[katchup]

Hey team,

So I'm looking at buying another car (M4 this time). The car I found is a leased car, but the seller didn't disclose this at the time. No biggie, but here is my question: Since the seller is leasing through BMW, how can I purchase? Is this even possible?

I'm financing through my local credit union. Is there any way my bank can pay off BMW direct? The seller called BMW today and is under the impression that my bank would have to him a check, and he would pay off the loan. Then BMW would send the title to the seller, and the seller would have to send it to me.

I don't see any bank willing to risk all that. So is it even possible to buy someone's leased car? Anyone done it before?

Thanks

[CeEl]

You are probably better off calling BMWFS directly instead of getting a bunch of opinions here. You can also check on the ask a dealer forum of that other BMW forum site and get a dealer's input.

This changes from time to time, but in general: if there are more than 6 months left on the lease, BMWFS will allow you to assume the lease for a one time fee. You can then buy the car from them. Unless the current owner made a significant cap cost reduction payment, it is unlikely that you will get a great deal. BMWFS will probably ask for all outstanding lease payments plus agreed upon residual value as
Purchase price.

[BEM-S4]

I've sold a leased car so it amounts to the same thing. You can transfer the lease then buy it out. Otherwise the only clean way to do it is find a dealer willing to help and do a pass through deal. If more than 120 days out no price negotiation w FS, dealer simply buys car out then does an inspection and sells to you. Within 120 days dealer can try and negotiate a better price on the car.

[HighlyMedicated]

That seems like a long process katchup. I sold my car to bmw and ended the lease by paying the exact residual amount at time of sale. I did this 5 months before my car was due to end, 2015 m4 clean no do dmg inside and out and had 36,000 miles but was paying for 45,000 miles. They were happy to take it since I was going to lease a 2017 M4 same day and the 2015 was alpine white which is an easy sale for them.

I'm not sure how accurate the residual amount is but regardless of how many months left on his lease you should ask the buyer to sell to either BMW dealership or carmax. Then at the same time tell them you will be purchasing the car from them but I'm not sure how much they will add on top of the sale.

Another option would be to use leasetrader.com to take over his lease because you deal with bmwFS to take over and then once yours under bmwfs pay it off thru your bank. I'm sure the buyer is charging more than the residual for sale so it should all work out for you going this route.

I would say leasetrader way would be best because that way you won't pay a higher price when you buy the car from where the buyer sold it too, they won't do it for free simple business, so will mark it up guaranteed. Also since dealing with BMWFS you will be safe to know the you are paying the right company and not thru a third party or waiting for the buyer and your bank. Good luck which ever way you choose.

[katchup]

Thanks guys, it ended up being a nightmare and bought a diff car