[PeteM6]

Couple of questions for you BMW gurus, I have 6 months left
on my wife's 328i lease. The contract was for 3 years 12000 per year. The car sits now at 36000 miles and she really wants to ge out of the car now.
If I were to turn the vehicle in now, would I just
have to pay the monthly payment x6 for the six months that's left? Are there my other charges? Also the tires are the originals and need replacing, would they charge me for new tires. No major damage to the car other
than normal wear and tear. Thanks in advance

[gonzo]

First thing you need to do is call and check the payoff amount.

Come back after you do that.

[Bobble]

Basically you've answered your own qustion, pay off amount which should be equal to your remaining payments and the tires. I would search the forum or internet for some used tires and slap those on as long as they over 50% wear left they should be fine.

[200Duece]

Originally Posted by gonzo

First thing you need to do is call and check the payoff amount.

Come back after you do that.

why?

He has 6 pays left and then it goes back. There is no PO just a remaining balance. BMW will charge $200 per tire if it's not to spec. Iif you cant find good used tires to put on, they have to be runflats too, then it might be cheaper to just pay the fines

[200Duece]

You can also negotiate the tires and the payments with your new lease. The dealer should be willing to eat some of the charges to help get you into a new car

[PeteM6]

Ok thanks for the info guys. Calling them tomorrow to set a lease return appointment. Hopefully they will overlook the tires. Wife wants to get a Benz so no deal maker there.

[gonzo]

I have turned one lease in is why I asked. The others I sold outright. Of course there is a payoff.

All of them were a case of wanting out early.

If he did not get a great deal on his selling price then he probably has no option but to pay up and turn it in.

[noro]

There is also $350 disposition fee that is waved if you lease or buy another BMW from a dealer.

[faz]

Check your payoff amount, and go to your Mercedes dealer. They might work out a deal with you (depending on how desparate they are) to get the car from you and return it in for you. You will be responsible for the remaining payments, and they might even total up and add those payments in your new financing, but the tires/etc. may be taken care of by the Mercedes dealer (dealers do have friends in other dealerships that may work together.)

Back in 2002, I returned my leased '00 Solara to a Mercedes dealer (just like your situation, ran out of miles and had 3 more payments to pay still), when I picked up my previous Mercedes from them. They took care of everything.

[jopa489]

This was posted a while back, and it's very good information.

To answer your tire question - yes, the tires would need to be replaced if you return the car. You can either buy a new set yourself, have the dealer buy a new set (costs you more) or find a used set that still meets tread requirements. The latter is the most cost effective option, but be sure they are OE tires. Since you have a year left, paying off the lease isn't likely the most cost effective option for getting rid of the car. But check out the below, and hopefully it will make your decision easier.

Originally Posted by TurboMark

I work for BMW Financial Services and one of the most often asked questions I get is "How can I get out of my lease?" This is a fairly straight forward question however the answers can vary and there are a number of options available. I figured I would put a sort of a guide out there to give everyone the basic options.

First things first, when you sign a lease contract you are expected to fulfill the contract in one of two ways, either by making all the payments on the lease or by buying the vehicle from us for the payoff price. Here are the four ways that you can do this and get out early.


1. Pay the remaining payments: This option may make sense for some of us, while it might be completely useless for others. It may make sense when you are trying to get out of your 335I lease to get into a new M3 if you have maybe 2-3 payments left, however if you have 15 payments remaining you would still need to make all 15 remaining payments in full prior to turning in the car.

2. Selling the vehicle: This is as easy as it sounds, you may buy, sell, or trade the vehicle at any point in the lease. As long as we get the payoff we request for the vehicle we will send the title to you and you are free to do with the car what you will. You may sell the vehicle to a 3rd party private person, 3rd party dealership, or a BMW dealership. You may also trade the car into a dealership. If you are selling to a private party though, note we will not send the title on the vehicle until the payoff is in our hands. Any arrangements made for transfer of money between you and the buyer is outside of our control so be careful with this. A third party may not refinance a current lease with BMW financial, however they may often be able to finance through their own bank, credit union, etc.

3. Lease assumption: A BMW lease may be taken over by a third party at any time in the lease up til the final six months of your lease. There is a $450 fee and that person would have to submit a credit application with us and be approved. The process will take approximately three weeks. Once the process is completed though you will be completely removed from the account and will have no further liability with us.

4. Sale of Liability: This is an often undiscussed option because for many people it seems like it may be a riskier proposal. The basis is that it works much the same as doing a voluntary repossession, however no harm will be done to your credit. Basically once the process is initiated through us you will be responsible for paying the $350 disposition fee and dropping the car off at your dealership. The dealer will bring the car to auction and sell it at auction, whatever the difference is between the prices of the vehicle at auction and your current payoff price is what you would owe back to us. The nice thing about this is no matter how little the car is sold for at auction the maximum that you would owe back to us is the amount of the remaining payments on the vehicle, and the possibility exists that you may get away with paying less if nothing at all.

