Lease Trade In - Extra Payment

[TheBenzor]

Hi guys,

Recently I traded in my E92 M3 lease when I signed the paperwork for my F82 M4 lease. We negotiated a trade in price, and that was all fine. This is on May 5.

A week later on May 13, I find that the next lease payment for the M3 has been taken out of my bank account. I was surprised so I asked BMW FS about it, and they said that the dealer payoff was not received until May 18th and that the dealer's payoff amount takes into account that I had paid the May 13th payment.

This seems wrong to me because I had ended the lease on May 5, and all the paperwork I had says that. The only thing that I can find that indicates that the May payment would be due is that the payoff quote generated on May 5 says that's good through early June.

I have traded in vehicles with normal auto loans before and it was always known that you need to continue making payments on the loan until the loan is paid off, but you would be refunded any overpayment.

In this situation this wasn't true because the payoff quote included that next payment. I consider myself a pretty savvy buyer (though I am new to leases). This seems pretty shiesty to me. Why should I pay another lease payment on a car that I don't have?! I might as well just have kept another month.

I emailed my dealer (sales manager) about this a couple weeks ago and he said he'd look into it and get back to me. Two weeks went by and I haven't heard anything back. Emailed him again yesterday, still nothing.

I don't think the dealer really went out of their way to screw me, but I think that they could have been more forthcoming about the situation. This means that I lost a lot more money on my trade in than I was expecting.

Anyhow, what do you think? I assume this is normal, but why don't they be more up front about it?

[Deja_Vu]

Don't email, call them. Emails can be missed, forgotten, or ignored. Also, your dealer should reimburse you for that payment.

[TheBenzor]

Originally Posted by Deja_Vu

Don't email, call them. Emails can be missed, forgotten, or ignored. Also, your dealer should reimburse you for that payment.

Thanks, I did try to call them earlier today. Left a message and never heard back. I swear so many dealers you deal with two dealers... one before they have your money and one after they have your money. Once they have your money they're like, "get lost!"

[deplaya]

I had an issue like this a few years ago with a different manufacturer and I contacted their finance company which refunded the payment. I would contact BMWFS and inform them of your situation.