You’ll have plenty of options whether you choose to move forward with buying or leasing a vehicle in Westbury. Some of the benefits of a BMW lease include:
This can mean two things. The first is also referred to as a lease buyout. If you really like the vehicle you’ve been leasing in Syosset, and you’ve negotiated for the option to buy your BMW model at the end of your lease, you can sign a BMW lease buyout loan. This will allow you to make finance payments towards the total value of your vehicle, building your equity. The purchase price will be based on the estimated residual value of the leased BMW at the time of your contract’s closure. This means that you’ll generally absorb your BMW lease payments into your overall auto equity investment.
The other way in which the term lease takeover is often used is to refer to the process of signing the remaining contract of your lease term over to a different person. This option can be helpful if you’re looking to get out of a lease early. Alternatively, if you just want a taste of what a certain model has to offer, then you can take over a friend’s lease and carry out the remainder of the lease term.
If you plan on transferring a current lease, make sure there aren’t any fees stipulated in your contract for breaking your lease early. If there are, make sure to determine whether transferring your lease is cost-effective. Plan on taking over someone else’s lease? Make sure the vehicle is in good condition and remains compliant with the original lease terms, as you may find yourself legally liable to pay fees incurred by the previous lessee.
Yes, you can terminate your BMW lease early. However, this can come with a hefty lease termination fee, and you’ll also have to pay the remaining expected depreciation of value on your lease’s original term. Fortunately, BMW is one of the most accommodating manufacturers to work with when it comes to early lease termination, as they allow for lease transfers.
With the BMW Pull Ahead Program, BMW once offered to pay off the remaining 3 to 6 months of drivers’ lease agreements on their current vehicles if they agreed to switch to a BMW lease. As of 2018, this program has ceased to exist, but it could be reinstated in the future.
BMW now offers a BMW lease specifically for drivers looking to use their vehicles as a ride-share for Uber or Lyft. However, you will want to consult the manufacturer’s site to see a list of participating dealers.
While car financing requires a larger down payment and larger monthly BMW payments, you are paying toward actual ownership of your vehicle. This means that when it comes time to sell, you’ll receive the residual value of your model. In a sense, your payments are an investment. Here are a few other advantages of financing:
At the end of the day, the benefits of leasing a car vs. buying generally appeal to different sorts of drivers. The BMW lease vs. buy decision is a difficult one, but if you fit into one of these two categories, you should be able to chart a clear path forward:
And regardless of which path you choose, be sure to explore our BMW finance and lease offers!
Now that you’ve read our BMW lease vs. buy analysis, check out the BMW lease specials we have on offer. Have more questions about BMW lease return or a car lease takeover? Feel free to reach out to Rallye BMW in Westbury to talk with one of our finance professionals for answers. Explore our new model inventory to find the right vehicle for your BMW lease, today.When you get in touch, we can also talk about other options like secured car loans. And, of course, we’d love for you to take a test drive while you’re here! We want to help you have the best Jericho or Roslyn commute possible, after all!
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