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      09-22-2021, 07:44 AM   #1
Fishbonr
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BMW m5cs lease canceled by dealership! HELP

Early July I locked in a lease agreement for a M5CS with a BMW dealership. My deposit was taken, I asked for written confirmation that the order was locked in and the waiting game began. I was surprised when 1.5 months later the dealership reached out to me and suggested rather persistently that I purchase the car. When I refused they claimed that they quote the wrong vehicle even though I had the build sheet attached to my order and it has M5CS all over the lease agreement and the paperwork. When I questioned it they said they are no longer honoring the lease agreement. The latest is that the GM is telling me BMW is no longer supporting lease offers for the M5cs.

All I want them to do is to honor the original agreement but my efforts have been futile. Have any of you come across this? Do you have any suggestions? I had my lawyer draft a notice that went no where, I filed a claim with the AG but have not heard back.
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      09-22-2021, 08:08 AM   #2
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BMW Financial Services sets the all leasing programs, and it's my understanding the never offered a lease program for the M5cs. So it sounds like your dealership screwed up and accidentally applied a base/comp M5 program to your cs. I appreciate your frustration at their mistake, but it was an honest (albeit careless) mistake. Forcing the dealership to design and fund a one-off lease for your vehicle sounds like a recipe for disaster. Did they quote you a residual and money factor? or a monthly payment?
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      09-22-2021, 08:14 AM   #3
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Quote:
Originally Posted by Fishbonr View Post
Early July I locked in a lease agreement for a M5CS with a BMW dealership. My deposit was taken, I asked for written confirmation that the order was locked in and the waiting game began. I was surprised when 1.5 months later the dealership reached out to me and suggested rather persistently that I purchase the car. When I refused they claimed that they quote the wrong vehicle even though I had the build sheet attached to my order and it has M5CS all over the lease agreement and the paperwork. When I questioned it they said they are no longer honoring the lease agreement. The latest is that the GM is telling me BMW is no longer supporting lease offers for the M5cs.

All I want them to do is to honor the original agreement but my efforts have been futile. Have any of you come across this? Do you have any suggestions? I had my lawyer draft a notice that went no where, I filed a claim with the AG but have not heard back.
I doubt you'll be able to achieve specific performance and have BMWFS honor the flawed lease agreement. You can search for alternative lease funding, but the terms will probably not be competitive. If you want the car, I think you'll have to take the dealer's suggestion and buy it.
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      09-22-2021, 08:15 AM   #4
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They quoted me a msrp, with a residual value and a monthly lease payment with the bank as BMW Financial Services.
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      09-22-2021, 08:45 AM   #5
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You have a few options here.

The M5 CS can be financed through "BMW Select", which has a much lower payment, and a balloon payment after 5 years.
Given the perceived value of this car, you can easily resell it and pay off the balance of that loan after 3 years. (you might even make some money)

You can also find a third party to do the lease (such as https://www.amazonleasing.com/), or contact @Ex Stig to see what company he used.
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      09-22-2021, 08:51 AM   #6
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Quote:
Originally Posted by Fishbonr View Post
They quoted me a msrp, with a residual value and a monthly lease payment with the bank as BMW Financial Services.
Dealerships didn't know in advance that the M5CS wasn't going to have a lease program through BMWFS. Most likely they just estimated the residual and money factor to show you some numbers.

There are still other options if you must lease. Third party company's, like Putnam, will do a lease for this car.

You won't have any success trying to get the dealership to honor a lease. It is simply not going to happen. There isn't anything the dealership can do other than try to assist you with finding a third party to handle the lease.
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      09-22-2021, 09:02 AM   #7
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Quote:
Originally Posted by AGS View Post
BMW Financial Services sets the all leasing programs, and it's my understanding the never offered a lease program for the M5cs. So it sounds like your dealership screwed up and accidentally applied a base/comp M5 program to your cs. I appreciate your frustration at their mistake, but it was an honest (albeit careless) mistake. Forcing the dealership to design and fund a one-off lease for your vehicle sounds like a recipe for disaster. Did they quote you a residual and money factor? or a monthly payment?
This happened to me too. They quoted the wrong vehicle for a lease. With interest rates as low as they are, regular financing is not a bad option. But FYI , the interest rate for the CS from BMWFS is almost double their regular interest rate……
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      09-22-2021, 04:58 PM   #8
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boneheaded mistake by dealer..
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      09-22-2021, 05:13 PM   #9
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It's very hard for a dealer to finance a car before it is delivered. They probably can't honor and I wouldn't waste my time.
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      09-26-2021, 11:23 PM   #10
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Quote:
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They probably can't honor and I wouldn't waste my time.
I agree, you are probably a busy guy and why waste the mental energy and time getting into litigation with the dealership. If you must lease a car I have a great option for you: Why not find a new dealer and lease a fully loaded 2022 M5 Competition. I have one and it's great, and if you option it with Carbon Ceramic brakes the weight savings of the CS is not that great. Don't let this dealer mistake prevent you from driving an amazing car!
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      09-27-2021, 02:17 PM   #11
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Lots of excellent advice above. The Dealer could cite the legal principle of "unilateral mistake" to help avoid the proposed Lease transaction. There are many other factors that would be considered if push came to shove.

To help preserve goodwill with this dealer and BMW in general, you may want to use this situation as an opportunity for the Dealer to try to give you the best deal that they can, which may be better than you can receive in the open market.
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      09-27-2021, 02:58 PM   #12
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I second that there's some great advice here. BMW Select is the best option. Ask them to do 0.9% financing and shave off $1,000 or $2,000 off the MSRP for their mistake. Litigation makes no sense here. Will cost you more in the long run and litigation take a very long time. Just do BMW select for 5 years and finance the balloon at the end if you're gonna keep the car.
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      09-27-2021, 03:37 PM   #13
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Quote:
Originally Posted by phoenixbmwlife View Post
I second that there's some great advice here. BMW Select is the best option. Ask them to do 0.9% financing and shave off $1,000 or $2,000 off the MSRP for their mistake. Litigation makes no sense here. Will cost you more in the long run and litigation take a very long time. Just do BMW select for 5 years and finance the balloon at the end if you're gonna keep the car.
BMW m5 CS doesn't qualify for the 0.9 % financing last time I checked
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      09-27-2021, 06:01 PM   #14
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correct, I was quoted 3.x% for the CS.......
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      09-27-2021, 09:27 PM   #15
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why doesn't CS qualify? it's a regular M car. I'll reach out to my salesman tommorow. that sucks.
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      09-27-2021, 10:15 PM   #16
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i got same apr as you as long as fed doesnt change things lol

you cant get it 0.9% bc of BMW NA saying the CS is "special" limited run of M5

Quote:
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correct, I was quoted 3.x% for the CS.......
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      10-12-2021, 07:11 AM   #17
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There still is no lease program for the CS but the BMWFS finance rate is 2.19% for up to 60 months and 2.99% for 72 months
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