Auto lease question. Early out?

Chocaholic · 12-17-2011, 07:22 AM

Leased a 2011 Mini Cooper S for 3 years. Have had it for one year and it only has 6k miles on it (10k/yr limit). It's a fun little car but I'm finding the road-noise and lack of useful space difficult to live with when using it for business. Blue-tooth use during business calls is very frustrating...have to yell all the time to be heard. As a sales manager, I'm always on the phone.

I suppose BMW would work something out, I'm just not sure I want a BMW. 3 series, to me, looks cheap and way overpriced. 5 is better, but not fond of their looks and cost. So, here's my question...

What are my options for parting with the car and the lease? Can I offer it for sale outright and somehow pay off the lease? Can I "trade" it in on another car? New or used? Appreciate your thoughts.

Ron R · 12-17-2011, 07:24 AM

Swapalease.com | Get Out of A Car Lease or Take Over A Car Lease

kaisen · 12-17-2011, 07:31 AM

Quote:

Originally Posted by Chocaholic

What are my options for parting with the car and the lease? Can I offer it for sale outright and somehow pay off the lease? Can I "trade" it in on another car? New or used? Appreciate your thoughts.

Your options are the same as if you had BOUGHT the car and taken out a loan, plus two more options.

Just like a loan, you can call your bank (BMW Financial) and ask them for today's payoff. Sell it, refinance it, trade it, whatever.

Your two extra options:

1) Have someone assume your current lease through BMW Fin. They apply, there is a transfer fee. But once it is done, you are out of the lease. Your current lease payments are likely much less than the new loan payments for buying your car used. So it could be a win/win for the next guy.

2) Pay the remaining payments and give it back early. Lesser of evils, in some cases. Not likely when you have two years remaining. But still an option you wouldn't have with a loan.

My guess is that you will "trade" the Mini in to BMW on a new BMW lease. Should be simple, but a tad painful. You will have negative equity. Selling private party might be tough depending on your state because you may have to buy your car out (and pay sales tax if you haven't already) to then resell it.