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BMW X3 Lease Questions
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Comments
You have it exactly.. the markup is optional.. and provides more profit to the dealer. It is negotiable..
Also, they all keep quoting me an acquisition fee of $825 (vs the $625 I've seen here)
Same thing as the money factor... also negotiable..
one dealer quoted a 60% residual on a 36mo/30K mile lease (even after I asked why it wasn't 63% as quote on the board.
60% is the residual for 3yr/45K... 63% is for 3yr/30K.. They have to use the residual provided by BMWFS.. Probably just a mistake or misstatement on his part.
Any input regarding how to get the dealer down to the "buy rate"
Tell them you won't consider any lease deal that doesn't use the base rate.. otherwise, you'll shop elsewhere. (of course, you have to be willing to do that).
Hope that helps,
kyfdx
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With your numbers, I get $540/mo. plus tax.. with 1st payment, acquisition fee, security deposit and title/license fees due at signing...
regards,
kyfdx
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Silver 2006 BMW X3 with Premium package, Privacy glass, and Navigation for $0 down for 12K/year for 36 months for $500/month including tax with just first, 625 bank fee, 385 mv and doc fees, 500 security up front. He also indicated that "he discounted the vehicle $2500 to arrive at 500, cannot go below that unless you put a cap reduction up front this is a $42,500.00+ vehicle, and includes Free Maintenance for 4 years or 50,000 miles. Residual is $26,400 at end; note that maintenance is included by only a few car manufacturers at this time".
36 month lease
MSRP $39,168
SELL 36,645
Residual @ 62% 24,284
MF @ .00165
Bank/acquisition fee 825
No Security Deposit
Thanks for all your help!!!!
First time BMW buyer here and looking at the '06 X3. I mentioned to the dealer here in San Fran. that I have my own business and he said that when we talk about the lease numbers he would factor in the BWM Business Discount. Does anyone have insight into BMW Business Discount? What is it? Or how can I find more information about it?
Thanks very much!
having second thoughts about an order. gave 1k deposit for order, will these be reimbursed? how about changing the order for a different model, any penalties for changing? :confuse:
Car_man
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If you have a moment, just a couple more questions:
First, does the dealer generate any profit leasing at the base buy rate???
Second, is it true that BMW Financial limits the dealer MF markup to .0004??
Thanks again for all your help with our questions!!
It's Blue, w/ auto, premium package, cold weather package, heated steering wheel, premium stereo, sat radio prep, privacy glass, navigation & Xenons.
I'm paying only tax and 1st month and MV fees upfront.
3yr/30,000 miles
499/month with 27,953 buyout at lease end.
Does this sound like a good deal?
My car's MSRP was 44,370 and my dealer only came down about 1400 so my price is like 42, 970.
I'm from Canada and assuming your BMW leases are the same as ours...
thanks.
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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.
Well, I can't wait to see what happens Saturday.
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....
3 years, 12,000 miles
67%
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!
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
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Good luck with your ride! I'm really enjoying mine.
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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.
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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.
Any enlightenment appreciated.
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.
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!
There is one problem though: the deals are so tempting that I am changing cars more often than I should.
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!
The only way you can get those numbers is that your credit score is really bad.
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.
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.
I don't think it's my credit score - it's currently at 735 which I presume falls into the 'good' category.
Good luck and please keep us posted.
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
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.
"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...
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....