Anyone interested in assuming my lease?

[Veruca]

I have found another Elise that I am going down to pick up this weekend so one car has to go. My husband was going to take the M but he is afraid he will not be able to sell his Mercedes ML as quickly as he would like to so we will have to get rid of the M. Here are the numbers:

Lease end: 5/12/2009
Mo. Pymt: $437.05
Monthly Miles: 656 (more can be purchased @ .20/mi)
BMW Lease transfer fee: $450

There is a security deposit that the original owner put down of $3,600. We paid him that amount when we took over the lease and we would have to get that from whomever takes over the lease and that person would then get it back at the end of the lease as long as the car was in good condition.

Right now the car is perfect, all maintenance done, it lives in the garage and has been babied since day 1. Since I have been the owner I have blacked out the grille and reflectors and installed the dice ipod/hd kit from eas.com. It will come with the M mats, weathershield car cover, trunk organizer, M valve stem caps and all of the original books and maintenance documentation. Download the original window sticker from the car here: http://www.projectpeep.com/mroady.pdf

Here is one pic. I will take and post some more as soon as I can. You can also view more pictures here: http://www.myspace.com/peepandbart

 

[mikedav]

A Z4M for £215 a month... America prices are bloody brilliant

 

[Veruca]

lol I don't know how the guy got the payment that low.

 

[Wondermike]

A Z4M for £215 a month... America prices are bloody brilliant

That's it, I'm emigrating

 

[Andy]

quite shocking isnt it.. and the other guy thats trying to sell his for $45k...

 

[Anonymous]

I think even after paying to fly over it will still be cheaper to lease it over there than the UK

Shame I can't take it.....

 

[w19lko]

is it not cheaper because its a lease and not on a select or payment plan? with a lease you just give it back when its finished or am i wrong?

 

[azroadie]

The original owner must have put down a pretty hefty downpayment!!!... then lost it on giving up the lease. There's NO WAY you could get an M in the U.S. For $437! (but correct me if I'm wrong).

I looked at leasing a 2007 3.0i and if I remember correctly, the total was like $13,500 for 2 years. So with no downpayment, that's near $600 with taxes.

So don't get too jealous of us in the U.S....besides, have you seen the value of our dollar??!!!

 

[enfield]

The US dollar has value?

 

[mikedav]

The original owner must have put down a pretty hefty downpayment!!!... then lost it on giving up the lease. There's NO WAY you could get an M in the U.S. For $437! (but correct me if I'm wrong).

Not sure about now, but in January 08 BMW NA were offering insane deals on a already cheap car:

M Coupe ($559 per month, $3659 down):

M Roadster ($579 per month, $3679 down):

http://bmwusa.com/Standard/Con....aspx

So with no downpayment, that's near $600 with taxes.

I doubt you could geta 3.0 on a lease for less than $1100 here...and that would be a stock 3.0 car, no options

is it not cheaper because its a lease and not on a select or payment plan? with a lease you just give it back when its finished or am i wrong?

Marginallly...but the main thing is the car is so much cheaper for starters (£28,000 ish plus options vs £42,000 plus options here if you bought a new one)....but that goes for all cars anyway (Golf GTI for under £11k anyone?). Leases are way more common for private customers in the US, here it tends to be a business customer thing.

We just get screwed

 

[w19lko]

yeah thats why i brought my M in july for £31,500 9 months old with plenty of options on it, you would have to be mad to loose £15k in 9 months

 

[azroadie]

Has anyone ever tried to turn in a lease? My mother worked for GM for years and we always had gm cars. We were able to lease them super cheap. Previously when you turn in the lease at the dealer, they go over the car for damage, wear and tear, etc. and you get the cost of what you owe. Well that's not the case anymore...at least for GM. When you turn in your car, it goes to some lease HQ somewhere. That's where they determine what you may owe additionally.

On my last lease, we took it in, they looked at it, and said they'd it was fine. There was just some minor damage that they said they would fix and it'd would be a few hundred dollars. A few weeks later, we got a bill for $3000 from lease HQ. Considering the total cost of the lease was only about $5,000(paid up front), that's a huge chunk extra! At that point the car was in another state and not much to be done. Fortunately we knew the people who run the dealership and they went to bat for us. Can't imagine what would happen if we didn't know the right people!!!

So needless to say, we don't lease anymore.

Anyone know BMW handles things?

 

[mikedav]

Not sure about the US....I returned a 318D M Sport on a 12 month lease last summer though. If I wanted to turn it in early they wanted 40% of the outstanding rentals, but I kept it the full term. I also had to pay 10p per excess mile as agreed in the contract, and £200 for some scrapes...

 

[PaulN]

Is this rental lark really a good idea?

I think if you cant buy it or at least get a loan to buy it then you cant afford it.

I can understand you get a new car and no worries but its very pricey for it.

IMO

Cheers

PaulN

 

[mikedav]

LOL....thats a bit like saying you shouldn't rent a car while on holiday if you cannot afford to buy one. For some people/businesses it just makes more sense to agree X per month for 24 months, and then forget about it - hand it back, get another. No resale worries, no trade in negotiations, no negative equity, no servicing...and a lower payment.

Leasing (or contract hire) is another form of finance as legitimate as a loan or PCP, it just works differently and is treated differently on a balance sheet...hence its popularity with businesses (who can reclaim half the VAT). For some it offers major tax benefits, and as the leasing company gets various breaks on the deal, the buyer gets a lower repayment. It highly depends on the asset though.

Many airlines 'contract hire' their 747s, put it that way.

 

[inTgr8r]

^ plus for those in business there are tax advantages to leasing