[dexter]

i noticed that amazing deal/ payment on that sample M3 w a bmw select loan or whatever its called, what do you think about bmw select financing? i don't know anyone who has done that.

[Add1ct]

isn't BMW select just a glorified lease? you own the car but at the end there's a balloon payment to pay it off right?

[Kenyon]

1. How about buyout after the lease is up? If I want to own the car after the lease is up how does that work? Do I have to apply for a loan for the remaining balance? I figure going this route since the rates for the 2010 is standard than I might as well just lease it in the meantime so I dont have to put such a big down payment. But at the end of it all I want to OWN this car. Just trying to figure out the best way without paying a high rate.

2. My other question is, for the 2010 M3's the rate will be standard. If I go this route and rates drop later on will I be able to get that lower rate or am I just locked in for good on the standard?

thanks

[jopa489]

Wow, good info in the OP! Thanks to whoever bumped this.

[pradagrl]

I've a rough year financially- I need to get out of my lease. I have a 2007 335i convertable with a payment of 867.99. I am behind and my credit is abominable. I just can't keep up with my payments. Any suggestions?

Thank you!

Michelle

[ideliver]

Originally Posted by pradagrl

I've a rough year financially- I need to get out of my lease. I have a 2007 335i convertable with a payment of 867.99. I am behind and my credit is abominable. I just can't keep up with my payments. Any suggestions?

Thank you!

Michelle

Sorry to hear about your problems...

I may get flamed, but the best option for you is to stop making all payments on all of your debt...and visit your local reputable (not high volume) bankruptcy attorney...

Unless you want to do straight repo...

Continuing to service debt that you cannot afford makes no financial sense.

[Wosby]

TURBOMARK, who originated this post, seems to have disappeared!

[Wosby]

For those of you seeking further information on BMWFS' lease transfer process, see attachment.

[aquaman]

The econoy have take an impact on me, my year salary have been reduce to a 30hrs part time. Iwas able to adquire another LOW income for now, but it will take time in order to recuperate. I'm 18 months in from a 3 year lease & at this point I can't hold it any longer. What should I do?

Originally Posted by TurboMark

I work for BMW Financial Services and one of the most often asked questions I get is "How can I get out of my lease?" This is a fairly straight forward question however the answers can vary and there are a number of options available. I figured I would put a sort of a guide out there to give everyone the basic options.

First things first, when you sign a lease contract you are expected to fulfill the contract in one of two ways, either by making all the payments on the lease or by buying the vehicle from us for the payoff price. Here are the four ways that you can do this and get out early.


1. Pay the remaining payments: This option may make sense for some of us, while it might be completely useless for others. It may make sense when you are trying to get out of your 335I lease to get into a new M3 if you have maybe 2-3 payments left, however if you have 15 payments remaining you would still need to make all 15 remaining payments in full prior to turning in the car.

2. Selling the vehicle: This is as easy as it sounds, you may buy, sell, or trade the vehicle at any point in the lease. As long as we get the payoff we request for the vehicle we will send the title to you and you are free to do with the car what you will. You may sell the vehicle to a 3rd party private person, 3rd party dealership, or a BMW dealership. You may also trade the car into a dealership. If you are selling to a private party though, note we will not send the title on the vehicle until the payoff is in our hands. Any arrangements made for transfer of money between you and the buyer is outside of our control so be careful with this. A third party may not refinance a current lease with BMW financial, however they may often be able to finance through their own bank, credit union, etc.

3. Lease assumption: A BMW lease may be taken over by a third party at any time in the lease up til the final six months of your lease. There is a $450 fee and that person would have to submit a credit application with us and be approved. The process will take approximately three weeks. Once the process is completed though you will be completely removed from the account and will have no further liability with us.

4. Sale of Liability: This is an often undiscussed option because for many people it seems like it may be a riskier proposal. The basis is that it works much the same as doing a voluntary repossession, however no harm will be done to your credit. Basically once the process is initiated through us you will be responsible for paying the $350 disposition fee and dropping the car off at your dealership. The dealer will bring the car to auction and sell it at auction, whatever the difference is between the prices of the vehicle at auction and your current payoff price is what you would owe back to us. The nice thing about this is no matter how little the car is sold for at auction the maximum that you would owe back to us is the amount of the remaining payments on the vehicle, and the possibility exists that you may get away with paying less if nothing at all.

[firedown31]

Originally Posted by aquaman

The econoy have take an impact on me, my year salary have been reduce to a 30hrs part time. Iwas able to adquire another LOW income for now, but it will take time in order to recuperate. I'm 18 months in from a 3 year lease & at this point I can't hold it any longer. What should I do?

Well you either have to sell the car and hope you get what your remaining payoff is (doubtful as lease residuals always run high).

Or find someone that wants the car and will do a lease takeover.