01-08-2014, 01:45 PM | #1 |
boomshakalaka
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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, 02:04 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, 02:06 PM | #3 |
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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, 02:07 PM | #4 | |
boomshakalaka
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01-08-2014, 02:25 PM | #6 |
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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, 02:50 PM | #7 | |
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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, 06:21 PM | #9 |
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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.
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01-08-2014, 06:24 PM | #10 |
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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, 09:46 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, 10:00 PM | #12 | |
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01-08-2014, 10:27 PM | #13 | |
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