Recent lease deal that I signed

[nkcho]

Just want to share some information. I put down a deposit for a 2 year lease yesterday for the following condition. Actual paperwork will be done tomorrow upon delivery of the car. I returned my X1 6 months earlier per their pull ahead offer. I know it is about 13% off and it isn't a great deal unlike 15-20% off that some of you guys talked about but it was ok to me.

2014 w/REX
Exterior: White
Options: Giga (19" wheel), Parking assistant, Tech+Driving Assistant, DC-fast charger, heated seats
Additional option: ceramic tint (it's already installed in the car so we negotiated to a half of the original price of $599) I think I paid the full price though...
MSRP: 52400
Capcost: 45678.50 (after dealer discount)
Cap reduction: total 7500 (offered by BMW FS as advertised on their website)
Down payment: 1000
MF: 0.001250 (they initially put 0.00169 and refused to change saying they can't control but I insisted that most of people with good credit pay 0.001250 and have them run my credit. They finally agreed to change but I bet they played the game here...)
License Fee: 7.20
Acquisition fee: 995
Monthly payment (w/o tax): 304.35
Monthly payment w/ tax: 324.89
I guess the total lease payment for the period is 1000 downpay + 1004.98 for sales tax and 1st month payment + 324.89 for 23 months = 9477.45
Please feel free to ask me or let me know if you have any questions. If you kindly advise me what I need to be careful or cautious when signing the paper tomorrow, I would greatly appreciate.

Thanks.

 

[epirali]

Just want to share some information. I put down a deposit for a 2 year lease yesterday for the following condition. Actual paperwork will be done tomorrow upon delivery of the car. I returned my X1 6 months earlier per their pull ahead offer. I know it is about 13% off and it isn't a great deal unlike 15-20% off that some of you guys talked about but it was ok to me.

2014 w/REX
Exterior: White
Options: Giga (19" wheel), Parking assistant, Tech+Driving Assistant, DC-fast charger, heated seats
Additional option: ceramic tint (it's already installed in the car so we negotiated to a half of the original price of $599) I think I paid the full price though...
MSRP: 52400
Capcost: 45678.50 (after dealer discount)
Cap reduction: total 7500 (offered by BMW FS as advertised on their website)
Down payment: 1000
MF: 0.001250 (they initially put 0.00169 and refused to change saying they can't control but I insisted that most of people with good credit pay 0.001250 and have them run my credit. They finally agreed to change but I bet they played the game here...)
License Fee: 7.20
Acquisition fee: 995
Monthly payment (w/o tax): 304.35
Monthly payment w/ tax: 324.89
I guess the total lease payment for the period is 1000 downpay + 1004.98 for sales tax and 1st month payment + 324.89 for 23 months = 9477.45
Please feel free to ask me or let me know if you have any questions. If you kindly advise me what I need to be careful or cautious when signing the paper tomorrow, I would greatly appreciate.

Thanks.

Compare to my total cost of $14,500 for similar this is great. Where are you located and what mileage?

 

[nkcho]

I am in Denver, Colorado and the mileage is 10000/year. I opted out for purchasing additional miles for 16 cents if i need...

 

[epirali]

I am in Denver, Colorado and the mileage is 10000/year. I opted out for purchasing additional miles for 16 cents if i need...

Do you know if the Colorado credit is rolled into your lease or are you claiming it separately?

 

[nkcho]

Regarding up to $6000 income tax credit, I found the resource that Colorado allows either lessor or lessee (as long as the lessor passes it onto the lessee) can claim it. So, I have to find out what BMW FS would do. I think this credit is nothing to do with BMW FS since they are not here in Colorado. I will need to request them to pass it onto me in writing or something. I have to ask my friends who were planning to do the same thing when she leased the LEAF last year...If anyone who did that in this forum would share the information, I would appreciate it.

Thanks

 

[epirali]

Regarding up to $6000 income tax credit, I found the resource that Colorado allows either lessor or lessee (as long as the lessor passes it onto the lessee) can claim it. So, I have to find out what BMW FS would do. I think this credit is nothing to do with BMW FS since they are not here in Colorado. I will need to request them to pass it onto me in writing or something. I have to ask my friends who were planning to do the same thing when she leased the LEAF last year...If anyone who did that in this forum would share the information, I would appreciate it.

Thanks

Reason I ask is if dealer took the credit then your numbers are closer to mine, if not then you have a deal that without the credit is much better than mine and with credit is just amazing!

 

[nkcho]

I see. I will find out tomorrow. Thanks for the tip!

 

[Birdofparadise]

I read that Colorado had an extra special deal if you live there. Congrats. Thanks for sharing.

 

[nkcho]

Update on Colorado income tax credit --Lessor is not interested in the state credit so it is up to the lessee whether to claim or not.

 

[epirali]

Update on Colorado income tax credit --Lessor is not interested in the state credit so it is up to the lessee whether to claim or not.

