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      03-27-2014, 02:49 PM   #1
BavariaExclusive
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Re: Horrible lease transfer

I'm currently dealing with a guy who I'm taking over lease payments from. First, he is the type that has a mentality take it or leave it. So I said sure he has personality issues but that doesn't mean this deal isn't great. He told me he has sold 6 bmws in past 6 years and he never provided any documents. The person interested have to contact BMW for everything. So I got all the paperwork myself. So we engage a lease process and takes about 2 weeks. Now he tells me he will be going away for the weekend and the whole week. Makes me think....is he going to take the car? I told him that now that you are intended to sell the car, stop driving it around and such. He told me its still under his name still and has the lease miles to do it and just made the payment etc. Fine I moved on from that issue. I then engaged a lease transfer, now today I just spoke to BMW financial. They said he held up the lease transfer for a few days for no reason and today put it back in rolling.

I don't understand wtf is his problem?
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      03-27-2014, 02:51 PM   #2
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Sounds like an ass clown to me.
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      03-27-2014, 03:26 PM   #3
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If you think he is treating you badly, can you imagine what he is doing to the car you are trying to acquire from him?

There are plenty of above board car deals out there. If you haven't put any money into this yet - you should move on.
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      03-27-2014, 03:44 PM   #4
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Move on, its not worth it. Plus there is no telling what he is doing with that car. I have sold a lot of personal cars in the past few years. Its always good business to present a good attitude to make the potential buyer feel good about his/her purchase.

Remember he needs you, you don't need him.
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      03-27-2014, 03:50 PM   #5
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Is this for a replacement 550xi? Sounds like you should walk away, he will change his tune.
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      03-27-2014, 03:52 PM   #6
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Well the car he brought by last week. He kept saying BMW covers it all so just get wipers replaced and such. He wouldn't even let me test drive the car. The deal will go in 3rd stage by tomorrow and it will be too late to back out. Hopefully this other seller responds to me today. If not I will go with what I have.
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      03-27-2014, 03:53 PM   #7
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I'm thinking to do that but I've already cancelled one deal because the car was accidental. This will be the second deal. That is my only concern. I don't know what he might be doing to the car.
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      03-27-2014, 03:53 PM   #8
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This is not a replacement for 550xi. This will be the 550xi.
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      03-27-2014, 04:10 PM   #9
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I called BMW Financial and cancelled it. Thanks for your input guys. I had a bad feeling.
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      03-27-2014, 04:15 PM   #10
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Ok good deal!! You don't have to take that crap, spending your money.
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      03-27-2014, 04:40 PM   #11
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I honestly don't like or understand the appeal of lease transfers. In very few instances do they work out for the person getting the lease transfer.

Here's the fact of the matter that most people forget - you're leasing a USED car. To use round numbers, let's say Joe leases a car for $900/mo. That lease price is based upon the price of a NEW $80,000 car for instance. 18 months later, Joe wants to transfer his lease to Bob. Well, the car is now 18 months old and may have 15k miles on it. It's value is considerably less - maybe $70,000. You need to ask yourself, if I leased a two year old CPO car with a $70k sticker, would it cost me $900/mo? The answer is inevitably no.

By taking on a lease transfer, you're getting a used car at the lease rates of a NEW car. Who would want that? Unless the car is impossible to get, is unique in some way, etc... I don't see the value. The other potential allure may be that the former lessee put significantly less mileage on the car for the time under lease, leaving you with a greater number of miles/month than what a lease would otherwise cost. If that's the case, fine... but I still think the risk of other issues in the process outweighs it.

Go to BMW and lease or buy a CPO car... or lease a brand new car. If you're going to get a used car, a lease transfer seems like THE riskiest way to go about it. It may make sense between family members, you know the car well, the former lessee, etc... but with a perfect stranger? Sounds like high potential for trouble.

Lease rates on a 2014 550xi aren't bad at all right now... people getting them between $7xx - $8xx routinely depending upon options. Or again, if you want CPO, you can buy OR lease. Not sure I'd buy a pre-LCI 550xi, though, considering the issues they've had with injectors unless you're getting a solid number of years of warranty remaining.
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      03-27-2014, 04:50 PM   #12
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Lease transfer is good because you don't have to put any money out of pocket. You just take over the payments. But of course just like anything you just have to find the right seller.
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      03-27-2014, 05:10 PM   #13
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Quote:
Originally Posted by BavariaExclusive View Post
Lease transfer is good because you don't have to put any money out of pocket. You just take over the payments. But of course just like anything you just have to find the right seller.
You don't need to put money down on a normal lease you originate either. You can roll pretty much every fee into the lease (e.g. taxes) with the exception of your security deposit and first month's payment (to walk out the door with it). I mean, you can literally leave with a 5-series only giving them the equivalent of about two payments... one which is a regular lease payment for your first month (you were going to pay this anyway), and the other which is a security deposit... big deal... it's refundable.

I don't see any advantage in terms of money out of pocket.
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      03-27-2014, 09:41 PM   #14
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Quote:
Originally Posted by ezmaass View Post
I honestly don't like or understand the appeal of lease transfers. In very few instances do they work out for the person getting the lease transfer.

Here's the fact of the matter that most people forget - you're leasing a USED car. To use round numbers, let's say Joe leases a car for $900/mo. That lease price is based upon the price of a NEW $80,000 car for instance. 18 months later, Joe wants to transfer his lease to Bob. Well, the car is now 18 months old and may have 15k miles on it. It's value is considerably less - maybe $70,000. You need to ask yourself, if I leased a two year old CPO car with a $70k sticker, would it cost me $900/mo? The answer is inevitably no.

By taking on a lease transfer, you're getting a used car at the lease rates of a NEW car. Who would want that? Unless the car is impossible to get, is unique in some way, etc... I don't see the value. The other potential allure may be that the former lessee put significantly less mileage on the car for the time under lease, leaving you with a greater number of miles/month than what a lease would otherwise cost. If that's the case, fine... but I still think the risk of other issues in the process outweighs it.

Go to BMW and lease or buy a CPO car... or lease a brand new car. If you're going to get a used car, a lease transfer seems like THE riskiest way to go about it. It may make sense between family members, you know the car well, the former lessee, etc... but with a perfect stranger? Sounds like high potential for trouble.

Lease rates on a 2014 550xi aren't bad at all right now... people getting them between $7xx - $8xx routinely depending upon options. Or again, if you want CPO, you can buy OR lease. Not sure I'd buy a pre-LCI 550xi, though, considering the issues they've had with injectors unless you're getting a solid number of years of warranty remaining.
A perfect statement of the situation with a lease transfer. There is a guy with a 2012 535 M Sport X Drive 29 months into a 48 month lease. The payment (plus taxes) is $1,100.00. I got a new 2013 with similar options at year end, invoice minus $5,000 cash from BMW Canada, $2,000 down and a lease payment of $850.00/month. This guy still has the car 5 months later. He doesn't get that if you buy his car out from the lease today, you'd be paying $12,000 more than its Black Book.

So I got a brand new car @ .9% interest on lease for $250/less on a 39 vs 48 month lease. I'll keep it until the 2016 models are being cleared out and then jump to a new one.
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      03-27-2014, 10:44 PM   #15
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If you're letting someone out of a lease they no longer want or can afford, you're helping him out greatly.
You shouldn't have the "suck it up" when he's being an ass.
Screw him. Just go find another car.
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      03-27-2014, 10:51 PM   #16
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Yea I cancelled out from 2nd stage of lease transfer. I feel at ease though. Thanks for everyone's help. This forum is awesome.
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