Signing Paperwork for ED 3 weeks before pickup?!?

[evobeatsti]

Hi All,

maybe someone can help me with this. My BMW SA said I have to sign the lease documents tomorrow June 7, for an ED Pickup June 27. I was hoping to wait until a few days before my trip but he said it needs to be done now. This sucks because it means an extra month of lease payments etc that I have to take care of! Do you know if this is standard procedure or is he just messing with me?

Thanks for the help.

[brian30tw]

He's messing with you. You don't have to sign until the day before you leave if you don't want to, but most recommend 1 week in advance, just in case something goes wrong.

['Cane]

My ED is 6/24 and I haven't heard from the dealer yet.

[ssuene93]

My pick up date is this Saturday 6/11. Just sign the financing paperwork this past weekend, which is 1 week prior to my pick up date. Leaving to Munich on Wednesday 6/8.

There is not necessary to sign the financing paperwork so early prior to your pick up date. Unless you are leaving town early, otherwise one week prior is good enough.

[DE Urlaub]

One week is what my CA has said more than once. I am 3.5 weeks from p/u and have not heard from CA wrt the appointment.

[GrahamSP]

I arrived in Munich a couple hours away for my 6/9 ED. We signed the paperwork 5/23 because we had Memorial Day plans the following weekend then left for London on 6/3. So I signed mine 3 weeks out but that was due to scheduling conflicts. I agree with the other posts, theoretically you can sign the day before but it's recommended the week before.

[visi107]

my pick up date was May 14th, I left for europe May 12. I was using an out of state dealer so we were fedexing the contract overnight back and forth. I signed on May 10.

[hanszilla]

I did mine 2 weeks prior. They recommend at least a week prior, but I wanted to lock in my rate so I did it 2 weeks before my pick up.

[Domer88]

I had heard it was two week. So I called my CA to make an appointment to come in 2 weeks prior. He told me there was no rush, and we ended up signing about 10 days before my pick up date.

[pikkagtr]

I did my 4 days before I left
No need to pay a 3 week lease for a car you don't have

[ejonsson90]

Are you sure he isn't talking about the purchase order?

I had to sign my purchase order around a month before my ED date, and I've been told I'll need to sign the lease agreement around a week before I go to Germany.

[mntbiker]

I signed 4 days before ED delivery.

[rakusak]

Not to bring up an old thread but better than starting a new one right?

I'm about 15 days out for my ED delivery. Ive signed the purchase order and the car should be well underway with production (given 9.22.17 delivery), but want to make sure I didn't miss step somewhere; no contract/purchase or payment made to-date. Seems like the persons above in this thread have confirmed that that signature (and payment?) can happen right before the trip? Second payment to occur 30 days later right?

[Thescout13]

Originally Posted by rakusak

Not to bring up an old thread but better than starting a new one right?

I'm about 15 days out for my ED delivery. Ive signed the purchase order and the car should be well underway with production (given 9.22.17 delivery), but want to make sure I didn't miss step somewhere; no contract/purchase or payment made to-date. Seems like the persons above in this thread have confirmed that that signature (and payment?) can happen right before the trip? Second payment to occur 30 days later right?

I will break it down the best way I can.

NLT than 45 days out from ED date you need to have purchase order signed and submitted to BMW ED (30 days is technically the latest, but they hate that and it can put your delivery in jeopardy)

At least 1 business day before you ED date you need to have the lease/financing agreement signed and entered on BMW FS's system (if private financing from a different bank, or cash, needs to be at least 2 weeks out so the money clears to the dealer).

The reason the ED paperwork and the dealer often recommend two weeks out, is for what one of the posters posted above - the chance something is wrong or messed up on your leasing/financing paperwork and you need to resign. It is meant to avoid any hiccups. It comes down to your dealer and CA's confidence. For example, my ED date is 10/9, however, I am not going in until 10/4 to sign my paperwork to wait for the October numbers. While this is clearly under the recommended two weeks, my dealer/CA has done a shit ton of EDs and they are confident they will not mess up the paperwork, and if they do, we still have two-three business days of buffer.

"second payment" will be due 30 days after the contract effective date. BMW covers that payment for a lease. So first payment (outside of the first actual payment which is due at signing) will not be until 60 days from that date.

EDIT: FYI this is how the BMW ED department broke it down for me.

[DrtyJrze]

I signed mine a week before I left for ED. Didn't sign anything prior to that.

You didn't miss anything. Enjoy your trip! ED is awesome.

[rakusak]

Originally Posted by Thescout13

I will break it down the best way I can.

NLT than 45 days out from ED date you need to have purchase order signed and submitted to BMW ED (30 days is technically the latest, but they hate that and it can put your delivery in jeopardy)

At least 1 business day before you ED date you need to have the lease/financing agreement signed and entered on BMW FS's system (if private financing from a different bank, or cash, needs to be at least 2 weeks out so the money clears to the dealer).

The reason the ED paperwork and the dealer often recommend two weeks out, is for what one of the posters posted above - the chance something is wrong or messed up on your leasing/financing paperwork and you need to resign. It is meant to avoid any hiccups. It comes down to your dealer and CA's confidence. For example, my ED date is 10/9, however, I am not going in until 10/4 to sign my paperwork to wait for the October numbers. While this is clearly under the recommended two weeks, my dealer/CA has done a shit ton of EDs and they are confident they will not mess up the paperwork, and if they do, we still have two-three business days of buffer.

"second payment" will be due 30 days after the contract effective date. BMW covers that payment for a lease. So first payment (outside of the first actual payment which is due at signing) will not be until 60 days from that date.

EDIT: FYI this is how the BMW ED department broke it down for me.

Awesome thanks!

"first payment" = downpayment correct? I'm financing so 30 days out for me I guess.

[Thescout13]

Originally Posted by rakusak

Awesome thanks!

"first payment" = downpayment correct? I'm financing so 30 days out for me I guess.

So technically how BMW leases work is that "first payment" is due at signing. Some people just roll that into the lease or make is as part of the money down, but it is due at signing. The "second payment" is covered by BMW. The "third payment" (first actual payment out of your checkbook/bank outside of lease signing) is after that on the third month start.

Since you are financing, you do not have to do the "first payment" because it is a traditional loan and I do not recall if BMW covers the second payment on financing. However with BMW FS you can push out your first payment 60-90 days from finance signing.

[e90-4aj]

I signed mine 3 days before leaving for ED

[DrtyJrze]

Originally Posted by Thescout13

The "second payment" is covered by BMW.

The second payment is not "covered" by BMW. It's paid for by the ED MF adjustment, unless they've changed something in the last few years.

Basically that month payment is spread out over the length of the lease.

[Thescout13]

Originally Posted by DrtyJrze

The second payment is not "covered" by BMW. It's paid for by the ED MF adjustment, unless they've changed something in the last few years.

Basically that month payment is spread out over the length of the lease.

Yes, obviously the ED MF is shifted by .0003 to "cover" that payment, which ends up being more over the remaining months than just making that payment. But that was not what he was asking and I was giving the practicality of when "payments" would be due.

But good FYI for those who do not know.

[Ibiza]

The above is all correct, well explained thescout13

If you have a prior purchase history with your CA, they can go down to the wire based on their comfort level with you as is your word worth its weight in gold? Are you all putting down deposits? If so they have leverage already.