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      10-22-2014, 11:05 PM   #1
hyde
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Question about early turn-in for lease-end

My vehicle arrived earlier than expected and my lease ends mid November.
Dealer is telling me I have to take delivery by Oct 31st, I told them I just paid my last month payment and I don't want to lose more than 2 weeks and pick up early.

What are my options? Just forfeit about 17 days of payment (over $500), or ask dealer to compensate me by deducting from my down payment, is that even advisable?

Also, by dropping the vehicle there will I still be responsible for anything or should I notify BMW FS that I no longer have ownership and my turn-in mile is such and such..

Thanks in advance.
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      10-22-2014, 11:37 PM   #2
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Have you checked if you have equity in the car? I always try to avoid "turning in a lease" and instead prefer to sell the car to a dealer. You avoid paying for paint chips, dings etc and mileage overage fees
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      10-22-2014, 11:43 PM   #3
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Quote:
Originally Posted by trinim3 View Post
Have you checked if you have equity in the car? I always try to avoid "turning in a lease" and instead prefer to sell the car to a dealer. You avoid paying for paint chips, dings etc and mileage overage fees
Hi, I have no problems with end of lease, I already had my inspection and there is no chargeable wear & tear, although I was on the same boat as you, I would rather sell it if I could even if it paid off the buy-out. It's '12 X5 and I'm told that there is no equity, at least not enough to sell in the market to any dealer or wholesale. In reality there is about $4-5k in the market, but dealer won't pay that much and their value is about $3k below my buy-out. I thought about taking a trip to Carmax to see what they think about it, but I don't really expect much from them either.
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      10-23-2014, 07:51 AM   #4
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Why is the dealer pushing you to get a new car earlier? is that because the November money factor and the residual are not as good as now? Did they have to locate and get the car for you from another dealer? I wouldn't rush to do this early as you won't get anything back from BMW FS for your last payment. Unless there are specific facts that make you believe you won't be able to get as good of a deal or the exact car you want in two weeks, I wouldn't sign up for a new lease early. I dropped off my previous X6 lease about two weeks early and BMW FS didn't reimburse me for it.
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      10-23-2014, 10:17 AM   #5
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Quote:
Originally Posted by aas5 View Post
Why is the dealer pushing you to get a new car earlier? is that because the November money factor and the residual are not as good as now? Did they have to locate and get the car for you from another dealer?
It's a profit deal; the dealer/CA wants to maximize their incentives or commission or meet a quota for the month of October. For that to happen OP's deal has to be finalized by EOB on 10/31.
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