[bobloblaw]

As the title states, have people been buying their cars back after their lease is up and selling on the private market? The used market is nuts and I feel like this may be more commonplace right now. My car's lease end is coming up soon, and it looks like comparable cars are selling for about 8-12k more than the residual... Anyone have any experience with this?

Or does BMW sweeten the pot on your next lease or purchase if you give up your car, knowing that they can flip it for a nice profit? I doubt it... probably best to just buy and sell it yourself.

[Wht340i]

My 2018 340i lease is ending in October and I decided to sell it to Carvana for $7500 over my payoff. Leased a 2021 M340i from my local dealer thats on its was as we speak. My dealer wasn't close to what Carvana offered me however they did give me a little over 8% off the $65k MSRP so I’m happy.

[bobloblaw]

Originally Posted by Wht340i

My 2018 340i lease is ending in October and I decided to sell it to Carvana for $7500 over my payoff. Leased a 2021 M340i from my local dealer thats on its was as we speak. My dealer wasn't close to what Carvana offered me however they did give me a little over 8% off the $65k MSRP so I’m happy.

Nice! I've heard good things about Carvana. I sold a car through Beepi a while ago but they went out of business, so it's nice that there's something similar now.

[Nifty]

I was leasing a 2018 M240i xDrive that I recently sold to Carvana. Walked away with a $5500 check after all taxes/fees. The dealer wasn't even close (about 7-8k below what Carvana offered) so it was a pretty easy decision. One thing to note though, if you're looking to have them buy out your lease you must be at least 60 days out from your maturation date. Not a big deal since BMW normally offers a 60 day extension without any question, but it was weird that Carvana didn't mention that up front.

[Wht340i]

Originally Posted by Nifty

I was leasing a 2018 M240i xDrive that I recently sold to Carvana. Walked away with a $5500 check after all taxes/fees. The dealer wasn't even close (about 7-8k below what Carvana offered) so it was a pretty easy decision. One thing to note though, if you're looking to have them buy out your lease you must be at least 60 days out from your maturation date. Not a big deal since BMW normally offers a 60 day extension without any question, but it was weird that Carvana didn't mention that up front.

When I called BMW financial they didn’t say anything about it. Said they would fax Carvana the dealer payoff and that was it. Carvana is set to pick the car up next Saturday so we will see. My new car should be here in a week or so.

[Nifty]

Originally Posted by Wht340i

When I called BMW financial they didn’t say anything about it. Said they would fax Carvana the dealer payoff and that was it. Carvana is set to pick the car up next Saturday so we will see. My new car should be here in a week or so.

Interesting, they refused to move forward with the process until my lease maturity date was 60+ days out.

I'm assuming that they already accepted all of our documentation if you've already scheduled the pickup? When was your lease coming due?

[Wht340i]

Originally Posted by Nifty

Interesting, they refused to move forward with the process until my lease maturity date was 60+ days out.

I'm assuming that they already accepted all of our documentation if you've already scheduled the pickup? When was your lease coming due?

My last payment is October with the lease ending November. Yeah everything is accepted and pickup is setup.

[Nifty]

Originally Posted by Wht340i

My last payment is October with the lease ending November. Yeah everything is accepted and pickup is setup.

Ah, yea you're 60+ days out so should be smooth sailing. Sure beats turning it in and walking away with nothing!

[bobloblaw]

Originally Posted by Wht340i

When I called BMW financial they didn’t say anything about it. Said they would fax Carvana the dealer payoff and that was it. Carvana is set to pick the car up next Saturday so we will see. My new car should be here in a week or so.

Is it a very hands-off experience working with Carvana? It seems like your dealership has experience with this transaction. Are they helping out making the sale to Carvana a smooth process?

[Wht340i]

Originally Posted by bobloblaw

Is it a very hands-off experience working with Carvana? It seems like your dealership has experience with this transaction. Are they helping out making the sale to Carvana a smooth process?

My dealership wasn't able to get close to what Carvana offered so I’m selling it to Carvana separately. Very easy process so far. As for my dealer I’m just using the dealer to order the new M340i.

[Wht340i]

Originally Posted by Nifty

Ah, yea you're 60+ days out so should be smooth sailing. Sure beats turning it in and walking away with nothing!

I agree we are in crazy times. I have never had anywhere near this much equity in a car before turning it in. Don't put much miles on cars so normally they are very low miles when trading in.