Buying Your Car At The End Of A Lease
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buying your car at the end of a lease
The time has come to make an important choice: will you keep your current BMW, or return it and choose a new model? If you decide to return your BMW, the information below will help guide you through the experience. Whatever you decide, BMW Financial Services is here to help.
If you've really enjoyed driving your BMW, you may find that you've exceeded your contractual mileage. BMW Financial Services offers a Mileage Adjustment Program* that allows you to purchase additional miles at a discounted rate prior to returning your BMW.
Contact your preferred BMW Center to schedule your final inspection and vehicle return. During your appointment, you'll also sign a Federal Odometer Statement serving as confirmation of your vehicle return.
It is your responsibility to register your vehicle in your state of residence. You are also responsible for paying your state's required registration fees and complying with all motor vehicle regulations. If you move to another state, you may be required to re-register within 30 days or less.
You may update your contact information by visiting the Profile page and elect to receive a Move Pack, or notify BMW Financial Services immediately so that we can send you the documentation you need before re-registering the vehicle in your new state. You can also make these changes by marking the box on the front of our account statement, and by completing the back portion (including the section requesting re-registration documents.) Should you have any additional questions regarding your registration, please contact a BMW Customer Service representative using one of the methods listed on the Contact Us page.
Please make a note of your registration expiration date. If you do not receive your renewal information 30 days prior to your expiration date from either the state or BMW Financial Services, contact your local department of motor vehicles.
Within 120 days of the contract end date, additional miles may be purchased at a discounted rate by visiting My BMW or directly with a Lease Loyalty Specialist. Payments will be accepted for mileage purchases through a credit card or through ACH from your bank account. At the end of the Lease, the Lessee may receive credit for any Unused Miles equal to the per mile purchase price, which will be applied toward any remaining obligations owed under the Lease.
Trading on margin involves risk. You can lose more funds than you deposit in a margin account. Please review Margin Account Agreement and Disclosure for more information regarding margin trading.
Not interested in another Toyota? Hey, we understand and we'll be here for you if you ever decide to come back. For now, simply bring your vehicle back to your dealer by lease-end. You can also view our Return Checklist.
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When you purchase a vehicle, a new title will be issued to you for proof of ownership. Always keep your title in a safe place. Never keep it in your vehicle.Be sure to review your title carefully for accuracy. If there are any errors, visit a Secretary of State office to correct your title.If you ever sell your vehicle, you will need the title to transfer ownership to the new buyer.Information about titles
In addition to proof of Michigan No-Fault insurance, you must have a valid vehicle registration, tab, and license plate to own and operate your vehicle in Michigan. Information about license plates
Whether you are buying your vehicle at a dealership, in a private sale, or from a family member, or if you are leasing, you will need the following to register your vehicle and drive it on public roads in Michigan:
If you purchased your vehicle outside of Michigan, you may convert the out-of-state title to a Michigan title and register the vehicle in Michigan. To do so, visit a Secretary of State office and provide the following:
The Michigan Department of State can issue you a limited memo registration but will not convert it to a Michigan title. The out-of-state title will continue to be your ownership document.Schedule an office visit
A regular title will be replaced with a scrap title if your vehicle has one or more major component parts that have been wrecked, destroyed, damaged, stolen, or missing to the extent that the total estimated cost of repair is 91 percent or more of its pre-damaged value.
When you lease a vehicle, make sure all the terms of the lease are in writing, that you understand the terms of the lease and that you agree with the terms. Leasing may involve additional costs for excess mileage, early termination, or excess wear and tear.
Three months before your lease ends, the lease provider should contact you to go over your lease-end options. If the provider does not contact you, you should reach out to them. Typically, there are three options for you to choose. Use a car loan calculator to run some numbers as you consider them.
With one month or less to go before your car lease ends, arrange for financing if you want or need it. Most auto loan approvals are good for 30 days, which is why you want to apply for them when you have only about a month left on your lease.
Once you have chosen the right loan offer for you, your new lender should contact the lessor and guide you through completing the paperwork. They may send you a check to pay your lease provider, or directly send a check to the lease provider.
No matter how good a deal looks on paper, it needs to be affordable in real life. Current car prices, as of 2021, are booming. Doing a lease buyout may be the most affordable option to secure private transportation.
If life was rough on your leased car and it has significantly more miles or more wear and tear, a lease buyout may be better than paying the fees for exceeding lease limits. Remember, you should be able to get a pre-inspection from your leasing company that estimates fees and lists repairs. If you get it early, you could have repairs made by an independent mechanic who may charge less than the official dealership.
The standards for wear are listed in your lease agreement. Any wear to the vehicle that is not excessive is considered normal. Examples of excess wear include, but are not limited to, missing or broken parts, and cracked or broken glass. Please reference the Lease-End Guide for more information about what is normal vs. excess wear.
Yes, you may terminate your lease early. For more information about voluntary early termination of your lease and the amounts that will be owed, see your lease agreement. Please contact us in the GM Financial Mobile app or by logging in to MyAccount. You can also call us at 1-800-284-2271 or see your originating dealership for details.
*This Loyalty Program offer is only available to customers who received a lease term extension and terminated their lease after Feb. 1, 2021. This program is subject to change; GM Financial may terminate this Loyalty Program without notice at any time.\r\n
Messaging is a convenient online connection to our Lease-End Experience team. You can initiate a messaging session by logging in to the GM Financial Mobile app or by clicking the option in MyAccount online. During business hours, you will be connected to someone who can help you get the information you need. At the end of your session, a transcript of the online conversation will be saved for 13 months and available to you.
The best way to find out what excess wear charges you might be responsible for is to schedule a complimentary pre-return inspection. You can schedule this inspection to take place at home, at work or at your dealership. To schedule this inspection, contact us through MyAccount, text* LEASEEND to 53721 or call 1-800-284-2271.
If you lease or buy a new GM vehicle, or if you purchase your leased vehicle, the disposition fee may be waived. If you choose one of those options, please contact the Lease-End Experience team if you are unsure that the fee has been waived. If you have questions about this fee, you can contact us in the GM Financial Mobile app or by logging in to MyAccount. You can also call us at 1-800-284-2271.
Download the GM Financial Mobile app or visit MyAccount to create a User ID and Password. You will need your account number, which can be found on your welcome packet or billing statement, as well as the last four digits of your Social Security number. 041b061a72