Lease take-over from USA

Gjm127 · 08-23-2012, 10:02 AM

Hey guys, here's a tricky one:

The current lease on my 328xi coupe ends this November.
I want to drive an E92 M3 until the F82 comes out in 2015. That means for 2 years or so.
Leasing is my best and only option...

Since leasing a new M3 here in Canada is overly expensive (let alone a 2-year lease) and I can't find any lease take-over options in Canada, I was wondering if I could take-over an American lease. I have the American citizenship but I am living in Canada.

Is that possible? What's the catch?

Here's one of the take-over options from the US: http://www.swapalease.com/lease/deta...x?salid=750426

crunchy_frog · 08-23-2012, 01:05 PM

So... you want to lease the car in one country and drive it for 2 years in another country, right?

how were you planning to handle auto insurance for the car? which address were you planning to give the insurance company (us or canada)?

when you take over the lease what address were you planing to give the leasing company? which bank account were you planning to use.

when you drive across the border with this car the first time, when the border agent asks "anything to declare? purpose of the trip?" what answer are you planning to give?

i think if you answer these questions, the answer will become clearer to you.

bobblehead · 08-23-2012, 01:30 PM

^ that's so true.

The very first call you should make is to ask your insurance company, if you can't even be insured with that car in Canada, you can simply write off the idea.

goldminer · 08-24-2012, 02:01 PM

There are ways to import a new car into Canada from the US but it is not always easy (depending on make and model). In order to title it up here you will need to have certain work done on it to make it meet Transport Canada regulations. Your leasing company, which owns the car, may not allow it. If they do allow it, they may demand that you return the car to US spec when the lease is up.

Also, you won't get it titled until the taxes on it are paid (HST, import duties, etc.). I don't think the leasing company will pony up for that.

In order to have the warranty honored up here you may need to have that work done at a BMW dealer. That may not be cheap and the leasing comapny may demand it to protect their investment.

Will the leasing company even allow the car out of the country? That may depend on how difficult they think a repo might be from Canada.

I'm not so sure this sounds like a good idea.

Gjm127 · 08-24-2012, 05:23 PM

I see things are much clearer now! Thanks for the advice guys

py0413 · 08-24-2012, 06:16 PM

I am pretty sure it's not do-able on a lease. Why not buy a pre-owned and use it for the time you want in such case, you won't suffer too much from new car depreciation problem.

08-23-2012, 10:02 AM	#1
Gjm127 Lieutenant 40 Rep 544 Posts Drives: BMW 435i xDrive M-Sport Join Date: Nov 2011 Location: Montreal, QC iTrader: (0) Garage List 2014 BMW F32 435i x ... [9.50] 2009 BMW E92 328i x ... [9.66]	Lease take-over from USA Hey guys, here's a tricky one: The current lease on my 328xi coupe ends this November. I want to drive an E92 M3 until the F82 comes out in 2015. That means for 2 years or so. Leasing is my best and only option... Since leasing a new M3 here in Canada is overly expensive (let alone a 2-year lease) and I can't find any lease take-over options in Canada, I was wondering if I could take-over an American lease. I have the American citizenship but I am living in Canada. Is that possible? What's the catch? Here's one of the take-over options from the US: http://www.swapalease.com/lease/deta...x?salid=750426
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08-23-2012, 01:05 PM	#2
crunchy_frog Private First Class 20 Rep 111 Posts Drives: 2008 E92 M3 Join Date: Apr 2012 Location: Toronto iTrader: (0)	So... you want to lease the car in one country and drive it for 2 years in another country, right? how were you planning to handle auto insurance for the car? which address were you planning to give the insurance company (us or canada)? when you take over the lease what address were you planing to give the leasing company? which bank account were you planning to use. when you drive across the border with this car the first time, when the border agent asks "anything to declare? purpose of the trip?" what answer are you planning to give? i think if you answer these questions, the answer will become clearer to you.
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08-23-2012, 01:30 PM	#3
bobblehead Brigadier General 256 Rep 4,721 Posts Drives: warp speed Join Date: Aug 2009 Location: Toronto, On iTrader: (0)	^ that's so true. The very first call you should make is to ask your insurance company, if you can't even be insured with that car in Canada, you can simply write off the idea.
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08-24-2012, 02:01 PM	#4
goldminer Lieutenant 24 Rep 453 Posts Drives: 2011 SG E92 M3, 6MT Join Date: Feb 2006 Location: Toronto, Ontario, Canada iTrader: (0)	There are ways to import a new car into Canada from the US but it is not always easy (depending on make and model). In order to title it up here you will need to have certain work done on it to make it meet Transport Canada regulations. Your leasing company, which owns the car, may not allow it. If they do allow it, they may demand that you return the car to US spec when the lease is up. Also, you won't get it titled until the taxes on it are paid (HST, import duties, etc.). I don't think the leasing company will pony up for that. In order to have the warranty honored up here you may need to have that work done at a BMW dealer. That may not be cheap and the leasing comapny may demand it to protect their investment. Will the leasing company even allow the car out of the country? That may depend on how difficult they think a repo might be from Canada. I'm not so sure this sounds like a good idea.
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08-24-2012, 05:23 PM	#5
Gjm127 Lieutenant 40 Rep 544 Posts Drives: BMW 435i xDrive M-Sport Join Date: Nov 2011 Location: Montreal, QC iTrader: (0) Garage List 2014 BMW F32 435i x ... [9.50] 2009 BMW E92 328i x ... [9.66]	I see things are much clearer now! Thanks for the advice guys
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08-24-2012, 06:16 PM	#6
py0413 Major 110 Rep 1,291 Posts Drives: Slow Join Date: Jul 2008 Location: BC iTrader: (2)	I am pretty sure it's not do-able on a lease. Why not buy a pre-owned and use it for the time you want in such case, you won't suffer too much from new car depreciation problem. __________________ Must stop eating..............
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