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Re: Anyone Ever Off-Lease Purchase Their E38? More (archive)

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Posted by Richard P. on June 28, 2001 at 18:48:06:

In Reply to: Anyone Ever Off-Lease Purchase Their E38? More... posted by Force98 on June 28, 2001 at 17:31:07:

I have a 1999 750iL due for return May 2002. I have been trying to unload to anybody for the last 6 months, but no bites. The 750 is worse than the 740, but in any event, my dealer advises that the procedure is, if I don't buy it for the contract residual, then the dealer has the option to buy it for the residual, or else it goes to auction. According to my dealer, BMWFS doesn't bargain.
This seems silly to me, as they must be going to get a flood of these cars returned, and by all accounts they will generally not be worth the residuals. Even though my 750iL is pristine, and low mileage, I anticipate it will be worth 20% less than the contract residual in May 2002.
It seems to very much depend on the local market, i.e. their value varies from city to city in some cases.
I will definitely not be buying my 750iL at its lease end, as I can buy a new M5 for only $12K more than the 750iL residual

Our '99 740iL will come off lease in eight months, and my wife really wants to buy it. It only has 15,200 miles on it, has been mostly trouble-free, and looks better than the day we bought it. The E65 is probably a blessing in disguise as the dropping values of the E38 should allow me an excellent bargaining chip with BMW Financial Services, especially since the car comes off lease when the E65 is due in showrooms. I'm sure I could buy the car for a lot less than the residual value as listed in my lease contract, knowing what the cars are going for at auction. My dealer says they can purchase the vehicle from BMWFS, then sell it back to me as a CPO for less than the contract residual value. I think I'll try and deal with BMWFS first, then the dealer if that doesn't work out.

Comments? Suggestions?

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