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BMW X3 Lease Questions

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  • steveveystevevey Posts: 7
    So I get a call from BMW today, my X3 finally arrived.

    But this call wasn't from my salesmen, it was some other person I'll call the "Middleman"

    So after agreeing on a day I can pick-up my vehicle, I ask about adding the rest of the Sirius satellite raido into my X3, I ask how much much will it cost " I see the accesory itself on BMWUSA.com costs 325.00 so I realize there is tax and installation.. She "looks" up the price and goes... "$799" I said I'll call her back, since I had to get her my insurance info anyway.

    So I call the service area IN THE DEALER SHE WORKS AT... and the girl goes "442.18 with tax and installation"

    So when I call her back and tell this she goes.. There no way that includes installation, they have to take the whole raido out of the car and put the siruis thing behind it... I hate to lose the business but I can't even match that price.

    So I go "that was YOUR service center !!!!"

    Also, she wanted to charge me $150 for the cargo mat that the part dept want $70 plus tax... I'm sorry lady but I can't justify paying you $80 to walk 20 feet to the parts dept.

    Then after i told her to forget all that I'll do it myself, she starts telling me how she thinks I should roll my taxes into the lease payment... She goes I can't tell you over the phone because you'll think I'm playing 3 card monty with you... " I 'm like lady, I 'm a CPA with a MBA in finance... Hit me !!!"

    So I have to go there saturday and have her show me the new lease structure...

    Sorry lady but I've calculated the lease with the taxes rolled in to the penny and if she tried to screw me but 1 penny a month aI'm telling them to forget the whole deal.

    So back to my original question... WHO IS THIS MIDDLEMAN???

    Has anyone else almost gotten scammed from a dealer after waiting 8 weeks for your car...

    I was real excited but now I have a bad taste in mouth regarding this deal.
  • bdr127bdr127 Posts: 950
    IS your original salesperson still working there? The sales business has pretty high turnover rates.... Perhaps this is just another salesperson who was told to take over the previous salesperson's customers. :confuse:
  • steveveystevevey Posts: 7
    Yes, my original salesperson is still working there. I had to coordinate between my schedule and hers for the actual pick-up. She is in charge of the vehicle delivery, I found out this other person's title is "Business Manager" but I think it should be "Crook" for short.

    Well, I can't wait to see what happens Saturday.
  • chmcmmchmcmm Posts: 8
    I saw an ad today in the local paper. 2006 X3 auto/AWD 36 months/10K miles per year for $399 month + taxes/tags with nothing down but a $400 security deposit. It doesn't list all the options or the MSRP so I emailed the dealer for more details. Even without all the details it seems like a pretty good offer. What do you think?
  • bdr127bdr127 Posts: 950
    Check all the details....

    Does that price include tax, tags, bank acquisition fee, doc fee, etc? (You indictate "+ taxes/tags", so I presume not?) What is your state tax rate? Are you in Texas or Illinois? Usually those ads leave all that extra stuff out....

    Interesting, though, that it says no money down other than a $400 deposit. Chances are that you'll also need to make the first month payment up front (as almost all leases require), so total out of pocket at delivery would be more like $800.

    Regardless, this X3 probably has automatic transmission as its only option. I'd check to see if it even has a sunroof....
  • jvergjverg Posts: 8
    In California......

    3 years, 12,000 miles

    67%

    :)
  • rich1122rich1122 Posts: 1
    "If you were to lease a 2006 BMW X3 through BMW Financial Services right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00125 and 60%, respectively."

    Hi, this is pretty much the exact lease that I am interested in, does anyone know if waiting until April would be beneficial or am I better off leasing in March?

    Thank You!
  • kyfdxkyfdx Posts: 28,582
    I don't know the exact details... but, BMW has just come out with a special lease on the X3.. Basically raising the residual by 5%..

    I don't know if it is regional or not... But, in my local paper today, they were quoting the residual as 65% for 3yr/45K..

    If I were contemplating an X3 lease, I wouldn't wait for a better deal..

    regards,
    kyfdx
    Host-Prices Paid Forums

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • tominnvatominnva Posts: 3
    I bought my X3 in the Washington DC area 10 days ago. They indicated that BMW finance had just increased the residual to 65% for 3yr/45K, but the money factor was .0017 rather than .00125. Just for comparison, the residual was 68% for 3yr/30K, and (I think) 67% for 3yr/36K.

    Good luck with your ride! I'm really enjoying mine.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, jverg. Dealers really don't make any profit by leasing vehicles to consumers at banks' buy rates. Some banks kick dealers a couple hundred dollars, like $100 or $200, but given the paperwork involved I would hardly consider that profit. Like most banks, BMW does place a cap on how much dealers can mark-up vehicles money factors. I don't remember how high BMW FS' cap is, probably .00040 to .00050. It doesn't really matter though because given the market for the X3 right now, you should not let the dealer that you are working with mark up your truck's money factor at all.

    Car_man
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  • diyediye Posts: 45
    After reading the forum, I realized there can not be a better time to lease a X3. So I went shopping today.

