You may have saved me from a horrible lease deal! Now what?

[oregoni3]

I am in Oregon and took a Rex home overnight and fell in love with it. Needing a car quickly, I went back to the dealer and asked about rates yesterday. We went back and forth for an hour and I thought I was getting a competitive price on the vehicle, at least according to Truecars. I have never leased a vehicle before and I believe they may have taken advantage of me in that regard.

I was assured the MF was very competitive for my credit score, it is likely not. I have credit scores in the 820-840 region and the MF they offered was .0017 in calculating the lease. I got a truecar discount of $4038 in addition to the $5500 standard rebate. However, the lease terms they gave me for 24 months on this vehicle come in at $550 a month after $2500 down. They never showed the residual value percentages for me. I drove off the lot last night with the following:

Arravani Grey Base + rex + Tera World + Tech Package + & 20" wheels (I did't want the wheels but they were on the car)
MSRP 54250
- 4038 discount
- 5500 Rebate
= 44,712 Total Purchase

2500 down, 24 months, .0017 MF = ~550 per month.

I may have just gotten screwed, can someone help me untangle the figures? The deal is not final because the car I was supposed to drive off the lot was to have the parking assist package and this car didn't. They didn't charge me for it yet but it was the car I was looking for the entire time and they didn't realize it until they pulled the car out for me to take home at closing time.

 

[oregoni3]

Trying to help untangle this myself. I don't expect anyone to do my homework for me, just point me towards the glaring mistakes I make.

If I assume a value of 62% left on the vehicle at MSRP, and then I subtract the discounts, I get an expected payment of $373 a month. How that gets turned into 551, I do not know or understand.
(54250msrp - (54250 x .62residual) - 5500fed disc - 4028truecar - 2500downpayment) / 23 = 373 per month for the remaining payments. What am I missing here in reversing this calculation?


@bimmer and @zony seem to understand how to do the calculations better than I do.

 

[Zony]

I'm in the middle of higglipliggliness down here... but in short - you can do far better, so I'd take it back.

Details as to the actual lease will become critical here - in CA we have easy ways of looking at doc fees, license costs etc. You're missing out it appears on the .00125 rate for your FICO and the 2k BMW incentive as a minimum. The retail sounds average for the area - CA dealers are far more aggressive...

Also take a look at this deal - this might be closer to what you are looking for? http://www.bmwportland.com/new/BMW/2014-BMW-i3+w/+Range+Extender-serving-portland-or-07b032080a0a00de545fa03ed3e11333.htm

Note the 279/mo lease with the down - reversing that back to your down = less than $450/mo including tax - and that appears to be a 10% discount - I'd push on that deal to start. As this is your first lease, I'll not get preachy ... but here are some simple rules:
1. Negotiate sales price including delivery
2. Put as little down as possible - you're renting a car
3. See #2 - you're renting a car, so choose the options that you MUST have -

I'll work on posting better info this afternoon - PM me if you like... I'm sure others will chime in as well.
Best
Z

I am in Oregon and took a Rex home overnight and fell in love with it. Needing a car quickly, I went back to the dealer and asked about rates yesterday. We went back and forth for an hour and I thought I was getting a competitive price on the vehicle, at least according to Truecars. I have never leased a vehicle before and I believe they may have taken advantage of me in that regard.

I was assured the MF was very competitive for my credit score, it is likely not. I have credit scores in the 820-840 region and the MF they offered was .0017 in calculating the lease. I got a truecar discount of $4038 in addition to the $5500 standard rebate. However, the lease terms they gave me for 24 months on this vehicle come in at $550 a month after $2500 down. They never showed the residual value percentages for me. I drove off the lot last night with the following:

Arravani Grey Base + rex + Tera World + Tech Package + & 20" wheels (I did't want the wheels but they were on the car)
MSRP 54250
- 4038 discount
- 5500 Rebate
= 44,712 Total Purchase

2500 down, 24 months, .0017 MF = ~550 per month.

I may have just gotten screwed, can someone help me untangle the figures? The deal is not final because the car I was supposed to drive off the lot was to have the parking assist package and this car didn't. They didn't charge me for it yet but it was the car I was looking for the entire time and they didn't realize it until they pulled the car out for me to take home at closing time.