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09-21-2013, 07:17 PM | #1 |
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Extending a lease
Anyone have advice on extending a BMWFS lease? The lease on my 2011 M3 will come due this January. Not much out there is tempting me to switch cars. Options are to buy the car at end of lease, or possibly extend the lease by another year.
Has anyone done this, extending their lease? Do payments remain the same? Ideally, since the monthly payments for the initial lease term were based on that amount of depreciation over 36 months, BMWFS would recalculate a smaller monthly payment based on the minimal depreciation encountered from 36 months to 48 months. Is this the case, or would that just be too perfect?
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09-21-2013, 08:46 PM | #2 |
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I'm in the same boat as you so here's what I've gathered.......you'll essentially start a new lease based on the residual at turn in time. Keep in mind that a 12 month lease will be higher than a 36 month. I think you can only extend your current lease for 30-60 days. With this said your new monthly payment should be lower but if you do 12 months it won't be drastically lower. So with all your mods why don't you just buy the car? Negotiate a price lower than the residual and drive home happy..........Phil
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09-22-2013, 12:14 AM | #3 |
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10-14-2013, 03:10 PM | #6 |
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The aggressive lease deals at that time had some pretty high residuals making a buyout not as attractive three years later.
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10-14-2013, 10:36 PM | #7 |
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Buyout the car or lease another M. Why not lease a C63 or RS5? If you dont like them, that will just make you miss your M3 more.
By then the new M3/M4 should be out and they would have worked out most issues with them and you can lease another M3/M4. |
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10-15-2013, 08:38 PM | #8 | |
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10-18-2013, 11:45 AM | #9 | |
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Ended up selling my 2011 M3 for a 2013 E92 M3 that is the exact same car. Dave
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10-20-2013, 07:00 PM | #11 | |
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10-20-2013, 09:14 PM | #12 |
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This could actually help you. Since the car will have additional miles the residual value should be lower. Keep in mind this is only in theory ............Phil
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10-21-2013, 02:06 PM | #13 | |
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10-23-2013, 06:58 PM | #14 | |
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Dave
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10-24-2013, 02:37 PM | #15 |
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you can extend 2 month with no resistance. after that, you can extend another 4 months as long as you have a pending order on a new vehicle. (a total of 6 months on the same monthly payment)
I'm not really sure on leasing longer than that. BMW FS holds "special" rates and residuals which usually is on the higher side. |
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10-25-2013, 03:35 PM | #16 |
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The thing that sucks is your residual doesn't change, you're better off selling your car private party as I'm sure it's worth more than your residual. The other thing that sucks is if, say, you have a 36 month lease, you're going to have to pay another year of registration to go beyond it.
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10-26-2013, 09:15 AM | #18 |
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10-30-2013, 05:03 PM | #19 |
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I extended my last BMW lease by approximately 6 months. As stated above, the first few months was easy, getting BMW FS to agree to the last 3-4 months was more difficult. It ended up being a good deal. Each payment you make continues to lower your residual by the same amount as all of your previous payments. It's just like a loan; a portion of the payment goes towards interest and the remainder goes towards lowering the residual (or in loan terms; your outstanding loan balance). A lease is simply another form of finance. People get hung up on the idea that leases are a "bad deal" but there are instances when the interest rate on a lease are very low. I was paying a little more than 0.5% interest on the lease I extended which was far better than any loan. It was in my best interest to extend as long as possible.
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10-30-2013, 05:08 PM | #20 |
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I have on multiple occasions. Remember that a low residual means that you paid higher monthly payments. A high residual results in lower monthly payments.... The best way to do it is to find a buyer and conduct the transaction through the dealership. You can legally avoid a portion of sales tax that way. Otherwise you have to buy the car from BMW FS, pay tax on the purchase price, then sell it to the third party. A dealership can buy it from BMW FS at your buy-out price for you tax free and sell it to the third party. The difference between your selling price less your buyout price and dealer fees (usually around $500) is money in your pocket.
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10-30-2013, 05:09 PM | #21 | |
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11-05-2013, 10:02 PM | #22 | |
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