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Possible to convert my leased car to CPO?
I still have plenty of time, but the fact of the matter is, I love my custom-built baby, and it has been trouble-free so far. So, I may buy it when the lease is up. However, I would feel a whole lot better if it was under warranty when I bought it. So, is it possible to "convert" a lease return to a CPO? Can I have my dealer buy the car when I turn it in, do the full inspection necessary for a CPO, and then sell it to me at a pre-negotiated price?
| | Reply » Possible to convert my leased car to CPO? |
Quote: | I still have plenty of time, but the fact of the matter is, I love my custom-built baby, and it has been trouble-free so far. So, I may buy it when the lease is up. However, I would feel a whole lot better if it was under warranty when I bought it. So, is it possible to "convert" a lease return to a CPO? Can I have my dealer buy the car when I turn it in, do the full inspection necessary for a CPO, and then sell it to me at a pre-negotiated price? | Yes, it is possible - others have done it. Search for details, because I don't remember specifics.
| | Reply » Possible to convert my leased car to CPO? |
The only downside would be you'd have to pay sales tax on the car when you buy it back. But depending on what state you live in, you may have to pay sales tax no matter what you do.
| | Reply » Possible to convert my leased car to CPO? |
Quote: | The only downside would be you'd have to pay sales tax on the car when you buy it back. But depending on what state you live in, you may have to pay sales tax no matter what you do. | The sales tax would definitely have to be paid because the sales tax was not paid on the full amount of the car when it was originally leased. Its not really a downside because sales tax would have to be paid on any other car too. YMMV based on state.
| | Reply » Possible to convert my leased car to CPO? |
Yep, its called a "lease to retail" transaction.
Ed
| | Reply » Possible to convert my leased car to CPO? |
I did it in May. You need to negotiate a sales price with your dealer, turn it in, the dealer buys it from BMW NA and puts it through the CPO process. I "negotiated" a price close to my lease buyout and paid for the CPO (about $1,000) and extended maintenance.
The upside to the dealer is that they are required by BMW NA to keep a certain number of lease returns and this way they are guaranteed a sale.
BMW NA will not honor the BMW CCA rebate program for the purchase of a CPO car. I fought it as long as I could and still do not agree with the decsion. I argued that I could have purchased any CPO and received the rebate. They took the position that they would not pay the same person twice on the same VIN. I think they are going to reword the criteria because as I read it, they will pay the rebate on a new car and in a separate clause they agree to pay the rebate one time per CPO car. The first time they paid me in 2003, it was for a new car (lease - so they new I may only keep the car three years). The second time I applied was only the first time I applied for this car as a CPO.
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Possible to convert my leased car to CPO?