    My initial plan is:
    (1). 2300 off MSRP;
    (2). Get the 67% residua for 36 MO, 12k/year;
    (3). Get 0.00125 money factor;
    (4). Pay only $625 ( not $825 as dealers usually charge ) bank fee;

    What I ended up getting is:
    MSRP: $40995
    Purchase Price: $39000
    Residual: 39 MO, total 39k Miles at 67%! (instead of 36 MO)
    Money Factor: 0.00155
    Down Payment: $900
    Bank Fee: $625
    Security Deposit: $450
    Monthly Payment: $372

    The $372 monthly payment is very close to my initial plan, but with the following factors:
    (1). On purchase price, deal got $300 more;
    (2). On money factor, deal got 0.0003 more, translate to $770 more in total payments;
    (3). I got a big surprise by getting 67% residual on a 39 month lease, I would imagine the residua for 39 month should be 64-65%; That translates to about $1000 to my favor;

    Overall, I spent total of 3 hours to get the car. I probably could have saved several hundred dollars by going to more dealers and irritate most of them. But this deal sounds very sweet to me, thanks mainly to BMW for their incredible lease program to start with.
  • pgeterspgeters Posts: 12
    Excellent! I am going to take your stats and use them during negotiations. I would be happy to come away with a deal like yours. Thanks Diye!
  • jzack24jzack24 Posts: 9
    Hello. Does anyone know the money factors and residuals for the X3? I'm interested in 15K/yr programs for 24 and 36 months (also 27 and/or 39 if they exist). Thanks for your help!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're absolutely right, diye. This is an excellent time to lease an X3. BMW's lease program is so aggressive on it right now that its sales of this model doubled last month (well that and BMW paid dealers to dump a bunch of them into demo service). Congratulations on your new truck.

    Car_man
    Host
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jzack24. If you were to lease a 2006 BMW X3 through BMW Financial Services in April for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00150 and 75%, respectively. The numbers for an otherwise identical 36 month lease should be .00130 and 65%. I believe that BMW is allowing lessees to use its 36 month program for 39 month terms in April. This should help to lower this truck's lease payment a little bit.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • diyediye Posts: 45
    " believe that BMW is allowing lessees to use its 36 month program for 39 month terms in April. This should help to lower this truck's lease payment a little bit."

    Based on my example, if I were to lease 36 month instead of 39 month (their residual are the same ), my monthly payment will be $394 instead of $372, a $22/month difference, or $800 over the life of the lease.
  • I am considering leasing for the first time and was not aware of the negotiability of the lease (and I though I knew at least the basics of car I see that this buyer(lessee) in fact got the down payment down below what is advertised for this X3 deal. I have talked with dealers and they say "this is a BMW finance deal and we have no flexibility" - e.g., cannot negotiate the purchase price because it is pre-set for the lease (and this may be especially so because I am not overloading with options?). Your post makes this sound like a lie. Also, the money factor is confusing; I am not sure how to ask about it other than to just ask.

    Any enlightenment appreciated.
  • diyediye Posts: 45
    You don't even have to mension the lease Ad by BMW.

    I went into the dealership the other day and wrote down the following in a piece of paper and showed to the dealer:

    MSRP: $40995
    (1) Purchase Price: $38700
    Residual: 67% (for 36 month, 12k/year)
    (2) Money Factor: 0.00125
    Down Payment: $1000
    (3) Bank Fee: $625
    Security Deposit: $400

    Monthly Payment: $366 ( this is calculated based on the items above, you can find out how to calculate it from this site, there is a good arcle explaining it )
    The only items negociatble is (1), (2) and (3) above, and yes, they are all negociable. After some negociation, we agreed on the following final number:

    MSRP: $40995
    Purchase Price: $39000
    Residual: 39 MO, total 39k Miles at 67%! (instead of 36 MO)
    Money Factor: 0.00155
    Down Payment: $900
    Bank Fee: $625
    Security Deposit: $450
    Monthly Payment: $372

    This is still much better than the national lease deal advertised.
  • pgeterspgeters Posts: 12
    Diye, I took your deal into the dealer and asked him to match it for an X3 with a couple more options and he did it with little objection. Here is the deal we came to:

    MSRP: $43695
    Purchase Price: $41444 (- $2251)
    Term: 39 Mo, 10k Mi/Yr
    Residual: $29275 (67%)
    Money Factor: .00155
    Down Payment: $965
    Bank Fee: $625
    Security Deposit: $450
    Monthly Payment: $395

    Thanks for the nice negotiation tool! I am excited to finally be in the club!
  • diyediye Posts: 45
    Wonderful, I'm glad that I could have been any help. And we should thank edmunds for this wonderful site, it makes buying/leasing a car so effortless.

