sleepyca31

I was wondering if anyone had experience extending a llease? I got a smoking deal on my 530 for 2 year lease and even though I realllllly want a 535 I do not know if I will be able to afford it so I was thinking about extending a lease but I called and they said they could not predict what my payments would be that far in advance.

So anyone here has extended and are your payments locked in at what you were paying on the lease or do they refinance the whole thing, in which that case there is no real beneft over getting into a brand new one? thanks

pharding

They will work with you to extend your lease if you have a production number for a new BMW.

Casper

My 545 lease expired April 28, I am replacing it with an 08 550 with the sport automatic and production begins in June, so I placed my order and will do ED Aug 7.

I called BMWFS and they told me they can extend my lease for two months just for calling, and another two months if I provide an order or production number for another BMW, so I got a 4 month extension just by calling, same payment, miles tec.

But I have seen cases where leases have been extended 6 months like if you order a new model year and it won't be ready for 6 months, etc.

sleepyca31

TAhanks guys-but I was more interested in extending a lease meaning like another year or 2-not because I would be waiting for a new car to arrive ( I wish!)-I know they do it just they were hush hush about what payments wouldbe-basically wouldnt tell me. Thanks though-good to know

tottifan

They will likely not extend your lease under your current payment schedule. They will recalculate new lease payments based on your vehicles current miles, depreciation schedule for the next couple of years (or whatever timeframe), and current money factor (ie interest rate).

To give you an example, my current lease payments on a 3 year lease would have gone from the mid $700s to over $1000 per month if I wanted to re-lease my current car from BMWFS. Some dealers (I believe) can also take your car as if your lease ended (ie they now own the car versus BMWFS) and then re-lease it to you. I think you can work out a slightly better deal this way, but if I'm not mistaken it still usually ends up significantly higher than current payments.


Although you are not ordering a new BMW, if you did you would be able to extend your current lease under the same conditions and payments month-by-month for up to 6 months as you await your new car. They will only let you extend one month at a time, so if your new car is coming in 1 month and 10 days, you would have to extend for 2 months. In reality, you would only extend 1 month and then BMWFS would likely extend you the courtesy of being able to keep the car the extra ~10 days. Anything over 10 and you might start to have trouble justifying paying the extra month.

sleepyca31

WOw that is surprising-so after 3 like years it is MORE expensive to re-lease a car-even though the car is worth a lot less-Maybe I dont get leases but that does not make much sense. I understand the residual value is further decreased in 3 years but the money factor should correct and make the payment a bit less if anything no? Guess not-that is crazy to re-lease. Forget that I will just take the hit and make sure to lease a new 535. thanks!