[Torontof32]

Hi,

I’m considering offloading my current BMW M3 which is leased at just under $2200/month.
Has 24,000 kms per year for 4 years.
I’m asking for $5000 for the lease take over. Includes lease protection, tire and rim protection.
Color is white with red interior non bucket seats.
Red m compound breaks
Premium package
Laser lights
Carbon roof.
Black wheels.
Currently has just under 9,600 kms and 42 months remaining.

Car is mint. Only transferring cause I’m getting an SUV.

Not looking for any trades.

[HannibalSmith]

Is this correct? You're asking someone to pay $97,400 ($2,200 X 42 plus $5,000), in after-tax money and at the end they have nothing? What is the residual / buy out?

[DanoG80Cx]

Originally Posted by HannibalSmith

Is this correct? You're asking someone to pay $97,400 ($2,200 X 42 plus $5,000), in after-tax money and at the end they have nothing? What is the residual / buy out?

I was thinking the same. How much is the M3 in Canada? That seems crazy. ~$71k USD in lease payments.

[HannibalSmith]

Originally Posted by Dano135i

I was thinking the same. How much is the M3 in Canada? That seems crazy. ~$71k USD in lease payments.

They start in the mid-90s CAD.

$2200 / month over 48 months seems bonkers, but what do I know.

[BGM-M3COMP]

Lmaoooo

[faze2988]

Probably 2,200 CAD…which is about 1,600 USD

At least I hope so

[Seanhfx]

Originally Posted by faze2988

Probably 2,200 CAD…which is about 1,600 USD

At least I hope so

Well of course it is considering this is the CANADA regional forum.

Remember American friends, add 30-40% +++ for goods in Canada, plus we have provincial tax upwards of 15%.

M3 Comp with a few option can easily add up to 112-115k + PDI/Freight which is MUCH higher than in US.

[Torontof32]

The residual is approximately $48,000 (46%).
We overpay for everything here versus the USA.
We even have a luxury tax on the cars.
Rate of interest is 6.99%.
The overall interest adds up to be $23,000 approximately.
It is CAD.

[JayML]

Originally Posted by Torontof32

The residual is approximately $48,000 (46%).
We overpay for everything here versus the USA.
We even have a luxury tax on the cars.
Rate of interest is 6.99%.
The overall interest adds up to be $23,000 approximately.
It is CAD.

basically he is paying $500 a month in interest alone.

you bought the car for
2200 x 48 = $105,600 (tax included I assume)
$48000 residual + tax = $54240
total amount of the car after 4 years is $159840.00

a 160k M3. Yikes buddy...........

[Seanhfx]

Originally Posted by JayML

basically he is paying $500 a month in interest alone.

you bought the car for
2200 x 48 = $105,600 (tax included I assume)
$48000 residual + tax = $54240
total amount of the car after 4 years is $159840.00

a 160k M3. Yikes buddy...........

No, that's not true what so ever. He is leasing, only paying for the car for the period of the lease. So the 48 lease payments including tax, leasing isn't for everyone, but it does have it's advantages.

People forget we've had pretty low interest rates for the last 20 years, obviously 6.99% is high in comparison.

If the new lessee were to buy it out, it wouldn't be 160k. Might be a good idea for lessee to login to MyBMW and provide the payout.

[HannibalSmith]

Originally Posted by Seanhfx

No, that's not true what so ever. He is leasing, only paying for the car for the period of the lease. So the 48 lease payments including tax, leasing isn't for everyone, but it does have it's advantages.

People forget we've had pretty low interest rates for the last 20 years, obviously 6.99% is high in comparison.

If the new lessee were to buy it out, it wouldn't be 160k. Might be a good idea for lessee to login to MyBMW and provide the payout.

Based on the numbers OP provided, JML is right.

Say you take over the lease now with the intention of buying it out at lease end. How much $ would it take (total lease payments + buyout)

Something is off here. What was the original cost of the car?

[Seanhfx]

price out a M3 Comp with few packages/options and over 5 year finance is 155k /w 26k in interest charges. I don't even think that includes LT!

so a new M3 Comp can easily be 160k which is crazy but absolutely true.

However, the lessee isn't paying 160k, they are only paying the portion for 48 months which is NOT 160k which JML said, and he's not correct.

Facts matter.

[JayML]

Originally Posted by Seanhfx

price out a M3 Comp with few packages/options and over 5 year finance is 155k /w 26k in interest charges. I don't even think that includes LT!

so a new M3 Comp can easily be 160k which is crazy but absolutely true.

However, the lessee isn't paying 160k, they are only paying the portion for 48 months which is NOT 160k which JML said, and he's not correct.

Facts matter.

He is paying $26400 a year to rent the car. plus insurance, gas etc.
This car is costing him approx close to 35k a year to drive. If he wanted to own the car after 4 years he needs to fork over another $54240.
He is also asking for 5k , which over 42 months is $119 a month.
so whoever would take over the lease if they pay him what he is asking will be paying $2319 a month.

The facts are this car was based on a sticker of just under 160k. I'm including the interest portion in this total.

Thats how you get these figures. and yes the interest portion alone is costing him $500 a month.

Im not against leasing, I lease my porsche through work. I guess it comes down to what do people think a M3 is worth.

[M2Cmtl]

IDK, seems like a basic spec from his details (or lack there of). If I plug in 2200$ in my lease calculator with 48 months, 0 down, 6.99%, the MSRP is 135k+tax, 30k in interest. This is with Qc taxes, HST would be slightly different. If you really need to get out of the deal, you are going to have to forget the 5k and put some cash on the hood. The market is floded with used G80s.

If this is a personal lease, like wow. You basically need 60-70k of revenue just to pay the car and runing costs...

[Torontof32]

Purchase price w luxury tax add ons less hst was $123,000

[JayML]

Originally Posted by Torontof32

Purchase price w luxury tax add ons less hst was $123,000

ya so that make sense.

123k x HST = 139k + interest on the lease = over 160k.

Hope you move it soon.

[Torontof32]

Transferred!