual so high man???

[Aaaaaaaaa]

Originally Posted by f80er

How is your residual so high man???

Prolly really high MSRP LOL

[hatepotholez]

Originally Posted by BMWfan2006

My lease buyout discount of 5500 has disappeared. I had it last month. Now with 2 payments remaining poof it's gone !

damn! Looks like BMW is cutting back big time.

[RickFLM4]

Originally Posted by InTheseUncertainTimes

Prolly really high MSRP LOL

and / or very low mile lease.

[enginediver]

Originally Posted by f80er

How is your residual so high man???

high msrp haha

[f80er]

$100K F80 ?!

[enginediver]

Originally Posted by f80er

$100K F80 ?!

Hahaha. The lease is coming up in December so if you know if anyone is interested in it...let them know. My M340 is ordered already. I rather give it to someone before the dealership get their hands on it. I wouldn't mind giving it up early. Still at 27k miles.

[f80er]

I do not but why go from an M3 to a 340? Downgrade if you ask me.

[enginediver]

Originally Posted by f80er

I do not but why go from an M3 to a 340? Downgrade if you ask me.

Total downgrade. The suspension kills me since it's my daily driver. NJ roads are not the best and I honestly just get mad driving it half the time.

[doug_999]

Originally Posted by enginediver

Total downgrade. The suspension kills me since it's my daily driver. NJ roads are not the best and I honestly just get mad driving it half the time.

I test drove a 2018 with 20" 666 wheels here in Chicago and realized I would feel the same way. Went with the 19s.... not a perfect ride but wayyyy better than my 2017 M2 and better than the 20s.

Of course now my dealer wants me to order a new M5. Jerk.

[enginediver]

Originally Posted by doug_999

I test drove a 2018 with 20" 666 wheels here in Chicago and realized I would feel the same way. Went with the 19s.... not a perfect ride but wayyyy better than my 2017 M2 and better than the 20s.

Of course now my dealer wants me to order a new M5. Jerk.

Hahahaha. I wouldn't be able to afford that

The winters were a little better but still...pretty stiff. highway or turnpike is peeeerrffeecctt though.