X3M Values

forza1976 · 05-21-2021, 12:24 PM

Just had my appointment, full offer stands. Only kicker I have to drive it up to damn Casper Wyoming from Denver to drop it off at the closest Lithia dealer.

evo-mike · 05-21-2021, 04:08 PM

Quote:

Originally Posted by forza1976

Just had my appointment, full offer stands. Only kicker I have to drive it up to damn Casper Wyoming from Denver to drop it off at the closest Lithia dealer.

Damn, how far is that?

forza1976 · 05-21-2021, 04:13 PM

Quote:

Originally Posted by evo-mike

Damn, how far is that?

It's a hike, 280miles. But gotta do it for this buyout.

DAC17 · 05-22-2021, 07:35 PM

Just sold my wife's 2020 X3 30i Xdrive (new $43,000) for $39,100. 17,000 miles and 19 months old. Now we'll look around at something new. It's nuts.

Jiovanny · 05-22-2021, 09:41 PM

can you sell if you have a lease?

X3mcesq · 05-22-2021, 11:21 PM

Quote:

Originally Posted by Jiovanny

can you sell if you have a lease?

Yes I just did it. PM me I'll talk you through it

new2the3 · 05-24-2021, 08:51 AM

The numbers while at first glance look good are not favorable, in my case. Purchase price 69 and change (msrp 83.5). Drive away 67k. Car has 16.5k miles on it. After paying off the loan about 16k of equity, but I'm into the car for about 27k so it would be a net loss of around 11k.

Except for the guy in Oregon it seems like people are ignoring the taxes and registration paid on their X3m and then the new taxes and registration they will pay on their replacement car. Maybe in some states it doesn't matter but here in CA taxes and registration was around 6000.

serpentine · 05-24-2021, 01:13 PM

Is the buyout listed in bmw financial inclusive of taxes?

X3mcesq · 05-24-2021, 01:26 PM

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

serpentine · 05-24-2021, 01:47 PM

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

X3mcesq · 05-24-2021, 02:06 PM

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

Best to call BMW Financial for your particular circumstances. State rules on taxes differ with regard to upfront, rolled in, taxes on monthly payment taxes on entire vehicle etc and as such it differs on how much tax (payment) you already put in to the car so to speak.

My deal was not with BMW, it was with Chase Financial/Jaguar and I know the dealer buyout was the same as my lease contact buyout as I called them. The way it was explained to me by Chase (equivalent to BMW FS in your circumstance) was essentially that they will sell the car to anyone for the price on the lease contract, they don't care who as long as it's paid full. They are just a bank after all.

DC X3M40i · 05-24-2021, 11:40 PM

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

I'm in this situation. I got a quote from driveway for 63 and change. My buyout is 59 and change. I paid taxes up front on my lease. It seemed like a slam dunk for me to go ahead with it but after reading this I'm not so sure.

DC X3M40i · 05-24-2021, 11:43 PM

Quote:

Originally Posted by X3mcesq

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

Okay after rereading some of this it seems to be making more sense. So if I'm selling the car to driveway then I'm not on the hook for any taxes. It's all on them. So their offer of 63 vs my "buyout" of 59 would indeed net a 4K check in my favor?

X3mcesq · 05-25-2021, 06:13 AM

Quote:

Originally Posted by DC F97

Quote:

Originally Posted by X3mcesq

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

Okay after rereading some of this it seems to be making more sense. So if I'm selling the car to driveway then I'm not on the hook for any taxes. It's all on them. So their offer of 63 vs my "buyout" of 59 would indeed net a 4K check in my favor?

Quote:

Originally Posted by DC F97

Quote:

Originally Posted by X3mcesq

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Quote:

Originally Posted by serpentine

Is the buyout listed in bmw financial inclusive of taxes?

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Quote:

Originally Posted by serpentine

Quote:

Originally Posted by X3mcesq

Certainly not.

But you can sell off your lease via a third party dealer such as vroom, carvana, driveway etc. and the tax ramifications would only be on the difference between the buy out figure and your agreement with the third party. In other words, it's all gravy (if you are in the green which seemingly now everyone is).

You only pay sales tax on the buyout if you actually are buying the vehicle. If the 'dealer' is buying it, it's not your tax event.

Thanks.

Is the dealer buyout with BMW Fin different than lessee? It says dealers should call in. This was the case with another vehicle of mine. The dealer buyout was $2k more than my buyout, after taxes. I would net $2k less if going through Carvana or Vroom and having them buyout the lease.

