Gonna be way over lease mileage..options?

nissan · 01-05-2009, 03:28 PM

Hey guys, I just hit 36k on my E92 yesterday and I'm on a 36k mi./3 yr. lease which ends in 12/09. It's my only car and I'm pretty sure I will be putting on at least another 15k mi. in '09. What are my options besides buying up more miles? This is the first time I've ever been over mileage on a lease, so I have no clue what's the ideal/more financially sound route to go in this situation. Figured I'd post here bc there are a couple CA's here. Thanks!

Jimmeh · 01-05-2009, 03:39 PM

Quote:

Originally Posted by nissan

Hey guys, I just hit 36k on my E92 yesterday and I'm on a 36k mi./3 yr. lease which ends in 12/09. It's my only car and I'm pretty sure I will be putting on at least another 15k mi. in '09. What are my options besides buying up more miles? This is the first time I've ever been over mileage on a lease, so I have no clue what's the ideal/more financially sound route to go in this situation. Figured I'd post here bc there are a couple CA's here. Thanks!

Buy the car when your lease is up

Sal@AUTOcouture · 01-05-2009, 03:51 PM

as long as you have 4+ months left on the lease you can buy them at .16 each instead of paying the .20 overmileage at end of lease.

HyperM3 · 01-05-2009, 04:00 PM

^ what he said.

JBiddy · 01-05-2009, 04:19 PM

i wouold just buy the car out and then sell it if your not trying to keep it.... cuz your gonna be paying out of your ass for those extra 15,000 miles..... about $2,400 lol

328i · 01-05-2009, 04:25 PM

I bet you'll lose more money if you buy it out. With the way car values are dropping I would just pay the $2400, but purchasing the mileage ahead of time is a good idea.

T Bone · 01-05-2009, 04:26 PM

Get a new BMW. They may be hurting enough to allow the old lease to terminate...so long as you get a new BMW

Sal@AUTOcouture · 01-05-2009, 04:26 PM

Quote:

Originally Posted by 328i

I bet you'll lose more money if you buy it out. With the way car values are dropping I would just pay the $2400, but purchasing the mileage ahead of time is a good idea.

BMW adjusts payoffs accordingly for the drop in economic values.

Ex: one of my customers has a car with an original payoff of $32k. Its $23k now.

328i · 01-05-2009, 04:29 PM

Quote:

Originally Posted by AutoCouture

BMW adjusts payoffs accordingly for the drop in economic values.

Ex: one of my customers has a car with an original payoff of $32k. Its $23k now.

I didn't know that, in that case it may be worth it. I did hear bmw had set residuals too high on some cars and were willing to negotiate since auction prices were so low. Is this the reason for it? Also do they do this during the lease term? I was looking to sell my car and asked what my lease buy out was and it was about $4,000-5,000 over market value.

Sal@AUTOcouture · 01-05-2009, 04:30 PM

They only adjust when there are 3 payments or less left on the account

328i · 01-05-2009, 05:12 PM

Quote:

Originally Posted by AutoCouture

They only adjust when there are 3 payments or less left on the account

I see, thanks for the info. I'll still be contacting you when my father is ready to buy a 5er, he's decided to wait for now.

Dmitriy@AUTOcouture · 01-05-2009, 05:25 PM

Quote:

Originally Posted by nissan

Hey guys, I just hit 36k on my E92 yesterday and I'm on a 36k mi./3 yr. lease which ends in 12/09. It's my only car and I'm pretty sure I will be putting on at least another 15k mi. in '09. What are my options besides buying up more miles? This is the first time I've ever been over mileage on a lease, so I have no clue what's the ideal/more financially sound route to go in this situation. Figured I'd post here bc there are a couple CA's here. Thanks!

mwarsh1 · 01-05-2009, 05:33 PM

Quote:

Originally Posted by AutoCouture

as long as you have 4+ months left on the lease you can buy them at .16 each instead of paying the .20 overmileage at end of lease.

as a bmw salesman this is the cheapest option do not buy the car out, that will cost you triple!

Sal@AUTOcouture · 01-05-2009, 06:56 PM

Quote:

Originally Posted by mwarsh1

as a bmw salesman this is the cheapest option do not buy the car out, that will cost you triple!

How do you figure triple? Have you seen MMRs lately?? They're CRAZY low

Craig@SupremePower · 01-05-2009, 07:20 PM

Hmmm a gallon of gas, a match and a open lot under the pulaski skyway???

itsbrokeagain · 01-05-2009, 09:42 PM

Quote:

Originally Posted by Craig@SupremePower

Hmmm a gallon of gas, a match and a open lot under the pulaski skyway???

