04-19-2021, 01:51 PM | #1 |
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Extending existing lease until i4 is out?
Featured on BIMMERPOST.com I have an 440i where the lease is coming due in a few months. I spoke to the dealer and they said that I could put a down payment for the i4 and have my lease extended by a year. I was wondering what you guys think about extending the lease by another year? Is this a financially astute thing to do? Any suggestions and advice is appreciated |
04-20-2021, 09:21 AM | #2 | |
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It would make sense to do an extension while awaiting the i4's release. If the terms of the extension are to you satisfaction of course. With ongoing shortages of "chips", and the likelihood of demand exceeding inventory when the i4 is released a one year extension would make sense. There is one thing I would iron out with your dealer before doing anything. You mentioned your dealer wanting a "down payment" on the i4 while you extend your lease. A red flag goes up for me on this. What happens if your i4 arrives prior to you 1 year lease expiration? Penalty to terminate early? Lose your down payment if you can't take delivery while still in the lease? It would appear the deck is being stacked in the dealers favor here. Ask him if you can do a month to month lease until your i4 arrives and see if he goes for that. That would reshuffle the deck back in your favor. I would be more comfortable doing a lease extension only and wait to order the i4 to coincide with the lease expiration. Additionally, going this route, you can survey the market as more new EV's are being introduced and possibly see something you may like better. Being stuck in a 440i for one more year isn't such a bad place to be either. |
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04-20-2021, 09:45 AM | #3 |
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"Being stuck in a 440i for one more year isn't such a bad place to be either. "
True BUT you will be paying the price that was calculated as the average need for the first three years of ownership for a car in its fourth year of ownership. |
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04-20-2021, 07:11 PM | #4 | |
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04-22-2021, 12:57 PM | #5 | |
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05-02-2021, 03:51 PM | #6 | |
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05-05-2021, 05:04 PM | #7 |
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afaik 6 months is the max BMWFS will extend a lease. Has that changed?
An alternative would be to take over the lease of someone else with a year left on their lease.
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05-06-2021, 10:26 PM | #8 | |
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The person I'm talking to apparently has been selling BMWs for a long time and has built a strong reputation with BMW USA. He has managed to help a few people in similar situation who put down at $1,000 refundable deposit to wait for a car up to a year. With that said, I'm wondering if the economics make sense. I'm also looking into taking over someone else's lease. But I also noticed that many people who are trying to get out of their leases didn't do a good job in negotiating their initial leases... |
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