BMW Lease Returns
As your lease period comes to a close, there are several important choices to make. Whether you're considering upgrading to a new BMW, keeping your current vehicle, or returning the lease, we're here to help you navigate the process.
Option 1: Trade-in for a New Vehicle
When your lease ends, you have the chance to upgrade to the latest models available. You can smoothly transition into a brand-new ride by trading in your leased vehicle.
Advantages of Leasing Again:
- Stay Current with the Latest Models: Always enjoy driving vehicles with the latest technology and features.
- Lower Maintenance Costs: Lease agreements often include maintenance plans, helping reduce your out-of-pocket expenses.
- Potentially Lower Payments: Depending on various factors, your monthly lease payments for a new vehicle could be the same or even lower than your current lease.
Option 2: Purchasing Your Leased Vehicle
If you've grown fond of your leased vehicle and would like to keep it, buying it outright is a viable option.
Assessing if a Buyout is Right for You:
- Vehicle Condition: Evaluate the condition of your vehicle, including any wear, mileage, and repair needs.
- Market Value: Research the current value of your vehicle to understand its resale potential.
- Financial Considerations: Compare the total cost of ownership, including payments, interest, and depreciation, to the buyout price.
Option 3: Returning Your Lease
Returning your vehicle is a simple process if you're ready to move on.
Pre-Return Inspection:
- Timing: Plan a pre-return inspection a few weeks before your lease ends.
- Inspection: A representative will check your vehicle for excessive wear, interior damage, and scratches.
- What to Expect: The inspector will compare your vehicle's condition to the terms of your lease agreement.
Finalizing the Return and Potential Charges:
When returning your leased vehicle, bring the original lease agreement, keys, owner's manual, maintenance records, and any other included accessories.
- Mileage Overages: If you've exceeded the mileage limit, a fee per mile may apply.
- Excess Wear and Tear: Any damage beyond normal wear and tear, such as dents, scratches, or interior damage, may incur additional fees.
- Disposition Fee: This fee covers the administrative costs of handling the returned vehicle.
As your lease draws to a close, consider your next step. If you're excited about driving the latest models, trading in your current vehicle is a great way to upgrade. If you love your current vehicle, purchasing it may be the best choice. Or, if you're ready for something new, returning the lease is a hassle-free option.
To learn more information about lease returns, contact us or visit the BMW website.
