[MoreCowbell]

Hey all...

I have found various people interested in taking over my 330 lease with 10 months remaining.

2 questions:

1) Will BMW give me any trouble taking a new lease(on a 335) after I just had another lease assumed?

2) The lease assumption will not effect my credit, correct?

Thanks in advance.

[LI E90]

I saw it on craigslist this morning. Good luck with the transition

1. no there should not be a problem,
2. Do you stay liable on the lease? If so you need to be careful the new leasee is reliable

[SteveMD]

Are you having the potential new 'owner' qualify through BMWFS?

[stooken]

Just make sure with BMWUSA that you do not stay liable on the transfer. That should be your biggest concern.

[MoreCowbell]

Originally Posted by SteveMD

Are you having the potential new 'owner' qualify through BMWFS?

Absolutely!!!

[F32Fleet]

Originally Posted by gluck75

Absolutely!!!

If you're selling your lease through BMWFS, then the lease and all liability will be transferred to the new owner.

[s420merc]

BMWFS does not allow lease assumption if there are less then 12 payments left on the lease.

[MoreCowbell]

Originally Posted by s420merc

BMWFS does not allow lease assumption if there are less then 12 payments left on the lease.

This is untrue. BMW FS has already issued a credit app to a proposed buyer and I only have 10 payment left.

[ashecnc]

I've been down this road with BMW. I had someone interested in my car, BMWFS approved him, did the transfer of interest paperwork and the car was his now. Everything was easy and it does not hurt your credit. I remember them saying, a lease car with BMWFS can be transferred only once during its term.

Down the road I went with BMWFS again, very easy. Good luck.

[ALPINE6SPD]

Originally Posted by gluck75

Hey all...

I have found various people interested in taking over my 330 lease with 10 months remaining.

2 questions:

1) Will BMW give me any trouble taking a new lease(on a 335) after I just had another lease assumed?

2) The lease assumption will not effect my credit, correct?

Thanks in advance.

Do not forget about the 450 fee from FS to do a lease assumtion. Have the other person pay for it. PM me if you still want the X5 we spoke about. If you have any other quesitons about the lease assumption PM me and I will do whatever I can to help out.
Ryan

[MoreCowbell]

Originally Posted by ALPINE6SPD

Do not forget about the 450 fee from FS to do a lease assumtion. Have the other person pay for it. PM me if you still want the X5 we spoke about. If you have any other quesitons about the lease assumption PM me and I will do whatever I can to help out.
Ryan

Much appreciated Alpine. Negotiating now on 335 Coupe.

[ALPINE6SPD]

Originally Posted by gluck75

Much appreciated Alpine. Negotiating now on 335 Coupe.

if you get more than 500 off take it. I am sold out at MSRP and 500 off until July. If you plan on buying wait for the 08 for resale help.

[MoreCowbell]

Originally Posted by ALPINE6SPD

if you get more than 500 off take it. I am sold out at MSRP and 500 off until July. If you plan on buying wait for the 08 for resale help.

Should know in a few minutes...hopefully.

[Driver72]

Originally Posted by ALPINE6SPD

if you get more than 500 off take it. I am sold out at MSRP and 500 off until July. If you plan on buying wait for the 08 for resale help.

Don't know if that's too wise.
The 08's price will inevitably go up...probably $300-500

Therefore, the "late" model 2007 would save you potentially $300-500 off MSRP right from the get go, AND you are in a much greater position to negotiate the price down on the 2007 if you are buying within a month or so of the 2008's rolling in.

On top of that, interest rates may very well go up on the "new" 2008
Same with lease rates. BMWFS may offer "incentives" on late model 2007's knowing the 2008's are on the way.

So, in a sense, you'd get the exact same car but might save $2K-$3k on the purchase price of a 2007 over buying a 2008 where the dealer won't negotiate as much.

If there were going to be major changes in the 2008 model, of course, wait.
But there isn't going to be, so why have to wait longer AND pay more to get the 2008 model??

