[thenew3]

Originally Posted by serpentine

Depending on state level nuances, the process is:
1: confirm your total buyout
2: attest odometer reading
3: send check
4: get title in mail
5: go to dmv to process
6: get clear title in mail

Some banks require you to pay the taxes to them and they return a check made out to the state for taxes (step 4). Others don’t, you pay that at step 5. The title you get from the bank is marked with the purchase price so you can’t avoid the taxation.

30 to 45 days start to finish.

This was my recent experience in PA. My bank required me to pay the taxes with the buyout.

Other than some paperwork and phone calls up front, only one trip to DMV. Maybe 2 hours worth of time, not including the wait.

I've only purchased one leased vehicle from BMW and the process went like this

1) Go to dealer, SA took me to Finance Office
2) Finance guy looks up a bunch of info in the computer, had me sign a few documents and cut 2 checks. (1 to BMWFS, 1 to the dealer to cover state taxes and dealer $95 doc fee).
3) Wait a few weeks for new title and plates to show up in the mail.

The dealer took care of all the DMV paperwork for me and had the state mail the new clear title and new plates directly to me. (They asked if I wanted plates sent to them and I bring the car in for them to put it on for me, or if I could do it myself in which case they would have it sent directly to me).

[Tim2189]

Originally Posted by cncmastr

Just order ANY car, then switch.

Probably his best choice

[weingarm]

Agree with all of the above. toddwalton You should defintitely buyout your lease and pay the taxes.

Not only will your old X7 be worth more than (or by late-2022 perhaps equivalent to) the buyout + taxes, but you won't have any car payments from April until you get your 2023 X7. So that's several thousand additional $ dollars in your pocket.

If you extend the old X7 lease, you'll be continuing to pay whatever that payment was for several more months, costing you more money.

I have a similar case. 2019 M5 lease ends 3/2022. Looking to get into a new M3 lease but I'll be waiting until at least 7/2022 or later for that to arrive.

My M5 lease buyout is $65,000 + $5,000 tax = $70,000 total.
Dealer currently offering me about $80,000 for it.
Even if it's worth $75,000 by July '22, I'll be $5,000 ahead, plus no payments for about 4 months which is worth about $6,000. Worst case the M5 depreciates faster to $70,000 (same as buyout + tax) and I still save the lease payments.

In the end I'll come out $6,000 - $11,000 ahead because I bought out my lease.

Hope this example helps.

[toddwalton]

Originally Posted by weingarm

Agree with all of the above. toddwalton You should defintitely buyout your lease and pay the taxes.

Not only will your old X7 be worth more than (or by late-2022 perhaps equivalent to) the buyout + taxes, but you won't have any car payments from April until you get your 2023 X7. So that's several thousand additional $ dollars in your pocket.

If you extend the old X7 lease, you'll be continuing to pay whatever that payment was for several more months, costing you more money.

I have a similar case. 2019 M5 lease ends 3/2022. Looking to get into a new M3 lease but I'll be waiting until at least 7/2022 or later for that to arrive.

My M5 lease buyout is $65,000 + $5,000 tax = $70,000 total.
Dealer currently offering me about $80,000 for it.
Even if it's worth $75,000 by July '22, I'll be $5,000 ahead, plus no payments for about 4 months which is worth about $6,000. Worst case the M5 depreciates faster to $70,000 (same as buyout + tax) and I still save the lease payments.

In the end I'll come out $6,000 - $11,000 ahead because I bought out my lease.

Hope this example helps.

Good stuff, thanks.

I spoke to BMW this morning and it looks like production of the first gen X7 ends in July with production on the LCI beginning in August. Subject to change, of course, but that timing would definitely work for me as I'm up in April, will be extended 60 days to June, and (fingers crossed) get a production number in that 60 day period.

[xlover]

Originally Posted by toddwalton

Good stuff, thanks.

I spoke to BMW this morning and it looks like production of the first gen X7 ends in July with production on the LCI beginning in August. Subject to change, of course, but that timing would definitely work for me as I'm up in April, will be extended 60 days to June, and (fingers crossed) get a production number in that 60 day period.

If 2023 x7 ordering hasn't opened, Your dealer can take any allocation they have (for any bmw), throw your name on it and give you the prod number for bmwfs purposes.

[toddwalton]

Originally Posted by xlover

If 2023 x7 ordering hasn't opened, Your dealer can take any allocation they have (for any bmw), throw your name on it and give you the prod number for bmwfs purposes.

Perfect, thanks!

[CruiseControl]

Originally Posted by toddwalton

So my X7 lease is up in April, I know I can get a 60 day extension, but I intend to get a brand new 2023 X7 with the LCI changes and I'm guessing it's not hitting the streets until November.

April with 60 days gets me to June. Will I be able to order the new X7 in June? What if I can't order until, say, September? Will BMWFS extend me 5 or 6 months until I can order a 2023?

Any help appreciated.

I’m in a similar situation. My lease is up in October. I have not decided on going with a 2023 x7 with LCI changes, or going with another x7 in general. My dealer called me the other day thinking if I go with a 2022 I should order now but I know I will likely not get what I want, especially B&W sound and DHP like I have now with my 40 or, if I go with a 50 this time. Also, I have considered going with something else but, what is in the same class as the x7! Just about everything else lacks one thing or another.

Maybe I will go with an EV. The Rivian looks great.

[Kivilig]

Longest lease extension I ever got was permanent, when I bought the car after the lease ended lol

[CruiseControl]

Originally Posted by Kivilig

Longest lease extension I ever got was permanent, when I bought the car after the lease ended lol

I’m sure you got what you wanted in terms of options.

