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Buy a family member's E60 at lease turn-in?
Someone in my family is turning in an E60 in February and I'm contemplating buying it as a used car.
2004 E60 3.0 with 6-spd, sport package, premium, active steering, xenon, TiAg with grey. The kicker is that it will have fewer than 10,000 very gentle miles.
The buy-out is about $39K.
Having never done this, I assume the lease holder would have to buy it, then turn around and sell it to me.
Any thoughts on if this is an option worth pursuing?
| | Reply » Buy a family member's E60 at lease turn-in? |
In California, I believe that would mean paying the tax twice. Check with your local motor vehicle department.
You could also see about transferring the lease to you toward the end. I believe BMWFS will allow a lease transfer up until, but not during, the last six months of the lease for a fee of $450. Then you could choose to buy it at the end.
You could also ask your relative to check with BMWFS to see if they can simply let you buy the car. BMWFS should be happy to get it sold one way or the other with no effort on their part.
| | Reply » Buy a family member's E60 at lease turn-in? |
Quote: In California, I believe that would mean paying the tax twice. Check with your local motor vehicle department.
You could also see about transferring the lease to you toward the end. I believe BMWFS will allow a lease transfer up until, but not during, the last six months of the lease for a fee of $450. Then you could choose to buy it at the end.
You could also ask your relative to check with BMWFS to see if they can simply let you buy the car. BMWFS should be happy to get it sold one way or the other with no effort on their part. |
Don't let BMWFS know that it has very low miles... That won't strengthen your hand, at all..
| | Reply » Buy a family member's E60 at lease turn-in? |
If you are really interested in buying the car you should first see if you can assume the lease. This will be the easiest path towards ownership. If you can't, you will have two choices. First, the original family owner will need to buy the car (and pay tax) and then you will buy it from him (and pay tax again). Second, find a dealer (doesn't have to be a BMW one) that will flip the sale for you (you might have to pay several hundred dollars, which is still cheaper than paying the full tax). This means that your family member will sell the car to the dealer and then you will buy it from them. In this scenario, you will only pay taxes once.
BMW FS will not allow the sale or transfer of title to a third party unless it's a dealer.
Hope this helps...
| | Reply » Buy a family member's E60 at lease turn-in? |
Quote: Someone in my family is turning in an E60 in February and I'm contemplating buying it as a used car.
2004 E60 3.0 with 6-spd, sport package, premium, active steering, xenon, TiAg with grey. The kicker is that it will have fewer than 10,000 very gentle miles.
The buy-out is about $39K.
Having never done this, I assume the lease holder would have to buy it, then turn around and sell it to me.
Any thoughts on if this is an option worth pursuing? | Buy it through the dealer-- it'll save you having to pay sales tax twice and having to do all the paperwork. They'll pay it off to BMWFS and sell it to you directly.
You could even get it CPO'd if you wanted to.
| | Reply » Buy a family member's E60 at lease turn-in? |
Quote: Buy it through the dealer-- it'll save you having to pay sales tax twice and having to do all the paperwork. They'll pay it off to BMWFS and sell it to you directly.
You could even get it CPO'd if you wanted to. | Thanks for the replies, folks.
Sarafil, should the lease holder and I just go to the dealer salesman that we know? Or, will he want me to pay more than the buyout?
The CPO option is attractive, especially if I could even swing the 'CCA rebate 
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Buy a family member's E60 at lease turn-in?