How much time do you have left on your BMW lease? If it’s several years and you want to get out of it, there are some options. Here we go over the various choices you have!
Buy It
If you want to stop leasing for financial reasons, this may not be feasible. But, if you can purchase the car, this could be very beneficial. For one thing, if you have all of the money on hand you need, you’ll be able to say goodbye to monthly payments. Plus, if you do need to take out a loan, those payments may be less expensive than what you’re paying right now for the lease.
Sell It
You can’t sell a leased car, but this doesn’t mean you can’t buy it and then sell it. With the prices of all types of cars – and especially pre-owned models – having gone up significantly recently, this could result in a lucrative deal for you.
Transfer It
If neither of those options are appealing, you may be able to transfer your lease if you know somebody who would be willing to take it over. There are two things to know about this, however. First, there is a fee to do this. Plus, your name will stay on the lease.
Pay the Early Termination Fee
As a last resort, you can just end the lease and pay the fee. This can be high, so it’s worth exploring all other options before going this route.
If you’re not sure what to do about your lease, BMW of Catonsville wants to help you make the right decision. Contact us or just come to our dealership to speak to one of our professionals.