In that scenario, I paid taxes into the lease company. And apparently I will get a check made out to the state for taxes that I submit when I finalize the process at the DMV. Title in the mail this week I think.

At first I thought I was in great shape with my X3M. $57.7k buyout, $63.3k offered. But with over $4k in taxes due, that changes the game a bit, and doesn't really seem worth the hassle.

Okay after rereading some of this it seems to be making more sense. So if I'm selling the car to driveway then I'm not on the hook for any taxes. It's all on them. So their offer of 63 vs my "buyout" of 59 would indeed net a 4K check in my favor?

Not saying you wouldn't be on the hook for taxes down the road 11 months from now (when 2021 taxes are due in USA) on the 4K. But if a dealer is buying the car it's not your tax problem. Your deal is with Driveway for the difference between what they are buying the car from the bank for and what their agreement is with you. SALES TAX. Paid by the buyer (not sure why/how but dealers don't pay this tax apparently).

Disclaimer- I am not a tax accountant nor an accountant at all. I am just a person doing research and asking questions of my Bank and of dealers making me offers. You should do the same.

M3Pilot09 · 05-25-2021, 09:06 AM

Driveway offered me $66,300 so I can net $11,300. Supposed to sell today and pick up am X3MC Friday. Now having 2nd thoughts on X3MC, this is weird but contemplating X3 30e M Sport, 60K sticker, $1,000 down and pocket $10,300. I live in LA and gas prices suck haha,

new2the3 · 05-25-2021, 09:12 AM

Quote:

Originally Posted by M3Pilot09

Driveway offered me $66,300 so I can net $11,300. Supposed to sell today and pick up am X3MC Friday. Now having 2nd thoughts on X3MC, this is weird but contemplating X3 30e M Sport, 60K sticker, $1,000 down and pocket $10,300. I live in LA and gas prices suck haha,

You're not factoring in the tax and registration that you'll pay on the replacement car, or are you?

M3Pilot09 · 05-25-2021, 10:53 AM

Quote:

Originally Posted by new2the3

Quote:

Originally Posted by M3Pilot09

Driveway offered me $66,300 so I can net $11,300. Supposed to sell today and pick up am X3MC Friday. Now having 2nd thoughts on X3MC, this is weird but contemplating X3 30e M Sport, 60K sticker, $1,000 down and pocket $10,300. I live in LA and gas prices suck haha,

You're not factoring in the tax and registration that you'll pay on the replacement car, or are you?

Yes that's all in

forza1976 · 05-25-2021, 03:28 PM

My docs from driveway. Gonna be completed later this week, as I have to drop the car off.

serpentine · 05-25-2021, 06:23 PM

Not knowing the laws of each state, we are probably all better served calling our states DMV or tag place to get answers.

I *think* I have PA figured out. If you sell to a dealer (I assume Driveway is a dealer) then there is technically no taxable event, as the dealer is exempt. That said, I believe they must buy out your lease. Not quite sure if BMW Finance has different buyouts for owners vs. dealers.

If you buyout your lease as the owner, you technically don’t have clean title to transfer to the dealer. Whatever you get in the mail has to be registered with the DMV, which is when you pay taxes. The title comes and on it is the purchase price, so you can’t gift it to yourself. You can’t sell to a dealer without first clearing the title which triggers the taxes.

US Bank, my previous vehicle lease, does the opposite. They include taxes in your buyout, and when title comes, along with it is a check made out to PA for the taxes. I hand that over to the DMV at registration. In that situation my buyout was $30k but dealers was $32k or more. So flipping to Vroom at 32 would net me zero unless I bought it out first.

Hope this helps. A bunch of others touched on all of these elements. Just adding my $.02.

LloydP · 05-25-2021, 06:26 PM

Quote:

Originally Posted by forza1976

My docs from driveway. Gonna be completed later this week, as I have to drop the car off.

What's next vehicle wise for you?

forza1976 · 05-25-2021, 08:29 PM

Quote:

Originally Posted by LloydP

What's next vehicle wise for you?

G80, top of the list.

M3Pilot09 · 05-25-2021, 09:38 PM

Question, I am selling my car to Driveway Thursday. Why would I have to pay taxes when they are buying the car directly from BMW FS?
Am I missing something?

