02-26-2017, 06:48 PM | #1 |
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Turning in low mileage leased M235
My M2 should be arriving in a month or so, and I'll be turning in my '14 M235 in perfect condition with just under 10k miles. Had a 36 month / 10k miles per year lease agreement, so I'm obviously far under what I technically paid for.
Are dealers ever known to take something like this into consideration on turn-in? I already agreed on a price on the M2 so that ship has likely sailed, but wondering if I could push them for some extras at no charge (black side grills, etc.). Thoughts? |
02-26-2017, 07:28 PM | #2 |
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The dealership will most likely not give you a "credit" for the low miles since the lease agreement does not obligate them to do so. You could try to sell it on your own and make a little money, but that's "some" work and the market for what you have is VERY soft. Ask me how I know.
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02-26-2017, 09:03 PM | #3 | |
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Agreed. The dealer will appreciate you turning it in MINT and with such low miles. Buy it yourself and move it as a POV sale. |
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02-26-2017, 09:57 PM | #4 | |
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02-26-2017, 10:04 PM | #5 |
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Agree with the above. I had an Audi dealer take the surplus mileage availability into account on a trade in one time, but it was the same dealer I leased from and it was written into the agreement up front. Otherwise I would have sold it myself.
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02-26-2017, 11:04 PM | #6 |
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My lease document says the purchase option is about 30k, but that's as of the end date, which is mid-May. So if I buy it out early, probably just over 31? Then would come the hassle of actually finding a buyer, storing the car in the meantime (only own one spot in my building)... I dunno.
Hate to leave extra cash on the table, but a private sale involves some logistics that don't seem particularly enticing. And certainly understood that the dealer is under no obligation to compensate for this. Maybe I'll test the waters a bit with my sales guy and then decide from there. |
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02-26-2017, 11:17 PM | #7 |
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If you look online there is a buy out price as of today. Sell it and make that extra money. I have never turned in a lease with my past 7 leases. I always made more than the pay off price.
Good thing is you have 1 month more to sell it. |
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02-27-2017, 02:11 AM | #8 |
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You can pull your actual payoff/buyout from your account in Mybmw at the BMW USA website. Typically, your payoff amount would be residual value plus remaining payments (pre-tax payments).
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02-27-2017, 09:31 AM | #9 |
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Please be mindful that your car may be worth less than the buyout, if you can even find a buyer for it.
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02-27-2017, 09:34 AM | #10 | |
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02-27-2017, 10:17 AM | #11 | |
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If you are under milage you are considered technically under-water because u paid for more miles. You will need to try and get an offer that is higher than your payoff to recoup your loss. I just private party sold my F80 M3 lease and I came out like a bandit. Sold in 2 days. Drove it for 15k miles and made 600$ had it for a year.
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02-27-2017, 10:34 AM | #12 |
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I turned in my 135i lease when picking up M2, was under miles and asked the finance department the same question. They said sometimes BMW finance will send you a check for returning with low miles so i was like cool but wasn't really expecting anything. Few weeks passed i get a check in the mail
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02-27-2017, 06:43 PM | #13 |
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Thanks for the input, guys!
I'm sort of shopping around for now, seeing what the market is like before pulling the trigger. Checking a couple places like carmax and the like to see what they would offer. No idea what to expect. If more than my balloon payment (31.2k at the moment), then great. Probably won't get as much as going with a private buyer, I know, but no clue how long that might take so sort of leaning towards an easier option while still recouping some $. But I'm still open to other options. mercedesc63, how did you sell yours? Never sold a car privately before, so a bit ignorant of the best methods. I would imagine an M3 would be in higher demand than a 235, so I might not have as much luck. I dunno. atxsk8r, that's awesome to know. If you don't mind, about how much did they compensate you per mile under? Waiting to hear back from my CA on what, if anything, they can do for me. |
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02-27-2017, 06:50 PM | #14 | |
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Try CarMax first and a BMW dealership or a few. I have a C400 also and am in this same situation. I am under milage significantly and the current value of the car is lower than the final payoff after 36 months! I just gave up on that one. I see your KBB is 30500... just a heads up.
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02-27-2017, 08:03 PM | #15 |
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I was 5k miles under and they sent me a check for $340. Not that much but still better than nothing. Also finance guy said he had no idea how they calculate the amount i would get if i did receive a check.
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02-27-2017, 11:33 PM | #16 |
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BMW has a chart with set parameters for mileage and posible refund to those customers who have a lease contract with 15k miles per year or under. Now, for customer who contract more than a 15k miles per year allowance, they will refund you 15 cents per every unused mile upon lease return. Obviously that would not be the case if you trade in your car.
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02-28-2017, 08:20 AM | #17 |
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Here's another thing you could try. 120 days out (you're not far off) dealer can buy your car from BMW for a negotiated price close to wholesale. Your residual has nothing to do with it. Since you're looking to minimize downside and just get out as clean as possible as opposed to making a quick buck I'd ask them about doing that. If your car is as nice as you say they should be able to turn a quick profit on it by selling CPO.
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03-06-2017, 11:52 AM | #18 | |
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I agree, dealer should work something, if not do you really want to buy and sell the car? lA lot of headache and not sure on the tax implication in your state. You may find a buyer, after playing used sales car guy for a bit. Probably not worth the headache for few thousand. Low mileage adds some value, but not as much as you would think. |
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03-07-2017, 07:45 PM | #19 |
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Yeah I got a Carmax and KBB valuation, and they were both pretty well under the buyout price on the lease. Obviously could probably get a bit more with a private buyer, but again, the hassle and uncertainty are not all that appealing to me.
I'll see if I can get some benefits from the dealer (e.g., check from BMW Financial, some freebies, maybe free black side grills, ), and call it a day. Thanks for your input, guys. |
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03-07-2017, 09:53 PM | #20 | |
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