Here is my situation: Last night my exgirlfriend told me that she wanted to buy my car. I am leasing my car. Now my question is am I able to pay of my lease and sell her the car? How can I do this? I really want to get my M3 now and not wait until March when my lease is up.
you can do it.. but it's going to be expensive as hell. You need to call the bank who holds your car's lease.. usually it's BMW's bank. They need to calculate the residual and basically they wioll make sure they get every penny coming to them. It will be more expensive then buying the car new.. depending your the mileage and the cars age.
Fist step, call the bank and ask for the current buy-out price.
My residual is ~$21,000 for my 2000 323i w/35000 miles. And I have roughly $7500 of payments left. Isnt my buy out $21000 + $7500 = $28500 + any extra miles + any early termination fees (how much are they usually?). :dunno: :banghead: I guess I would end up in the red b/c the blue book is ~$29000 for my car. Oh well I guess I will just have to wait until March to get the M3!
My residual is ~$21,000 for my 2000 323i w/35000 miles. And I have roughly $7500 of payments left. Isnt my buy out $21000 + $7500 = $28500 + any extra miles + any early termination fees (how much are they usually?). :dunno: :banghead: I guess I would end up in the red b/c the blue book is ~$29000 for my car. Oh well I guess I will just have to wait until March to get the M3!
Call BMW Financial Services. They will give you the current buyout price. It should be less than residual plus remaining payments but not sure about that.
The key thing (i.e. very important) is to buy it out and sell it to her within 10 days. If you wait more than 10 days you will have to pay sales tax on the residual + she will have to pay sales tax on the price you sell it to her for. It's fucking bullshit!!!. When I bought mine out I overnighted the paperwork to BMW and included and overnight package for them to send it back in to give myself pelnty of time. When I sold my car to the new owner only he had to pay sales tax, not me. See the DMV or your State Board of Equalization for more info.
on a Land Rover Discovery II, also financed through BMW FS (from back in the day when BMW owned Land Rover).
I owed 6500 on the car with a residual of 18,000. I thought my payoff would be $24,500, but it was only $23,000. I was 26 months into a 36 month lease, and I was already at 45000 miles (the lease max), so if I had stayed in the lease, I would get screwed if I turned the car in.
I sold it and got Blue Book for the thing ($21,000), paid BMW FS the difference ($2k) and didn't need to pay sales tax.
Remember, your current payoff doesn't include the remaining financing charges or tax, and I don't think BMW has any early termination fees. Plus, your residual value is for the wholesale price at the end of your lease terms. Typically, the private party value is significantly higher. I think you should be able to sell your car at (or even slightly below) Blue Book and walk away from it free and clear.
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