[Maverik259]

2020 M5 with 20k miles. Lease up next month. Thinking of just buying her out due to lease rates being crap. I’m fully loaded minus CCB with a $1260/mon lease (don’t pay sales tax).

Never done this before although I know not complicated. Just curious as to y’all’s experience.

[plutnicki]

Not an M5 but I purchased my wife's X3 M40 off lease last year. I did it through my dealer, although I think you can deal directly with BMW Financial too. Really no different than buying any other car, price was fixed, added a warranty and wrote a check. Done. Re-registered afterward. I didn't have to do any financing for it, so it was really simple.

Will be doing it again this winter for my 21 M5 as well. That will include a little financing but I don't really expect it to be any more complicated.

Good luck

[Maverik259]

Pretty much what I figured. Just need to find who’s got the best rates. Seeing mostly around 5.5% plus/minus 0.2%.

Would love to roll in an extended warranty into the financing lol. BMW wants a lot of $$ for them.

[LASpartan]

Originally Posted by Maverik259

Pretty much what I figured. Just need to find who’s got the best rates. Seeing mostly around 5.5% plus/minus 0.2%.

Would love to roll in an extended warranty into the financing lol. BMW wants a lot of $$ for them.

Where are you finding 5.5%? I need to buy my M5 out in December but now considering a 2023/24 740i so I can get into another lease.

[Maverik259]

Navy fed and USAA.

[LASpartan]

Originally Posted by Maverik259

Navy fed and USAA.

And what if I am not involved with DOD/Navy, etc.? Can anyone join or is it restricted?

[Spunky]

Originally Posted by Maverik259

Pretty much what I figured. Just need to find who’s got the best rates. Seeing mostly around 5.5% plus/minus 0.2%.

Would love to roll in an extended warranty into the financing lol. BMW wants a lot of $$ for them.

You can roll in whatever you want, but I recommend getting it from Christine at Steve Thomas BMW or someone else that gives discounts - they're significant.

[ResIpsaLoquitur]

Originally Posted by Spunky

You can roll in whatever you want, but I recommend getting it from Christine at Steve Thomas BMW or someone else that gives discounts - they're significant.

And definitely not from Ben epicaccord

Sorry guys, I could not resist.

[Maverik259]

Originally Posted by LASpartan

And what if I am not involved with DOD/Navy, etc.? Can anyone join or is it restricted?

Restricted.

[Maverik259]

Sanity check. My registration is up in July. Same month my lease expires. BMW just sent me a power of attorney to renew along with the paperwork from the state. but I assume I’ll do an all new registration when i “purchase” the car in July so no need to worry about this power of attorney or registering my car now. Correct?

[Maverik259]

Anyone?

[PDOT]

Originally Posted by Spunky

You can roll in whatever you want, but I recommend getting it from Christine at Steve Thomas BMW or someone else that gives discounts - they're significant.

Can I make the purchase through them, or it has to be a local dealership?

[IBOOSTU]

anyone else know where to get a low intrest rate loan to buy out of their leasE?

[Maverik259]

Originally Posted by IBOOSTU

anyone else know where to get a low intrest rate loan to buy out of their leasE?

They’re only getting higher and higher. Recommend just calling around and pick the lowest one. Also remember different banks are gonna pull different credit scores for you. Dealer has me at a better credit score but worse rate than USAA. USAA had me like 20 points lower but a full percent better than dealer. Half better than navy fed credit union.

[LASpartan]

BMW dealer near me offered me $1,000 to buy out the last month of the lease.

Genuinely considering it for a few reasons. I've been grappling with this for months trying to figure out what to do and I think the decision has become pretty easy.

I'm opening my own solo law practice in 2024 so I need to keep expenses to a minimum and I am 1000% going electric so buying it out isn't a consideration and I want to save the $2000 I spend on the car, insurance, and gas. Plus my father just passed away and I plan to use his chevy bolt (and $164 monthly insurance) until I get income to get something I want. So $2000/mo to $164/mo is a win if only temporary.

If I turn in the lease I will get dinged for tires, mileage and who knows what else (easily $3000) and I can't afford to pay that given the uncertainties of 2024. So selling it to BMW for something is obviously the right move instead of turning it in and paying out of pocket and that solves that issue.

My other consideration is an Audi dealership offered me $5,000 in equity toward a Q8 etron lease so I would have nothing out of pocket. But I honestly don't want that car for 3 years so that's no longer an option. If they had a cheap etrong GT I'd consider it.

So I think I am going to take it to a few more dealers, get a higher offer, and drive my dad's car until mid-2024 when I expect revenue, and get the i5m60 or wait for the new M5.

[infamousq]

My lease ends next month. I want to keep the car, but the residuals say it is worth 90k, but it's more than $75k-80k. Does anybody have experience negotiating with the dealer to get a fair price? I don't want to pay the $90k for it.

[infamousq]

Originally Posted by Spunky

You can roll in whatever you want, but I recommend getting it from Christine at Steve Thomas BMW or someone else that gives discounts - they're significant.

Spunky Do you have her contact info?

[djmcbride1980]

Originally Posted by infamousq

My lease ends next month. I want to keep the car, but the residuals say it is worth 90k, but it's more than $75k-80k. Does anybody have experience negotiating with the dealer to get a fair price? I don't want to pay the $90k for it.

Leases are closed ended, buyouts are fixed. The residual is what you will pay, the negotiating should have been done up front. Theres nothing you can do now.

I wish I had a better answer for you, but this is the only correct answer.

[LASpartan]

Originally Posted by infamousq

My lease ends next month. I want to keep the car, but the residuals say it is worth 90k, but it's more than $75k-80k. Does anybody have experience negotiating with the dealer to get a fair price? I don't want to pay the $90k for it.

Just to give you an idea, my 2021 M5 had a $67k residual and I was only offered $1000 on top to buy it out (the Snapper Rocks Blue color was cited as something to do with the price--they really only want black, white or grey, but the buyout would only have gone up $5k max if this was based on auction price).

So at $90k I think you are way over the actual price of the car. I'd just turn it in then buy a used M5 for much cheaper if you want to get into another one.

[dcwjd]

Originally Posted by LASpartan

Just to give you an idea, my 2021 M5 had a $67k residual and I was only offered $1000 on top to buy it out (the Snapper Rocks Blue color was cited as something to do with the price--they really only want black, white or grey, but the buyout would only have gone up $5k max if this was based on auction price).

So at $90k I think you are way over the actual price of the car. I'd just turn it in then buy a used M5 for much cheaper if you want to get into another one.

Auction prices don’t differentiate between comp and base. I’m buying my 21 comp now and the price is ~73k. Current manheim average is 78k but again it doesn’t factor in comp or base.

[LASpartan]

Originally Posted by dcwjd

Auction prices don’t differentiate between comp and base. I’m buying my 21 comp now and the price is ~73k. Current manheim average is 78k but again it doesn’t factor in comp or base.

$73k was the price I would have gotten if I traded it in for an Audi so yes this tracks.