Quick lease question

[curvehound]

For all you lease experts out there:
The lease on my wife's 2012 X5 is up next month. We are thinking of either keeping it or leasing a new X5. My question is whether the payoff amount on a lease is negotiable. My wife has beat the crap out of her car, with a number of door dings, scrapes, stains etc. I assume BMW would rather not have it back, since it will be hard to sell Do you think they would cut the payoff amount to encourage us to keep it? The payoff is about 37k. We have the "safelease" insurance so we wont have to pay any damages if we give it back.

thanks
Ian

[jlstyle]

Sorry but no. Payoff is what you had agreed on to pay them if you are to purchase their car in whatever condition it is in. Only way to get the discount is to return the car and buy it back with possible discount comparable to similar car, but then you will have to deal with a hefty dealer mark up before the discount. And your car is in BMWNA's possession not the dealer. If dealer doesn't opt to buy the car, they will just put it off the auction.

[pdawg]

What he said. You'd have to give it back.. the dealer may or may not negotiate to buy it from BMFS. Assuming they do and after the cosmetic work and maintenance, it will become a CPO vehicle and at that point it will likely cost more than your payoff, depending on how much the dealer was able to purchase for from BMWFS.

I say turn it in and get a new ride

[NoPII]

You can give it back, or buy it from BMWFS for what you owe.

Lease rates are likely better than when you bought that one - I'd just get a new one which may well be cheaper anyway

[curvehound]

thanks for all the replies. this was helpful.
We will look into leasing a new one, although I was disappointed to see the residual just was lowered on the X5

Ian