Exiting X5 Lease-Swapalease or Leasetrader?

[BGReddy00]

Has anyone had success exiting their X5 lease prior to the lease term being completed?

I just found out I'm being relocated to NYC at the end of the month, and will no longer need a car. I've heard a lot of about swapalease and leasetrader, but I was just wondering if anyone had experience in either of these?

I was also thinking I'm close to my payoff would be similar to the trade in value on KBB, so maybe just taking it to Carmax?

[GAM3OVR]

Depends if you got a good deal on your car, then everyone would want to take your payments. If you got an OK Deal that can be had today with a brand new 11 car, then it's going to be a hard dump. You can also call BMW NA, they will charge you a fee, but will take it back. Kinda of like your Phone's Cancellation Fee. I had a 350Z on Lease, and I had it leased for two years, and after a year, I was just bored with it and I gave it back to Nissan Financial Services. They simply charged me a little bit of Every Months' payment, and took it back. It wasn't bad at all, and it saved me a year of payments, insurance, and being bored with the car.

[BGReddy00]

I got a great deal actually when I got it, but I'm limited on the miles. However, theyre super cheap to aquire a .16 cents a mile. Im paying $712/month with 15k miles a year. I got every option except the back up camera and third row seat. I do have full navi with sat though.

The buyout is like 40.5k. I have 38k miles with a total of 45k and 15 months left..I was going to buy like 10k miles in March, but I think I should just exit the lease since I'm moving. I do have about 5k+ in upgrades including 214's powdercoated with the original 18" wheels with full factory treads..

[GAM3OVR]

Yeah just call them and Exit, they'll send it to Auction and they'll actually work with you. They'll make their money, it's great time to call now, that we just entered winter.

[Kloogy]

Doesn't it affect your credit if they take it back

[ukwildcat]

You've gotten better advice already, I think.. All these critics, too - so pretty good.

I worked with Leasetrader at one point - it's well-run (they give you a bit of a hard sell on the phone, but that's just to get you to sign up) AND.. they screen customers. They actually check that potential buyers are able to take it.

At one point, I was in the same situation - didn't need a car that I leased - and it was a good experience. It didn't pan out, but honestly that was only when I was HONEST with the one who wanted to assume the lease (a Texas oilman, of all people). When he asked why, I told him I lost my license. Then nothing.

But it WOULD have worked out.

"swapalease" did not seem as well-done as Leasetrader, in my opinion. By a longshot.

But I'm curious now.. Why would they be so willing to deal on a lease?

They know they have you.. I can certainly see "maybe we can make MORE selling this car AGAIN if it's worth enough" but I have NEVER seen a lease done so generously.

"Oh, you want to exit your lease? Just pay us all the remaining payments and we're square."

(bankruptcy or some other such event where they realize they'
re not going to pay notwithstanding)

Intriguing.

[BGReddy00]

I'm going to call BMW tomorrow, but I doubt they will be willing to do anything. I'm also going to try Carmax to see what they offer me, but I may have to pay out the difference if it's like 1k I may just do it...

I ended up putting it on leasetrader for now I'm going to give a week then probably also do swapalease...

2009 BMW X5 xDrive30i lease $712.00 - Boca Raton, Florida 33432

[GAM3OVR]

Carmax will offer you Below KBB Trade in, so if you can look at that figure online now, that's what you'll get for your car.

[SANguru]

bmwna will not take it back... did you read your lease agreement?

[GAM3OVR]

Call Monday Morning

1. Ask for your Buy Out Price
2. Ask if they will do an early termination, if so, what are the fees and Penalties.
3. Take it to Carmax, get their figure. If the amounts match then do it. But I have a feeling, it will be off by thousands of dollars.