Leaving BMW After 12 Years?
07-22-2010, 07:50 AM
#11
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My Ride: 2011.5 Alpine White E90 M3 | Black Novillo Leather | Carbon Fiber Leather Trim | ZCP | ZP2 | M-DCT | Navigation | Moonroof | 6FL Mods: TMS 12.5mm spacers all around l Hawk HPS Brake Pads l OEM M3 Edition Grills l Paint Matched Side Gills l Key Hole D
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.
good luck, hope everything gets sorted...
07-22-2010, 12:05 PM
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My Ride: 2011 550i - Sport, Premium 2, Cold Weather, Active Seats, SmartPhone Adapter, split fold down seats.
interesting...i have an 08 550i, lease is up in Feb, purchase option is $43Kish (original sticker was $72.5). Problem is, it won't be worth anywhere close to that number (more like low to mid $3o's). if they won't deal on the purchase option, it will be headed for auction. i'm not sold on the f10 yet (need to see a 550 with m-sport). there's plenty of competition with the new, re-designed A6 (or S6) and GS460 (or GS-F) due out next year.
07-22-2010, 01:21 PM
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My Ride: 2008 Silverstone II E60 M5 2012 E70 AW X5 50i Sport w/ LCI Aero Kit and Rocker Panels
This is very good to know, as I am about to have the SAME call with BMWFS and my M5. I guess my only option will be to negotiate a buy out price and own it -- assuming they give me a good break on the high residual.
Rob - Return the 550 and do a 2 year lease on a new M3. Another member on here just did that, as he too, wants to the new F10 M5 and returned his 550 Sport for the new M3, in order to wait. And trust me, he didn't want to be included in the "demo category" of other M3 owners, but is really happy with his decision. He also has 2 kids who fit comfortably in the rear. Although he didn't want it at first, I must say that I am very impressed (I drove it 300 miles). It's also a great lease price considering the term he did. PM me if you want further details.
Rob - Return the 550 and do a 2 year lease on a new M3. Another member on here just did that, as he too, wants to the new F10 M5 and returned his 550 Sport for the new M3, in order to wait. And trust me, he didn't want to be included in the "demo category" of other M3 owners, but is really happy with his decision. He also has 2 kids who fit comfortably in the rear. Although he didn't want it at first, I must say that I am very impressed (I drove it 300 miles). It's also a great lease price considering the term he did. PM me if you want further details.
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.
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.
07-22-2010, 01:22 PM
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My Ride: 2008 Silverstone II E60 M5 2012 E70 AW X5 50i Sport w/ LCI Aero Kit and Rocker Panels
Oh, and try and work the deal through your dealer too. My dealer told me to try it through them first, as they might be able to get a much better deal. Can't hurt to try... I will be trying both routes.
07-23-2010, 04:18 AM
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My Ride: 2004 E61 530D - Dynamic Drive - Active Front Steering Sport Seats - Voice Control - Head Up Display - Nav Pro - Bluetooth - Panoramic roof - Front/rear heated seats
I think many of us here have had similar experiences with dealers, reps etc. I found that there are always alternatives to get what you want,other dealers, other lease corporations etc. May cost you some time, frustration and money to circumvent the rotten apples among them but in the end it is all worth it to not deprive yourself of the everyday joy a good car will bring you...
07-23-2010, 08:41 AM
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My Ride: 2008 535i: June 6th start build, complete June 17th, at NY Port July 5th, at dealer July 10th, took delivery Friday July 13- Plantimum Bronze/Natural Brown Leather/Light Poplar, Sport Package, Sport Auto, Active Steering, Premium Package, CWP & PDC. Dinan Performance Software 384hp & 421 ft/lbs.
I think that BMWFS does what they can, but they dont want to get stuck with a car either. I have done everything with my car lease- extended, give back, buy. I remember I tried to extend the lease on my 545SMG for a year and the payments would have doubled, but BMWFS said that they wanted the SMG cars back asap and with as low miles as they could so they could sell them.
07-23-2010, 08:55 AM
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My Ride: 04 BMW 545iA ZSP, ZCW, HUD, Silvergrau
It's kinda funny that even BMW doesn't want one of thier own vehicles after the 4 year free maintenace period expires.
Yes the residual price is pure BS; actually it's a guesstimate and one that did not forsee the global credit meltdown and carmageddon.
07-23-2010, 09:14 AM
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My Ride: My ex-ride: EU '08 LCI 520dA. Space Grey, Sport Seats in Black Leather/Fabric Anthracite, Sport Steering Wheel, A/C with Extended Features, Hi-Fi Speakers, Cup Holders, Cruise with Braking function, Folding Rear Seats, Xenons, Park Distance Control.
This is bad reading 'robg' :thumbsdown:
There must be other dealer in NY, to sort this out?
Why not a 550iA M Sport this fall?
There must be other dealer in NY, to sort this out?
Why not a 550iA M Sport this fall?
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