RentToOwn-HouseFinder.com - What are my options with the lease on my car?

What are my options with the lease on my car?

I leased a new BMW 2006 325i for $430.00 a month. I turned in my car and got about $2500.00 credit for it which I used towards the down payment. In addition I put down an additional $2500.00 in cash. My question is - the lease get's over in July, 2008 (It is a 2 year lease). I leased the car from the BMW dealership in Austin, TX. I now live in Palm Springs, CA. What happens come July? Where do I have to turn the car in? What if I want to continue to lease it? What if I want a new BMW? Basically, I want to keep my car payments around the same dollar amount and want to drive a BMW....what are my options? Will they cut me a break on either extending this lease or starting a new lease? What kind of a break? Which dealership am I dealing with - the one in Austin or the one in Palm Springs? Thanks for your help....

Public Comments

Well my boyfriend has an 03 325CI and was thinking about leasing a newer 3-series coupe so we got some info. You can turn it in to any BMW dealership. They will want you to turn the car in in July or they'll allow you to extend the lease. You may have to go through all the signing of papers and agreements but it shouldn't be a huge deal. A lot of times BMW gives incentives for turning in your leased car and getting a new one.. Like they may pay the first months payment. I get emails in my inbox all the time about the specials they're running. If you want to keep the same price range I'd say you should go for any of the new 3-series, except the new turbocharged coupe (they're more in the $500+ range I believe), an X3 or Z4. You have a great taste in cars! Oh, also you could decide to just buy the car for the depreciated value and that would prevent you from having to pay for wear and tear on the vehicle, and possibly mileage overages.. To the poster below: BMW Financial says that the car can be returned to any BMW dealership.
Your lease payments are to a bank or BMW finance; the lessor (finance co) can tell you exactly what your options are. generally you deal with the guy that brung ya to the dance (the Austin dealer) but something could be worked out with lessor to return same to CA dealer, I believe. They will have final say however.
You can turn it in at at any BMW dealer or you can call me and I can handle releasing it to you or leasing you a new one. D&M Auto Leasing (800) 654-1288 x239
There are equity leases and there are walkaway leases. With one you own part or all of the car when the lease is up. With the other you own nothing and you simply walk away and start over with a new lease or new car. Your payment amount is going to change dramatically if your lease is a walkaway and you lease another car. If you have any equity you should negotiate a buy out or extend the lease . You are not dealing with either dealership - you are dealing with the leasing company but either dealership can arrange a new deal for you.