Need info on selling lease

Minipuck V 2.0 · 11-27-2006, 04:18 PM

Does anyone know the procedures or steps involved with selling a lease vehicle?

Like does the person take over the lease and you are free and clear from BMW financing? Or what needs to be done? Any info would help, thanks!

Two Sheds · 11-27-2006, 05:43 PM

There are a couple of sites that I know of (swapalease and leasetrader) where you can advertise your lease car. Basically it seems you need to pay the buyer a one off amount to entice them to take over the lease plus pay BMW an admin fee to change the lease.

Both sites should have plenty of info about how to go about transferring your lease to someone else.

Please note I've never used or know anyone who has used the above mentioned sites so I can't say if they are any good.

Minipuck V 2.0 · 11-27-2006, 06:31 PM

thanks for the links!

aspiring335 · 11-27-2006, 07:41 PM

Quote:

Originally Posted by Minipuck V 2.0

Does anyone know the procedures or steps involved with selling a lease vehicle?

Like does the person take over the lease and you are free and clear from BMW financing? Or what needs to be done? Any info would help, thanks!

I'm not sure if the situation is the same in the US, but in Canada you can find a private buyer for your vehicle and complete the transaction at a BMW dealership. You would receive the difference between the payoff amount and the selling price. If you don't have any equity in the vehicle (i.e. you don't think you can sell it for more than the payoff amount), then the lease takeover sites are a good idea.

One more thing: I did get someone to takeover a lease via leasebusters.com, but it took several months and I got a lot of time wasters and dreamers.

Schweitzer · 11-27-2006, 07:52 PM

I sold my car out from under my lease to CarMax for $4K less the buy-off amount, which means I had to fork over $4k to CarMax at the time they bought the car to make up the difference. I don't know how much upsidedown you'll be, but you should check out CarMax because they will give you a quote which is good for seven days or 300 miles, whichever comes first, within with to sell them your car. If you're selling a leased car, a private buyer might have issues with financing, paying the sales tax on the full buyout price to the DMW, which the lessor must disclose to them. So that has to be taken into account in negotiating your price.

Also, when you sell, the miles per your lease agreement don't matter.

I sold my car to CarMax in October and was given a bit more than the Kelley Bluebook Excellent rating price for trade-in, which I was delighted with. No hassles whatsoever.

Pete335i · 11-27-2006, 10:17 PM

Check with BMW Financial - transferring a lease is not always as easy as the web sites make it sound. Sometimes (not sure if this is the case with BMW) you are still on the lease and are responsible if the party that took over the lease defaults.

NJjustin · 11-28-2006, 11:30 AM

Quote:

Originally Posted by Pete335i

Check with BMW Financial - transferring a lease is not always as easy as the web sites make it sound. Sometimes (not sure if this is the case with BMW) you are still on the lease and are responsible if the party that took over the lease defaults.

uhm..actually it is almost as easy as the websites make it sound. I almost assumed my friends BMW lease. You basically just call them up, fill out an application via email. If your credit is approved you can assume the lease in less than a month. THere is a 450 dollar credit approval /lease assumption fee and thats it. your done.

BMWDavid · 11-28-2006, 11:42 AM

I have had 2 people assume M3's from me. One was an 05 and just recently my 06 was assumed. There is an assumption fee that BMW charges in the amount of $450 US that I make the buyer pay. You can request the assumption documents from BMW at 800-578-5000. Ask for the assumption dept.

The process is pretty easy and though I sell BMWs, my dealership was not required to be a part of the transaction. These were my M3's and considered a private transaction. Once you receive the documents from BMW, you will need to fill out your portion and have the buyer start on their end by calling BMW over the phone to get qualified for the lease. You and the buyer should meet and fill out your portions together becuase the lease transfer agreement has to be notarized. Once every form is complete and sent off to BMW, completion of the process takes 30-45 days. BMW will notify you and the buyer in writing and they are happy to give you updates through the process. At that point you can hand the keys over once BMW has given you the go-ahead and you can cancel your insurance. The lease takes about 60 days to come off of your credit. It still shows on there with a note that it is no longer your responsibility. You are responsible for the payments during the assumption. If you default during the process they cancel the assumption. It was a pretty smooth transaction both times for me. Let me know if you have any other questions or call 800-578-5000. Good luck.

txusa03 · 11-28-2006, 12:05 PM

why? you want a 335 now?

