The bulllet is in the air.....

[Thunder22]

After 3 weeks of sparse reactions to my "take over my lease" ads, within the last 24 hours I've had 3 serious inquiries and now 3 people filling out credit apps with BMWFS

It's the right move financially, but it still sucks to be getting close to having my X adopted....

[Juanted]

I know that, financially, it's probably the best thing to do... but, don't do it, man!

[Quicksilver]

Originally Posted by gresch

After 3 weeks of sparse reactions to my "take over my lease" ads, within the last 24 hours I've had 3 serious inquiries and now 3 people filling out credit apps with BMWFS

It's the right move financially, but it still sucks to be getting close to having my X adopted....

Have you checked out these famlies to see if there worthy for the adoption? X's need caring individuals to assume this weighty responsibility. I can appreciate the financial issues but putting up a family member for adoption? How could you do such a thing?

[Thunder22]

I have checked into both and both are not only worthy, but "of the coven".

Prospective buyer #1 is a father/son who are incredibly excited about getting an X. We talked about BMW's and cars in general for about half an hour after I showed them the car.

Prospective buyer #2 is a guy from NJ. He's waiting patiently until PB#1 is either approved or rejected by BMWFS. I hope that I don't lose him if PB#1 doesn't pan out for some reason.

Once this process is over, I'll write something up about how to avoid some of the pitfalls of the process and which web sites have worked out best.

[Chris F.]

Thanks gresch, an article like that would be cool....and don't worry, there will be other BMWs and other X5s...or maybe an X6??

[AutoXer]

Originally Posted by gresch

I have checked into both and both are not only worthy, but "of the coven".

I had done the same with a Porsche lease with Porsche Financial before, the thing I didn't like was Porsche would not let me off the hook even after they approved the new Lesee. So if he didn't pay for some reason, or takes off with the car and they cannot find him, I would still be responsible for the car.

I don't know what BMWFS's policy is, but you should understand your risks.

[rangerfan]

Originally Posted by AutoXer

I had done the same with a Porsche lease with Porsche Financial before, the thing I didn't like was Porsche would not let me off the hook even after they approved the new Lesee. So if he didn't pay for some reason, or takes off with the car and they cannot find him, I would still be responsible for the car.

I don't know what BMWFS's policy is, but you should understand your risks.

Good point. I've been over this a few times before and from the responses it seems that BMWFS lets the original lessee off the hook. Audi Financial isn't so nice. It makes sense that Porsche is the same way. Each bank is different--beware--ymmv.

[Thunder22]

Originally Posted by AutoXer

I had done the same with a Porsche lease with Porsche Financial before, the thing I didn't like was Porsche would not let me off the hook even after they approved the new Lesee. So if he didn't pay for some reason, or takes off with the car and they cannot find him, I would still be responsible for the car.

I don't know what BMWFS's policy is, but you should understand your risks.

I've asked about that already, once they take it, i'm done, the lease is completely assignable.

[Thunder22]

Originally Posted by rangerfan

Good point. I've been over this a few times before and from the responses it seems that BMWFS lets the original lessee off the hook. Audi Financial isn't so nice. It makes sense that Porsche is the same way. Each bank is different--beware--ymmv.

yup, we've discussed this before, according to BMWFS i'm free and clear once the new guy takes it over.

I should mention that BMWFS is very easy to deal with in this process, i've been very happy with them so far. *knocks on wood