[wanesso]

Anyone see/ hear anything about bmw offering early lease termination due to economy tanking? Nissan is offering this type of thing...

[M3PGH]

no such offer from Bmw

[wanesso]

Originally Posted by M3PGH

no such offer from Bmw

Not surprised

[Frank_NJ]

Look at your lease and there is an Early Termination option you can exercise in the agreement. I have done it already.

Originally Posted by wanesso

Anyone see/ hear anything about bmw offering early lease termination due to economy tanking? Nissan is offering this type of thing...

[amg55driver]

Originally Posted by Frank_NJ

Look at your lease and there is an Early Termination option you can exercise in the agreement. I have done it already.

what was the consequences to terminate it early out of curiosity?

[Frank_NJ]

They come out and inspect the car then calculate a value to exit the lease. I have been lucky since I get my cars heavily discounted that the numbers usually require me to give BMWFS at most $1000.00 to get out.

Originally Posted by amg55driver

what was the consequences to terminate it early out of curiosity?

[Vic55]

Originally Posted by amg55driver

what was the consequences to terminate it early out of curiosity?

In the regular world you would be responsible for any monies owed after BMWFS would sell the car at the auction.

EG:

36 month term but you walk away at 17 months and leave the car at the dealer. Since you didnt complete the obligation of the lease you would owe any remaining payments minus tax and interest plus the residual which is basically the lease payoff. BMWFS normally will pick up the car and sell it at the auction as an early term and then apply the proceeds to your balance and you WILL definitely owe considering the "softness" of the F90. If you dont pay that deficiency balance it will hit your credit as a chargeoff for the dollars owed.

This is basically called a voluntary surrender. Now in the current times, BMWFS might have forgiveness but I havent heard of any such thing... yet. More than likely they will offer extensions or deferments first.

[amg55driver]

this is why people need to buy/lease things within their comfortable range. I personally have zero problem or intend to give up on my lease early. I wish this tough time ends and we all out have fun with out cars thats all.... pretty sad.

[Pimpsy]

Originally Posted by amg55driver

this is why people need to buy/lease things within their comfortable range. I personally have zero problem or intend to give up on my lease early. I wish this tough time ends and we all out have fun with out cars thats all.... pretty sad.

To be fair, many people probably thought they were financing a car well within their comfortable range… Until they were unexpectedly ruined by an economic tsunami in the form of a pandemic.

I personally know people businesses that are genuinely suffering and depending on the resulting economic climate, may not recover.

Wishing everyone the best.

[Earlando86]

Originally Posted by Pimpsy

To be fair, many people probably thought they were financing a car well within their comfortable range… Until they were unexpectedly ruined by an economic tsunami in the form of a pandemic.

I personally know people businesses that are genuinely suffering and depending on the resulting economic climate, may not recover.

Wishing everyone the best.

Agreed. I'm not at risk but it sucks that some are.

[Greer]

Yes, do not beat up on people. In Hollywood Film, TV and Reality show production has completely shut down. Who could have predicted that? I have savings so I am ok and will ride out this storm.

[Salespunk]

Your best bet is to post it up on Swap a Lease and offer a cash incentive to bring the price down

[TrevorM3]

Originally Posted by amg55driver

this is why people need to buy/lease things within their comfortable range. I personally have zero problem or intend to give up on my lease early. I wish this tough time ends and we all out have fun with out cars thats all.... pretty sad.

thats' not what this is about.


i'm sure some folks plan for an off month or so.. i can assure you nobody plans on a Pandemic shutting down the entire US.

[wesleyan92]

Originally Posted by amg55driver

this is why people need to buy/lease things within their comfortable range. I personally have zero problem or intend to give up on my lease early. I wish this tough time ends and we all out have fun with out cars thats all.... pretty sad.

I am sure there are folks who stretch to get into their BMWs but I believe the current situation is completely unprecedented. No amount of scenario planning would have accounted for something so insanely drastic.

[Salespunk]

Incomes have been down for 3 weeks, max. If we were 4 months into this it would be understandable, but I don't have any sympathy for someone that can't afford a BMW payment at this point.

