Getting Ready to turn in a Car on a Lease.....

[Brown Ninja]

Has anyone on here ever leased a vehicle? I am have 2007 BMW that was an assumed lease from my brother and it is due back in March. Long story short is that it has an option to buy but due to depreciation its not really worth buying...buy back would be at 27k and actual value is closer to 19k.

I am looking at about 5-7k in penalties when the car gets turned in due to wear and tear and going over on mileage. But here is where it gets interesting. When we, my wife and I, assumed the lease BMW sent us the title and signed off on it. My understanding is that I can now take this title to the DMV and register the car as my own. I was wondering if anyone has ever been in a similar situation or heard of one for that matter.

If I were to do this is there any legal recourse that BMW can take? Obviously it was a major error on their part but I am wondering what can be done. I would be content if I could just talk to BMW and have them waive the 7k in fees for coming clean and just turning it back in but I am not sure if they would be willing to do that. The funny thing is that we have had the title for roughly 18 months and have never been contacted.

Any advice would be greatly appreciated!

[Brown Ninja]

Does anyone have any legal experience or think this could actually work?

[T_Own]

my dad used to lease beamers back in the 90s then he just bought one and has kept it.

i'd be AMAZED if you could get an 07 for under 20k unless its in terrible condition or 300k miles...

for the title, i would think it doesn't matter, because you still signed the lease and they will have that on file, and no way they are going to give away a car. how badly is it damaged? from hearing about my dad taking his into the bmw shop, they get your for everything whenever they can. like 100-200 oil changes, other crazy prices. so i'd imagine they will do the same.

also, what model is it, how many miles over are you? only a 3 series could be that cheap after only 2 years...

[Brown Ninja]

Its a 328i with 40k in miles. Its still in great working order but the actual "street value" according to the rep is right at 19k. Its leather everything and has navigation but it sounds like there isn't a great market out there for it.

I hear you on the lease paper work but legally i can go to the DMW with the title and register it in my name. I am just curious if having that title gives me enough leverage to have them waive the 7k in fees ranging from new tires to mileage overage. I am pretty sure I am not walking away with a free car.

[T_Own]

yeah, well they haven't made a bmw with cloth in it since the 318ti's lol.. 19k seems very low, but i highly doubt any beamer dealers would let one go at that. maybe the area changes it, but in the north east, even a late 90s ~100k miles could go for ~20k. 5 series though.

but anyway.. i doubt you can get away with the fees, but whats the worst that can happen if you try? waste a few hours at the dmv right? lol..

but seriously, i don't think having the title or the car in your name can overturn the lease papers which were signed. and i don't think bmw dealers are in the position to bargain; they hold themselves in pretty high regards

[gst528i]

See if you can buy it for 19???

[T_Own]

the big thing with that is the dealer then loses the mark up which is their big profit. if you were to buy the exact car from a private seller it would be closer to that, but not from a dealership. especially a pre-owned beamer dealer

[PT]

you dont get charged for normal wear and tear on leased cars. how many miles over are you? you do not have the actual title for it, you have a lease transfer from when you took over ownership. they might cut you a deal on buying it outright but they definatly will not waive the fees if you trade it in.

Has anyone on here ever leased a vehicle? I am have 2007 BMW that was an assumed lease from my brother and it is due back in March. Long story short is that it has an option to buy but due to depreciation its not really worth buying...buy back would be at 27k and actual value is closer to 19k.

I am looking at about 5-7k in penalties when the car gets turned in due to wear and tear and going over on mileage. But here is where it gets interesting. When we, my wife and I, assumed the lease BMW sent us the title and signed off on it. My understanding is that I can now take this title to the DMV and register the car as my own. I was wondering if anyone has ever been in a similar situation or heard of one for that matter.

If I were to do this is there any legal recourse that BMW can take? Obviously it was a major error on their part but I am wondering what can be done. I would be content if I could just talk to BMW and have them waive the 7k in fees for coming clean and just turning it back in but I am not sure if they would be willing to do that. The funny thing is that we have had the title for roughly 18 months and have never been contacted.

Any advice would be greatly appreciated!

[Zino]

Do you plan on leasing or buying another BMW? If you do it from the same dealer you turn the car in theyll give you a big break on the penalties. Buy an M6 and im sure thyell waive everything.

[Brown Ninja]

you dont get charged for normal wear and tear on leased cars. how many miles over are you? you do not have the actual title for it, you have a lease transfer from when you took over ownership. they might cut you a deal on buying it outright but they definatly will not waive the fees if you trade it in.

