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Lease Deal I Negotiated: Good/Bad?
- Thread starter RobJones
- Start date
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afshawnt said:Correct. December 30 months 10k is 57%
My paperwork says 59% for 30 month 10k/years,
Residual at 31591.55 which is 59% of 53545.00
on bmwusa's website, calculating backwards, the residual is still 59% for 30month.
eneka said:afshawnt said:Correct. December 30 months 10k is 57%
My paperwork says 59% for 30 month 10k/years,
Residual at 31591.55 which is 59% of 53545.00
on bmwusa's website, calculating backwards, the residual is still 59% for 30month.
Wow great for you! I guess your dealer made a mistake. The table for Dec shows different. That's a big savings.
afshawnt said:eneka said:afshawnt said:Correct. December 30 months 10k is 57%
My paperwork says 59% for 30 month 10k/years,
Residual at 31591.55 which is 59% of 53545.00
on bmwusa's website, calculating backwards, the residual is still 59% for 30month.
Wow great for you! I guess your dealer made a mistake. The table for Dec shows different. That's a big savings.
Ok, after digging around, I seem to have figured it out. West coast has a higher residual! And it makes sense cause I'm in California.
eneka said:Ok, after digging around, I seem to have figured it out. West coast has a higher residual! And it makes sense cause I'm in California.
I've been getting quotes from a few dealers (Southern California). out of 4 dealers, 2 quoted a 30m/15k lease 56% residual with MF=0.00111, while the other two quoted 57% residual with MF=0.00131. I used to believe that the residual value was always just one number set by BMWFS, but seems maybe there are at least two options: higher residual + higher MF, or lower residual with lower MF. Maybe the dealer can choose one? On the deals I have been looking at the difference between these, all other deal parameters equal, is only about $3/m.
spitfire said:eneka said:Ok, after digging around, I seem to have figured it out. West coast has a higher residual! And it makes sense cause I'm in California.
I've been getting quotes from a few dealers (Southern California). out of 4 dealers, 2 quoted a 30m/15k lease 56% residual with MF=0.00111, while the other two quoted 57% residual with MF=0.00131. I used to believe that the residual value was always just one number set by BMWFS, but seems maybe there are at least two options: higher residual + higher MF, or lower residual with lower MF. Maybe the dealer can choose one? On the deals I have been looking at the difference between these, all other deal parameters equal, is only about $3/m.
The December lease rates are out and the residuals for 2015 i3s have dropped. On the plus side, there is now a $2000 "Happier Holiday" credit in addition to the $7,500 lease credit. Base MF stays @ .00131 for qualified credit (pre any MSDs). BMW allows a dealer to mark up lease rates up to 0.0004. Residual does NOT change. You can lower the MF with security deposits, each one lowers it .00007, and you can do up to 7, which is what I did and why my MF was .00082
December 2015 plan.
56% for 24 months @ 15K/yr
58% for 24 months @ 12K/yr
59% for 24 months @ 10K/yr
56% for 30 months @ 15K/yr
58% for 30 months @ 12K/yr
59% for 30 months @ 10K/yr
same residuals for 24 months and 30 months
50% for 36 months @ 15K/yr
52% for 36 months @ 12K/yr
53% for 36 months @ 10K/y
50% for 36 months @ 15K/yr
52% for 36 months @ 12K/yr
53% for 36 months @ 10K/yr
How you tried pacific bmw? I'd recommend greg poland, he's awesome.
This is the deal offered me at South Bay BMW:
i3 Rex, Silver
Tera World
Tech Package
20" wheels
Harmon Kardon
MSRP: $54k
12 miles per year
5k total drive off
340/month, including tax
From looking around here, I can do better, but not much better. Your thoughts?
i3 Rex, Silver
Tera World
Tech Package
20" wheels
Harmon Kardon
MSRP: $54k
12 miles per year
5k total drive off
340/month, including tax
From looking around here, I can do better, but not much better. Your thoughts?
RobJones
Member
It's going to be hard to get a really low lease payment on a $50K+ car with $0 down. Yes, there are some very good incentives available right now. But that will only do so much. In the end, it'll take some cash up front if you want a low payment.
One can lease a VW Jetta for $0 down and a couple hundred bucks a month, but it's half the price of an i3…
One can lease a VW Jetta for $0 down and a couple hundred bucks a month, but it's half the price of an i3…
jpa2825
Active member
Let's also be careful with the language here to make sure we are all on the same page.
1 - $0 down can mean pay only the required items (1st payment, title & license fees, taxes, etc.) and roll everything else (acquisition fee, doc fee, underwater trade-in payoff amount, etc.) into the deal. In this instance, you are basically financing those upfront items.