Reality is that people buy things they shouldn't. I have done it in my life when I was younger as well. This is going to be painful and it sucks, but we didn't mail out checks during the financial crisis and we didn't mail them out during 9/11. 87'? Nope. 92'? Nope. So why now? Those weren't the fault of most people that lost their jobs. They are all unforeseen issues with the economy, so what is different now?

[gatorfast]

Originally Posted by Salespunk

Incomes have been down for 3 weeks, max. If we were 4 months into this it would be understandable, but I don't have any sympathy for someone that can't afford a BMW payment at this point.

Reality is that people buy things they shouldn't. I have done it in my life when I was younger as well. This is going to be painful and it sucks, but we didn't mail out checks during the financial crisis and we didn't mail them out during 9/11. 87'? Nope. 92'? Nope. So why now? Those weren't the fault of most people that lost their jobs. They are all unforeseen issues with the economy, so what is different now?

Well your user name of punk definitely shines through with this post. Amazing how some have no empathy for the many people immensely impacted by the effects of this virus.

As for how this is different than other economic downturns... can you tell me if in any of those instances you had mandated shutdowns of every "nonessential" business?

[MWM]

Originally Posted by gatorfast

Well your user name of punk definitely shines through with this post. Amazing how some have no empathy for the many people immensely impacted by the effects of this virus.

As for how this is different than other economic downturns... can you tell me if in any of those instances you had mandated shutdowns of every "nonessential" business?

Easy to see both sides of the equation. Importantly, this situation shines a bright light on the reality that most of us spend tomorrow's dollars today, and we live and die based on cashflow. If cashflow goes to zero overnite, then bad shtuff starts happening nearly immediately.

Out of dumb luck I still have 100% of my earnings. I had tucked away six months' expenses in savings but even that feels mighty skinny right now and for sure my cashflow might not last forever. I won't speak for anyone else, but the experience of this crisis sure changes the way I'll look at spending going forward no matter how quickly and completely we recover (and, being a pragmatic guy, I'll take the under on that one -- it'll be years in my view).

[gatorfast]

I don't really see what the other side of the equation is. Some people have had their business shut down, $0 income, with no end in sight. When that happens, smart people get defensive which means reducing expenses to get rid of any fluff (certainly a 600hp German sedan isn't a necessity).

I have just seen too many snarky "you couldn't afford it" or "you have no savings" or whatever other condescending and cruel comments people seem to post on here. It's like some enjoy reveling in others misfortune just throw an "I told you so" at them. I know it's the internet where mean people come to play but come on, have a heart.

[wesleyan92]

Originally Posted by gatorfast

Well your user name of punk definitely shines through with this post. Amazing how some have no empathy for the many people immensely impacted by the effects of this virus.

As for how this is different than other economic downturns... can you tell me if in any of those instances you had mandated shutdowns of every "nonessential" business?

No kidding right? Where is the empathy? This shutdown is unprecedented - like NEVER before. I feel for the hourly workers and the small business owners. On the other hand, I don't feel for the airlines at all. Why should they get a massive bailout when, even in the good times, they roll out a product and experience that is utter crap.

My wife and I will order at least 2-3 meals a week from our local mom and pop restaurants and make it a point to leave a very generous tip. I am thankful I am in a position to do that.

[BMWCARGUYM5X5]

Originally Posted by wanesso

Anyone see/ hear anything about bmw offering early lease termination due to economy tanking? Nissan is offering this type of thing...

Swapalease or Leasetrader are your 2 best options. Offer someone an incentive to take over your car. There are tons of them listed on Swapalease right now so best of luck...

[mjr24]

I think that's the point. He isn't saying you shouldn't have bought a car....he isn't even saying you shouldn't have bought a BMW.....but if the $1200 payment is burning a hole in your pocket after 3 weeks, then buying a $120,000 BMW probably wasn't very smart (nor is leasing one if you don't have money in the bank).

If you have enough money that a $120k car is fluff....then you really don't have an issue with not being able to work for a month (especially when a lot of people still are getting paid and or are getting stimulus checks from the government). Not only this, BMW has offered to defer payments for 3 months....

[Pimpsy]

Whenever possible...spread kindness and empathy rather than negativity and criticism.

If that seems difficult, take your magnifying glass off of others and use it to examine yourself instead.