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I hate to pile on an almost dead thread, but wow. I am currently leasing and am pretty up on the ins and outs of it. If his residual is $19800 and payments of $761 for say 33 more months, the lease payoff will currently be $44913. The OP must have paid way over MSRP to begin with and if he can afford to sell for $31K and make up the difference himself, someone should jump on it. BMW is known for their great lease deals, high residuals and low promotional money factors (interest rate). There are folks currently leasing M Roadsters for around $500 a month on 24 month leases, cars whose MSRP was around $55K. This hurts to think about.
My quess is that after reading all this, he probably hates even more the day he got the car... Good luck on selling your car and I hate that the car was not what you wanted......