Wow then that is an amazing deal!

 

[fjwagner]

I posted this in another thread.

I will tell you the deal I just got in Houston a week ago. 2014 still on lot I3 BEV Giga with Parking assist, Tech plus Driving Assist Package, heated front seats, DC fast charging, Premium Sound MSRP of 49.9. I walked away with a two year 10k one pay up front lease of $9200. I have a BMW CC rebate of 1k on the way and a Texas 2500 rebate applied for. They were basically giving them away due to slow sales of EV cars in Houston and I understand they were preparing to send this one back to the factory. I think BMW was happy to get it on the road and I know they must have taken a loss. Our high rise provides free charging level 2, so a no brainer. I just get some funny looks here in Houston and even saw a guy taking a picture of the car while driving Interstate 10 outside of downtown. BTW, I have worked for Exxon all over the world for 36 years which makes the irony even better.

 

[Birdofparadise]

Where do you get the bmw 1k? Awesome deal wish I could find that in CA

 

[CO2maker]

Thanks for the good info. Trying to find a similar single pay lease. Can you share the dealership info? Seems like I recall a dealer telling me that in Texas, if you do a single pay lease with BMW you do not have to pay the sales tax. It seemed very strange but sure makes a big difference in the cost. I am curious if you found that to be the case. Also, curious what transpired with your Texas rebate application, my understanding from what I read about the Texas rebate is that it is $2500 for a purchase but for a lease it is prorated so that on a 24 month lease you only get half of the $2500 ($1250).

 

[rexpert]

just bought a 2014 REX ex-demo. Spec includes HK sound, 20" wheels, heated seats (ha for what purpose, I'm not sure!), tech package, DCFC, parking package. Total MSRP $54k. Miles were insignificant to me as it's a lease and all aspects of warranty still apply. Of course range could be somewhat affected, but we'll see.

30 month lease attracts additional $2500 rebate in CA so it seemed silly to do it any other way. I've done a 30 month / 12k miles per year. No money down (any fees came from the $5500 rebate) and I did 7 MSDs instead. Total lease cost over the term is $380/month inclusive of taxes. Given depreciation is around $300 a month according to the residual set, I think the deal is pretty good.

Apparently my electric bill should decrease when I inform them of an electric car at home now - we'll see. Now to decide what L2 charger to put in at home.

 

[daboys2007]

just bought a 2014 REX ex-demo. Spec includes HK sound, 20" wheels, heated seats (ha for what purpose, I'm not sure!), tech package, DCFC, parking package. Total MSRP $54k. Miles were insignificant to me as it's a lease and all aspects of warranty still apply. Of course range could be somewhat affected, but we'll see.

30 month lease attracts additional $2500 rebate in CA so it seemed silly to do it any other way. I've done a 30 month / 12k miles per year. No money down (any fees came from the $5500 rebate) and I did 7 MSDs instead. Total lease cost over the term is $380/month inclusive of taxes. Given depreciation is around $300 a month according to the residual set, I think the deal is pretty good.

Apparently my electric bill should decrease when I inform them of an electric car at home now - we'll see. Now to decide what L2 charger to put in at home.

I'm not 100% certain, but I could have sworn that the dealers told me that IF a vehicle is registered through the dealer, like in the case of a demo/loaner, then it would not be eligible for the CA $2,500 rebate. The only way to know for certain is to apply and then go through the process: https://energycenter.org/clean-vehicle-rebate-project/requirements/1003

I submitted my app the same day I got home from finalizing my lease and I got an email confirmation immediately that my $2,500 was reserved and that I had 14 days to submit all the required docs. Within 3 weeks, I got an email from State indicating that my CVRP app was approved and that my check will be issued in about 90 days.

Good Luck!

 

[ThreeEyes]

Total MSRP $54k. ... 30 month lease attracts additional $2500 rebate in CA so it seemed silly to do it any other way. I've done a 30 month / 12k miles per year. No money down (any fees came from the $5500 rebate) and I did 7 MSDs instead. Total lease cost over the term is $380/month inclusive of taxes.

I'm finding it hard to understand how you got such a good deal. I'm also in CA (Los Angeles) and the best I can get, even through a no-fee broker, is:

MSRP $53,245
36 months
$3,000 down
12,000 miles
They get the $7,500 rebate
I get the $2,500 CA rebate
$498/month before rebate

Exact spec: http://goo.gl/DwP8pI

What's your secret?

 

[i3atl]

What's your secret?

2014 vs 2015.

 

[ThreeEyes]

Gotcha. Is there any downside to a 2014 model other than age and possible 20" tire whooping? Are there new features I'd lose?

 

[i3atl]

No, as long as you confirm that the 2014 has the appropriate options. Heated seats, DCFC, and satellite radio are standard on 2015s - so a 2014 Mega will not include satellite radio (although the hardware is there, just requires an additional fee to enable).