My new car arrives next week, but so is my last car payment

[GOLewin]

I have a question .. My new car arrives next week, and usually as part of the up front fee is the first car payment. However, I also have one month left on my lease and that car payment is usually the last day of the month.

I am worried that the last payment for the vehicle will be auto-deducted from my account and the day after (or shortly thereafter), the car will be ready for pickup where I will be asked to pay first month.

Have any of you dealt with a situation like this? Is there any way to prevent this or credit the payment to the first payment of the next car? Any insight would be appreciated

[alex2364]

Sometimes BMW offers to a pull ahead but I don't think they're offering that now and you would have to let your dealer know.

[CanAutM3]

If you're that tight on cash, can you really afford this car ?

[NYBulldog]

What pulling ahead in your lease part of the deal? If they knew that and were taking the car back then you shouldn't be paying anything. Its simple, ask.

[Franco3000]

Originally Posted by CanAutM3

If you're that tight on cash, can you really afford this car ?

Or you could interpret it as, he is being financially responsible and does want to deal with two car payments in one month?? or maybe he does not want to make a monthly payment on a car he will return next day? I don't think he asked us to assess whether he can afford the car or not

[sandwi54]

Originally Posted by Franco3000

Or you could interpret it as, he is being financially responsible and does want to deal with two car payments in one month?? or maybe he does not want to make a monthly payment on a car he will return next day? I don't think he asked us to assess whether he can afford the car or not

That's how I interpreted as well. A lease payment is easily in the $800-$1000 range and any reasonable person would not want/need to unnecessarily throw that away.

[RickFLM4]

OP, I don't see any reason to think your current car payment won't happen as scheduled and making first payment with a new lease is standard practice, so yes I would expect what you described. It also sounds like it's too late to tell dealer you want to turn car in early, particularly if your new car isn't here yet. So if you want to space out the payments, you can ask the dealer to hold the car for delivery until later in October. If they want to deliver it sooner perhaps they will suggest a creative solution (such as turning car in early with no final payment / get loaner until new car arrives).

[Darth One]

echoing NYBulldog, was the deal for the new car specifically a pull-ahead? because if not, you do need to pay both payments according to their normal schedules. you have an existing commitment to make payments on your lease until it ends, and then you entered into a separate agreement to buy a new car according to whatever payment schedule.

if it's a pull-ahead, then BMW is agreeing to forgo the rest of your lease obligation as part of your deal to buy a new car from them. in that case i think they'll work with you - i actually am in the midst of that exact same scenario with Porsche right now, and my new car delivery date is on the same date as my previous car's payment date. they've already told me not to make that payment.

if you aren't doing a pull-ahead, then i think you're SOL unless you can convince the dealer to pay a lease payment out of goodwill.

[GOLewin]

Originally Posted by CanAutM3

If you're that tight on cash, can you really afford this car ?

you do realize I'm going from one M3 to another, right? I can afford it just fine... but if wasting almost $1k is nothing to you ... my cash app is $GOLew

[GOLewin]

Thanks for the insight all ... we did discuss that they would do a pull ahead, but we were expecting that it might arrive sooner. If it doesn't arrive before the last payment is made, then I will simply delay delivery until the end of the month so that my payment isn't wasted.

[Wmf80]

Originally Posted by GOLewin

you do realize I'm going from one M3 to another, right? I can afford it just fine... but if wasting almost $1k is nothing to you ... my cash app is $GOLew

Agree w OP. Why waste money like that lol
Send me money too while ur at it..

[CanAutM3]

Originally Posted by GOLewin

you do realize I'm going from one M3 to another, right? I can afford it just fine... but if wasting almost $1k is nothing to you ... my cash app is $GOLew

The way I see lease deals, it is essentially a total sum divided in given quantity of monthly payments. The total sum of what you owed on your previous lease and your upcoming lease is a given amount and the sum of payments covers total sum.

[hinckley]

Originally Posted by Franco3000

Or you could interpret it as, he is being financially responsible and does want to deal with two car payments in one month?? or maybe he does not want to make a monthly payment on a car he will return next day? I don't think he asked us to assess whether he can afford the car or not

Originally Posted by pheerIx

You could delay delivery for a month. Would be torture though for me.

^^ This is really the correct answer.

Assuming it's too late to negotiate a pull ahead on your current lease, you're obligated to make the final lease payment on your current car. Since that payment is for use of the car during the month of October, taking delivery of a new car at the beginning of October means your old lease payment is wasted. So assuming you're looking for the financially responsible thing to do, waiting to take delivery of the new car once your current lease ends is the right answer.

[PK1]

Originally Posted by GOLewin

I have a question .. My new car arrives next week, and usually as part of the up front fee is the first car payment. However, I also have one month left on my lease and that car payment is usually the last day of the month.

I am worried that the last payment for the vehicle will be auto-deducted from my account and the day after (or shortly thereafter), the car will be ready for pickup where I will be asked to pay first month.

Have any of you dealt with a situation like this? Is there any way to prevent this or credit the payment to the first payment of the next car? Any insight would be appreciated

Probably too late for you now but I just saw this thread.

Yes. I went through this very scenario recently as I turned in my 340i with two monthly payments left to get my M3.

BMW has a program through which you can work this out (it's a retention/loyalty type deal but it's not advertised): essentially they will allow the dealer to adjust the residual value of the car you are turning in (not sure about the exact formula and whether it's 1:1 to the payment amount) and the dealer (theoretically) would pass the savings to you. I think they do this for up to three months but I'm not sure. Definitely two months, and they also waive the lease return fee.

It goes without saying that you need to negotiate and understand the numbers as the residual adjustment can be hidden in the numbers.

[CanAutM3]

Originally Posted by Schmee150

wat

In short:

Monthly payment = (Depreciation - Cash down + Cumulative Interests)/qty of payments