E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > E46 BMW > General E46 Forum

General E46 Forum
This is the place to get answers, opinions and everything you need related to your E46 (sedan, coupe, convertible and wagon) BMW!

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 06-23-2002, 08:41 PM   #1
323i
Registered User
 
Join Date: Dec 1969
Location: Scottsdale/Tucson AZ
Posts: 27
My Ride: Z4 3.0
Send a message via AIM to 323i
Question I have a question about my lease.

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.
323i is offline   Reply With Quote
Ads by Google

Guests, get your FREE E46Fanatics.com membership to remove this ad.
Old 06-23-2002, 09:58 PM   #2
israelsailor
Banned
 
Join Date: Apr 2002
Location: Miami, FL
Posts: 275
My Ride: 2001 330 Cic
Send a message via ICQ to israelsailor
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.
israelsailor is offline   Reply With Quote
Old 06-24-2002, 12:01 AM   #3
323i
Registered User
 
Join Date: Dec 1969
Location: Scottsdale/Tucson AZ
Posts: 27
My Ride: Z4 3.0
Send a message via AIM to 323i
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?). 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!
323i is offline   Reply With Quote
Old 06-24-2002, 12:10 AM   #4
israelsailor
Banned
 
Join Date: Apr 2002
Location: Miami, FL
Posts: 275
My Ride: 2001 330 Cic
Send a message via ICQ to israelsailor
upside down my friend
israelsailor is offline   Reply With Quote
Old 06-24-2002, 12:19 AM   #5
323i
Registered User
 
Join Date: Dec 1969
Location: Scottsdale/Tucson AZ
Posts: 27
My Ride: Z4 3.0
Send a message via AIM to 323i
She is my ex! Knowing her I could sell her the car for over blue book!
323i is offline   Reply With Quote
Old 06-24-2002, 12:20 AM   #6
israelsailor
Banned
 
Join Date: Apr 2002
Location: Miami, FL
Posts: 275
My Ride: 2001 330 Cic
Send a message via ICQ to israelsailor
ex.. man soak her.
israelsailor is offline   Reply With Quote
Old 06-24-2002, 01:41 AM   #7
-Ryan-
Registered Abuser
 
Join Date: Dec 1969
Location: SoCal
Posts: 487
My Ride: E92 335i
Quote:
Originally posted by 323i
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?). 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 ****ing 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.
__________________

** NWS removed - tim330i **
-Ryan- is offline   Reply With Quote
Old 06-24-2002, 03:15 AM   #8
OneBigTree
Registered User
 
Join Date: Dec 1969
Location: San Francisco/Portland (I like driving in rain)
Posts: 95
My Ride: A BMW isn't a "Ride"
I just ended a lease early...

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.
OneBigTree is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Censor is ON





All times are GMT -5. The time now is 03:29 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use