10-27-2015, 09:40 PM | #1 |
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2013 335i Xdrive : need to get rid of the lease early
Hi all.
The lease ends in July 2016, and I'm calculating the wife would reach 80000km in February 2016. We're currently cross-shopping the 340i, C450 and S4. Here's what's worrying me :
I'm worried the dealerships (BMW, Merc, Audi or whatever car we choose) won't match the residual value and I'll be owing even more money on it when I return it. I've been told it's better change the car before it approaches the 80000km mark (right now it's at 69000km) because it would hold its value better. How true is that? Should we hurry with the process? It's the first time I'm gonna have to return a lease, let alone get rid early of a lease on a damaged car, so any advice is welcome! Thanks. P.S.: I do have excess wear and tear protection Last edited by Aeromotive; 10-28-2015 at 08:40 AM.. |
10-28-2015, 07:06 AM | #2 |
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Have you spoken to you bmw dealer yet on whether they will take it in now. The earliest I have heard would be 2 months prior to lease ends. If you take it in now, the dealer will generally low ball and/or penalize you in some sort of way that you have no idea you are being ripped off or not.
I guess you don't have excess wear & tear protection for you lease, if so, the BMWFS is going to have an upper hand on how to rob you left & right and any which ways they want as you have mentioned. From what you described, I can see $2000 in repair & replacement. One thing for certain, dealer will not absorb the remaining 5 lease payments + the projected repairs without you having to get another car from the dealer, at best, they will factor in the mentioned costs and instead of discounting on the new car, dealer will simply sell/lease another to you at nearly full MSRP + fees. Alternatively, you can simply replaced and repairs those said items and pay the excess mileage at the end and walk away and proceed to get a MB or Audi. |
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10-28-2015, 08:45 AM | #5 | |
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My advice: Drive the car minimally until 3 months before your lease end and then shop around for dealer willing to pay you to get out lease early for you to get into another vehicle; OR put it on leasebusters and offer a cash incentive + lease transfer fee coverage. Chances are someone may be interested in a short term lease and if you still have KMs left + offering cash for them to take it over, it may be a win-win. The cash incentive would likely be less than the hit you would take in the negative equity being rolled into your next payment or the penalty in paying for extra KMs at lease end. Good luck! |
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10-28-2015, 08:49 AM | #6 | |
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If the damage is minor, I wouldn't worry too much but proceed with caution. |
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10-28-2015, 08:49 AM | #7 |
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Actually my plan was to get the MB dealership buy the BMW from BMW Finance. My hope is they pay exactly the residual at that time so I'm not in the negative.
The sales representative at MB confirmed they do that... Anybody went through the process before? |
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10-28-2015, 09:08 AM | #9 |
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I'm in the same boat as you although mine is 2014 and only have 20k on it. I did speak to the dealer and they have a lease pull ahead program up to six months before the lease end. I'm sure they'd love to have my car back as its in showroom condition
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10-28-2015, 09:17 AM | #10 |
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I wouldn't to to the dark side if the 340i had some major changes to it, but I didn't expect it to, since it's been only 2012 since they started the new generation.. I'm not blaming them. It's just that it's nice to get something fresh after 2.5 years.
I test drove the 340i and my butt dyno couldn't feel the 20hp PLUS there seemed to be more turbo lag/higher RPM torque/whatever you wanna call it, making the car a bit hesitant when you press the gas pedal at low RPM's. The 335 has more power right from the start. But the 340 vs 335 comparison is a different subject altogether, let's stay on topic here |
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10-28-2015, 09:27 AM | #11 | |
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10-28-2015, 09:52 AM | #12 | |
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I do believe MB will charge you a fee between $500 - $1000 for this exercise. I asked this about 4 yrs ago. Not sure if the amount has changed since. If dealer says they will do it for nothing, then they will simply give you this much less in their new car discount. After all, would anyone do anything for free ? |
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10-28-2015, 10:19 AM | #13 |
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10-28-2015, 12:56 PM | #15 |
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Just lease bust it. There are plenty of people who would be more than happy to assume your lease with just one year left on it.
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