09-22-2021, 07:44 AM | #1 |
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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. |
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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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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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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Garage List 2022 BMW M5 CS [0.00]
2020 BMW M340i Xdrive [0.00] 2019 BMW M2 Competi ... [0.00] 2003 BMW DINAN S3 M5 [0.00] 2017 BMW 30 Jahre M3 [0.00] 2016 BMW M4 GTS [0.00] 2015 BMW 30 Jahre M5 [0.00] 1995 BMW M3 [0.00] |
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09-26-2021, 11:23 PM | #10 |
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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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09-27-2021, 06:01 PM | #14 |
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Garage List 2022 BMW M5 CS [0.00]
2020 BMW M340i Xdrive [0.00] 2019 BMW M2 Competi ... [0.00] 2003 BMW DINAN S3 M5 [0.00] 2017 BMW 30 Jahre M3 [0.00] 2016 BMW M4 GTS [0.00] 2015 BMW 30 Jahre M5 [0.00] 1995 BMW M3 [0.00] |
correct, I was quoted 3.x% for the CS.......
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09-27-2021, 10:15 PM | #16 |
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