Lease Due Almost in about a Month... Questions

3002 tii · 03-19-2010, 11:51 AM

Originally leased this car with the intent to return it but I've fallen in love with it and wish to buy it out. With that said I just logged into my BMW online account and saw their payoff quote, and was surprised to see how high it was. I've read that BMWFS does NOT negotiate but you can work with dealers. So has anyone done this so far?

I'm currently leasing an 07 Z4 coupe 3.0si and I believe they want somewhere north of $28k but I figured $24-25k was much more reasonable. Do I have to deal with the original dealer or can I see if other dealers are willing to work with me? And when should I start negotiating? And last question, if I plan on financing the remaining balance, when should I start looking for financing? I know which bank I want to go with but don't know what the loan amount should be since I'm hoping I can still negotiate the payoff price...

Any advice would be much appreciated.

wildag · 03-19-2010, 12:29 PM

Quote:

Originally Posted by Dubbedown

Originally leased this car with the intent to return it but I've fallen in love with it and wish to buy it out. With that said I just logged into my BMW online account and saw their payoff quote, and was surprised to see how high it was. I've read that BMWFS does NOT negotiate but you can work with dealers. So has anyone done this so far?

I'm currently leasing an 07 Z4 coupe 3.0si and I believe they want somewhere north of $28k but I figured $24-25k was much more reasonable. Do I have to deal with the original dealer or can I see if other dealers are willing to work with me? And when should I start negotiating? And last question, if I plan on financing the remaining balance, when should I start looking for financing? I know which bank I want to go with but don't know what the loan amount should be since I'm hoping I can still negotiate the payoff price...

Any advice would be much appreciated.

Get a list of comparables, and "step up" Z4s from your area off autotrader, and other dealers. Then take that list to your dealer, and negotiate a lease buy-out. Be prepared to pay a small premium for your car, because you know the history and they'll know you have some attachment to it.

denial512 · 03-19-2010, 12:45 PM

You can definitely negotiate the price, unless the dealership wants the car to sell in their own lot. I think you can turn the car in at any BMW dealership. I'd look for a lot that had many Z4s, convertibles, like like-market cars, which will lower the potential that the dealer would want to purchase the car to resell from BMW finance. The dealer can then look up the price, and you can definitely negotiate a price above whatever the estimated auction price would be.

In the case of my old X5 4.4, the BB price for private was $28k at turn in, the dealer didn't want the car for resell, and I asked what I could buy it for. He showed me the estimated auction price and tagged on 2k. The total was $22k, which was 6k less than BB. In essence, doing so saves them the work involved. Shipping, paperwork, checks, etc... In BMW financial's eyes, why have something on inventory depreciating, when you can take in 2k immediately, maybe even landing an additional loan.

Hawkeye · 03-19-2010, 01:17 PM

For the loan I would go to a local credit union. They usually have the best rates (you have to open a savings account sometimes) and they are really easy to work with.

I got a loan there and then decided to refinance all of my vehicles through the same one. Great experience for me so far!

3002 tii · 03-19-2010, 01:38 PM

denial - thanks for the feedback. i'll probably start hitting dealers 2-3 weeks before the lease end date.

Quote:

Originally Posted by Hawkeye

For the loan I would go to a local credit union. They usually have the best rates (you have to open a savings account sometimes) and they are really easy to work with.

I got a loan there and then decided to refinance all of my vehicles through the same one. Great experience for me so far!

hawk - i'm right on with ya. i'm going to use penfed for this auto loan.

chickdr · 03-19-2010, 01:58 PM

Quote:

Originally Posted by Dubbedown

denial - thanks for the feedback. i'll probably start hitting dealers 2-3 weeks before the lease end date.

hawk - i'm right on with ya. i'm going to use penfed for this auto loan.

Penfed has been excellent so far for me. Their 3.99% rate for up to 60mths is hard to beat. Of course, BMWFS may offer you a super low rate as well. I would certainly ask your dealer(they love to try and beat a rate you walk in with). I would also start talking to them right away to give you time to negotiate (and if needed to look for a replacement car). Good luck!

