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anyone have a good friend that works at BMW
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anyone have a good friend that works at BMW - November 19, 2012, 08:56 AM

need to do something with my wifes lease.


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November 19, 2012, 08:59 AM

sell the car before the lease ends


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November 19, 2012, 09:13 AM

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Originally Posted by onel0wcubn View Post
sell the car before the lease ends
THIS

Walked away with an extra 4 grand when I sold mine


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November 19, 2012, 09:14 AM

i've never leased before. how do i find out the buy back on a lease?


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November 19, 2012, 09:15 AM

Push it off a cliff.


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November 19, 2012, 09:20 AM

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Push it off a cliff.
That solves the wife problem but what about the car?


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November 19, 2012, 09:21 AM

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Originally Posted by pauliodotnet View Post
i've never leased before. how do i find out the buy back on a lease?
On the website she uses to make the payments, there should be an option to "view a buyoff quote". Send a check for that amount to BMW financial. Keep whatever is left after the sale.

You may also have the buyer send the check directly with the account number written on it, then have them pay you the rest in cash

ONE NOTE: Some companies (I've dealt with subaru and audi so I don't know about BMW) have payoff fees. Sometimes these fees can be in the thousands. This is because they don't want you taking that profit. Make sure you look into that


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November 19, 2012, 11:17 AM

Quote:
Originally Posted by onel0wcubn View Post
sell the car before the lease ends
How do you sell a leased car before the lease term ends? You do not own title free and clear.

Quote:
Originally Posted by Tecknojoe View Post
THIS

Walked away with an extra 4 grand when I sold mine
The value of the car was higher than the payoff by $4,000. Lucky you.



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November 19, 2012, 11:20 AM

You can buyout a leased car at any time during the lease...

Article from last year but still relevant..

Hidden Value in a Leased Car - NYTimes.com


Leasing a Car? It May Have Hidden Value
By ANN CARRNS
The common wisdom is that it’s more expensive to lease a car than to buy one. But the recent rise in used-car prices may provide a lucrative opportunity for those with leases to come out ahead of the game.

That’s because dealers set a so-called residual price when they lease a car — what the car is expected to be worth at the end of the lease. Typically, consumers can either turn their car in when the lease is up, or buy the car for the residual value. (If they want to buy it before the lease is up, the price is called the buyback amount.)

Now, with a spike in used-car prices as a result of tight supply, it’s likely that many residual values are significantly lower than the current market value of the car. That means that people whose leases are ending now — or who want to exit their lease early — can expect a good deal if they buy the car, or can even turn a tidy profit by selling the car themselves and pocketing the difference.

An article published Friday describes a Prius owner who did just that: Spencer Hunter, an Oregon lawyer, tells how he sold his Prius less than 72 hours after he posted an ad on Craigslist. Over the 13 months he leased his 2010 Prius, Mr. Hunter said he spent $3,860 on the car, not including gas. Last month, after buying out the lease and selling the car, he ended up with a check for $3,900 — a profit of $40.

Michael Bor, co-founder of a new used-car consignment business called CarLotz, which helps owners sell their cars for a fee, says other leases may also have residual values that are worth much more. “Not until recently have used-car values appreciated so much,” he said.

During the economic downturn, new-car sales — and the trade-ins that often accompany them — slowed sharply, so there are now fewer used cars available for sale. Roughly 60 percent of new-car sales involve trade-ins, said Paul Taylor, chief economist for the National Automobile Dealers Association. (The current situation is the reverse of what happened from 2005 to 2007, when there was a boom in new-car sales, and trade-ins flooded dealerships with used cars.)

Given the rise in used-car prices, it’s probable that forecasts for residual values made over the last three to five years, the typical duration of auto leases, were low. “What’s likely to happen now is they underestimated the value of the car,” Mr. Taylor said. “So the residual price is low, and you have more incentive to purchase it. Or, buy it and then sell it.”

Mr. Bor is in favor of selling. In the past, he said, if you turned your car in at the end of a lease, you weren’t giving up much value. “Today, if you hand the car over, you might as well put a suitcase full of hundreds in the trunk.”

He gives the example of his wife’s car, a 2008 Volvo XC90. Her lease has more than a year left, and when they called the finance company this week, they were given a buyout price of $18,500. She could arrange to sell it privately, he said, for about $27,000, based on values found at online sites like Autotrader.com, and industry sources like Manheim. She could then pay off the balance and keep the $8,500 difference, or use part of it for a down payment for another car. Prices vary geographically, and by model (prices have risen the most on smaller, fuel-efficient models), so her case is perhaps an extreme example, he said. But it’s likely that residual values on many leases offer significant “hidden” savings.

Car leasers may be catching on to the idea. According to CNW Marketing Research, an Oregon company that follows car trends, 21.8 percent of car leasers are now buying their vehicles, up from a historic average of 16.4 percent. Of those who buy the leased car, nearly 40 percent sell it within six months, compared with 27.3 percent historically, CNW said.

Typically, the car’s residual value is listed on the lease documents. Or you can call the finance company for a payoff amount, if you still have time on your lease. The market for used cars is brisk right now, but if you go the sell-it-yourself route, Mr. Bor said, you should start planning to do so at least a month or two before your lease expires.

