I am wondering if this is possible. I took delivery of my 04 530 in August and now want a 545i. Can I turn the 530 back in for a new 05 545? I am prepared to commit to a new 36 month term and higher payments, but ideally I would like to rollover the deposit and cap reduction.
Anyone done this or heard of it done?
Thanks!
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| Reply » Upgrade my lease: 2004 530 to 2005 545 |
Quote: I am wondering if this is possible. I took delivery of my 04 530 in August and now want a 545i. Can I turn the 530 back in for a new 05 545? I am prepared to commit to a new 36 month term and higher payments, but ideally I would like to rollover the deposit and cap reduction.
Anyone done this or heard of it done?
Thanks! | Ok...I did this.....with BMWFS in 2002 so I don't know if they still do it.
1. Wife had a 2001 X5 3.0, 3 year lease, 15k miles per year
2. In the 10th month, we decided we want a 4.4i instead.
3. Called up BMWFS and ask what would it cost us to turn the 3.0 early and get a 4.4i instead.
4. They asked about the mileage of the car.
5. They said, just turn in the car at my dealer when my new 4.4i shows up.
That's it. I think they did that because the market value of the 3.0 was strong then and my payoff is near or the same as the market value.
Never hurts to ask.
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| Reply » Upgrade my lease: 2004 530 to 2005 545 |
Quote: Ok...I did this.....with BMWFS in 2002 so I don't know if they still do it.
1. Wife had a 2001 X5 3.0, 3 year lease, 15k miles per year
2. In the 10th month, we decided we want a 4.4i instead.
3. Called up BMWFS and ask what would it cost us to turn the 3.0 early and get a 4.4i instead.
4. They asked about the mileage of the car.
5. They said, just turn in the car at my dealer when my new 4.4i shows up.
That's it. I think they did that because the market value of the 3.0 was strong then and my payoff is near or the same as the market value.
Never hurts to ask. |
You've got to be missing some important details there. I can't believe it would have been that easy.
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| Reply » Upgrade my lease: 2004 530 to 2005 545 |
Quote: I am wondering if this is possible. I took delivery of my 04 530 in August and now want a 545i. Can I turn the 530 back in for a new 05 545? I am prepared to commit to a new 36 month term and higher payments, but ideally I would like to rollover the deposit and cap reduction.
Anyone done this or heard of it done?
Thanks! | Rollover the deposit and cap reduction? Those are long gone, and you're probably going to have to come up with alot of cash on top of that to make that deal happen. Right how an average '04 530 probably has a trade in value in the $36,000 range. I'll make the assumption that at this point of the lease, your payoff is around $10,000 more than that, or more. As you can see, the numbers won't make sense. You'd have to absorb this cost into the cost of the new lease, which would greatly increase your payments.
So, in summary, can you do it? Yes, you can get out of the 530 and into a 545. Will it be easy? No. Will you be able to rollover any of your deposit/cap reduction? No, you'll probably need to come up with even more on top of that to make the deal happen.
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| Reply » Upgrade my lease: 2004 530 to 2005 545 |
Quote: | You've got to be missing some important details there. I can't believe it would have been that easy. | Nope..it was that easy. Ask Jon.
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| Reply » Upgrade my lease: 2004 530 to 2005 545 |
It would be best for you to get your payoff from BMWFS and see what the used car market is like for your car. I have to agree with Sarafil that you're probably in the red this early in the lease, but you never know. The times I've tried the trade-in of a leased vehicle for a new one have never worked out, wholesale less $2000 has been my experience.
Leasing is a comittment and can work out well, but you really need to honor the terms and carry it thru to avoid losing big bucks. BMWFS leases are really flexible though and I find dealing with them on the phone quite helpful.
Maybe try swapalease.com?
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Upgrade my lease: 2004 530 to 2005 545