Buying My '08 Lease

spicv0712 · 02-28-2011, 07:13 PM

Hey guys I need some help...

I am considering buying my 2008 135i. I leased the car for 3 years and I currently owe $22,600 (yes I know I got raped with the lease

).

I would like to get the extended warranty which will cost me about $2,000 or less.

My car has 47,000 miles (over 2k miles), sports package, Dinan, wheels.

The dealer gave me a 3.9% rate for 3 to 5 years if I certify my car (BMW extended warranty). If I do 3 years it comes out to $820/month; if I do 4 years it comes out to $627/month (both of these numbers is zero down).

Thanks

jpd · 02-28-2011, 08:36 PM

You are a good case of "Let the Buyer Beware." Have you figured out how much you will have paid over the course of seven years. Sounds to me like you have no good options remaining.

BatteryPowered · 02-28-2011, 09:31 PM

Why do you want to buy the car? Because it's customized to your liking?

2K over is not such a big problem, what is BMW charging 20c a mile?

Financing used car @ 3.9% does not sound like a good idea. I'd just give up the car, pay for excess mileage and get a new lease, this time make sure it's a good deal.

jpd · 02-28-2011, 10:28 PM

Dump the 08 and get a new lease if you can

Ty Vil · 03-01-2011, 01:41 PM

DO NOT BUY THE CAR; you'll be even further buried in it.

(from a BMW Client Advisor)

igom3 · 03-01-2011, 06:02 PM

Quote:

Originally Posted by Ty Vil

DO NOT BUY THE CAR; you'll be even further buried in it.

(from a BMW Client Advisor)

+1

It’s a bad business, unless you can negotiate residual amount way down.

jpd · 03-01-2011, 06:31 PM

Why would a dealer reduce the residual???? Not going to happen. Get on down to dealer and see what your options are. Have your CA write them down so you have some documentation.

spicv0712 · 03-01-2011, 10:13 PM

He gave me all of the options. The one I listed is def the best one, the other 2 sucked because of the rate he was giving me and the extended warranty was garbage and the other option did not have an extended warranty.

I'm guessing the best thing to do is get a new 1er?

freshwhite335 · 03-02-2011, 03:07 AM

You can do BMW Select on a new one and get BMW to roll the mileage overage on the old one in to the new loan.

With a car configured exactly like the one in your signature, and with $2500 off sticker [which should be easy to get, you might even be able to do better] your payment with 0 down and without taxes and fees would be $453. That's for 60 months at 2.9%

Or for a little bit more money you could do a new lease with 0 down, 36 months, with 15k a year for $517, again with no taxes and fees.

Buying your current car is probably the worst option.

If you think you might want to buy your car after the lease again, I would recommend BMW Select. You basically get to lease the car for 5 years and then at the end of the term, as long as you are at a decent amount of mileage and condition you can sell the car to pay off the loan, refinance the balloon payment, or trade the car in on a new car.

Ty Vil · 03-02-2011, 10:19 AM

Quote:

Originally Posted by freshwhite335

You can do BMW Select on a new one and get BMW to roll the mileage overage on the old one in to the new loan.

With a car configured exactly like the one in your signature, and with $2500 off sticker [which should be easy to get, you might even be able to do better] your payment with 0 down and without taxes and fees would be $453. That's for 60 months at 2.9%

Or for a little bit more money you could do a new lease with 0 down, 36 months, with 15k a year for $517, again with no taxes and fees.

Buying your current car is probably the worst option.

If you think you might want to buy your car after the lease again, I would recommend BMW Select. You basically get to lease the car for 5 years and then at the end of the term, as long as you are at a decent amount of mileage and condition you can sell the car to pay off the loan, refinance the balloon payment, or trade the car in on a new car.

God awful advice here. You're burying yourself in a new car and rolling in a negative amount. Unless you're in TX where leasing is tougher because of tax laws there are few reasons to do the balloon payments.

The best thing for you will be to lease a new car.

CommaD · 03-02-2011, 11:33 AM

In your situation I think I would try to go into a new lease and have a fresh start with a new vehicle you know is reliable and under a new warranty. 2k over isn't that bad, if it is 20c/mile then you are only looking at $400. The extended warranty costs $2000.

Plus, if you re-lease through BMW again, it is normal that they drop the disposition fee and are more likely to give you a decent deal on staying with them. That has been my experience.