The downside, of course, is that selling the car yourself, instead of simply handing over the keys to the dealer, requires a significant investment of time and energy that many people don’t want to make. Many dread the hassle of advertising the car on Craigslist or other online sites and dealing with strangers who want to test-drive it.

That’s where Mr. Bor sees an opportunity for his business, which recently opened its first location near Richmond, Va. CarLotz sells the car for fees and a commission totaling about $800; the seller keeps the rest. Out-of-state sellers can ship him cars to sell and still make a profit, even with the fee, he claims, because prices are so high.

Do you lease a car? Is its market value greater than its buyback value?


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November 19, 2012, 11:21 AM

Quote:
Originally Posted by Heist View Post
How do you sell a leased car before the lease term ends? You do not own title free and clear.



The value of the car was higher than the payoff by $4,000. Lucky you.
Same way people sell bikes that aren't paid off. Bank/entity releases the title after you pay it off with buyer's money, then you get the title and sign it over to the buyer


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November 19, 2012, 11:27 AM

I own and have owned several BMW's and based on the Bring My Wallet monicher they often are tagged with - Don't be suprised if they do have a buyout fee.
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November 19, 2012, 11:35 AM

Quote:
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How do you sell a leased car before the lease term ends? You do not own title free and clear.



The value of the car was higher than the payoff by $4,000. Lucky you.
What cuban said. A lot of people don't know, you can sell it just like you can sell a car that you still have a lein on. Just give the money to the bank that has the title, and they send it to you. It's that simple. Although you need to look BEFORE you sign the lease if it has a fee for doing that.

It was not luck. It was carefully calculated. I understood how fast it was being paid off. I knew when I was going to pass the threshold of being above water on it. They tell you your final payoff amount for the end of lease when you first take out the lease, so I knew the total payoff. All I had to do was predict the cars approximate value after 3 years. Audis hold their value very well, and because of that I sold the car for $4k over what I had left to pay off. I knew there was no payoff fee as well.

Even if I bought it with a lein. I make payments twice as big. So I'd owe say $8k less on it. I just take back all that money that I made payments for when I sell it because the car is worth what it is worth to the buyer. Same deal with selling it - just give the amount owed to the bank and they give you the title. It's that simple.


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November 19, 2012, 11:50 AM

Let me add this:

It's not smart to get a new car. Buy or Lease, no matter what, you WILL lose a large depreciation. It cost me $7k in depreciation to have that new audi. to me, YES it was worth it. That's what I chose to spend my money on at that time.

It's smarter to get a 2 year old, low milage car. You will lose less in depreciation.

It's not like I MADE $4k off that car. Rather, I was able to get rid of the car without just handing over the keys. A LOT of people say "Oh leasing is dumb because you just give the car back and you are left with nothing". This is true if you don't sell it. However, I used the option of selling and that $4k that Audi would have gotten if I was too dumb would not be in my pocket.

In the end I lost the same $7k that you would lose if you Lease, Buy with a lein, or flat out buy with cash. It will cost the same amount in depreciation no matter what.

You just decide if that's what you want to spend your money on. For me, worth every dollar at the time. I prefer to spend some of my money on new cars because I know what I'm getting and I like having a warranty. and I really hate mechanics


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Last edited by Tecknojoe; November 19, 2012 at 11:52 AM..
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November 19, 2012, 11:54 AM

Quote:
Originally Posted by Tecknojoe View Post
Let me add this:

It's not smart to get a new car. Buy or Lease, no matter what, you WILL lose a large depreciation. It cost me $7k in depreciation to have that new audi. to me, YES it was worth it. That's what I chose to spend my money on at that time.

It's smarter to get a 2 year old, low milage car. You will lose less in depreciation.

It's not like I MADE $4k off that car. Rather, I was able to get rid of the car without just handing over the keys. A LOT of people say "Oh leasing is dumb because you just give the car back and you are left with nothing". This is true if you don't sell it. However, I used the option of selling and that $4k that Audi would have gotten if I was too dumb would not be in my pocket.

In the end I lost the same $7k that you would lose if you Lease, Buy with a lein, or flat out buy with cash. It will cost the same amount in depreciation no matter what.

You just decide if that's what you want to spend your money on. For me, worth every dollar at the time. I prefer to spend some of my money on new cars because I know what I'm getting and I like having a warranty. and I really hate mechanics

Yep. All of this.

You always lose money but sometimes it's worth it.


I'm considering a lease for amanda's next vehicle. Mostly because I like keeping her in something new, and the monthly costs can be much less (which, for us, is the main component of the cost that matters to us - the monthly bottom line)

Ford used to have a "red carpet" lease that was fantastic. Good terms, minimal charges, good buyback terms. But then the economy went to poop.


On my most recent truck I bought used. Low mileage, couple years old, and had them swing me a deal on the warranty (5 year warranty at 200 above dealer cost)... that has worked out well for me also.


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November 19, 2012, 01:25 PM

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That solves the wife problem but what about the car?
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