[didii]

Hello All,

I am currently looking into lease transfer/buyout options. I have a 2023 bmw x1 and I leased my car in jan 2024 in Vancouver, BC. Based on what I’ve read on the internet, BMW does not allow 3rd party buyouts. I haven’t found the actual statement on bmw.ca yet. I was wondering if that’s true and if my only option is to either find someone to transfer the lease to or make the remaining payments on the lease term to end my lease early. Could anyone advise on this?

[Bc2005]

Just to be clear. So you want to get rid of the car?

You can always get a loan and buy it out yourself, if you just want to get out of the lease. But then you have a loan.

[didii]

Originally Posted by Bc2005

Just to be clear. So you want to get rid of the car?

You can always get a loan and buy it out yourself, if you just want to get out of the lease. But then you have a loan.

Yes. I no longer want to make payments on the car

[tturedraider]

Originally Posted by didii

Yes. I no longer want to make payments on the car

You can payoff the lease and take ownership of the car. That’s not a problem.

[DocL]

Originally Posted by didii

Yes. I no longer want to make payments on the car

Cars don't float.

[didii]

Originally Posted by tturedraider

You can payoff the lease and take ownership of the car. That’s not a problem.

The issue is that I am currently in a tight situation and definitely don’t have that kind of cash. I want to get out of the lease without having to make the remaining payments. I know other brands accept 3rd party buyouts but I’ve been reading online that bmw doesn’t.

[didii]

Originally Posted by DocL

Cars don't float.

I understand, but I’ve also read some threads that people have gone to third parties for the buyout so I know it is/was possible. Might depend on the province/state I guess.

[xander_g]

https://www.leasebusters.com/

[tturedraider]

Originally Posted by didii

The issue is that I am currently in a tight situation and definitely don’t have that kind of cash. I want to get out of the lease without having to make the remaining payments. I know other brands accept 3rd party buyouts but I’ve been reading online that bmw doesn’t.

Unless things are different in Canada, and I doubt they are, you will have to go through BMWFS and have someone assume your lease. This is a pretty easy process. Swap-a-Lease is popular in the US for finding someone to take your lease. I’m sure there are similar sites in Canada. But, again, unless things are different in Canada, you won’t be able to sell your car to a non-BMW dealer or use it as a trade-in.

[BMWCCA1]

There is no such thing as a free lunch . . . or lease termination. It will cost you. Why would anyone just take over your payments when they could have a new BMW maybe even for less money? Just make sure whoever does the buyout that you are not responsible for the car if the next lessee decides to take a walk, too. Most likely at best, you'll lose whatever security deposit you paid at inception.

[IDBGOD]

Swap-a-Lease was a good suggestion if that is available to you.

What everyone here has said and what you have read is correct. Only BMW dealerships can take in BMW leases, so you can’t trade in your car at another brand, etc.

Unfortunately, your only options are to pay the remaining payments, or buy out your lease (you will pay applicable taxes, fees etc), or find someone to take over your lease.

You could buyout your lease and then trade it in wherever you like, but you will likely be upside down. Very few have any kind of equity in lease anymore and after taxes you paid more than what you will get as a trade in. You may be better off doing this though vs remaining payments. Find out what your buyout is and see what offer you have on the table for someone to purchase your X1.

Or find someone to take over the payments. Best of luck .