Forum for the entire range of BMW electric vehicles
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read
BMW i4 Forum - i430, i440 (G26) EV Forum BMW i4 Forum - M50, eDrive40, eDrive35 (G26) EV Forum

Post Reply
 
Thread Tools Search this Thread
      04-19-2021, 01:51 PM   #1
phantom701
Private First Class
phantom701's Avatar
81
Rep
157
Posts

Drives: 2024 i4 eDrive40
Join Date: Aug 2005
Location: San Francisco Bay Area

iTrader: (0)

Extending existing lease until i4 is out?

Hi guys,

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
Appreciate 0
      04-20-2021, 09:21 AM   #2
USA-RET
Captain
USA-RET's Avatar
605
Rep
970
Posts

Drives: Estoril Blue M240i
Join Date: Feb 2017
Location: SW Florida

iTrader: (0)

Quote:
Originally Posted by phantom701 View Post
Hi guys,

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
Full disclosure, I have never leased a car, and have heard arguments for and against them. So I have "no dog in the hunt", either way. That being said:

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.
Appreciate 0
      04-20-2021, 09:45 AM   #3
SteveinArizona
Brigadier General
United_States
3086
Rep
4,210
Posts

Drives: BMW 530e
Join Date: Jul 2016
Location: Greater Phoenix

iTrader: (0)

"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.
Appreciate 0
      04-20-2021, 07:11 PM   #4
buster84
Major
United_States
337
Rep
1,185
Posts

Drives: 2009 335I X-Drive E90
Join Date: Nov 2012
Location: Orlando

iTrader: (2)

Quote:
Originally Posted by phantom701 View Post
Hi guys,

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
Honestly prices on all used cars are going up and dealers are hounding lease owners in hopes they don’t buy it out at a lower price than they can sell it. What’s your buyout? You might do better buying the car and sell it when the i4 comes out.
Appreciate 0
      04-22-2021, 12:57 PM   #5
OperationSunset
Private
57
Rep
57
Posts

Drives: ‘21 BMW M2C | '18 Tesla 3P
Join Date: Oct 2020
Location: San Jose, CA

iTrader: (0)

Quote:
Originally Posted by phantom701 View Post
Hi guys,

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
I've never heard of BMW FS extending a lease by a year for a car that they are not taking production orders for. AKA, the dealer shouldn't be taking deposits for the i4 yet, because it won't lead to a production number, which is what FS needs to extend a lease beyond 3 months.
Appreciate 0
      05-02-2021, 03:51 PM   #6
sikotic
Lieutenant
482
Rep
569
Posts

Drives: 2020 M340I
Join Date: Jul 2016
Location: Ca

iTrader: (0)

Quote:
Originally Posted by OperationSunset View Post
I've never heard of BMW FS extending a lease by a year for a car that they are not taking production orders for. AKA, the dealer shouldn't be taking deposits for the i4 yet, because it won't lead to a production number, which is what FS needs to extend a lease beyond 3 months.
This is what I'm familiar with too. I was able to extend my last lease for 2 months without issue, then after that I needed a deposit/production number to extend it to 6 months. I'm curious if this has been extended "due to the pandemic"
Appreciate 0
      05-05-2021, 05:04 PM   #7
jmg
Lieutenant General
jmg's Avatar
18493
Rep
14,085
Posts

Drives: G82 M4C X-Drive
Join Date: Mar 2013
Location: Orange County, CA

iTrader: (1)

Garage List
2022 G82 M4C X-Drive  [9.83]
2018 F80 M3 CS  [9.83]
2019 i3 BEV  [0.00]
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.
__________________

2022 G82///M4 Competition X-Drive - KW-HAS, EBC Bluestuff, Millway Race Camber Plates, Cup2 Connect*, PSI High Flow Midpipe, Lightweight Front Lip, M Perf Flow Through Wing
Previous • 2018 F80 ///M3 CS • 2016 F80 ///M3
IG: Raging_G82
Appreciate 0
      05-06-2021, 10:26 PM   #8
phantom701
Private First Class
phantom701's Avatar
81
Rep
157
Posts

Drives: 2024 i4 eDrive40
Join Date: Aug 2005
Location: San Francisco Bay Area

iTrader: (0)

Quote:
Originally Posted by jmg View Post
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.
You are correct, if you talk to the BMW FS team directly, they don't provide much time extension.

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...
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 04:25 AM.




bmw
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST