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2010 2011 BMW 5 Series Forum F10 Question: Voluntary Turnover of a Leased... |
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08-05-2009, 12:37 AM | #23 |
Critical Care Anesthesiologist
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Sorry to hear about your trouble. I definitely won't suggest going the voluntary repo route. BMWFS should have told you there are three ways of terminating a lease:
1. Voluntary repo (not recommended) 2. Lease assumption 3. Sell your car to someone or dealer Obviously 2 is the best scenario since you won't have to deal with negative equity. 1 is just a dumb choice to for and it should only be used as a last ditch effort. 3 is somewhat in between. Worse case is you can SELL your car back to the dealership, and finance the difference between your payoff and the trade in value. That way, it won't show up as a repo and you just have to deal with the negative equity.
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kev { divinum est sedate dolorem }
"your friendly neighborhood critical care anesthesiologist" |
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08-05-2009, 01:05 AM | #24 | |
Second Lieutenant
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08-05-2009, 10:50 AM | #25 |
Bubkus
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I believe the buyout is near $52K. My dealer contacted me this morning and am waiting a response from them - hopefully something near decent in terms of a dealer buyout.
Per another car.......well, I'll have to either get a clunker or a cheap lease. But I doubt the latter since I have no stable income to show. |
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08-05-2009, 11:30 AM | #26 |
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No matter what happens I hope things work out and you get back on your feet. Have you been spiritual lately? Maybe there is a message in all of this.
On the bright side, you should consider spending some quality time with the car and treat it as if a loved one will be passing away. Do the things you've wanted to but never did. There are zero excuses now. With respect to the repo issue (surrender etc.) its a loser regardless due to the fact they can find your car with the anti theft. Again, hope it works out and you find the light in all of this. |
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08-05-2009, 05:24 PM | #28 |
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08-05-2009, 09:27 PM | #29 | |
Bubkus
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I have always cherished my time with the car - it's truly an exceptional piece of engineering that is beyond words. It will be sad, sad day when the day finally comes.... |
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