crholic
Posts: 6
Joined: Wed Jul 05, 2017 3:06 pm

Re: Disposing of owners choice

Fri May 04, 2018 2:13 am

I just got everything squared away turning mine in early. The dealership was a little confused since it was the first time they had an i3 Owner's Choice terminated early, but after getting that sorted out I ended up getting a bill from BMW FS that seemed to include only the principal portion of my remaining payments (your MyBMW account should have an estimated amortization schedule of interest vs principal portions of each payment).

The turn-in process seemed to be the same as a lease. I needed to get new tires since the Ecopia tires are trash (15k miles...) but other than that no issues.

jhu321
Posts: 39
Joined: Wed Mar 18, 2015 1:54 pm

Re: Disposing of owners choice

Fri May 04, 2018 4:57 am

I think the difference between yours and mine was the dealership I turned it into opted to buy the car from bmw fs instead of sending it back to bmw fs. I thought I was gonna get a bill as well but bmw fs didn’t send anything to me and when I called they told me everything was closed out because the dealership bought the car outright.

I got no paperwork from bmw at all. I had to call to find out why I didn’t get any paperwork

crholic
Posts: 6
Joined: Wed Jul 05, 2017 3:06 pm

Re: Disposing of owners choice

Fri May 04, 2018 10:24 am

jhu321 wrote:I think the difference between yours and mine was the dealership I turned it into opted to buy the car from bmw fs instead of sending it back to bmw fs. I thought I was gonna get a bill as well but bmw fs didn’t send anything to me and when I called they told me everything was closed out because the dealership bought the car outright.

I got no paperwork from bmw at all. I had to call to find out why I didn’t get any paperwork
Must be. I know mine is listed on my dealer's site now at about 5k less than my balloon payment would have been in a couple months, so I doubt they were dying to buy that one off me :P

i3Alan
Posts: 294
Joined: Wed Jul 09, 2014 4:08 pm

Re: Disposing of owners choice

Sat May 05, 2018 11:43 am

I had the 30 month OC on a '14 BEV that ran out last Feb. My search for fair market value of my i3 for private trade (priced above wholesale, but below retail with extended warranty) put it almost $10K below the OC buyout residual. I called my salesperson and asked if they could negotiate a lower buyout price, and was told I had to talk to BMW corporate. I call BMW, and was told I had to talk to a BMW center (dealer).

I went in and talked to my dealer's general manager, telling him I would like to keep my i3, but was not willing to pay over fair market for it. I told him I specifically asked for him for help getting out of the sales/corporate/sales endless loop. He said he understood, and asked for a few minutes for him to do some research. About 20 minutes later he returned with a paper having a buyout offer from BMW USA with a price about $200 over what I figured was fair market, and I took the deal. I got nearly $5K off MSRP when I purchased, got $7500 back from Uncle Sam, and then got another nearly $10,000 off after the OC was up.

Even though I was buying the car I already had, they still required the lease/OC final inspection, and all was fine with the inspection (I had put on new tires already). A few months later, BWM sent me $300 as a milage credit for unused milage! I certainly was not expecting that, as they had the milage when they made me the buyout offer. :D

crholic
Posts: 6
Joined: Wed Jul 05, 2017 3:06 pm

Re: Disposing of owners choice

Sat May 05, 2018 11:47 am

Bah hahaha brilliant. I also got caught in that dealer<-->corporate loop, glad you snuck out of it. Hopefully others can have success there too!

penet05
Posts: 1
Joined: Thu Sep 17, 2020 11:15 am

Re: Disposing of owners choice

Thu Sep 17, 2020 11:19 am

I know this is an old thread but I appreciate if you guys can answer. Do you know how soon you can dispose your vehicle in a Owner’s Choice? I am getting contradicting information from BMW NA, one say within the last month of due date, another say anytime within the last six months, the dealer says 120 days. I am confused. I know that I am responsible for the remaining payments.

Any help appreciated.
Thanks.

Arm
Posts: 46
Joined: Tue Jan 07, 2020 5:53 pm

Re: Disposing of owners choice

Sat Sep 19, 2020 3:02 pm

It's incredible the games these people play. Do they have a fulltime team of crooks at BMW Finance so they can sit there and change finance deals, rates, etc every freaking month for no apparent reason?

What a shady industry.
Schnort wrote:
Wed Sep 07, 2016 8:40 am
My i3 BEV owners choice is coming due in January/February, so I've been exploring options. Unsurprisingly, the balloon payment/residual is way more than the value of the car so buying it out isn't an option.

Here's what I've gathered:
- there are occasionally 'pull ahead' programs to get you out of your owners choice/lease up to 6 months early with no penalty assuming you lease/buy a new BMW. When this was written, there was no program available for this, but things change monthly.
- BMW financial services are only offering the option to buy out or return the car, or at least that's what the customer service adviser told me. They won't reduce the balance; they won't extend the period, etc. Buy the car or return it. After that, you can deal with the dealer and they may (apparently with monies/incentives from BMW USA) resell that car to you as a certified used at market rate. Maybe there's a chance to get a deal because you're not arguing over THEIR money, but BMWs money.

Oh yeah, dealers and their internet/truecar.com staff appear to idiots. I've inquired at several dealerships in the nearby cities and nobody will actually give me a quote on leasing a vehicle in inventory. They keep sending me a 'truecar' certificate for guaranteed discount on a car that is either the same advertised price on their website or worse. Then they keep telling me to call them to come in for a test drive and/or talk to their finance guy about "great interest rates available". Or just never respond.

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