Here is how I have looked at car owning the last 10 years or so... I figure that pretty much no matter what, a car payment is something that is going to be a part of my life all the time. Even if I were to buy (not lease) a car, by the time it was paid off I would want to sell it and start the whole process over. Sure, after you pay off a car you can sell it and come out a little ahead. I just like having something new every few years and I think that is a good trade off as opposed to some kind of "investment" that might pay off for you much further down the road.

If I had Leno or Seinfeld money I would probably not be leasing vehicles and might stockpile all my favorite ones, but for me, getting something for a lower payment, getting something reliable, and getting something new every 3-4 years is a pretty good deal.

spicv0712 · 03-02-2011, 06:07 PM

This issue is no matter what I do, I will go wayyyy over my miles. If I lease @ 20k per year, I may not go over my miles.

I really would like to own this car. I have enjoyed it for the past 3 years and I wouldn't mind having another 1er for 5 more years.

Milligan · 03-02-2011, 07:49 PM

Think of it this way perhaps... You will not find a 2008 135i with a CPO warranty for under 26k from the dealer. What you have already spent is in the past and should not effect this decision.

This is why I do not lease, you spend all that time paying and have nothing to show when the time is up. I keep my car for much longer than 3 years as well.

spicv0712 · 03-07-2011, 05:04 PM

guys... I am still considering buying my lease. I can't think of any good reason not to make this decision except the depreciation. I plan on keeping this car for another 5 to 6 years.

If I give up my car, not only would I have to pay for the miles but I would also lose my $2k Dinan tune.

Please someone help. I already have a new car lined up I just have to make a decision.

Thanks

igom3 · 03-07-2011, 05:20 PM

Quote:

Originally Posted by spicv0712

guys... I am still considering buying my lease. I can't think of any good reason not to make this decision except the depreciation. I plan on keeping this car for another 5 to 6 years.

If I give up my car, not only would I have to pay for the miles but I would also lose my $2k Dinan tune.

Please someone help. I already have a new car lined up I just have to make a decision.

Thanks

How much was you lease a month?

Ash83 · 03-07-2011, 05:32 PM

Quote:

Originally Posted by spicv0712

This issue is no matter what I do, I will go wayyyy over my miles. If I lease @ 20k per year, I may not go over my miles.

I really would like to own this car. I have enjoyed it for the past 3 years and I wouldn't mind having another 1er for 5 more years.

Owning this car will cost you more $$$$$..

Go with a new lease as every1 said..

Aries932 · 03-07-2011, 06:00 PM

Quote:

Originally Posted by spicv0712

Hey guys I need some help...

I am considering buying my 2008 135i. I leased the car for 3 years and I currently owe $22,600 (yes I know I got raped with the lease

).

I would like to get the extended warranty which will cost me about $2,000 or less.

My car has 47,000 miles (over 2k miles), sports package, Dinan, wheels.

The dealer gave me a 3.9% rate for 3 to 5 years if I certify my car (BMW extended warranty). If I do 3 years it comes out to $820/month; if I do 4 years it comes out to $627/month (both of these numbers is zero down).

Thanks

First I would definitely say do not buy the lease out....give them back the car and start a new lease. It will be much less expensive. You will be most likely spending $500 a month for a new lease...where if you try to finance you are paying more and by the time you are done you have a high milage car out of warrenty. DO NOT DO IT..

On the other hand how did the dealer respond to your car having dinan tuning on it. Did they say anything.

jpd · 03-07-2011, 09:46 PM

The DINAN tune-done at BMW dealer. This may be your problem?? Despite almost everyone recommending giving the car back you are inclined to do what you said in the first post. Do it and stop wasting our time.

spicv0712 · 03-08-2011, 06:13 PM

Quote:

Originally Posted by jpd

The DINAN tune-done at BMW dealer. This may be your problem?? Despite almost everyone recommending giving the car back you are inclined to do what you said in the first post. Do it and stop wasting our time.

jpd, your advice sucks, stop wasting my time and replying to my posts.

Finally came to the decision to find another 2011. Found one with all of the options and colors that I want. I am going to finance the car, don't really care to lease since I know that I will be going way over the miles.

Thanks for the advice guys....

Ty Vil · 03-08-2011, 06:16 PM

Lease the new car. Write the lease for 18k or more per year. Trust me it will be much less expensive in the long run. A 3 year old car with 60k is worth nil and you'll be upside down in the car and holding the bag.

spicv0712 · 03-08-2011, 08:39 PM

OK... now I am between a lease, finance, and BMW Select... Should I still go with a lease even though I plan on keeping the car for a while??? If I go with Select the monthly payments are about $600/month for 5 yrs, but I will have 30% of the car left over, which should be around $12k.

