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Do you know what credit report BMW Financial uses?
I'm at a 670 Equifax score and I'm kinda nervous about them pulling up my credit and me not getting approved. I know Lexus would approve me since they are on a tier method and 670 is good enough for them- but BMW is very secretive about the beacons. I make $85,000 and have 100k in law school loans on deferment status. I also just paid all of my credit cards and I have not one late payment on my current car. I pay $450 a month religiously. I would like to know what kind of a chance I have to get into a BMW lease. Can you give me advice? Do you think I can get approved?
Wabends
They're deferred student loans.... Most financial institutions won't care at all about this.
For one, it's deferred so they aren't paying anything at this point in time. When they eventually are making payments on it, most students loans are taken out to a term that makes payments only a couple hundred bucks. For someone making pre-tax $7000/month, that couple hundred wouldn't make a lick of difference to a lender even if they were paying on it now...
Second, lenders don't look at student loans the same way they look at, say, credit card debt. They consider it "good" debt... it was simply an investment toward their future of potential increased earnings.
J
i love the 7 series
but why is it priced at $80,000
is it even worth that much?
this may just be my opinion but it seems it should be more like $60,000 base rather than $80,000
but then what bmw isnt overpriced?
I was quoted $1,544 for a car with an MSRP of $83,240. If I use Edmund's guide to figuring my lease payment, the lease payment should be between $1,277 (if the car is bought at invoice) or $1,430 (if the car is bought at $2,500 below MSRP). (Please note, these prices INCLUDE sales tax).
Can anyone offer any guidance?
Is it realistic to expect to pay invoice or near invoice?
How accurate is the Edmunds guide to calculating lease payments? Can I really get close to invoice?
Any dealers in Chicago hungrier than the rest?
You should consider European Delivery to save cash on the 7 series.
And leasing in Illinois is not all that great since end up paying sales tax on the entire purchase price!
dealer is trying to get 1261 a month, with a money factor of .00240. My calculation shows the dealer making about 6% over invoice.
Any comments on the money factor and the margin
also is the 1300 a month security deposit a dealer option?
Do you know the selling price? What is the amount due at signing? Does the monthly payment include tax?
You can have the security deposit waived, but it will result in an increase in the money factor... It is a better deal to make the deposit..
I've got other comments, but I'll wait for your answers..
regards,
kyfdx
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msrp 84390 cap cost 80290 includes 625 in acqusition fees
residual 61% 10k 36 mth
factor .0022928
monthly including tax $1179.63
start ups First month plus registration $1445.00
If they used the base factor, and you made a security deposit, then the payment would be about $1064/mo.+tax..
Don't know your tax rate, but that is what I would be shoooting for... Probably $2500-$2600 upfront, of which $1150 would be a refundable security deposit.
Your are close to that, though... not bad..
regards,
kyfdx
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what is the base factor .00200?
Can you tell me the relationship between the security deposit and the factor.
BMWFS allows the dealer to mark-up the money factor for extra profit.. The maximum mark-up is .0004, resulting in a total money factor of .0024..
If you are a first time BMW lessee, you must make a security deposit, or you may have it waived for an extra .00015 bump in the money factor..
So... base MF with a security deposit is .0020..
Base MF w/o security deposit is .00215
Maximum MF w/security deposit is .0024
Maximum FM w/o security deposit is .00255
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I am a first time bmw lessee.
The current deal calls for no security deposit.
What amount of security buys the rate down .00015.
also who sets the security.
Is it also true BMWFS is a pass/ fail and not necessarily tied to a beacon score?
Regards,
ed
BMWFS has always been pass/fail in the past, but I read that they are going to start tiered rate structures.. not sure when, though...
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what do you think of this deal
msrp 86590
monthly $1219.33 including tax
factor.00200
acquisition 625.00 capitalized
36 mths
12k
60% resid
starts first ,security, $200.00 registration($2669.33)
my calculation the dealer is making 4.92% margin over invoice $78745.00
Do you think theirs any more room?.
Ed
A selling price of around $82,600
That's about half-way between invoice and MSRP..
Is that a good deal? No idea, really... We don't see enough sales of 7-series here to get a good feel for the market.... That is around $3850 over invoice... sounds like a lot, but I doubt that BMW dealers are willing to take skinny deals on $85K cars...
Base money factor and acquisition fee are good... Doesn't look like any extra padding in there..
The lease program is pretty decent right now for an '06 model at the end of the year... That is a really strong residual, and likely much higher than real-world depreciation... I'd certainly take this lease deal before I would purchase the car... Even with $43K in payments over the next three years, you'll come out ahead over buying it..
Good luck!
kyfdx
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2006 750LI
MSRP $84390
$2700 down( includes 1200 security and first month)
36 mth 12k
Monthly payment $1194.60 includes 7% tax.
I've put 600 miles on the car, what a beauty.
thanks for your input
regards,
Ed
That must be one nice ride...
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San Diego. Looking for rock-bottom gross cap and would like to shoot for 2% over invoice. Credit score 750, annual gross greater than $200K, currently leasing 2005 325i, will need at least 15K/year,and will put down deposit (2500-5000) as needed. Goal is to spend no more than $1,000 monthly. What are my chances and what else should I be doing to bring in the deal? Also, as a single person who rarely has passengers, would I do just as well with the 750i instead of the Li?
