[YMB-M3-J2]

So I am leasing my 08 328i for three years...I love the car and think i will want to buy it at the end of my lease. Plus I am sure I will be over miles and it will make more sense to buy it and just re-sell even if I dont want to keep it..


My question is..
When the lease is up and I want to keep the car.. how do I finance the amount owed?? Does BMW Finanacial just roll the lease into a loan or do you have to re-apply and go through the whole credit checks, paperwork and all that hassle again?

[Roowah]

Originally Posted by bmw328jc

My question is..
When the lease is up and I want to keep the car.. how do I finance the amount owed?? Does BMW Finanacial just roll the lease into a loan or do you have to re-apply and go through the whole credit checks, paperwork and all that hassle again?

The short answer is you can finance the lease residual through any finance company you choose. An advantage for financing through BMWFS is that if you get your car CPO'd certified, you can take advantage of any special financing options.

For example, when I bought out my lease, I was able to negotiate a fantastic deal that was way below the residual. Now, that is typically unusual and reflects the current economic market. In a normal market, the residual is what you pay. Then, I had the dealership sell it back to me CPO'd so I can take advantage of a 1.9% financing AND have the extended warranty included.

Whether you finance through BMWFS or any other financial institution, you will have to go through the entire application process again, along with a credit check. If you've been a good lessee, then you shouldn't have any issue being approved through BMWFS. Plus, your disposition fee would be waived and any excess mileage penalties.

Hope that helps! Whew, that was a longer explanation than I thought I was going to write!

[YMB-M3-J2]

that helps a lot... just a question but how much lower were you able to negotiate the car from BMWFS??

[Roowah]

Originally Posted by bmw328jc

that helps a lot... just a question but how much lower were you able to negotiate the car from BMWFS??

I don't remember the exact amount as it was a little less than a year ago when I did that, but my recollection was that adding up the reduction in residual, the new tires they put on, and the saving on the inclusion of the extended warranty, was about $4500 or so.