Preliminary Lease Buyout Steps:
1) Contact one of our Finance Managers to confirm you would like to buyout your lease. We will then register the vehicle into our system and create a quote (this may take up to 48 hours).
2) A vehicle safety inspection appointment will need to be booked with our Service Department no later than 30 days prior to lease end.
3) If you require financing, please let us know and we will set up an in person or phone appointment to discuss further & fill out credit application.
4) We will require the current mileage (kilometers) that are on the vehicle.
5) Please let us know how long you wish to keep the vehicle and how many kilometers you drive per year on average.
6) A copy of your driver’s license and current insurance (can be scanned and emailed in advance) will be required for licensing. If you are re-financing, confirmation of coverage will be required from insurance provider 24 hours prior to contract date.
Once your vehicle has been registered into our system:
7) We will review warranty/protection products that are available to you.
8) We will provide a quote that will include:
-The residual buy-out value and remaining payments (+HST),
- OMVIC Fee ($10+HST),
- Admin Fee ($999+HST),
- License fee
-Safety Certificate completed at BMW London $199+HST,
-PPSA/Lender fee (for financing only and dependent on lender and term)
- Any other optional accessories/products added.
9) Schedule an appointment date and time to complete paperwork.
Day of finalizing the transaction:
10) Please bring your plate portion of your ownership (green slip) if you are transferring plates.
11) Safety certificate; we will obtain from the BMW London Service Department.
12) Confirmation of insurance showing your name, VIN, insurance company, liability, deductibles, date effective, date of expiration, etc. If financing we will provide lien holder information for you to forward to your insurance provider.
13) If paying by cash, please bring a certified cheque or bank draft payable to BMW London. If you are financing, please bring a void cheque or a pre-authorized debit form.