2 - $0 down to some can mean paying everything up front that is required and just "financing" the next X-1 payments (e.g., 23 on a 24 mo. deal).
3 - $0 down can mean same as #2 along with payment of up to 7 MSDs to drive down the typical MF from .00131 to .00082. Since you get the deposits back, some people don't see this as $ down.
4 - Additional downpayment amounts can be made to reduce the monthly payment. Most consider any significant downpayments a bad idea on a lease due to gap insurance covering the cost of a totalled lease vehicle and losing that $. The lone exception I am aware of is maybe paying a few extra $ to get the monthly payment below a $50 increment to reduce the outlay for the 7 MSDs (e.g., if the payment comes up at $251, you might want to throw in a few $ upfront to get that to $249 so your 7 MSDs are $350 cheaper).
1 - $0 down can mean pay only the required items (1st payment, title & license fees, taxes, etc.) and roll everything else (acquisition fee, doc fee, underwater trade-in payoff amount, etc.) into the deal. In this instance, you are basically financing those upfront items.
2 - $0 down to some can mean paying everything up front that is required and just "financing" the next X-1 payments (e.g., 23 on a 24 mo. deal).
3 - $0 down can mean same as #2 along with payment of up to 7 MSDs to drive down the typical MF from .00131 to .00082. Since you get the deposits back, some people don't see this as $ down.
4 - Additional downpayment amounts can be made to reduce the monthly payment. Most consider any significant downpayments a bad idea on a lease due to gap insurance covering the cost of a totalled lease vehicle and losing that $. The lone exception I am aware of is maybe paying a few extra $ to get the monthly payment below a $50 increment to reduce the outlay for the 7 MSDs (e.g., if the payment comes up at $251, you might want to throw in a few $ upfront to get that to $249 so your 7 MSDs are $350 cheaper).
I just picked up a Laurel Gray i3 REX, Mega for the following:
30 months
10k miles
$1050 security deposit
$3978 down payment
$138/mo
In addition, I'll get about a $700 tax credit from the state of Utah.
I did this with a dealer in Utah. I feel like its a pretty solid deal, but I'd be interested to know your thoughts.
30 months
10k miles
$1050 security deposit
$3978 down payment
$138/mo
In addition, I'll get about a $700 tax credit from the state of Utah.
I did this with a dealer in Utah. I feel like its a pretty solid deal, but I'd be interested to know your thoughts.
Well....of course higher monthly rate is expected without any down payment.
I'm only asking to see what ppl are paying with $0 down.
Downpayment IS the bad idea! If you do small downpayment it will only save you some bucks a month. If you do large downpayment it could save you a whole lot more but at the same time you are increasing the insurance coverage gap. I rather keep my money for now, pay a tiny more each month as interest rate and not to worry about the insurance gap at all.
I'm only asking to see what ppl are paying with $0 down.
Downpayment IS the bad idea! If you do small downpayment it will only save you some bucks a month. If you do large downpayment it could save you a whole lot more but at the same time you are increasing the insurance coverage gap. I rather keep my money for now, pay a tiny more each month as interest rate and not to worry about the insurance gap at all.
erea77 said:I just picked up a Laurel Gray i3 REX, Mega for the following:
30 months
10k miles
$1050 security deposit
$3978 down payment
$138/mo
In addition, I'll get about a $700 tax credit from the state of Utah.
I did this with a dealer in Utah. I feel like its a pretty solid deal, but I'd be interested to know your thoughts.
Seems very good. What was the MSRP, Gross Capitalized Cost, and the Net Capitalized Cost? Money factor?
spitfire said:erea77 said:I just picked up a Laurel Gray i3 REX, Mega for the following:
30 months
10k miles
$1050 security deposit
$3978 down payment
$138/mo
In addition, I'll get about a $700 tax credit from the state of Utah.
I did this with a dealer in Utah. I feel like its a pretty solid deal, but I'd be interested to know your thoughts.
Seems very good. What was the MSRP, Gross Capitalized Cost, and the Net Capitalized Cost? Money factor?
MSRP = $47,795
Cap Cost = $39,750
Net Cap Cost = $30,675
Money Factor (after 7 securirty deposits) = .00082
I feel like I got a good deal, although I wish I had upgraded to the Terra or Giga trim for the wood accents, as well as the driver assist package for the adaptive cruise.
jetsurgn said:Keep me posted Paul and Keep working those dealers.
Called a couple of other dealers. 5.7% off MSRP is the number I'm getting for an i3 REX. Is that really 500 over invoice?
paul said:Called a couple of other dealers. 5.7% off MSRP is the number I'm getting for an i3 REX. Is that really 500 over invoice?
How far are you willing to travel? I've seen them for ~15% off MSRP in San Jose (Stevens Creek BMW).
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