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You've never bought or sold any capital goods before? Anything worth more than a grand?
Private party sales involve the same exact principal as any used goods sales. You don't let someone take your old smart phone unless they paid it in full. And if they need to arrange for FINANCE to buy your used smart phone, all that is on the shoulders of the buyer.
Find out from BMW FS what the buy-out is as it stands today, list the car for sale on a wide variety of resources (KBB, cars.com, autotrader.com, CL...etc) plus 10% plus tax, and negotiate when a serious buyer comes along.
Or take it to the local CarMax or AutoNation and have them appraise the car and see if they'll buy it for MORE than the current payoff.
I don't get it. What do you mean "if they don't return with the car?" Google private party auto sales and there are thousands of articles out there that will walk you through the process and point out all the scams you need to watch for. If they don't return with the car? Report it stolen and insurance company will cut a check to BMW FS. Payment be structured? They should make a check out to BMW FS to close out the lease and obtain the title, and a check to YOU for whatever you guys negotiate up front. There's no payment structure. You don't own the car. BMW FS does. If their check bounces, report the car stolen and your insurance company will cut a check to BMW FS.
In a way, selling a used lease has far less risk than used paid off or financed car. BMW FS will even send you all the information required to assist you in the transaction.
Worst case, you're an absolute newb with the process, take your buyer with you and the car to the nearest BMW dealership and ask their used car department to help you facilitate the sale and they'll take care of EVERYTHING for you. As long as you can find a buyer.
I'm going to Special Agent Oso you. Three simple steps. Step 1. Find out from BMW FS what the payoff on the lease is. Step 2. List the car for sale on a variety of outlets for payoff plus 10% plus tax. Step 3. Sell the car.
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Sitting on a beat-up office chair in front of a 5 year old computer in a basement floor, sipping on stale coffee watching a bunch of meaningless numbers scrolling aimlessly on a dimly lit 19” monitor.
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