BMW M5 Forum and M6 Forums banner

1 - 9 of 9 Posts

·
Registered
Joined
·
50 Posts
Discussion Starter · #1 ·
Hey everyone,

I've been driving a 2008 550i Sport with all the bells and whistles. I leased the car in October for a 32 month lease. The car has about 4500 miles on it, it's a great great car BUT I'd like to go for an M5.

Any suggestions on what someone in my position can do to "get rid of" the 550i for an '08 M5?

Could BMW North America help out?

Members here have any suggestions?

Thanks in advance everyone, hopefully I can be driving that V10 real soon.
 

·
Banned
Joined
·
56 Posts
There are several online services for selling off your lease. I've never used but they may be useful.

You should talk to the dealer. If they are interested in the upsell, they should be able to work with you.

If Cash is not a problem, then you can definitely get out of the situation - but you may experience some loss - a few thousand. Since you are considering the M5, which has a number of side-cost considerations (like fuel), you could always look at that as the "opportunity cost" to get seated.
 

·
Registered
Joined
·
50 Posts
Discussion Starter · #3 ·
Thanks, M5Newbie.

I'll check out Leasetrader and Leaseswap - I'm just not sure if wating $200 for their submission fees will free me up from my 550i lease.

I wish BMW N.A. would just take the 550i back because I'd be getting a brand enw M5 for 36+ months or so... But I guess life doesn't work that way! :)
 

·
Registered
Joined
·
136 Posts
I just went through a lease swap...so maybe I can be of some help.

You can pretty much forget about getting your dealer to help you. They won't want to take that 550i back as dealers nationwide are trying to move those cars.

The listing fees on swapalease are much lower than $200...You don't need the bells and whistles package, just the basic, which I think is like $75-80 dollars. I put my X5 up there are got a bunch of leads, but at the end, the one that came though was my craigslist ad.

I would try craigslist first, since it's free. :)

I'm not sure what the numbers are for your 550i lease, but you'll need to consider giving an incentive (ie. 2500 cash or something) to move the car.

But if you're leasing through BMW Financial Services, the process is really easy and smooth. They say it takes 3 weeks, but I got it done in 10 days. As long as you get all your paperwork in, it's a really quick process. They send you update emails and always helpful when you call them. Two thumbs up for BMW FS Customer Service.

PM me or post if you have other questions...I'll be glad to help :)
 

·
Registered
Joined
·
117 Posts
Hi, I just got rid of my 530xi on leasetrader.com. It took me all of 12 hours to find 2 people fighting it out for my car. It was $89 to list the car, and once the transfer process was finalized between buyer and seller, they charge the "seller" (you) another $149.

At that point, LT is useless. You contact BMW financial services, and they will handle the rest. They will email you the necessary forms to fill out once your buyer is accepted from BMW-FS via a credit check and their charge to the "buyer" of $495 has been paid. The paperwork was a breeze. You fill it out in about 5 minutes, get it notarized and then fed-ex it to your buyer. They fill out their end of the papers and then send the entire packet to BMW. After they get it, in about 2 days, the car has been transferred. BMW will email you once the transfer is complete, to tell you it's ok to now give the car to so and so.

That is it! If your payment is decent, you can get rid of it quickly. For the $239 it cost me, it was WELL WORTH IT! Had I traded the car, I'd have lost over $9K...so, yeah...this was a better option. Good luck!
 

·
Registered
Joined
·
50 Posts
Discussion Starter · #6 ·
Thanks everyone. Lease trader seems like the way to go, hopefully someone needs an almost brand new Carbon Black 550i Sport :)

Craigslist is a great move too - thanks onesixeight

Hopefully I'll be part of the "M5" family very soon...
 

·
Registered
Joined
·
120 Posts
Good luck! The wait and process will definitely be worth it, however.
 

·
Registered
Joined
·
178 Posts
Hi, I just got rid of my 530xi on leasetrader.com. It took me all of 12 hours to find 2 people fighting it out for my car. It was $89 to list the car, and once the transfer process was finalized between buyer and seller, they charge the "seller" (you) another $149.

At that point, LT is useless. You contact BMW financial services, and they will handle the rest. They will email you the necessary forms to fill out once your buyer is accepted from BMW-FS via a credit check and their charge to the "buyer" of $495 has been paid. The paperwork was a breeze. You fill it out in about 5 minutes, get it notarized and then fed-ex it to your buyer. They fill out their end of the papers and then send the entire packet to BMW. After they get it, in about 2 days, the car has been transferred. BMW will email you once the transfer is complete, to tell you it's ok to now give the car to so and so.

That is it! If your payment is decent, you can get rid of it quickly. For the $239 it cost me, it was WELL WORTH IT! Had I traded the car, I'd have lost over $9K...so, yeah...this was a better option. Good luck!
How do they handle the security deposits? Does BMWFS send you a check?

Thanks
 
1 - 9 of 9 Posts
Top