[Bulldog 6]

man i need to dust off my runflats and sell them to someone turning in a lease. Thanks I just learned something.

[jimk]

I think you can also buy more miles at a discount rate if you still have 6 months to go or more.

[jopa489]

Originally Posted by jimk

I think you can also buy more miles at a discount rate if you still have 6 months to go or more.

Yep - $0.17/mi compared to $0.20 normally.

[faz]

Originally Posted by jimk

I think you can also buy more miles at a discount rate if you still have 6 months to go or more.

Actually this may be the best option for you, due to high number of months that you have left.

Your regular miles are costing you about 40-50 cents each ($500 per month for about 1000 miles allowance), so the additional miles that you are buying is really 'cheap' compared to what you have already bought and used.

I have the absolute opposite problem compared to you ... I don't have enough miles racked up... so I may end up returning my lease in September with less miles that I have already paid for. It is better to be in yours shoes than mine, really: my unused miles are costing me 50 cents a mile, and the miles that you will be using will cost you 20 cents or less.

[anowlan]

Originally Posted by jopa489

This was posted a while back, and it's very good information.

To answer your tire question - yes, the tires would need to be replaced if you return the car. You can either buy a new set yourself, have the dealer buy a new set (costs you more) or find a used set that still meets tread requirements. The latter is the most cost effective option, but be sure they are OE tires. Since you have a year left, paying off the lease isn't likely the most cost effective option for getting rid of the car. But check out the below, and hopefully it will make your decision easier.

The lease return price charged by BMWFS for bald runflats is only $250/tire. Compare that to nearly $500 per mounted, balanced and installed for new runflats. I cruised into the end of my lease with about 3/32 tread left. There is usually a pull-ahead program that will get you out of up to the last 3 months of the lease if you take delivery from stock. My car was worth more than the residual, and even with the damage I got $1800 back by "trading in" on the lease, which reduced my upfront costs on the new car to 0$, as in sign-and-drive. Now that was sweet. But if your wife wants a Benz, I'm not sure how willing to help the BMW dealer will be. It may be cheaper just to pay the tire fee than to get new tires, unless they won't last 6 more months.

[gonzo]

Thanks for helping him out.

Saved me a lot of typing.

[PeteM6]

Yes thanks for the information guys. I'm ert to The Benz dealership as we speak. Basicly the Benz guy ran my BMW through the vin and told me that the car was worth 20k. Payoff is 27k. So he advised that the best solution was to turn the vehicle to BMW now and have them bill me the last 6 payments. He told me he would finance the Benz 2700 over the out the door price to cover the last 6 bmw payments. Getting 2.9 for 66 months on a glk350 that the wife likes (don't ask). He is taking aprox 2500 off msrp to cover for the bmw payments. Let's see if everything works out. Thanks again guys.

[jopa489]

Originally Posted by Police328i

Yes thanks for the information guys. I'm ert to The Benz dealership as we speak. Basicly the Benz guy ran my BMW through the vin and told me that the car was worth 20k. Payoff is 27k. So he advised that the best solution was to turn the vehicle to BMW now and have them bill me the last 6 payments. He told me he would finance the Benz 2700 over the out the door price to cover the last 6 bmw payments. Getting 2.9 for 66 months on a glk350 that the wife likes (don't ask). He is taking aprox 2500 off msrp to cover for the bmw payments. Let's see if everything works out. Thanks again guys.

As long as you don't mind rolling the remaining lease payments into the new GLK finance, it's not a bad option. At least the wife gets the car she wants though, that's what really matters.

[anowlan]

Originally Posted by Police328i

Yes thanks for the information guys. I'm ert to The Benz dealership as we speak. Basicly the Benz guy ran my BMW through the vin and told me that the car was worth 20k. Payoff is 27k. So he advised that the best solution was to turn the vehicle to BMW now and have them bill me the last 6 payments. He told me he would finance the Benz 2700 over the out the door price to cover the last 6 bmw payments. Getting 2.9 for 66 months on a glk350 that the wife likes (don't ask). He is taking aprox 2500 off msrp to cover for the bmw payments. Let's see if everything works out. Thanks again guys.

I actually like the GLK. It's a really nice choice in that class. If it had a manual, my wife would be driving one of those instead of having a Golf on order.

[PeteM6]

Got the GLK in black with beige and black interior. Msrp was 42000 and got if for 40500. Sports, premium, and navi. 720 for 66 months at 2.99. Benz payed first two payments. They didn't want to mess with the 328i so I set an appointment with BMW tomorrow for early lease termination. BMW lady told me I will prob just pay the remaining payments just like if I still had the car, 454 for the next 6 months. Hopefully they'll overlook the tires.

[teamadobo]

lease or finance? If its a lease thats awfully long

[PeteM6]

Originally Posted by teamadobo

lease or finance? If its a lease thats awfully long

Financed it through mercedez Benz. She puts too many miles on her cars.