IF I go with a lease I would probably want the car longer than 3 years and would most def have at least 15k/yr. I am thinking about doing 4 yrs @ 15 or 20k per year.

What do you guys think. I have not made my decision yet; I only gave y deposit to hold the car.

Thanks

jpd · 03-08-2011, 10:33 PM

My advice may suck but your procrastination tops it.

02-28-2011, 07:13 PM	#1
spicv0712 MexicanT 18 Rep 231 Posts Drives: Join Date: Feb 2008 iTrader: (1)	Buying My '08 Lease Hey guys I need some help... I am considering buying my 2008 135i. I leased the car for 3 years and I currently owe $22,600 (yes I know I got raped with the lease ). I would like to get the extended warranty which will cost me about $2,000 or less. My car has 47,000 miles (over 2k miles), sports package, Dinan, wheels. The dealer gave me a 3.9% rate for 3 to 5 years if I certify my car (BMW extended warranty). If I do 3 years it comes out to $820/month; if I do 4 years it comes out to $627/month (both of these numbers is zero down). Thanks __________________ 2011 BMW 135i Black Sapphire Metallic, Coral Red Leather M-Sport, DCT, Premium, Navi
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02-28-2011, 08:36 PM	#2
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	You are a good case of "Let the Buyer Beware." Have you figured out how much you will have paid over the course of seven years. Sounds to me like you have no good options remaining.
	Appreciate 0 Quote

02-28-2011, 09:31 PM	#3
BatteryPowered Private 9 Rep 73 Posts Drives: Coupe Join Date: Feb 2011 Location: East Coast iTrader: (0)	Why do you want to buy the car? Because it's customized to your liking? 2K over is not such a big problem, what is BMW charging 20c a mile? Financing used car @ 3.9% does not sound like a good idea. I'd just give up the car, pay for excess mileage and get a new lease, this time make sure it's a good deal.
	Appreciate 0 Quote

02-28-2011, 10:28 PM	#4
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	Dump the 08 and get a new lease if you can
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03-01-2011, 01:41 PM	#5
Ty Vil Captain 31 Rep 913 Posts Drives: ///M4 Join Date: Jan 2007 Location: Scottsdale, AZ (by way of Portland, OR) iTrader: (0)	DO NOT BUY THE CAR; you'll be even further buried in it. (from a BMW Client Advisor)
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03-01-2011, 06:31 PM	#7
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	Why would a dealer reduce the residual???? Not going to happen. Get on down to dealer and see what your options are. Have your CA write them down so you have some documentation.
	Appreciate 0 Quote

03-01-2011, 10:13 PM	#8
spicv0712 MexicanT 18 Rep 231 Posts Drives: Join Date: Feb 2008 iTrader: (1)	He gave me all of the options. The one I listed is def the best one, the other 2 sucked because of the rate he was giving me and the extended warranty was garbage and the other option did not have an extended warranty. I'm guessing the best thing to do is get a new 1er? __________________ 2011 BMW 135i Black Sapphire Metallic, Coral Red Leather M-Sport, DCT, Premium, Navi
	Appreciate 0 Quote

03-02-2011, 03:07 AM	#9
freshwhite335 Colonel 148 Rep 2,882 Posts Drives: 991/RR Sport AB Join Date: Aug 2008 Location: 904 FL iTrader: (6) Garage List 2011 BMW 135i [0.00]	You can do BMW Select on a new one and get BMW to roll the mileage overage on the old one in to the new loan. With a car configured exactly like the one in your signature, and with $2500 off sticker [which should be easy to get, you might even be able to do better] your payment with 0 down and without taxes and fees would be $453. That's for 60 months at 2.9% Or for a little bit more money you could do a new lease with 0 down, 36 months, with 15k a year for $517, again with no taxes and fees. Buying your current car is probably the worst option. If you think you might want to buy your car after the lease again, I would recommend BMW Select. You basically get to lease the car for 5 years and then at the end of the term, as long as you are at a decent amount of mileage and condition you can sell the car to pay off the loan, refinance the balloon payment, or trade the car in on a new car. __________________ 2014 Range Rover Sport Autobiography 2012.5 991 C2S 1978 Corvette
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03-02-2011, 11:33 AM	#11
CommaD iDrive therefore iAm 5 Rep 78 Posts Drives: 2017 X3 xDrive28i Alpine White Join Date: Dec 2010 Location: Syracuse, NY iTrader: (0)	In your situation I think I would try to go into a new lease and have a fresh start with a new vehicle you know is reliable and under a new warranty. 2k over isn't that bad, if it is 20c/mile then you are only looking at $400. The extended warranty costs $2000. Plus, if you re-lease through BMW again, it is normal that they drop the disposition fee and are more likely to give you a decent deal on staying with them. That has been my experience. Here is how I have looked at car owning the last 10 years or so... I figure that pretty much no matter what, a car payment is something that is going to be a part of my life all the time. Even if I were to buy (not lease) a car, by the time it was paid off I would want to sell it and start the whole process over. Sure, after you pay off a car you can sell it and come out a little ahead. I just like having something new every few years and I think that is a good trade off as opposed to some kind of "investment" that might pay off for you much further down the road. If I had Leno or Seinfeld money I would probably not be leasing vehicles and might stockpile all my favorite ones, but for me, getting something for a lower payment, getting something reliable, and getting something new every 3-4 years is a pretty good deal.
	Appreciate 0 Quote