AWM3 · 03-20-2010, 01:54 PM

I've heard that the NYC dealers are a PITA to deal with. You may want to try to find a suburban dealer to work with. They will probably be more flexible and willing to listen to reasonable offers. Also go in with information on current auction prices for your car (Mannheim), and start with those figures as a baseline.

03-19-2010, 11:51 AM	#1
3002 tii Lieutenant General 2280 Rep 12,565 Posts Drives: Z4 M, X5, GX460 Join Date: Apr 2008 Location: CT iTrader: (99) Garage List F15 X5 xDrive35i [8.75] E86 Z4 M [10.00] F10 550i (Retired) [9.17] F25 X3 xDrive35i (R ... [9.43] E82 135is (Retired) [9.50] E85 Z4 M (Retired) [9.41] E90 328i xDrive (Re ... [9.25] E86 Z4 3.0si (Retired) [9.20]	Lease Due Almost in about a Month... Questions Originally leased this car with the intent to return it but I've fallen in love with it and wish to buy it out. With that said I just logged into my BMW online account and saw their payoff quote, and was surprised to see how high it was. I've read that BMWFS does NOT negotiate but you can work with dealers. So has anyone done this so far? I'm currently leasing an 07 Z4 coupe 3.0si and I believe they want somewhere north of $28k but I figured $24-25k was much more reasonable. Do I have to deal with the original dealer or can I see if other dealers are willing to work with me? And when should I start negotiating? And last question, if I plan on financing the remaining balance, when should I start looking for financing? I know which bank I want to go with but don't know what the loan amount should be since I'm hoping I can still negotiate the payoff price... Any advice would be much appreciated. __________________ Follow for latest mods
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03-19-2010, 12:45 PM	#3
denial512 Enlisted Member 1 Rep 34 Posts Drives: 2006 Z4 3.0si Join Date: Dec 2008 Location: Texas iTrader: (0)	You can definitely negotiate the price, unless the dealership wants the car to sell in their own lot. I think you can turn the car in at any BMW dealership. I'd look for a lot that had many Z4s, convertibles, like like-market cars, which will lower the potential that the dealer would want to purchase the car to resell from BMW finance. The dealer can then look up the price, and you can definitely negotiate a price above whatever the estimated auction price would be. In the case of my old X5 4.4, the BB price for private was $28k at turn in, the dealer didn't want the car for resell, and I asked what I could buy it for. He showed me the estimated auction price and tagged on 2k. The total was $22k, which was 6k less than BB. In essence, doing so saves them the work involved. Shipping, paperwork, checks, etc... In BMW financial's eyes, why have something on inventory depreciating, when you can take in 2k immediately, maybe even landing an additional loan.
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03-19-2010, 01:17 PM	#4
Hawkeye Brigadier General 2070 Rep 4,365 Posts Drives: '07 Z4 Coupe, '21 X3, '16 GMC Join Date: Aug 2007 Location: Iowa iTrader: (0) Garage List 2016 GMC Sierra SLT [10.00] 2008 Yamaha R6 [9.00]	For the loan I would go to a local credit union. They usually have the best rates (you have to open a savings account sometimes) and they are really easy to work with. I got a loan there and then decided to refinance all of my vehicles through the same one. Great experience for me so far! __________________ 2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP 2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded
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03-20-2010, 01:54 PM	#7
AWM3 BMW Fan 11 Rep 553 Posts Drives: 2012 E92 M3, Alpine White Join Date: Apr 2008 Location: Georgia, USA iTrader: (0)	I've heard that the NYC dealers are a PITA to deal with. You may want to try to find a suburban dealer to work with. They will probably be more flexible and willing to listen to reasonable offers. Also go in with information on current auction prices for your car (Mannheim), and start with those figures as a baseline.
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