[SpeedyATL]

So, I'm waiting for my car which is sitting at the factory in Germany and has been since 12/17/21. My current lease ended on Aug 24, 2021 Using the automatic extension periods it was extended until 2/24/22.

Now I am looking at having to "re-lease" my car as I wait on my new convertible.

Does anyone here have any experience with re-leasing while you wait for a new car? My quoted monthly rate is a 61% increase of my current lease rate (but I have a unicorn level deal on my 2019 440GC - sub-$250/mon) so overall I'm not too disappointed.

This was explained to me as a 12 month extension with an "early out". They are sending me paperwork, but I'm curious if anyone here has gone this route while you wait for a car.

If so, is there any obligation that you actually have to buy the car you are waiting on or can you simply keep the old car for the entire 12 mon. Or if you decline the incoming car but find something else (new/used/bmw/non-bmw) that fits the bill after maybe 6-9 month, can you simply exit the re-lease with no penalties?

The devil is always in the details....

[LogicalApex]

No matter what advice you get here. Read the agreement they send you carefully as that's the only source of truth as to what limitations and covenants you're agreeing to be bound by. Past experiences or even recent ones are helpful, but those agreements can go through internal revisions that change the process.

Oh... And update the thread on what you learn from your parsing of the agreement...

My gut says, you'll be a new 12 month lease and the "early out" is a flexible way for you to walk out of the lease. I'd be scrutinizing the residual and other details to be sure they aren't re-basing your residual to current market rates as that may erode profit options if you decide to buy it out and flip to to CarMax or the like.

[Tyga11]

How much did you put down to get a sub $250 payment?

[SpeedyATL]

Originally Posted by Tyga11

How much did you put down to get a sub $250 payment?

$0, not even first month so only 23 pmts for a 24/24 lease.

EDIT:

I did put 7 MSD down, so $1,750 but obviously they are refundable....

Here's a link to the details on my ending lease for anyone curious: https://forum.leasehackr.com/t/2019-...msd-das/168526

[Tyga11]

Originally Posted by SpeedyATL

$0, not even first month so only 23 pmts for a 24/24 lease.

Jeesh - that's crazy. I thought I was a good negotiator

[jmg]

Originally Posted by SpeedyATL

$0, not even first month so only 23 pmts for a 24/24 lease.

EDIT:

I did put 7 MSD down, so $1,750 but obviously they are refundable....

Here's a link to the details on my ending lease for anyone curious: https://forum.leasehackr.com/t/2019-...msd-das/168526

Provided you have another car, you might be better off selling the car to your dealer and avoid the sales tax. I sold my leased M3 CS because it had equity. Luckily for me, my M4 came in just in time, but I was willing to be without the car for however long it took for my new car to be released from the Stop Sale.

[SpeedyATL]

Ok, so I have now read and signed the paperwork for my early-out lease extension.

Here are some details that hopefully will help someone else...

1. The base lease extension document is pretty similar to the original BMWFS lease I signed, with a couple of interesting changes:
1a. They are not charging/collecting tax for any of the extension months (this may be a state specific thing)
1b. The capitalized cost is not the same as the buy-out/RV of my original lease. For some reason it is about $460 less which works in my favor should I buy the car at the end or when I trade the car in on my new car.
1c. The main lease document mentions nothing about getting a new car or anything other than the basic lease.
1d. My monthly payment is up dramatically from $247 to $406, but for a $58k MSRP car, even $406 is not bad. ($220 goes toward capital cost reduction, the rest toward interest).

2. There is a lease extension addendum that addresses the contemplated purchase/lease of the new car.
2a. The addendum requires you to finance via BMWFS if you want to avoid the early termination costs (seems to imply you could not even pay cash). Not normally an issue for me, but my dealer is marking all rates up and I'm not willing to be locked in to a marked up BMWFS deal. I pushed back and was granted a concession. All I have to do now is send them a bill of sale for a NEW BMW, and they will waive the early termination costs associated with ending the extension early.
2b. I've been having significant issues with my dealer jerking me around. So I told BMWFS that I might not be taking the new car and I wanted to make sure that if I declined the new car, I could retain my current car to the end of the lease extension. They agreed to this and noted my account as such but they also indicated to me that notes weren't really necessary as the lease would remain in place regardless of declining the new car.

I'm hopeful everything plays out the way I believe it should. There is always a chance for things to go south, but BMWFS did make a solid effort to make things work for me in this process. Much more than I can say for my dealer I'm afraid.