Minipuck V 2.0 · 11-28-2006, 12:10 PM

Wow you guys are awesome! thanks for all the info and help!

hahahah i was thinking about giving up my 325 and transferring all my parts into a E90 335i, but i think i should just stick to what i got right now. who knows what happens down the road.

i am asking cause my dad wants to get rid of his 2005 X3 since he is moving back to the city he doesn't really need a car.

again thank you for all the help! you guys :rocks:

11-27-2006, 04:18 PM	#1
Minipuck V 2.0 秘書負責保持它真正 353 Rep 24,954 Posts Drives: 快車 Join Date: Jun 2006 Location: 在您的母親上面 iTrader: (1)	Need info on selling lease Does anyone know the procedures or steps involved with selling a lease vehicle? Like does the person take over the lease and you are free and clear from BMW financing? Or what needs to be done? Any info would help, thanks!
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11-27-2006, 05:43 PM	#2
Two Sheds First Lieutenant 10 Rep 358 Posts Drives: Mini Cooper JCW Join Date: Aug 2006 Location: Toronto iTrader: (1)	There are a couple of sites that I know of (swapalease and leasetrader) where you can advertise your lease car. Basically it seems you need to pay the buyer a one off amount to entice them to take over the lease plus pay BMW an admin fee to change the lease. Both sites should have plenty of info about how to go about transferring your lease to someone else. Please note I've never used or know anyone who has used the above mentioned sites so I can't say if they are any good.
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11-27-2006, 06:31 PM	#3
Minipuck V 2.0 秘書負責保持它真正 353 Rep 24,954 Posts Drives: 快車 Join Date: Jun 2006 Location: 在您的母親上面 iTrader: (1)	thanks for the links!
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11-27-2006, 07:52 PM	#5
Schweitzer Lieutenant 46 Rep 415 Posts Drives: 2015 M5 CP Join Date: Nov 2005 Location: Downtown Los Angeles, CA iTrader: (1) Garage List 2007 335i Coupe [0.00]	I sold my car out from under my lease to CarMax for $4K less the buy-off amount, which means I had to fork over $4k to CarMax at the time they bought the car to make up the difference. I don't know how much upsidedown you'll be, but you should check out CarMax because they will give you a quote which is good for seven days or 300 miles, whichever comes first, within with to sell them your car. If you're selling a leased car, a private buyer might have issues with financing, paying the sales tax on the full buyout price to the DMW, which the lessor must disclose to them. So that has to be taken into account in negotiating your price. Also, when you sell, the miles per your lease agreement don't matter. I sold my car to CarMax in October and was given a bit more than the Kelley Bluebook Excellent rating price for trade-in, which I was delighted with. No hassles whatsoever. __________________ 2015 M5, Alpine White, Sakhir Orange/Black leather, 20"M Style 343M, forged black wheels, Carbon Fiber trim/mirror caps, Competition Package, Executive Package, Bang & Olufsen sound.
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11-27-2006, 10:17 PM	#6
Pete335i Enlisted Member 0 Rep 33 Posts Drives: Titanium Silver Join Date: Nov 2006 Location: RI iTrader: (0)	Check with BMW Financial - transferring a lease is not always as easy as the web sites make it sound. Sometimes (not sure if this is the case with BMW) you are still on the lease and are responsible if the party that took over the lease defaults.
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11-28-2006, 11:42 AM	#8
BMWDavid 433 Rep 860 Posts Drives: MSport F30 Join Date: Apr 2006 Location: BMW Secret Test Facilities iTrader: (0) Garage List 2011 BMW M3 Sedan [0.00] 2005(sold but not f ... [10.00] 2006 X3 [0.00] 1984 633csi [0.00]	I have had 2 people assume M3's from me. One was an 05 and just recently my 06 was assumed. There is an assumption fee that BMW charges in the amount of $450 US that I make the buyer pay. You can request the assumption documents from BMW at 800-578-5000. Ask for the assumption dept. The process is pretty easy and though I sell BMWs, my dealership was not required to be a part of the transaction. These were my M3's and considered a private transaction. Once you receive the documents from BMW, you will need to fill out your portion and have the buyer start on their end by calling BMW over the phone to get qualified for the lease. You and the buyer should meet and fill out your portions together becuase the lease transfer agreement has to be notarized. Once every form is complete and sent off to BMW, completion of the process takes 30-45 days. BMW will notify you and the buyer in writing and they are happy to give you updates through the process. At that point you can hand the keys over once BMW has given you the go-ahead and you can cancel your insurance. The lease takes about 60 days to come off of your credit. It still shows on there with a note that it is no longer your responsibility. You are responsible for the payments during the assumption. If you default during the process they cancel the assumption. It was a pretty smooth transaction both times for me. Let me know if you have any other questions or call 800-578-5000. Good luck. __________________
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11-28-2006, 12:05 PM	#9
txusa03 Major General 550 Rep 6,563 Posts Drives: TS330iPPSP6MT Join Date: Jul 2005 Location: Planet Earth iTrader: (3)	why? you want a 335 now? __________________ under construction!
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11-28-2006, 12:10 PM	#10
Minipuck V 2.0 秘書負責保持它真正 353 Rep 24,954 Posts Drives: 快車 Join Date: Jun 2006 Location: 在您的母親上面 iTrader: (1)	Wow you guys are awesome! thanks for all the info and help! hahahah i was thinking about giving up my 325 and transferring all my parts into a E90 335i, but i think i should just stick to what i got right now. who knows what happens down the road. i am asking cause my dad wants to get rid of his 2005 X3 since he is moving back to the city he doesn't really need a car. again thank you for all the help! you guys :rocks:
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