On top of all that, buying a late model 2007 will "help" with mileage down the road if/when you go to sell.
Buying one of the first 2008 models means by early 2008 you may have 8-10K miles on the car already.
If you go to sell in say February 2010 and have 40K miles, the car would REALLY be 3.5 years old but by model be only 2 years old and look to be a high mileage 2008 car (and you'd be competing against other 2008's being sold that were bought in mid 2008 and might only have 30K miles on it.

But a late model 2007 with 40K miles being sold in February 2010 will look like a LOW mileage car. You'll be competing against guys who bought their cars in 2006 and might have 10-12K MORE miles than your car has.
This would make it an attractive buy.
Therefore the sales price between the low mileage 2007 and high mileage 2008 would be minimal (maybe a grand or less).

But if you saved $2,500 off the price when you bought the late 2007, you would still be ahead $1,500.

Just a thought!



By the way, lease assumptions with BMW are about the easiest in the business. You ARE free and clear of the car once the other guy takes over the payments!

[edawg]

How will i go about changing my lease to another person.? Is there a website?Or a 800#?

[Driver72]

It's easy, call BMW FS and let them know you want to do a "lease assumption"
Don't have them actually DO it though until you are ready to do it.

After that, they will start the ball rolling and within a week or so (they will tell you 3 weeks but it takes 5-7 business days really) it will be done and someone else takes over your car's payment and responsibility.

[John 070]

Originally Posted by Driver72

Don't know if that's too wise.

I agree, but I'll come out and say it, $500 off is foolish. Being sold out of cars at MSRP is not the buyer's concern. Good marketing though, just like when my CA wanted MSRP after my test drive. After the weekend passed they were taking $1700 off the E92 335.

[John 070]

Originally Posted by Driver72

On top of all that, buying a late model 2007 will "help" with mileage down the road if/when you go to sell.
Buying one of the first 2008 models means by early 2008 you may have 8-10K miles on the car already.
If you go to sell in say February 2010 and have 40K miles, the car would REALLY be 3.5 years old but by model be only 2 years old and look to be a high mileage 2008 car (and you'd be competing against other 2008's being sold that were bought in mid 2008 and might only have 30K miles on it.

But a late model 2007 with 40K miles being sold in February 2010 will look like a LOW mileage car. You'll be competing against guys who bought their cars in 2006 and might have 10-12K MORE miles than your car has.
This would make it an attractive buy.
Therefore the sales price between the low mileage 2007 and high mileage 2008 would be minimal (maybe a grand or less).

But if you saved $2,500 off the price when you bought the late 2007, you would still be ahead $1,500.

Wow, no wonder, I tried to trade-in my 12/06 delivered 335, and the dealer said my car was already 3.5 years old and had 12k miles, even though the odometer says 1600. He used your logic above. But I agreed and took the 15k they offered and accepted that I didn't know the above so I lost 30k in 4 mos. At least that's not as bad as Wall St. in 2k1.

[Driver72]

Originally Posted by John 070

Wow, no wonder, I tried to trade-in my 12/06 delivered 335, and the dealer said my car was already 3.5 years old and had 12k miles, even though the odometer says 1600. He used your logic above. But I agreed and took the 15k they offered and accepted that I didn't know the above so I lost 30k in 4 mos. At least that's not as bad as Wall St. in 2k1.

Huh?

[BMW2006]

To clear up any confusion.

You can assume a lease more than once during the term, as long as all the paperwork is done properly, fees paid etc. AND... there is at least 6 months left on the lease, since it can take 3 weeks you can start it at the 6 month out point and finish with technically only 5 months left, although I don't really know why someone would do that, but i'm sure there's plenty of valid reasons for it, maybe someone just wants to try a BMW for less than half a year?

The fees are 450 plus sales tax based on the current leasee's registered address . They will keep 100 dollars for an application fee to ensure you (and they) get serious applicants for the transfer. If the credit is declined they'll refund the rest to whoever paid the fees.

It is a complete transfer of liability and it will lift off your credit report.

-BMW2006

[ashecnc]

Originally Posted by BMW2006

You can assume a lease more than once during the term

Interesting, when I did the transfer, they told me only one assumption per term. I guess they told me wrong, oh well, didn't matter to me if they allowed 100 times, it was no longer mine.

-ashecnc