2024 BMW i7 ending lease early?

[greg_t]

Hello everyone,
I have a 2024 i7 edrive50 with 20 months remaining on the lease. I’m really eager to exit this lease ASAP without paying the negative equity (~$20,000). This car has depreciated like crazy and I’m super negative on the equity. Any options or ideas on how to get out this lease? Also how many months will BMW waive if I do a pull ahead program and lease another vehicle through them?. Thank you

[skw]

Originally Posted by greg_t

Hello everyone,
I have a 2024 i7 edrive50 with 20 months remaining on the lease. I’m really eager to exit this lease ASAP without paying the negative equity (~$20,000). This car has depreciated like crazy and I’m super negative on the equity. Any options or ideas on how to get out this lease? Also how many months will BMW waive if I do a pull ahead program and lease another vehicle through them?. Thank you

TLDR: Ride it out and then walk away.

One of the nice parts of a lease is that the bank is taking the gamble on the value of the vehicle at the end of the lease, not you. If you fulfill your end of the contract at the end of the lease (condition and mileage), the depreciation and negative equity are not your concern. The pull ahead (when offered) is usually only the last 3-4 months. W/ 20 months remaining, you will not exit in a clean manner.

[jha96]

Originally Posted by greg_t

Hello everyone,
I have a 2024 i7 edrive50 with 20 months remaining on the lease. I’m really eager to exit this lease ASAP without paying the negative equity (~$20,000). This car has depreciated like crazy and I’m super negative on the equity. Any options or ideas on how to get out this lease? Also how many months will BMW waive if I do a pull ahead program and lease another vehicle through them?. Thank you

It's a great car, enjoy it. Why are you wanting out? "Pull ahead" is really trading near the end if you have equity. To my knowledge it's not something BMWFS does but could be wrong. The negative equity is BMWFS problem at term out.

[todao]

I got a four month early exit on my 2023 760i but that was only because I leased a new 2025 760i.

[greg_t]

Originally Posted by todao

I got a four month early exit on my 2023 760i but that was only because I leased a new 2025 760i.

I still have 20 months left, I’m undoubtedly getting another BMW.. just not an i7. So that’s why I was wondering how many months they’d be willing to waive.

[SW17LS]

They're not going to waive 20 months lol. Why worry about negative equity? Just complete the lease and give it back.

[hufington]

Once you are in you are in. You can use lease trader but still the best bet is to finish the lease.

[JK479]

Originally Posted by greg_t

I still have 20 months left, I’m undoubtedly getting another BMW.. just not an i7. So that’s why I was wondering how many months they’d be willing to waive.

I’d look to swap it on Swap A Lease or Lease Hacker. Do a 2 month payment incentive.

I’m in the market for a car- could you send me a DM with the car and the payment? Would you be willing to pay the transfer?

[greg_t]

Originally Posted by JK479

I’d look to swap it on Swap A Lease or Lease Hacker. Do a 2 month payment incentive.

I’m in the market for a car- could you send me a DM with the car and the payment? Would you be willing to pay the transfer?

Yes I’m willing to pay the transfer, it’s already posted on swapalease & leasehackr. Will send you a DM.

[BM8888]

That's why you lease these cars, so you don't have to worry about the negative equity.

If you just want to get out from it for other reasons, then transferring it to someone else interested would be the best option.

[greg_t]

Originally Posted by BM8888

That's why you lease these cars, so you don't have to worry about the negative equity.

If you just want to get out from it for other reasons, then transferring it to someone else interested would be the best option.

Yes just a matter of finding someone to takeover the lease. Fingers crossed. I only mentioned negative equity in regards to the option of selling/trading in (not an option due to the - equity).

[JK479]

Originally Posted by greg_t

Yes I’m willing to pay the transfer, it’s already posted on swapalease & leasehackr. Will send you a DM.

Thanks- I responded. Leasehackr gets a lot of views- I bet it sells there

[Wolfman64]

Originally Posted by jha96

It's a great car, enjoy it. Why are you wanting out? "Pull ahead" is really trading near the end if you have equity. To my knowledge it's not something BMWFS does but could be wrong. The negative equity is BMWFS problem at term out.

Pull ahead has nothing to do with equity (which there isn’t any in a lease anyway).

This is simply a tool by the manufacturer to get you into the next lease.
If there is a pull ahead program (and there usually is) it is between 3-6 months.

I’d expect 6 months on the i7.

[Wolfman64]

Originally Posted by greg_t

Yes just a matter of finding someone to takeover the lease. Fingers crossed. I only mentioned negative equity in regards to the option of selling/trading in (not an option due to the - equity).

It really depends how well you negotiated the lease itself.

The i7 had great lease deals but if it’s a high payment get ready to offer some hefty incentives to move it.

You might find it easier to ride it out as others have mentioned.

Good luck!!

[SW17LS]

I have always traded out of my leases early, and always get out whole. So I actually get fewer miles than I need and never wind up paying for any mileage overage. With an EV though I would get what I need so I can just turn it in because my guess is trading out will always involve huge negative equity.

[Streamliner]

To the OP: Just curious as to WHY you want to rid yourself of this wonderful car? Have you had problems with it or do you just not like it? I LOVE my ‘24 xDrive60. It is one of the best cars I have ever driven.

[greg_t]

Originally Posted by Streamliner

To the OP: Just curious as to WHY you want to rid yourself of this wonderful car? Have you had problems with it or do you just not like it? I LOVE my ‘24 xDrive60. It is one of the best cars I have ever driven.

Not a fan of electric cars and I’m ready to move on from it that’s why

[SW17LS]

Originally Posted by greg_t

Not a fan of electric cars and I’m ready to move on from it that’s why

Thats fine, but you're going to pay a TON to move on from it this early.

[jettie1767]

Just finish your lease. Why worry about depreciation/resale when you're leasing?

[greg_t]

Originally Posted by jettie1767

Just finish your lease. Why worry about depreciation/resale when you're leasing?

I’m not concerned for when the lease is done, I’m concerned because I can’t sell the car now DUE to the rapid depreciation. And want to exit lease early so those factors affect the ability to have someone buyout

[hamada128]

Can you list the lease details and current mileage and the specs of the car?

[AlteBMW]

Originally Posted by greg_t

I’m not concerned for when the lease is done, I’m concerned because I can’t sell the car now DUE to the rapid depreciation. And want to exit lease early so those factors affect the ability to have someone buyout

So you want the advantages of a lease without a lease. You get to have someone else bear the brunt of depreciation by agreeing to the lease term. The only thing I see for you is swap a lease to see if somebody is willing to step into your shoes. As noted, you may need to entice a swapee to do that.