Lease Over Mileage

[CarsRmyVICE]

Hey all, new member here but I have been reading your posts since I took delivery on my x5 in august 07. Some really good information to be had on this site! My x5 4.8 lease ends may 1, and I am going to be around 6,000 miles over my 15,000 per year term. Anyone had luck negotiating with their dealer to eliminate the charge, assuming I lease another x5? Am I better off just negotiating price over invoice and then eating the fee? Any input is greatly appreciated!

[cmyX6go]

You can call BMWFS and get additional miles prior to lease end at a lesser rate per mile (not sure if it's 5 or 10 cents per mile lower) than you pay if you are over at lease termination. I think that may be cleaner than trying to muddy the waters by saying you're x miles over on your current lease during price negotiation on a new vehicle. I'd say get your best deal over invoice and deal with the miles separately.

Good luck.

[ABMW]

Originally Posted by cmyX6go

You can call BMWFS and get additional miles prior to lease end at a lesser rate per mile (not sure if it's 5 or 10 cents per mile lower) than you pay if you are over at lease termination. I think that may be cleaner than trying to muddy the waters by saying you're x miles over on your current lease during price negotiation on a new vehicle. I'd say get your best deal over invoice and deal with the miles separately.

Good luck.

It is cheaper, but there are limitations. I'd call right away. Once you turn in your vehicle, it's too late.

Lots of companies try to negotiate with those who lease in order to avoid taking the vehicle back, but BMW does not appear to be one of those companies for the most part. Sales of pre-owned, factory certified, BMWs are brisk.

They make a pretty good profit off of taking your car back, and they make even more if you're over your mileage limit.

Call and buy miles. They might be a tax deduction, depending on how you use your vehicle, but at worst case, they're going to be cheaper than buying the miles at the end of the lease when you turn the vehicle in.

BMW Financial has a ton of programs, though. They'll let you trade in your lease for a purchase or vice versa, they're very flexible. Talk to someone who is educated on the matter (a good majority of the salesmen and women are not). You'll be happily surprised at the options available to you.

[4.6is Ryder]

If you are planning to get another BMW, you could work a deal to sell them your X instead of doing a lease turn in. This will also get you a tax credit on the new one. If you still want miles, you need to do it now. I think all bets are off when you are 90 days out.....Phil

[CarsRmyVICE]

Thank to all of you willing to offer advice. I think I will be getting another bmw, hopefully an updated lci x5 tt v8! But its becoming more and more apparent it may not be available by may 1st. As far as buying the vehicle and trading it in, wouldn't that be more expensive? I thought buying a leased vehicle was a big no no, am I wrong? Suppose I best get bmw fs on the phone stat.

[4.6is Ryder]

Originally Posted by CarsRmyVICE

Thank to all of you willing to offer advice. I think I will be getting another bmw, hopefully an updated lci x5 tt v8! But its becoming more and more apparent it may not be available by may 1st. As far as buying the vehicle and trading it in, wouldn't that be more expensive? I thought buying a leased vehicle was a big no no, am I wrong? Suppose I best get bmw fs on the phone stat.

Not really a no no if you work the deal correctly. All you are really doing is avoiding the excess charges that the inspector might decide to tac on. I just did this on my Cooper S .....I avoided paying for 2 tires, a windshield and a small ding on the top. Drove away with a new lease and my money in my pocket......Phil