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      01-17-2022, 03:35 PM   #23
roadkillrob
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Quote:
Originally Posted by Gsavarese View Post
Just to clarify - this all assumes you’re getting another BMW or turning in your leased BMW to a BMW dealer. That’s the whole point of the court case that started this thread - BMW won’t pay a Toyota dealer for one of its off lease cars
Right, I could have made more also selling it to carmax or carvana if they were allowed to buy the lease - same scenario as trading or selling it to a toyota dealer, no one can buy out your lease but BMW or you personally. So took the deal via the dealer as I had that option at least, but no matter what if you are going from one bmw lease to another don't just give it back as you are loosing money by not knowing you can trade it in to a BMW at least.
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      01-18-2022, 10:38 AM   #24
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Does anyone understand what happens to the security deposit if it was part of the the initial lease transaction if you decide to "trade-in" vs "turn-in" a lease at end of term.

I assume you can "trade-in" a lease at anytime. Is the buy-out amount just the residual value plus any remaining payments?

Might consider doing this on the X3MC is the math works out.
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      01-18-2022, 10:49 AM   #25
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When I bought out my lease early, the buy-out amount was approximately the remaining payments plus the residual value. Not exact for some reason but within $100 so I did not investigate deeper. I am not sure about the security deposit because I used a MSD. I simply received a check for the amount of my MSD around a week after the completion of the buy-out. I do not believe it had any bearing on the economics of the buyout.
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      01-18-2022, 02:34 PM   #26
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Ah, thanks for the help chimp.. Yes. I used the MSD program.. Go to know..
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      01-18-2022, 02:41 PM   #27
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Quote:
Originally Posted by Gsavarese View Post
This is interesting because in this market lots of lessees are looking to have Carvana and Driveway etc buy out their leases and BMW has cracked down on this. But in this suit the Toyota dealer was buying out the lease and giving equity to the buyer. I thought a lease was just a rental from a bank and you had no ownership interests in the car. So I donít know how successful this suit would be. Buyer should have bought out the X3 for 27k then itís his car to sell. Interesting follow though
The fact is, that any given point in time, a lease can be bought for the specified residual, plus the total of the remaining lease payments.

It shouldn't matter to BMW FS whether it's you or someone else buying the car. They are simply doing this as a protection to the BMW dealer network.

An owner could always buy out the lease, then turn around and "sell" the car to Carvana or Vroom or whatever, but the owner would pay tax on the purchase and thus reduce the overall equity.
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