LMAO

Alex@AKMotorwerk · 01-05-2009, 09:44 PM

Quote:

Originally Posted by Craig@SupremePower

Hmmm a gallon of gas, a match and a open lot under the pulaski skyway???

BWHAHAHAAA... in the Newark Multiplex parking lot

Craig@SupremePower · 01-05-2009, 10:05 PM

Ahhh so thats where you 2 go to the movie's???

Quote:

Originally Posted by nj323ci

BWHAHAHAAA... in the Newark Multiplex parking lot

Alex@AKMotorwerk · 01-05-2009, 10:11 PM

Quote:

Originally Posted by Craig@SupremePower

Ahhh so thats where you 2 go to the movie's???

OHHHHHH.... so that's how it is huh?

Multiplex has been shut down for years dicky!!

Craig@SupremePower · 01-05-2009, 10:13 PM

Ahhh so you 2 park???

Quote:

Originally Posted by nj323ci

OHHHHHH.... so that's how it is huh?

Multiplex has been shut down for years dicky!!

MyE92 · 01-05-2009, 11:03 PM

Quote:

Originally Posted by Craig@SupremePower

Ahhh so you 2 park???

MyE92 · 01-05-2009, 11:04 PM

Quote:

Originally Posted by Craig@SupremePower

Hmmm a gallon of gas, a match and a open lot under the pulaski skyway???

haha is that what happen to your E46?

01-05-2009, 03:28 PM	#1
nissan Lieutenant 54 Rep 523 Posts Drives: 2015 M6 GC CP Join Date: Mar 2007 Location: DFW iTrader: (4)	Gonna be way over lease mileage..options? Hey guys, I just hit 36k on my E92 yesterday and I'm on a 36k mi./3 yr. lease which ends in 12/09. It's my only car and I'm pretty sure I will be putting on at least another 15k mi. in '09. What are my options besides buying up more miles? This is the first time I've ever been over mileage on a lease, so I have no clue what's the ideal/more financially sound route to go in this situation. Figured I'd post here bc there are a couple CA's here. Thanks!
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01-05-2009, 03:51 PM	#3
Sal@AUTOcouture 744 Rep 10,106 Posts Drives: E93 M3, E36 M3 Join Date: Feb 2007 Location: Sofla iTrader: (30)	as long as you have 4+ months left on the lease you can buy them at .16 each instead of paying the .20 overmileage at end of lease.
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01-05-2009, 04:00 PM	#4
HyperM3 Too many Alex's, from now on, call me Beaufort 355 Rep 6,188 Posts Drives: See Sig Join Date: Feb 2007 Location: Lawrenceville, NJ iTrader: (8)	^ what he said. __________________ 13 HD FatBob 17 A4 Glacier/Black 1st Edition/Pre+/Sport/EurocodeTMD/Racechip 16 S6 (gone),14 S6 (gone),14 S6 (gone),13 S6 (gone),10 S4 (gone) 07 335i(gone)
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01-05-2009, 04:19 PM	#5
JBiddy Brigadier General 201 Rep 3,840 Posts Drives: F82 ///M Join Date: Apr 2008 Location: Northern/N.J iTrader: (9)	i wouold just buy the car out and then sell it if your not trying to keep it.... cuz your gonna be paying out of your ass for those extra 15,000 miles..... about $2,400 lol __________________ ///M
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01-05-2009, 04:25 PM	#6
328i Colonel 151 Rep 2,934 Posts Drives: E46 ///M Join Date: Jan 2007 Location: central NJ iTrader: (15)	I bet you'll lose more money if you buy it out. With the way car values are dropping I would just pay the $2400, but purchasing the mileage ahead of time is a good idea. __________________
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01-05-2009, 04:26 PM	#7
T Bone Brigadier General 550 Rep 4,021 Posts Drives: 2008 335xi Coupe Join Date: Feb 2007 Location: The land where we kill baby seals iTrader: (0)	Get a new BMW. They may be hurting enough to allow the old lease to terminate...so long as you get a new BMW __________________ "Aerodynamics are for people who cannot build engines"......Enzo Ferrari
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01-05-2009, 04:30 PM	#10
Sal@AUTOcouture 744 Rep 10,106 Posts Drives: E93 M3, E36 M3 Join Date: Feb 2007 Location: Sofla iTrader: (30)	They only adjust when there are 3 payments or less left on the account
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01-05-2009, 07:20 PM	#15
Craig@SupremePower G.O.A.T.! 1018 Rep 74,992 Posts Drives: '18 GMC Yukon XL Join Date: Mar 2008 Location: New Jersey iTrader: (14)	Hmmm a gallon of gas, a match and a open lot under the pulaski skyway???
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