robg

When my lease expires in September, I will have been in BMW's for over 12 years. My plan was to extend my current lease until the F10 M5 was available. I contacted the dealer, which informed me they could only extend my lease for a month or two at the exact same rate. The dealer suggested I contact BMW Financial Services to discuss a longer lease extension. I spoke with BMWFS about 2 months ago and was told to call back with 60 days of lease end. Just got off the phone with them - frustrated and disappointed.

I was quoted just over $2,000 a month to extend my lease for an additional year. I have a 2008 550, with the sport package, SAT, cold weather, etc. The sticker was over $60,000. I have about 32,000 miles on it and it is in good shape. BMWFS told me the residual on it at lease end would be about $40,000. Here is the f'd up part - they told me the residual after one additional year would be $18,000. $22,000 in depreciation for one year and less than 12,000 miles? So essentially, I would have to buy (with my lease payments) $22,000 in depreciation, plus interest. Someone please tell me where I can by a four year old BMW 550/545 with 45,000 miles for $18,000?

The rep would not come out and say it, but hinted strongly that all of the figures, including the residual BMW uses at the time of the original lease, are BS - that the residual on paper and the actual residual are different, so that if you extend your lease you must pay for the difference between the paper residual and actual.

Not sure what to do now. You would think there would be some kind of customer loyalty. May have to vote with my wallet and choose something else.

flyingpuck

That would be a terrible reason to deprive yourself of an F10! I hope it all gets sorted out soon!

Bad Debt

Just bought an 05 545i w/ 39,000 miles non sport for $21,000. So yeah they are off their rocker.

NYC530XI

I feel your pain man. I've dealt with this crap with Infinit Financial services re: a lease extension on my G35. Basically they do not want to when a new model is released, all car companies.

Also, BMWs do not hold their value, ESPECIALLY when a new model is released. According to Galves, my 07 530xi 2 months before F10 launch was a market ready trade in @29,800. 2 months after the release (4 months later), it was 23,100. Fucking 7,000 in 4 months.

They basically don't want a 4 year old 550 back with the F10 in production because the depreciation is staggering on these cars right now.

However, since you plan to buy an 100k car in a year, I think they should accommodate you. Speak to a regional manager, or the sales manager at the dealer. I'm sure something can be done.

Good luck.

Gene

return the e60, find an m3 or e60 m5 on lease trader that will carry you into the f10 m5 release...

vamvaka

Rob, while I like and agree with GENEaTALS response (as I came close to that option myself), the one thing that you did not mention that was included in my discussions with BMWFS, was working out a deal with the dealership and showing purchase intent. In other words, if they see a purchase order and/or a deposit on the new car, they will extend the lease - so they said at least. When confronting the dealer with it, we agreed that would be an option, but the issues was that they had no pricing details on the xi due to be released Novemberish. The solution was to place an order for a 535i and when it came closer, change the details to the xi. I backed out of the deal and bought out the lease...figured I get to play with the car a bit, not sure I am sold on the F10 yet, and the fact that I drove off the lot with 15,555 on a 2008. Long story short...I think these guys deal when and if they want to.... Escalating to a regional manager before taking GENEaTALS option is +1 by me.

John@Motorcepts

That's absurd!! If ANYONE can find me a 2008 550i with 3X,XXX miles for about $18K, tell me now please! I'll buy 10 of them and make a killing profit!

v_therussian

BMWFS have been getting more and more retarded lately. I think the leasetrader option Gene suggested is the best way to go in this case, Rob.

BMW535

Why not try to see how much they want it you buy out the lease. If tne numbers make sense, drivr it for a year and than
do the treadin with an F10.

robg

Thanks for all the advice. I will go talk to the sales manager. I would have done that all ready, but the dealership just changed ownership (used to be BMW NA owned, but now privately) and I do not know him. After that, I will check out lease trader or - heaven forbid - price out and S5.