Are BMW doing deals to get out of Leases?

[jasisdad]

Guys,

I always follow topics on the outside but thought it was time to post up myself!!

I have a 3.0d X5 and the lease is due to expire in September when it will be 3 years and 3 months old. The Guaranteed Value i have to pay at the end is just under £23k and guess what it won't be worth that!!

Rather than waiting for everyone to hand back their cars, meaning BMW or the lease company being left with a massive surplus of cars to get rid of, are BMW entertaining the idea of coming to an arrangement to end leases early for lower amounts?

Will be interested to hear if anyone has had any experiences yet.

Cheers

[northandy]

jasisdad said:

Guys,

I always follow topics on the outside but thought it was time to post up myself!!

I have a 3.0d X5 and the lease is due to expire in September when it will be 3 years and 3 months old. The Guaranteed Value i have to pay at the end is just under £23k and guess what it won't be worth that!!

Rather than waiting for everyone to hand back their cars, meaning BMW or the lease company being left with a massive surplus of cars to get rid of, are BMW entertaining the idea of coming to an arrangement to end leases early for lower amounts?

Will be interested to hear if anyone has had any experiences yet.

Cheers

I had heard it was a plain no, they would always take them back with no negotiation and send them to Auction...

However someone posted on another thread in general gassing a few days ago that they were more willing to do deals now, maybe as auction prices are killing them too... BMW and Mercedes were mentioned.

[Gramrugby]

They will deal. Friend of mine negotiated direct with BMW finance and saved £9k on a 7 series at the end of his lease.

[d8ean]

looks like good news!
this thread also mentions deals are slowly creaping onto the table

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Edited by d8ean on Friday 16th January 15:01

[gizlaroc]

jasisdad said:

The Guaranteed Value i have to pay at the end is just under £23k and guess what it won't be worth that!!

You meen the value at which they have to buy it back from you??
Not the value you have to pay.




Depends what your agreement is of course.
If it is a lease you will have to pay £23k at the end whatever the car is worth.

If it is a PCP you can throw the keys back and walk away.



If it is the former there will be no deal done, if it is the latter you may get them to allow you to buy it at less than the £23k owed, but I think you will still be better to let it go and buy another one or yours from auction.

Edited by gizlaroc on Friday 16th January 14:57

[jasisdad]

Guys, thank you.

It is a PCP so i could just give the keys back, but it really does do everything i need (or my misses need!)and having had it pretty much from new i would be keen to roll with it again. Although am tempted to get a more basic family car to free me up for something more fun!!

Now just need to decide wether to make the call to BMW Finance now or leave it a few more months when the situation for the finance companies is even bleaker and they may be even more interested in a deal!!

[jasisdad]

BTW - Looks from Autotrader that they are going for between 18k and 20k.

Therefore to run it through an aution BMW will only get what....£16,500??

From my rough calculations my GFV is over £27k. BIG DIFFERENCE!!!

Due to the Autotrader prices I won't pay more than 20k for it (especially as bet a dealer will take a cash offer for one of these??), therefore would they be happy to deal for 20k or less.....thats the question!!