[Kivilig]

Honestly in this market with this crazy supply chain issues it's better to stick with your car or buy it back if you're leasing, market will stay the same at least for the next year and a half. Another point is most cars that have a lease due now worth way more than the buy back price in the lease contract,

[Staszek]

Originally Posted by Kivilig

Honestly in this market with this crazy supply chain issues it's better to stick with your car or buy it back if you're leasing, market will stay the same at least for the next year and a half. Another point is most cars that have a lease due now worth way more than the buy back price in the lease contract,

This, I am having my dealer buy my car from my lease. There is some equity there.

If you buy it yourself you will be fine selling it to them in a few months or private party.

[CruiseControl]

What is the best site to determine the estimate value now a days?

[Kivilig]

Originally Posted by CruiseControl

What is the best site to determine the estimate value now a days?

Carvana

[unfoundnemo]

Originally Posted by xlover

If 2023 x7 ordering hasn't opened, Your dealer can take any allocation they have (for any bmw), throw your name on it and give you the prod number for bmwfs purposes.

Allocations for the 2023 X7 likely won't go out until the first week of July for the August builds which would expect delivery in September (if you're lucky enough to get one of the first allocations), so this will likely have to be your way if you are insistent on extending your leases.

As others mentioned, I would highly recommend buying out your X7 at lease-end and flipping it. If you don't want to purchase it, you could still likely sell it to a dealer prior to lease-end, make $5-10k, and use that money to rent a car for a couple months while you wait (rather than basically renting the car you have for a few months, costing you a few grand).

[toddwalton]

Just had a nice chat with BMWFS.

A. They extended me 3 months, until July 2022.

B. Said they would work with me if I need another 4+ months, said that 6 months isn't a hard extension rule if I've got either a production number or a deposit (not sure what a deposit means if there's no production number).

C. My end of lease buyout is $43,000.

D. Current selling prices on cars.com for a 40i with under 25K miles is $75,000.

E. Waiting to hear back from my dealership on whether or not they will pay over residual to buy the car back from me in the $60's or thereabouts when the 2023 LCI delivers and if there is still a shortage and high demand.

F. I don't want to buy the car and sell the car but, wow, current selling prices are crazy high and my residual is crazy low.

[motherkin]

Originally Posted by toddwalton

Just had a nice chat with BMWFS.

A. They extended me 3 months, until July 2022.

B. Said they would work with me if I need another 4+ months, said that 6 months isn't a hard extension rule if I've got either a production number or a deposit (not sure what a deposit means if there's no production number).

C. My end of lease buyout is $43,000.

D. Current selling prices on cars.com for a 40i with under 25K miles is $75,000.

E. Waiting to hear back from my dealership on whether or not they will pay over residual to buy the car back from me in the $60's or thereabouts when the 2023 LCI delivers and if there is still a shortage and high demand.

F. I don't want to buy the car and sell the car but, wow, current selling prices are crazy high and my residual is crazy low.

Sounds like you have at least $20K positive equity, very nice!
BTW you should get an offer from Carvana or CarMax, which is more accurate.

Just curios, what was the MSRP and residual %?

[rich5741]

Interesting - I have a $54K ish payoff on my $91K 2021 40i. Did residuals get much better with the 2021s? I bought about a year ago.

Also it sounds like your dealer is entertaining buying out your lease - definitely the most painless way to access the residual. Awesome if they follow through.

[CruiseControl]

Will Carvana or the like purchase a leased vehicle?

[xlover]

Originally Posted by CruiseControl

Will Carvana or the like purchase a leased vehicle?

They would but due to the car market craziness brand owned finance groups (including bmw) are either restricting 3rd party buyouts or making the third party buyout at market price which dramatically reduces or removes any value a carvana can provide

[unfoundnemo]

Originally Posted by rich5741

Interesting - I have a $54K ish payoff on my $91K 2021 40i. Did residuals get much better with the 2021s? I bought about a year ago.

My 20 is about the same . OP has a 2019, but residuals were within 1 or 2% or so all along. Of course, the actual value depends on the lease term and the original MSRP, so for a 40i you're looking somewhere between like $38k and $55k at the end of term.

[aas5]

Originally Posted by weingarm

Agree with all of the above. toddwalton You should defintitely buyout your lease and pay the taxes.

Not only will your old X7 be worth more than (or by late-2022 perhaps equivalent to) the buyout + taxes, but you won't have any car payments from April until you get your 2023 X7. So that's several thousand additional $ dollars in your pocket.

If you extend the old X7 lease, you'll be continuing to pay whatever that payment was for several more months, costing you more money.

I have a similar case. 2019 M5 lease ends 3/2022. Looking to get into a new M3 lease but I'll be waiting until at least 7/2022 or later for that to arrive.

My M5 lease buyout is $65,000 + $5,000 tax = $70,000 total.
Dealer currently offering me about $80,000 for it.
Even if it's worth $75,000 by July '22, I'll be $5,000 ahead, plus no payments for about 4 months which is worth about $6,000. Worst case the M5 depreciates faster to $70,000 (same as buyout + tax) and I still save the lease payments.

In the end I'll come out $6,000 - $11,000 ahead because I bought out my lease.

Hope this example helps.

Very helpful, thanks. I assume the added benefit of doing this is that this would also count as a trade in and reduce sales taxes on the new car, correct?

[weingarm]

Originally Posted by aas5

Very helpful, thanks. I assume the added benefit of doing this is that this would also count as a trade in and reduce sales taxes on the new car, correct?

That would be true, yes - at least here in NY where you can avoid sales tax on the value of the trade in.