05-21-2021, 12:24 PM	#45
forza1976 Major General 3398 Rep 6,589 Posts Drives: BMW Join Date: Aug 2007 Location: 49417 and 60610 iTrader: (13) Garage List 2022 BMW M3X [10.00]	Just had my appointment, full offer stands. Only kicker I have to drive it up to damn Casper Wyoming from Denver to drop it off at the closest Lithia dealer.
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05-22-2021, 07:35 PM	#48
DAC17 Long live BMW M's! 171 Rep 368 Posts Drives: 2023 CT5-V Join Date: Oct 2010 Location: CT iTrader: (0)	Just sold my wife's 2020 X3 30i Xdrive (new $43,000) for $39,100. 17,000 miles and 19 months old. Now we'll look around at something new. It's nuts. __________________ 2023 Cadillac CT5-V 2022 Mazda MX-5 (manual) 2022 Chevy Bolt (being a little environmental)
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05-22-2021, 09:41 PM	#49
Jiovanny Private First Class 124 Rep 99 Posts Drives: 2020 X3MC Join Date: Feb 2020 Location: Queens,NY iTrader: (0)	can you sell if you have a lease?
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05-24-2021, 08:51 AM	#51
new2the3 Colonel 378 Rep 2,067 Posts Drives: 2020 X3M Competition Join Date: Jun 2006 Location: San Diego iTrader: (0)	The numbers while at first glance look good are not favorable, in my case. Purchase price 69 and change (msrp 83.5). Drive away 67k. Car has 16.5k miles on it. After paying off the loan about 16k of equity, but I'm into the car for about 27k so it would be a net loss of around 11k. Except for the guy in Oregon it seems like people are ignoring the taxes and registration paid on their X3m and then the new taxes and registration they will pay on their replacement car. Maybe in some states it doesn't matter but here in CA taxes and registration was around 6000. __________________ 2020 X3MC 2009 135i: AW/CR Aluminum Trim, 6 speed, M-Sport, Premium, Heated Seats, Ipod, BMW Performance Pedals, BMW Performance SSK, BMW Performance Exhaust, BMW Performance Grills E93 M3 FSB
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05-24-2021, 01:13 PM	#52
serpentine Second Lieutenant 164 Rep 285 Posts Drives: X3M Join Date: Sep 2020 Location: illadelphia iTrader: (0)	Is the buyout listed in bmw financial inclusive of taxes?
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05-25-2021, 09:06 AM	#59
M3Pilot09 Captain 1016 Rep 700 Posts Drives: 2022 X3MC Join Date: Apr 2009 Location: Los Angeles iTrader: (1)	update Driveway offered me $66,300 so I can net $11,300. Supposed to sell today and pick up am X3MC Friday. Now having 2nd thoughts on X3MC, this is weird but contemplating X3 30e M Sport, 60K sticker, $1,000 down and pocket $10,300. I live in LA and gas prices suck haha,
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05-25-2021, 03:28 PM	#62
forza1976 Major General 3398 Rep 6,589 Posts Drives: BMW Join Date: Aug 2007 Location: 49417 and 60610 iTrader: (13) Garage List 2022 BMW M3X [10.00]	My docs from driveway. Gonna be completed later this week, as I have to drop the car off. Attached Images
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05-25-2021, 06:23 PM	#63
serpentine Second Lieutenant 164 Rep 285 Posts Drives: X3M Join Date: Sep 2020 Location: illadelphia iTrader: (0)	Not knowing the laws of each state, we are probably all better served calling our states DMV or tag place to get answers. I think I have PA figured out. If you sell to a dealer (I assume Driveway is a dealer) then there is technically no taxable event, as the dealer is exempt. That said, I believe they must buy out your lease. Not quite sure if BMW Finance has different buyouts for owners vs. dealers. If you buyout your lease as the owner, you technically don’t have clean title to transfer to the dealer. Whatever you get in the mail has to be registered with the DMV, which is when you pay taxes. The title comes and on it is the purchase price, so you can’t gift it to yourself. You can’t sell to a dealer without first clearing the title which triggers the taxes. US Bank, my previous vehicle lease, does the opposite. They include taxes in your buyout, and when title comes, along with it is a check made out to PA for the taxes. I hand that over to the DMV at registration. In that situation my buyout was $30k but dealers was $32k or more. So flipping to Vroom at 32 would net me zero unless I bought it out first. Hope this helps. A bunch of others touched on all of these elements. Just adding my $.02.
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05-25-2021, 09:38 PM	#66
M3Pilot09 Captain 1016 Rep 700 Posts Drives: 2022 X3MC Join Date: Apr 2009 Location: Los Angeles iTrader: (1)	Driveway Question, I am selling my car to Driveway Thursday. Why would I have to pay taxes when they are buying the car directly from BMW FS? Am I missing something?
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