    There is one problem though: the deals are so tempting that I am changing cars more often than I should.
  • hotelzhotelz Posts: 2
    Hi,

    I went to our local BMW dealership yesterday with the intention of leasing the X3. Unfortunately the number we worked out and the number the dealer gave us were completely different! Just wondered if anyone can give me any advice on getting the monthly payment to around $380.
    Here what we were given:
    MSRP $38690
    36 months
    12K miles
    $2500 down
    The dealer came back with $489.84 month. Also asked about a 24 month lease with the same money down and he gave me $518.53!
    He explained that the number was high because of state and local tax (New Orleans, Louisiana). He suggested we put another $2000 down in order to get to the monthly payment we want. I don't really want to drop $4500 on a lease down payment.

    Any advice would be much appreciated.

    Thanks!
  • talyvantalyvan Posts: 17
    That's just plain BS and the salesman it's not treating you fearly, with those numbers (assuming $2500 down only, therefore your dive off fees will be around $3100 perhaps a bit more including 1st month, registration and other fees), you should be on the $420 ballpark, and if you do 39 months, it should drop to about $393/mo.

    The only way you can get those numbers is that your credit score is really bad.
  • talyvantalyvan Posts: 17
    I got similar deal as everybody is getting, and I think is fear enough. This is what i got.

    MSRP: $41,895
    Negociated: $39,645 ($2250 off, requested and given)
    Terms: 39MO, 12K/year = Total 39K miles
    Residual: $28,069 (67% of original MSRP on 39Mo)
    Money Factor: not specified on contract, but taking my rent charge is about 0.00155
    Down Payment: $0.00
    Trade-In: CRV 03, $3725
    Bank fee: $625 (tied to fight this one, but I could not write it off)
    Transfer Plates: $80
    1st Month: $385.20
    Total Out of pocket: $465.2 (1st month payment + plates transfer)

    Just for the record, the monthly paymet @ 15K/year was about $10 more, but it was just way too much for my wife's driving habits.
  • bdr127bdr127 Posts: 950
    The only way you can get those numbers is that your credit score is really bad.

    With BMWFS, credit isn't the issue when it comes to lease rates.... They are on a pass/fail system. If you're approved with a 600 score, you get the same rate as an 800 score.
  • hotelzhotelz Posts: 2
    Thanks everyone for the info - very helpful.

    I don't think it's my credit score - it's currently at 735 which I presume falls into the 'good' category.
  • talyvantalyvan Posts: 17
    Then try plan B, just ask for a better deal with similar numbers as those posted on this forum, remember that as long as you don't sign anything, you can agree anything to the sales manager and start a different talk with the Finance Manager, you know as a last resource to get the fine print numbers out of them.

    Good luck and please keep us posted.
  • My wife leased a BWM X3 earlier in the year, and got prices and payments much worse than what you are all discussing here.

    3000 dollar plus down payment, and 660 a month.

    Could be just bad sales stuff on her part, so i would like to learn more about the hidden tricks and questions to ask... Anyone willing to give me a call and coach me a bit on how to handle this next time and what to look for?

    We have to sell our vehicle/get out of the lease right away as we are being transferred to Vancouver, and cannot import the vehicle at a reasonable cost. Looking for ideas!

    Also, we are very concerned that upon review of our legal contract, in the TRADE IN section it states we traded in a 2001 BMW X5??? We didn't? It says it was worth 18500, and that 18500 was owed on it, and we net zero on the transaction, but shouldn't that void our contract? Could it be a VIN scam or something? Or something...??? I mean, we have never owned another BMW...

    HELP!

    Thanks

    JM
  • talyvantalyvan Posts: 17
    1st Off... OUCH!!.. as a perspective, I pay less than you for my S4 and I took delivery of it with $2500 total.

    It does indeed sound fishy, especially if you never traded an X5..and let me tell you that if that's the case, is basically the reason for that high payment because you're increasing the ammount to be depreciated, plus all the taxes upfront of the X3 (about $2800 because is IL).

    Have that contract revised ASAP!, as a friendly way, I'd aproach to the Finance Manager 1st on the dealership, however, after signing that contract, it all belongs to BMWFCNA... but is always better to talk to somebody face-to-face.

    As for your relocation, get the contract straight up first, after that, if you want the car and is afordabble to you as a regular finance, search for a buyout lease at any financial institution. For experience I can tell you that a lease is not that different than a regular finance in terms of getting out of the deal, of course, is always easier when you take the buyout route or trade-in for a step up in the model line up.
  • Could you please clarify what you mean by this paragraph?

    "It does indeed sound fishy, especially if you never traded an X5..and let me tell you that if that's the case, is basically the reason for that high payment because you're increasing the ammount to be depreciated, plus all the taxes upfront of the X3 (about $2800 because is IL)."

    Could the x5 they listed in there be some fishy thing or trick? They listed a non existant trade, saying we gave them an x5 worth 28500, and that is had a prior credit balance of 28500 with anet trade value of N/A...
  • bdr127bdr127 Posts: 950
    Could the x5 they listed in there be some fishy thing or trick? They listed a non existant trade, saying we gave them an x5 worth 28500, and that is had a prior credit balance of 28500 with anet trade value of N/A...

    If you needed to get to a total OTD price, maybe it created some tax savings by saying there was a trade-in credit.... hmmm....
This discussion has been closed.