03-02-2011, 06:07 PM	#12
spicv0712 MexicanT 18 Rep 231 Posts Drives: Join Date: Feb 2008 iTrader: (1)	This issue is no matter what I do, I will go wayyyy over my miles. If I lease @ 20k per year, I may not go over my miles. I really would like to own this car. I have enjoyed it for the past 3 years and I wouldn't mind having another 1er for 5 more years. __________________ 2011 BMW 135i Black Sapphire Metallic, Coral Red Leather M-Sport, DCT, Premium, Navi
	Appreciate 0 Quote

03-02-2011, 07:49 PM	#13
Milligan Private 0 Rep 91 Posts Drives: White 2008 135i Join Date: Aug 2009 Location: IL iTrader: (0)	Think of it this way perhaps... You will not find a 2008 135i with a CPO warranty for under 26k from the dealer. What you have already spent is in the past and should not effect this decision. This is why I do not lease, you spend all that time paying and have nothing to show when the time is up. I keep my car for much longer than 3 years as well. __________________ 2008 White 135i 6spd Red Leather BMW Performance Exhaust
	Appreciate 0 Quote

03-07-2011, 05:04 PM	#14
spicv0712 MexicanT 18 Rep 231 Posts Drives: Join Date: Feb 2008 iTrader: (1)	guys... I am still considering buying my lease. I can't think of any good reason not to make this decision except the depreciation. I plan on keeping this car for another 5 to 6 years. If I give up my car, not only would I have to pay for the miles but I would also lose my $2k Dinan tune. Please someone help. I already have a new car lined up I just have to make a decision. Thanks __________________ 2011 BMW 135i Black Sapphire Metallic, Coral Red Leather M-Sport, DCT, Premium, Navi
	Appreciate 0 Quote

03-07-2011, 09:46 PM	#18
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	The DINAN tune-done at BMW dealer. This may be your problem?? Despite almost everyone recommending giving the car back you are inclined to do what you said in the first post. Do it and stop wasting our time.
	Appreciate 0 Quote

03-08-2011, 06:16 PM	#20
Ty Vil Captain 31 Rep 913 Posts Drives: ///M4 Join Date: Jan 2007 Location: Scottsdale, AZ (by way of Portland, OR) iTrader: (0)	Lease the new car. Write the lease for 18k or more per year. Trust me it will be much less expensive in the long run. A 3 year old car with 60k is worth nil and you'll be upside down in the car and holding the bag.
	Appreciate 0 Quote

03-08-2011, 08:39 PM	#21
spicv0712 MexicanT 18 Rep 231 Posts Drives: Join Date: Feb 2008 iTrader: (1)	OK... now I am between a lease, finance, and BMW Select... Should I still go with a lease even though I plan on keeping the car for a while??? If I go with Select the monthly payments are about $600/month for 5 yrs, but I will have 30% of the car left over, which should be around $12k. IF I go with a lease I would probably want the car longer than 3 years and would most def have at least 15k/yr. I am thinking about doing 4 yrs @ 15 or 20k per year. What do you guys think. I have not made my decision yet; I only gave y deposit to hold the car. Thanks __________________ 2011 BMW 135i Black Sapphire Metallic, Coral Red Leather M-Sport, DCT, Premium, Navi
	Appreciate 0 Quote

03-08-2011, 10:33 PM	#22
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	My advice may suck but your procrastination tops it.
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