I have an '04 530i with 84K miles on it. I have a bit of a dilemma on my hand. I don't know if I should just turn in the car and figure out the $10,000 over mileage fee I'm going to be hit with or try and make some deal on the payoff amount, currently around $40,000. The car was recently appraised for around $20,000. I honestly don't know what to do! Anyone have any suggestions for me? THANKS!

 

I hope you have been able to take advantages of any tax breaks with your auto lease... I would ask the dealer what the lease payment would be if you rolled over into a new 535i lease.

 

I can't help but ask what catastrophic misjudgment of your lease mileage requirements would result in a $10,000 penalty.

 

Ya I did a double take when you wrote this-I thought he had said 10,000MILES over-not 10k over.

For the OP-if you dont already know this call the bmw financial service before you turn your lease in because you pay WAY less per mile over to them then if you turn in the car

It is something like 16cents/mile v. 22 cents per mile if you turn it in overmilage which adds up. Those are not correct but the difference is signifigant

But dude-for one get rid of the 04-for one you are pretty much going to be out of warranty-which just sucks

Second the 04 power sucks (so does the 07 but 04 is even worse) and the 535 power should be a pleasent surprise

Get rid of it-re-lease or buy. and CALL BMW finance asap!!

I remember I was thinking I think I will be about 10k miles over my lease limit and it was going to be 1600 so sheesh man-that means you are 50k+ miles over your lease limit??? sheesh

 

Ya, I'm not looking forward to getting the bill for $10,000. I have a 36/36K mile lease. My over mileage penalty is 20 cents a mile. The power is what it is, I just love my car. I don't know what BMW Financial would be willing or not willing to do for me. I'm just in a super sucky position.

 

How did you ever get in a lease deal as bad as this? Payoff amount of $40K oouuchh... and why did you put so many miles if you knew you were restricted to 36K?? Appraised for $20K double ooouucchh

 

You're going to get a $10,000 haircut man. Why would BMW FS deal with you? They have you locked in for 10 grand, they have all the leverage. You have five options, none of them pretty.

1. Write a check for 10 grand and walk away.
2. Pre pay the miles down right now before the lease term ends for less than ten, maybe 8K.
2. Pay 40 grand for a twenty thousand dollar car.
3. Buy a new car, see if they'll give you a discount of say 5k off list since your're hosed then roll the 10K into that and tell yourself you're only paying 5k for the mileage.

4. Most important. DON"T LEASE ANOTHER CAR AGAIN. if your're driving 30K miles a year leasing isn't for you.

 

I can't blame you too much- I can't count either.

 

Well yes-I cant blame you if you can afford it but what I can blame you is why you didnt check into this-I dont know when your lease ends-well you said soon and now I remember bmw FS will sell you miles at .15cents/mile if you have 4 months left on your lease or more. I checked into it 3 months into a 2 year/10k mile lease as Iknew I was putting on more than anticipated. I will probably go 10k miles over and will cost me 1600 bucks but I can live with that.

And hey-even for 3 years plus 10k you probably paid less than buying the car-especially if you had writeoffs.

I cant blame ya-I love driving my bimmer what can I say-I am on track for putting on more than my lease but man 10k bucks is a lot of miles!!

And hey-are you smoking crack-or maybe I am but did I hear you say that you just "love the power" in your 04 530?? What were you riding a lawnmower previously? 225 is a slug-my 260hp is a slug (a 07 530) 20hp worth of mods and its still a slug-I mean understand loving driving the e60 but for the power!

 

Moocow, I feel for you, but it looks like your going to have to bight the bullet and pay up. Commit the crime, do the time. My only advice, don't lease another car if your going to put that many miles on it.

That's why I don't lease cars. From day one I know I will eventually go over the allowed mileage, which means a heavy over mileage fee. Also they always find every little nick, scratch, and ding inside and out, and then they hit you up for more money on those. Leases are meant for your wifey to get groceries and pick up the kids. BMW has those 10,000 mile leases, I don't know anyone who drives less than 10,000 miles a year, maybe grandma and grandpa.