07-30-2014, 08:55 AM | #1 |
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How early can you swap a lease?
Hey guys, was curious if there is a time frame of how quickly you can get out of a lease? I picked up my 335i last week and really just wishing I hadn't got a manual. I thought I missed it but I guess I'm used to being lazy with an automatic now.
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07-30-2014, 09:21 AM | #2 |
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You have a few options, which most of them are expensive deals. To get out of it without any expense, you have to wait at least 25-30 months on a 36 month lease.
1) Trade in the car. But you will have negative equity on the lease (as you know, the price cuts off ~10k when you drive the car off the lot). That will be added to your next car's bill. If the dealer is your buddy, you can try to negotiate this. 2) Sell the car and pay it off. It is gonna save you a little more money than option 1, but still will cost you. 3) Use lease trading websites. Swapalease or leasetrader etc. They have a fee, and you need to have a good lease contract that would attract a potential new owner. If your payments are high, no one will want the lease. 4) Find someone to take over the lease yourself. Cheapest option, but good luck with that 5) You can just give the car back and pay penalties but it will screw your credit score. That's all I know. I'm sure there will be other members adding more information.
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07-30-2014, 09:35 AM | #3 |
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Thanks for the reply. What I meant was is there any minimum amount of time you have to keep the car before it's eligible to transfer a lease? Do I have to wait 3 months or anything like that or could I swap the lease to someone else today?
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07-30-2014, 10:53 AM | #4 |
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You should be able to do the transfer at anytime
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07-30-2014, 11:58 AM | #5 |
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^^^What he said^^^
I went through about 3 leases last year, I inquired a big chunk of negative equity that I had to pay off but, if you're that unhappy with it go for it. Just realize the pricier the car the more negative equity it will incur. Be prepared to at least bring in 12-15k of negative equity....and it's a manual so it will have a lower wholesale value when compared to an equal condition AT vehicle.
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07-30-2014, 07:22 PM | #6 |
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Post it up on the forums. If you got a good deal I can see you getting rid of it quickly as manuals are hard to come by these days. The only time you can't transfer a lease with BMW is when there are 6 months or less on the term. Good luck!
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07-31-2014, 10:00 AM | #9 |
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i think you have to have the car for atleast 6 months. Thats what I recall reading somewhere else
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08-04-2014, 03:10 PM | #10 |
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581+tax, 36 months, and12k miles a year. Thankfully got an awesome deal on it, especially with all the M Performance goodies.
Last edited by Wildcat24; 08-05-2014 at 07:40 PM.. |
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08-08-2014, 01:24 PM | #13 |
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BMW has a program called Pull ahead allowing you to swap your current lease assuming it's with BMWFS into another BMW lease within 6 months of your lease expiration.
Took advantage of that back in 2011 with 2 months remaining on lease. |
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