RVD.
Atlanta area dealer.
Down=$2,000
Lease Terms=36 mo/36K miles
Payment=$899/mo
My question is...should I go for it or not??
Is this a good deal?
Thanks
2006 750i (new)
sport
convenience
comfort access
premium sound
luxury seating
rear shades
hd radio
satellite radio
residual 60%
3 yr / 36k miles
msrp: $82790
cap cost: $77760 (edmunds says invoice is $75585)
i am a first time leaser.
MF is .00215 but i will add 7 refundable security deposits ($7700) to bring the MF down to .00166
monthly: $1074 (including tax)
drive off would be $10045
refundable security would be $7700
i don't think there is much room in the MF but maybe the price?
RVD.
might want to consider putting down one deposit of 1100.00
mf would be .00200
payment would be 1107 including tax. don't know your zip using 7% tax.
Take the 7700.00 buy an i bond yielding 6.75 % you would be ahead $200.00 as opposed to giving it to bmw.
Starting out like this, you're going wind up like half the MDs/JDs in America: buried up to their eyeballs in debt at 60, renting luxury cars on a 36 month treadmill that they can't get off of, and unable to enjoy life or contemplate retirement.
Sport Package
Luxury Seating
Comfort Access
Premium Sound
Convenience Package
High Definition radio
Satellite Radio
MSRP is $85,790
"wholesale" is $79,440
The "wholesale price" contains 2 items I am unfamiliar with (1) MACO - $380 and (2) Training Service Fee $180 - are these bogus?
Also the Lease quote is $1500 over "wholesale" = $80,940 + $870 aquistion fee (which seems $245 too high based on the input I have seen on this forum that the acutal fee is $625) bringing the Adjusted Cap Cost to $81,810.
Money Factor seems in line at .0020 with security deposit and .00215 without. 58% residual with 15,000 miles on a 36 month lease, also appears fair.
My concern is the $850 in "extra fees" and if the "whlesale price" seems fair. I'm I being taken and ??
Thanks for the input.
2) I'm guessing the $870 includes $825 for acquisition fee and $45 for the document fee (California, right?). The acquisition fee is marked up the maximum $200 allowed by BMWFS (extra profit for the dealer).
3) With MACO, your "wholesale" price seems pretty close.. I didn't spec it out exactly, but it is definitely in the right range ($200 +/-)
.0020 is the base money factor... Be sure to make the security deposit... the MF bump is a bad deal..
Taking everything into account... if you get the base MF, then the deal is under $2K over "cost".. Not bad for an $85K car..
Did they quote you a payment? You'll want to see if the payment and the upfront money match all of the other numbers...
regards,
kyfdx
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To answer your Qs - the payment with $3,094 drive off (which includes a $1250 security deposit) is $1,239.
Without the security drive off is $1,865 ($1229 less, not sure how that worked??) and payment is $1,261
This is $22 per month more x 36 month = $792 over life of the lease. By my calculations if I do NOT put down the deposit I am ahead $437 -- $1228 (less drive off)- $792 (increased payment). So why would I want to put the security deposit down as you indicted?
Thanks again,
ajgolf
I'm leasing a 2007 750LI, MSRP$78,100 + Convenience pkg $1,000 + 19' wheels $1,300 + Sat Radio $595 + Destination charge $695 Total $81,690.
Question: Having I a good deal if give $1,000 TOP and the payments will be $1,100 monthly, 36 months, 10,000 miles a year.........???????
If not, where I can get a better deal...???
Thanks and merry christmas
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No, i'm not getting anything back at the end.
Thx
Thanks
Herbert
Can someone tell me if this is a good deal, or should I wait for an '05.
Thanks in advance.
Car $71,800
Luxury Seating
Premium Sound
Comfort Access
Satellite
Rear Shade
Total MSRP $79,990
Any thoughts on price to offer?
Lease terms: 36 months
Mileage: 15,000 per year
Registered in: Chicago, Cook County, Illinois 60608
Down Payment: $0.00
Roll In: All taxes, license and transfer fees, etc.
Vehicle Specifications:
Make and Model: BMW 2007 750Li Sedan
Exterior Options: Sterling Gray Metallic (or titanium gray)
Interior Options: Beige w/Nasca Leather (or cream beige)
Trim: Dark High Gloss Wood Trim
* 4.8 liter DOHC, 32-valve, 360-hp
* 8-cylinder engine
* Bluetooth Compatible
* Rear-wheel drive
* Full list of Standard Features
* BMW Ultimate Service™
o 4-Year/50,000-mile Warranty
o BMW Maintenance Program
o Roadside Assistance Program
o BMW Assist™
Added Options and Accessories:
• Luxury Seating Package
• Comfort Access
• Premium Sound Package
• DVD player
• SIRIUS Satellite Radio
• Night Vision
• Mud Flaps
• Phone integration
• “iPod Your BMW” integration
Please help.
I lowered the ASKING price to $100 less than kelley blue book private party average (i do live in New York city) and still no calls.
The car has 63,000 miles and in great shape.
Has anyone tried to sell a 7series themselves, any suggestions?
The car is very clean, saw the records (bought and maintained at the same dealership).