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      01-08-2014, 02:45 PM   #1
alexus
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remaining lease miles

I got 10k/year on my current BMW, yet I only used 5k/y, so now I have a lot of extra miles, is it possible for me to transfer them over to new lease somehow?

anyone have experience with that?
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      01-08-2014, 03:04 PM   #2
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Not that I know of, but if I were you I would try to sell your car to carmax or something. The residual is based on you using all the miles. If you only used half your miles, your car could be worth more then you owe on it which means you can keep the extra equity if you sell it instead of just turning it in.
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      01-08-2014, 03:06 PM   #3
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Quote:
Originally Posted by alexus View Post
I got 10k/year on my current BMW, yet I only used 5k/y, so now I have a lot of extra miles, is it possible for me to transfer them over to new lease somehow?

anyone have experience with that?
If you don't sell it call BMW Financial Services. If you are under miles they will give you back money. In my case we were about 6k under and we got back $250. Maybe there will be more for you if you are really way under. It might top out at $500.
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      01-08-2014, 03:07 PM   #4
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Originally Posted by Matts335coupe View Post
Not that I know of, but if I were you I would try to sell your car to carmax or something. The residual is based on you using all the miles. If you only used half your miles, your car could be worth more then you owe on it which means you can keep the extra equity if you sell it instead of just turning it in.
while this is probably a good suggestions, selling car is always a hassle and time consuming (one of the reason I do lease).
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      01-08-2014, 03:22 PM   #5
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If you're getting another BMW, they can find a way to make it up to you. If not, I'm not sure why they would.
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      01-08-2014, 03:25 PM   #6
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Quote:
Originally Posted by alexus View Post
while this is probably a good suggestions, selling car is always a hassle and time consuming (one of the reason I do lease).
I always lease. But the point is, instead of just handing in your car to bmw at the end of the lease, just take it to carmax, if there is positive equity they cut you a check for the difference, then go lease your new BMW.
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      01-08-2014, 03:50 PM   #7
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Originally Posted by Twins View Post
If you don't sell it call BMW Financial Services. If you are under miles they will give you back money. In my case we were about 6k under and we got back $250. Maybe there will be more for you if you are really way under. It might top out at $500.
Each mile can be purchased for $.16 before lease end, or $.20 at lease end.

That said, I doubt BMW will give you $960, let alone $1,200.

However, what I WOULD do, is try to have them give you a reduction of selling price of $960 of your new lease, if the vehicle you're turning in, is in great condition.
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      01-08-2014, 05:25 PM   #8
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Talk to your dealer. They may offer a credit of their own if they are interested in the car for their retail inventory.
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      01-08-2014, 07:21 PM   #9
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Quote:
Originally Posted by Twins View Post
....call BMW Financial Services. If you are under miles they will give you back money. In my case we were about 6k under and we got back $250. Maybe there will be more for you if you are really way under. It might top out at $500.
This is the correct answer. If at the end of the lease you are significantly under the contracted mileage BMWFS will give a credit for the unused miles. It will not be sixteen cents a mile, so don't expect that.
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      01-08-2014, 07:24 PM   #10
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This is the correct answer. If at the end of the lease you are significantly under the contracted mileage BMWFS will give a credit for the unused miles. It will not be sixteen cents a mile, so don't expect that.
Wish I had known this for my last lease turn-in (13k of 36k mi). This time around, I'll be turning in at 14k of 30k mi. I wonder if getting that credit can be combined with "trading-in" the car (rather than turning-in) when I pick up my new one. Heck, I'd probably settle for them overlooking a few scratches/borderline tires.
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      01-08-2014, 10:46 PM   #11
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How do folks end up so short on mileage? You're literally throwing money away on the deal. You need to buy short mileage leases and just add miles as you need them. BMW is one of the few manufacturers that allows you to add at any time during the lease at a discounted rate.
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      01-08-2014, 11:00 PM   #12
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How do folks end up so short on mileage? You're literally throwing money away on the deal. You need to buy short mileage leases and just add miles as you need them. BMW is one of the few manufacturers that allows you to add at any time during the lease at a discounted rate.
10k mi/yr is as low as they'll go... Besides, I've been hoping that I'd find a newer, better job that might be farther away anyway
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      01-08-2014, 11:27 PM   #13
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Quote:
Originally Posted by Matts335coupe
Quote:
Originally Posted by alexus View Post
while this is probably a good suggestions, selling car is always a hassle and time consuming (one of the reason I do lease).
I always lease. But the point is, instead of just handing in your car to bmw at the end of the lease, just take it to carmax, if there is positive equity they cut you a check for the difference, then go lease your new BMW.
Um, you don't have to term the lease, take it to wherever you're shopping for the new car and trade it in recouping any equity. Residual value has nothing to do with what the car is worth in trade. Negotiate trade value based on what the car is at time of transaction, if its a positive number, THEN negotiate the terms of your new lease. Once everything has been negotiated and agreed upon, give them the payoff amount and have it subtracted.
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