Lease Extension Options?

[Thrumcap]

Looking to bridge the gap between my lease end (5/13) and availabity of next generation M3. How long will BMWFS allow you to extend your lease? Is a year an option? If so, does a new rate apply?

[///Machine]

I have never extended, but would be curious to find out as well. My guess is BMWFS will allow anything as long as it's the right price/rate. You can always finance the lease buyout and trade-in for new M3 in 2-3 years.

[amirz1000]

I'm assuming you have a 3 year lease so how many miles do you project you will have on the car when it's time to turn in? The reason I ask is because if you don't drive a lot and you will have under 30k then I would purchase and then trade in when the new M3 is out since your low mileage car will have good value. I've never heard of extending a lease for a year but one sure it's possible. Just not sure if it would be worth it

[Thrumcap]

To clarify- the reason I am leasing is that it is a company car so purchase is out of the question.

[SamS]

Originally Posted by Thrumcap

To clarify- the reason I am leasing is that it is a company car so purchase is out of the question.

You may be waiting a full year between when your lease expires and the new M3 is available. I doubt BMW can facilitate that much extension.

[amirz1000]

Originally Posted by Thrumcap

To clarify- the reason I am leasing is that it is a company car so purchase is out of the question.

Then I would try and contact BMWFS now. maybe they can extend the last year to 2 years. spreading it out may save you a bit monthly. let us know what they say if you do that. I'm interested in knowing.

[persian54]

I've extended Mercedes and Caddy Leases and negotiated a lower payment

Not sure how BMW works.

But I did a 6 month extension on both the merc and caddy

[NHman]

OP, as of last year, BMW FS will allow up to a 6 month extension. That is provided you are ordering a new BMW. They will grant the extension, usually in 2 month increments, provided that a) you're in good standing and b) have a production number. I don't believe they will extend you until the next gen M3/M4 is available.

One negative part about extending your current lease, 100% of the payment will go to a rental fee. Therefore the residual amount is not lowered. Your current monthly mileage is carried over (i.e. 1250 per month on 15k per year).

If you like your current car consider working out a buyout and obtaining a low interest loan.

[dmn8]

Another idea is to check out swapalease.com or leasetrader.com and pick up a short term (12 mo.) lease on an M3 or something else that you want to fill the gap.

[positiveions]

they can extended for a short term, and you'll be paying extra. I wouldn't recommend to release a lease. M/F plus residual would be astronomical.

[Zack G.]

I extended my last BMW lease (650i) before I got my M.

I was only able to extend it 3 months. They offered me 2 and I negotiated it to 3. The 4th month the lease payment would have almost tripled! I told them no thanks lol...I could get a Lambo for that price.