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      09-27-2021, 04:43 PM   #1
spdrcrgtr
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Convert lease to purchase

Does anyone have any experience converting a lease to purchase about 1 year into a current lease?
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      09-28-2021, 03:05 AM   #2
AlterZgo
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Yes. It's exactly the same as paying off a car loan. Log into your BMW account online and it will show you the payoff. Just send them the payoff and they will send you the title. Alternatively, get a loan and have the bank or whoever you borrow the money from pay off the car and BMW will send the bank the title to the car. Once you payoff the loan, the bank sends you the title.

Since you live in California, you will have to pay the sales tax on the remaining balance owed on the car to the California DMV so factor that cost into purchasing your leased car.
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      09-29-2021, 11:30 AM   #3
spdrcrgtr
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Can BMW financial convert it or do I need go out and get an external car loan?
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      09-29-2021, 01:07 PM   #4
D_SheerDrivingPleasure
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Quote:
Originally Posted by spdrcrgtr View Post
Can BMW financial convert it or do I need go out and get an external car loan?
You can get lease buyout financing from lots of sources. B of A is supposed to be good and I hear people using their credit unions but I recommend going to BMW. They are currently providing 2.44% for up to 60 months for top tier credit. By comparison, B of A is ~3.09% for its platinum rewards members.

That's dirt cheap money. And, you can finance the entire buyout, including sales taxes. More $ leftover for you track tires.

BMW use a third party called RefiJet to process the loan application. RefiJet puts in the hard sell for the extended warranty and maintenance plans.
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      09-29-2021, 05:21 PM   #5
spdrcrgtr
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Thanks for the input guys
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