Quote:
Originally Posted by RMachuca3d
Offer to buy it back at a fair trade in price and flip it on the spot, then have them pay the difference which I am 99% sure it would be a lot less than what was left on the lease. Since the estate took legal assumption of the leased vehicle at the time of passing, they can also sell it to you, so no legal issue there.
So in essence, a dealership is fully responsible for initiating all of the lease paperwork and making sure everything is penciled out, all the F&I bs addons are milked and pressured onto the customer as much as possible, and collect on all that profit, but as soon as something tragic happens to your client "its not our problem". Yup, sounds like a typical dealership.
Nothing personal against you BMWCCA1, just upset at all the BS dealerships try to pull which is tolerated by the law.
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You exhibit a basic misunderstanding of leases and contracts. Our dealership has to pay what the lessee owes plus the residual value to purchase the car from BMW on an early termination. Leases are cheap on a monthly basis because the manufacturer places an artificially high residual value which lowers the payment. BMW doesn't care if the car is worth half the residual value at the end because they sold a car. For example, I've never seen a customer purchase an i3 at the end of their lease because in many cases that cost is $10,000 or more over the market value of the car.
For us to buy a car from BMW FS, particularly one in a legal action like bankruptcy or death, costs us the remainder of the payments plus the residual. In many cases the manufacturer cannot sell the car except at auction which determines the value in the market and then factors that into what the estate or bankruptcy charges the original lessee owes.
In these modern times, the dealership might make $2000 leasing a $70k car to a customer. No matter how tragic their circumstances, how do you reasonably expect a dealership to overpay $10,000 or more to help make a bereaved family whole?
Why continue to vilify the dealership? What happens if you die and you still have a home mortgage? Is it the fault of the realtor who sold you the house if it's not worth your mortgage balance? Is it even the bank's fault? So who sucks it up? Do you charge your broker back if you bought stock and had to cash-in to pay health costs and your investment has tanked?
In case you hadn't noticed, there is a lot of unfairness in this world, just as there is risk associated with all purchases that a consumer assumes with little thought. I've worked for dealerships since 1976 and even owned my own for about five-years. I doubt I'd have some third-generation customers from the same family still buying from me today if we act with the malevolence you casually assign to all dealerships in your statements.
Again, lease payments are protected by the included GAP coverage (free in a BMW lease) if the car is totaled. Just like your house, your insurance covers you in case of damage. It does not cover you in the case of depreciation if you want to get out of the mortgage. Or if you die.
If you must place blame in a society where personal responsibility seems to have taken a hike, then blame the manufacturer. Or sue them. That's what the President does.