Selling a Leased Car

[XRAVE]

So currently I have a 2013 135i. I have already ordered an f80 M3. It looks like it will be arriving in April, leaving me with 3 payments on my 135i. (435 x 3) = 1,305.

Currently my payoff quote is $29,139.71 plus $1,798.20 in taxes making it $30,934.91.

If I were to take my car to carmax and they offered me $29,000, would their amount be 29,139.71 since they are a dealer and don't pay taxes, leaving me with a payment of $139.71?

Also, as a second option, could I post my car on autotrader or another website advertising my payoff quote and having someone else buyout the car? I know there are lease take over websites but I'm at the limit of my miles and very little months left on the lease so I don't think anyone would take it over.

Any suggestions on what I could do would be greatly appreciated.

[RJVIII]

You're right that carmax would not need to pay tax on it and BMWFS would sign the title directly over to them.

Did something similar with my S4 that I just got out of. The dealer bought the car, no tax involved, and it was signed over directly to them.

[XRAVE]

Originally Posted by RJVIII

You're right that carmax would not need to pay tax on it and BMWFS would sign the title directly over to them.

Did something similar with my S4 that I just got out of. The dealer bought the car, no tax involved, and it was signed over directly to them.

Great thanks for the info!

[DFozzy]

You still might want to try a lease take-over site... you'd be surprised at how many people want a short term lease (at least it surprised me ).

I was in a similar situation, i.e., had a car with only 5 months left on the lease and close to the mileage limit, and within 2 days of posting on leasebusters I had over 10 offers. I unloaded it a week later...

worth a shot in my opinion

[04cobra]

Short term lease is always more favorable. People want to get the car at the buyout price with as little a lease payment as possible. If they can drive the car for 5 months, then have the option to buy it out, that's a perfect situation in my mind.

[ChrisK]

Your SA should be able to swing out of your lease early (3 months is nothing). Especially if you are also using BMWFS on the F80.

[hellrotm]

Ask about the BMW Lease Pull Ahead Program. BMW will take care of up to 6 months lease payments if you buy/lease a new BMW.

[slalomfever]

pull ahead program?

[XRAVE]

Yea I should have mentioned, with those 3 months left, that is with the pull ahead program. It would normally be due in December.

[moonsault270]

Never bought out a BMW lease before, but I did buy and sell an end of lease Jeep for a small profit recently. The payoff quote from the bank was different for me, the leaseholder than for a 3rd party (3rd party price was higher)

Not sure what BMWFS policy is, but you may want to double check if the payoff is the same regardless who purchases it.

Congrats on the new ride!

[nilfinite]

Originally Posted by XRAVE

Yea I should have mentioned, with those 3 months left, that is with the pull ahead program. It would normally be due in December.

Interesting. Does the lease pull ahead program will stack with a lease buyout?

[XRAVE]

Originally Posted by nilfinite

Interesting. Does the lease pull ahead program will stack with a lease buyout?

If the dealer that I'm leasing the new car from buys out the lease, they get the credit 6x$435 = $2610 That would make the buyout for that dealer 26,527.71 instead of $29,137.71

Unfortunately it doesn't look like I can get the credit. I'm actually doing this out of state and I need to turn a lease pull ahead car into that dealer, I can't just take it to a local dealer like you would normally.

[Silververtu]

Originally Posted by XRAVE

If the dealer that I'm leasing the new car from buys out the lease, they get the credit 6x$435 = $2610 That would make the buyout for that dealer 26,527.71 instead of $29,137.71

Unfortunately it doesn't look like I can get the credit. I'm actually doing this out of state and I need to turn a lease pull ahead car into that dealer, I can't just take it to a local dealer like you would normally.

You can return your 135i to any BMW dealer in the US and do the pull ahead program if you are leasing or financing your new F80 from BMWFS. Call BMWFS to gather more info before you walk into the dealer.

[XRAVE]

Originally Posted by Silververtu

You can return your 135i to any BMW dealer in the US and do the pull ahead program if you are leasing or financing your new F80 from BMWFS. Call BMWFS to gather more info before you walk into the dealer.

I know you can normally turn the car into any dealer, however, speaking to 2 dealers, they both told me that the car has to be turned into the dealer that you are leasing the new car from if you are participating in 6 month pull ahead.

I spoke to BMW NA and they were kind of useless. If someone has some info on this, that would be greatly appreciated and avoid any shipping.

[Falafel Combo]

Originally Posted by XRAVE

So currently I have a 2013 135i. I have already ordered an f80 M3. It looks like it will be arriving in April, leaving me with 3 payments on my 135i. (435 x 3) = 1,305.

Currently my payoff quote is $29,139.71 plus $1,798.20 in taxes making it $30,934.91.

If I were to take my car to carmax and they offered me $29,000, would their amount be 29,139.71 since they are a dealer and don't pay taxes, leaving me with a payment of $139.71?

Also, as a second option, could I post my car on autotrader or another website advertising my payoff quote and having someone else buyout the car? I know there are lease take over websites but I'm at the limit of my miles and very little months left on the lease so I don't think anyone would take it over.

Any suggestions on what I could do would be greatly appreciated.

All your assumptions seem to be corect. Also, If I recall correctly, you can not transfer a lease with less than 6 months remaining. Not sure that is your case. But you are correct. With little miles left on the lease, folks will be asking you for steep incentives and what not.

I would recommend going the private sale route. You just list the car for market value, try and get as much as you can. The proceeds go to the payoff, and you either makeup the difference in cash, or hopefully of sell for more than the payoff amount and get a few bucks back.

I did exactly that with my wife's Subaru Outback last week. The payoff was $19,500. Dealer payoff was $18,300. A dealer purchased the car from us for $21,000 and we pocketed $2,700. Not bad at all. In our case, the car was on its last month of the lease, and we had made our last payment. But I realized the market value as quite a bit higher than the payoff amount, and took advantage of that fact.

The only downside with a private sale is you have to deal with the low ballers and tire kickers. Lease transfers tend to be a lot easier. I have done that too in the past, but almost always had to bring some cash to the deal in the form of an inventive.

Good luck!!!

[Falafel Combo]

Originally Posted by XRAVE

If the dealer that I'm leasing the new car from buys out the lease, they get the credit 6x$435 = $2610 That would make the buyout for that dealer 26,527.71 instead of $29,137.71

Unfortunately it doesn't look like I can get the credit. I'm actually doing this out of state and I need to turn a lease pull ahead car into that dealer, I can't just take it to a local dealer like you would normally.

If the out of state dealer is willing to do the buyout, it may be worth the road trip. Otherwise you would have to ship your car to them. I am not aware of any other way to do that.

[IEDEI]

I traded my leased 2013 135is to a BMW dealer and lost a couple thousand dollars to do it so I could get a 1M....I had 15 months left on my lease. Sure it costed me a couple thousand bucks but i had made a mistake and I just swallowed the loss and ended up with my dream car in the 1M. I haggled a lot to get the losses down to that...

Have you actually received an offer of $29k from Carmax or are you speculating about that? IF you have gotten an offer just jump on it....seriously.