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BMW Lease - A lesson learned
I leased my Z4 and paid off the entire lease up front so I didn't have to deal with monthly payments. My intention was to eventually purchase, but just not sink so much money into the car right away. This was a big mistake and lesson learned.
First, there is absolutely no benefit for paying it all up front. It actually becomes a financial detriment if you suddenly decide to sell or trade the vehicle. Even though you paid everything up front, you're still charged whatever the lease interest rate is. If you decide to trade the vehicle, you lose ALL of the interest PLUS the taxes on the full lease amount and get none of it back even though the lease ended early. Just think of it as an extra level of depreciation you certainly did not expect.
Never again would I do this.
Rob
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