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      07-07-2013, 03:56 PM   #1
Pertplus
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Multiple Security Deposits

Can't find a confirmed answer on this, but if the car is totaled, stolen or the lease is transferred....do you get your MSDs back? I've read the paperwork from another friend's BMW deal where he did all 7 MSDs, but can't find anything in writing on the contingencies (if any) that apply to the MSD program.

If the security deposits are "gone" if the car no longer remains in your possession (due to some of the above occurrences/examples), it seems the only benefit is that it buys down your MF but retains the same risk that placing money down on a lease does.

Anyone have more concrete info?
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      07-07-2013, 05:57 PM   #2
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Quote:
Originally Posted by Pertplus View Post
Can't find a confirmed answer on this, but if the car is totaled, stolen or the lease is transferred....do you get your MSDs back? I've read the paperwork from another friend's BMW deal where he did all 7 MSDs, but can't find anything in writing on the contingencies (if any) that apply to the MSD program.

If the security deposits are "gone" if the car no longer remains in your possession (due to some of the above occurrences/examples), it seems the only benefit is that it buys down your MF but retains the same risk that placing money down on a lease does.

Anyone have more concrete info?
I was told once the car is paid off by insurance due to car being totaled, BMW Fin will refund the security deposit. Don't know where this is stated in writing.
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      07-08-2013, 12:26 PM   #3
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if you transfer the lease, you have to be able to get your deposit back...

I believe the purpose of the deposit is used for stuff like if you're a deadbeat behind payments, or if you return the car in horrible condition and walk away from paying the wear-and-tear costs.
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      07-08-2013, 01:10 PM   #4
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Quote:
Originally Posted by mdosu View Post
if you transfer the lease, you have to be able to get your deposit back...

I believe the purpose of the deposit is used for stuff like if you're a deadbeat behind payments, or if you return the car in horrible condition and walk away from paying the wear-and-tear costs.
Here is why I ask:

http://f10.5post.com/forums/showthread.php?t=724714

"I had that exact situation when a friend took over my lease. The lease is taken over with all the original provisions but my friend is now the lessee. He gets the MSDs at lease end so he wrote a check to me for the MSDs."


So it sounds like I have to basically negotiate with whomever is taking over the lease as opposed to BMW refunding me automatically and the MF going up.
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      07-08-2013, 01:32 PM   #5
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Quote:
Originally Posted by Pertplus View Post
Here is why I ask:

http://f10.5post.com/forums/showthread.php?t=724714

"I had that exact situation when a friend took over my lease. The lease is taken over with all the original provisions but my friend is now the lessee. He gets the MSDs at lease end so he wrote a check to me for the MSDs."


So it sounds like I have to basically negotiate with whomever is taking over the lease as opposed to BMW refunding me automatically and the MF going up.
hmmm, looks like BMW doesn't want to assess vehicle condition mid-way through the lease. So in this case, they make the private parties negoiatate it, they will just release the net deposit after lease end to the final lessee.
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      07-08-2013, 01:35 PM   #6
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Quote:
Originally Posted by mdosu View Post
hmmm, looks like BMW doesn't want to assess vehicle condition mid-way through the lease. So in this case, they make the private parties negoiatate it, they will just release the net deposit after lease end to the final lessee.
But then I would assume if BMW was trying to get me out of my lease and into another BMW, I should almost as a matter of course (and not as some dealer bargaining chip) get my MSDs back. Again, that's something I would hope would happen. But since even my dealer has nothing in writing on the MSD contingencies, I am not 100% sure about whether it's worth doing since I have usually not kept cars throughout the entire lease term.
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      07-08-2013, 05:23 PM   #7
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Quote:
Originally Posted by Pertplus View Post
Here is why I ask:

http://f10.5post.com/forums/showthread.php?t=724714

"I had that exact situation when a friend took over my lease. The lease is taken over with all the original provisions but my friend is now the lessee. He gets the MSDs at lease end so he wrote a check to me for the MSDs."


So it sounds like I have to basically negotiate with whomever is taking over the lease as opposed to BMW refunding me automatically and the MF going up.
Quote:
Originally Posted by Pertplus View Post
But then I would assume if BMW was trying to get me out of my lease and into another BMW, I should almost as a matter of course (and not as some dealer bargaining chip) get my MSDs back. Again, that's something I would hope would happen. But since even my dealer has nothing in writing on the MSD contingencies, I am not 100% sure about whether it's worth doing since I have usually not kept cars throughout the entire lease term.
A buddy of mine took over a lease and he negotiated the MSD with the previous owner and had to pay him the negotiated amount.

Here's the response I received from BMW FS:

Should your vehicle be declared a total loss, your security deposit would be applied toward any payoff shortage after the insurance settlement. If there is no payoff shortage, then the security deposit would be refunded in that case. We hope this information is helpful.
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      07-08-2013, 05:42 PM   #8
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Thanks ^^^^
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