Yeah they charge for wear and tear ranging from tires, scratches, condition of headlights, etc. It is the real title, not just the transfer. I want to call BMW Finance but I have no idea what my rights are, if any, legally speaking. I am assuming they will play hard ball and I would prefer to have every thing in order before I call them.

[Brown Ninja]

Not one lawyer or someone that works in the car sales business?

[T_Own]

lol look in the what you do for a living thread, it doesn't seem so.

zino, a 760Li is more expensive

[D7M]

try this forum....I've asked them some sht before about my bimmer. They might have some answers.
http://forums.bimmerforums.com/forumindex.php?

[gixxerboy1]

they charge you for excessive wear and tear. Not normal. If its in normal shape for 40k miles then you are fine. That what a lease's you are paying for what you used. They allow minor scratches and so many per panel.

You will get no where with the title and bmw could came after you for fraud.

I was looking to get my wife a used 3 series. I couldn't find that car for 19k.

[JiGGaMaN]

Ok since im almost done my business degree, i will answer all questions. What are you asking?/

[D7M]

they charge you for excessive wear and tear. Not normal. If its in normal shape for 40k miles then you are fine. That what a lease's you are paying for what you used. They allow minor scratches and so many per panel.

You will get no where with the title and bmw could came after you for fraud.

I was looking to get my wife a used 3 series. I couldn't find that car for 19k.

Yah, no way an '07 328i w/ 40,000mi is gonna go for 19K. More like 25k.

[johnnybigguns]

If you could switch the title there still maybe a lien on the car.

[Brown Ninja]

^^^Still a lien there? They signed off on the title. My assumption is that once the title is signed off on the it is a free and clear car.

[Brown Ninja]

So i did some research on Blue Book and its much closer to 25k but the dealership will only give me about 19k. Real nice, huh.

[JiGGaMaN]

OK, i revoke my offer to help. You guys can sit here and speculate all night...

[thegodfather]

You have to know the right people...I have 3 different friends who all have dealer licenses and take me to the auction with them. 325 & 328i's are a dime a dozen at the auction, 06's&07's are selling for $16,000-$21,000 ALL DAY with lower miles than 48k. Of course that is wholesale, just pointing out that you can in fact pick one up for that price if you know who to talk to...You can usually find someone in your area that you can pay $500 to $1,000 to take you to the auction and let you pick up something...Your best bet is probably approaching a used car dealer, especially in this econonmy, it's an extra $1,000 in their pocket and doesnt cost them anything to take you with them...

[gixxerboy1]

So i did some research on Blue Book and its much closer to 25k but the dealership will only give me about 19k. Real nice, huh.

what are you talking about they will give you 19k? As a trade in? if that's what you mean of course you get less then its worth. They have to sell it and make money.

Yes if you transfer the title. The car will technically be yours. But BMW will sue you and you will loose. You don't get a free car because someone made a paperwork mistake

[Brown Ninja]

I realize the free car scenario is doubtful but I was hoping for some leverage in the negotiation process of dropping down the 7k penalty

[Brown Ninja]

is that to much to ask?

[T_Own]

yeah, bmw does not mess around with their money. first q, how many miles over are you? they can hit you with like $.10 a mile over which is a good amount. second, what else is gonna be a fee? if its the tires, i would go buy new ones first because that should be much cheaper than the penalty for it. lastly, if you have scratches, same with the tires. my dad paid 1700 to get scratches out of his car, although he had a lot, he uses a fair mechanic/paint shop so he got a good deal.

so if you buy new tires, that could be $1000 or so
scratches (if any) - could be from 500 to 2000 depending on how many and if its actually to the paint and not just the clear coat.
miles (they'll get you there no matter what) - if you were 10k over, that would be $1000, 20k over = $2000 etc.. maybe a little more than $.10 but i heard that somewhere, idk.

so even if you had the extreme on all of them, thats only 4-5k, so you save a good amount. and i went high on the tires and paint

[Brown Ninja]

Its actually 25 cents per mile over and I am at about 20k over. After sales tax its close to 5k, plus $1200 for tires, and another $500 for a windshield (that I will more than likely replace before hand).

[gst528i]

ouch ^^^^ maybe they can cut u a deal if u buy another bmw ?

[redz]

I work for Mercedes-Benz and can guarantee you that you will either be buying the car out or paying the mileage charges and extra wear and tear charges. The only way they will help is if you buy another car. Who told you the wear and tear would be that expensive? was it the dealer where it was leased?