[PeterM]

Not sure if its the right forum, I was thinking of trading my F30 for a SUV.. Now how does it work i only owned it for 1 year out of 3 year lease. I checked BMW and payoff is 40k. Would the dealer i trade in have to give me at least 40k or what. I mean i dont have to but it will be a lot easier as we are expecting in a baby in 2 weeks.

[NY435]

Yes, 40k minimum if you are trying to avoid rolling negative equity. You can also roll negative equity into the new car, and that's usually limited to what your credit and specific lender dictates. For example, BMW approved me at their highest tier, which I believe the CA told me would allow me to finance 130% of MSRP (plus fees), so on a 50k car I could have rolled in 15k in negative equity, for a total finance of ~65k.

[PeterM]

Ok thanks, I really dont want to roll anything in the new loan otherwise i'd just keep the bmw.

[Explorer3253]

Originally Posted by PeterM

Not sure if its the right forum, I was thinking of trading my F30 for a SUV.. Now how does it work i only owned it for 1 year out of 3 year lease. I checked BMW and payoff is 40k. Would the dealer i trade in have to give me at least 40k or what. I mean i dont have to but it will be a lot easier as we are expecting in a baby in 2 weeks.

Put it on leasetrader and let someone assume your lease. You won't lose any money (or it will be minimal). I've put 2 of mine up in the past and never had any issues.
Side note..You don't think the f30 will be enough space for a newborn?

[Bama335]

Originally Posted by Explorer3253

Put it on leasetrader and let someone assume your lease. You won't lose any money (or it will be minimal). I've put 2 of mine up in the past and never had any issues.

+1 or use swapalease.com. Hopefully you got a decent deal and your payment is attractive, if so it should move fairly quickly.

Even if you have to pony up an incentive to get someone to assume the lease, you'll still likely come out ahead

[jzcrna]

Originally Posted by PeterM

Not sure if its the right forum, I was thinking of trading my F30 for a SUV.. Now how does it work i only owned it for 1 year out of 3 year lease. I checked BMW and payoff is 40k. Would the dealer i trade in have to give me at least 40k or what. I mean i dont have to but it will be a lot easier as we are expecting in a baby in 2 weeks.

I have an F30 with two toddlers. Its definitely enough room. The one Caveat is if you do any sort of traveling and have to haul all of the baby crap, stroller, and playpen with all of your other luggage. If this is the case then I probably recommend something bigger.

As far as passenger space its perfectly sized.

[PeterM]

Originally Posted by Bama335

+1 or use swapalease.com. Hopefully you got a decent deal and your payment is attractive, if so it should move fairly quickly.

Even if you have to pony up an incentive to get someone to assume the lease, you'll still likely come out ahead

Its 555 a month msrp was 49k so its not bad. I work at a toyota dealer and they are only giving me 38k, pay off is 40300 if they gave me 39.5 i would do the trade in. Am i missing anything else or will i be hit with some fees from BMW for ending the lease.

[USC2000]

No fees from BMW because the dealer is paying off BMW to own the car.

[Bama335]

Originally Posted by PeterM

Its 555 a month msrp was 49k so its not bad. I work at a toyota dealer and they are only giving me 38k, pay off is 40300 if they gave me 39.5 i would do the trade in. Am i missing anything else or will i be hit with some fees from BMW for ending the lease.

For the $2300 out of your pocket on that trade, I'd try to get someone to assume your F30 lease. $555/mo is a pretty decent pmt for a 335, that shouldn't take long to get some interest. The fee to list on Swapalease is $100.

If you are leasing through BMWFS, there is a $100 non refundable lease assumption application fee and a $400 lease assumption fee - you would negotiate with the person assuming the lease as to who pays the fee (based on what I see on swapalease, typically the seller does or splits it)

The process is pretty straight forward once you have an interested party - you call BMWFS and say you would like to have your lease assumed and give them the other party's info - once the credit check is approved, they send each party papers to sign, and once there is final approval, they give permission to hand over the car.

Good Luck!