01-20-2022, 09:54 AM | #23 |
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I think the key detail here as noted above is that when leasing the lessee is not the owner of the vehicle.. they are just borrowing it for a fee
The insurance you purchase is technically not even your insurance you are doing it on behalf of the owner of the vehicle (as it is required in your lease contract that you purchase insurance for them) This concept of the buyout tends to optically push ppl to think they have more of a "right" to the car than they actually do. For example bmw could just do leases without a buyout at all if they wanted to (in this market they could probably get away with it) Another way to put it… if the car in question was a rental from hertz not a "lease" from bmw would the expectations be the same? |
01-20-2022, 09:56 AM | #24 |
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01-20-2022, 09:59 AM | #25 | |
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01-20-2022, 10:03 AM | #26 | ||
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The part here I don't get is your insurance company. They should only have to pay bmw the minimum unless in this market bmw is being more aggressive about collecting full value. Probably for simplicity of processing their policy is not to split payments. |
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01-20-2022, 11:33 AM | #27 | |||
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Additionally in NY, a lessee is not legally liable for the gap between cash value and lease termination value: Quote:
In the end it depends on the lease terms. If I look at my lease, it does clearly state in section 25 that if the car is a total loss then I owe Quote:
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01-20-2022, 12:42 PM | #29 |
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Call your insurance company, they only owe for the amount of pay off on the lease to BMW Financial. They are no longer indemnifying them as a company but putting them in a better position than required. They should only pay to full pay off, if nothing else, it will keep BMSFS from profiting off you.
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01-20-2022, 12:56 PM | #30 |
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BMW is probably desperate to recoup all the money they've lost over the years with their inflated lease residual values.
Sure, it kept their lease payments lower than the German competition, but good lord they were getting brutalized for decades at these lease turn-ins.
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01-20-2022, 01:33 PM | #31 | |
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It makes you wonder though why you are able to pocket in the equity if you surrender your lease early. In that scenario, it's still a lease, BMWFS owns the vehicle at the time you return it to the dealer, I was indeed renting it from BMWFS and yet, I still got a check.
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01-20-2022, 03:30 PM | #32 | |
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This just happened to me from the IDA flood. Payoff was 92K, Geico was telling me 114k on the settlement. BMW said I could not purchase the car as I had notified them the car was flooded. I Imediately logged onto my BMW app, printed out the odometer statement, cut a certified check to BMW, and had the title the next week. Geico was then legally obligated to deal with me only. Bmwfs WILL KEEP YOUR MONEY. They retain all equity in any leased vehicle. Do not hesitate, print out the odometer statement and cut a certified check at 9 AM tomorrow when the bank opens. Overnight it to them for Monday. You will have your title in seven days. Do not listen to anybody else who has not been through this. PM me if any questions.
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01-20-2022, 05:41 PM | #33 | |
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01-20-2022, 06:15 PM | #34 |
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I'm not sure the website allows a payment exceeding the total of the remaining lease payments. After all, in order to own and receive the title, it requires payment of those PLUS the residual.
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01-20-2022, 06:29 PM | #35 | |
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Hopefully for OP's sake the buyout mentioned above is a way to benefit. |
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01-20-2022, 06:46 PM | #36 | ||
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if the point above on just activating the buyout ASAP is accurate might be able to get the buyout processed before the right hand talks to the left |
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01-20-2022, 07:13 PM | #37 | |
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I also hope the OP can pull that off. I would be frustrated as hell if I would lose that much money that way.
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01-20-2022, 11:23 PM | #38 | |
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01-21-2022, 02:09 PM | #39 |
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Yes, NEVER put money down on a lease. It's foolish as you're just basically pre-paying lease payments.
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01-21-2022, 02:41 PM | #40 |
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I agree, login NOW and start the process of paying it off.
BMWFS won't take a bank account payment for payoff. It has to be a certified check. I bet you could slip this in still. Worst case, call the insurance company and tell them what's owed on the car so BMW can't profit from this (but don't do that until there is no way to pay off the car). They start cutting all this shit out from builds due to "supply issues" and now people can't get 1 percent off new cars from them? All while they post record profits…and now they want to basically make $30k off your insurance company? Make no mistake….you will pay in insurance premium increases for them ultimately paying $84k and not $54k…..yeah fuck these guys (BMW).
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01-22-2022, 09:52 AM | #41 |
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Advice offered may vary dependent on your insurance company and state you are in.
I asked an insurance buddy of mine in California and he said that his company pays the equity to the customer and only pays the leasing company the balance owed and not the entire check. If your insurance will only pay the whole amount to title holder and not split it, You might be able to get your insurance company to hold off on making payment by telling them you paid out the vehicle and are working to clear title. I don't think bmw can prevent you from paying off the vehicle as that's a right on your lease agreement. |
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01-22-2022, 09:55 AM | #42 | |
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