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BMW X3 Lease Questions
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Car_man
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The two most important numbers to focus on when negotiating a lease are your vehicle's selling price and its money factor. These are the two main profit centers for dealers. Shop around and negotiate the lowest possible selling price on the X3 that you want. I would not be surprised if you were able to negotiate a price that's fairly close to dealer invoice in the ultra-competitive Southern California market.
Once you have a price that you are comfortable with, have the dealer calculate your truck's monthly payment using BMW FS' buy rate lease money factor of .00240 (with the payment of a security deposit at lease signing).
Car_man
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Car_man
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Has the Owner Loyalty Program MF reduction of .00090 in May also changed for June?
Have they added an option credit or other dealer cash to the X3 for June?
I'm in San Francisco - any regional credits/incentives etc?
Thanks
Car_man
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Do you happen to know what BMW FS July money factors and residual value for a 36 month lease of a 2008 BMW X3 with 10,000 is? Thanks!
Leasecompare.com just posted them recently:
http://www.leasecompare.com/auto_leasing_forum/viewtopic.php?f=18&t=3212
Car_man
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MSRP$ 43,000
Floor mats $145
Discount -$1850
Sales price $41,295
Trade allowance $19500
Difference $21795
Tax $1292
Tag/title $59.50
Processing fee $399
Total $235454.73
Trade payoff $19480
Balance Forward $43025.73
Cash down $2683
36 mos payment $532
Is it a lease, or a balloon payment? Are you in Illinois or Texas?
regards,
kyfdx
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Lease -- No clue why the trade. It was their creative way of getting payments close to current lease payment.
That payment looks pretty close to others that I've seen.. Assuming 3yr/36K like the old one?
Most people in the know at BMW expect the lease deals to get worse next month, so there is some urgency... There are also special money factors for returning customers this month..
Without the specifics on what MF they are using, it's hard to tell how good your deal is... It certainly isn't terrible..
regards,
kyfdx
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What else do you hear about BMW's attitude toward leasing? I read in the paper today that Chase will no longer provide lease financing for Chrysler, and that does not bode well for the world of leasing in general.
Any inside info might be VERY timely for many of us. Thanks!
I wouldn't worry about leasing issues at BMW... We are seeing a correction to those residuals, but BMWs still have great resale..
Strangely enough, I just leased a Subaru this week.. and the financing was through Chase...
Also.. none of this is "inside info".. I just read a lot..
regards,
kyfdx
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I received the following deal from one dealer.
New 2008 X3, White/Black, Premium, Cold Weather, Heated steering Wheel,
Navigation, and Privacy Glass. MSRP is 45525. Sell price $43600. The 36
month lease with 20000 miles per year is $635, taxes included, $2500
required at signing.
I know NJ has a 7% sales tax, not sure what the 2500 goes towards; but does this seem like an OK deal?
Thanks
I am not personally all that familiar with what the market is like for the 7-Series right now, but you may be able to get an idea of the selling price that you were quoted is attractive or not by hopping on over to the "BMW 7-Series Prices Paid and Buying Experience" discussion.
Car_man
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I usually go thru the whole inquiry process of cap cost, mfactor etc, but it was clear that this was a great price. You need the owner incentive. The residual was 75% and I can't positively quote the Mfactor, but I think the incentive was for .0004 (.96% interest rate). This was after returning an 05 volvo s60 and was looking at an S40, but was quoted best price for a base S40 at $385 per month. Not much of a chance anyone goes for that-maybe that is why no one was there on a Saturday while the BMW dealer was loaded with customers.
Car_man
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Thanks,
MSRP 40975
10,000 miles
36months
taxes and all fees plus 1st month paid and 3500.00 down, no security deposit.
money factor is .00255
Residual value being used is 65%
Northern New Jersey Dealer
NY Tax of 8.13 paying up front
Thanks
BMW Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2008 BMW X3 with 15,000 miles per year are .00240 and 62%, respectively.
The numbers for an otherwise identical lease of an '08 X5 3.0si are .00200 and 53%, respectively on models that have the free Premium Package. The money factor is reduced by .00080 for non-Premium Package models.
BMW was providing a money factor reduction on select models for returning BMW FS lessees, but I have not seen anything about it lately so it might not still be available.
Car_man
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36 months 10,000 miles. is what I am looking at. I am still having a hard time coming up with the payment per month that is good!
There is no premium package. My residual value is definitely 65% I think that looks better then what is being offered out there. Is that right? or is the mileage
a factor?
thanks again
Car_man
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all included in the 3500 down taxes, paperwork , 1st month is that an ok deal??
Car_man
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Remember this is now a used car. These lease charges are more than the advertised leases on the new X-3 I see in the newspaper.
Any idea why these charges should be so much higher than my original lease?
Do I have to release through the original dealership?
Any idea where I can get a lease my used car that is the same or less than what I am currently paying for it?
Thanks. RG
1) the capitalized cost. This should be no more than the residual value on the first lease. You paid it down to that amount, so you should not have to "buy" the car for more the second time around.
2) How much of the $6,000 initial payment is for a "cap cost reduction" (down payment) and how much goes to other fees. Get a complete breakdown of those fees. Is there another "bank fee"? Is the lessor BMW Financial Services or a local bank? If it's BMWFS, then you may be able to re-lease through them directly. Call them and find out.
3) What is the new residual value?
4) What is the new money factor? Compare it to MFs for new leases.
With these figures you can calculate your new payment. Do you know how to do that? It should match theirs. I'll bet in your case they are jacking up the MF and bank fee substantially to make more money.
Often in a lease on a brand new car the manufacturer will use a residual that is a bit high in order to lower the payment. But in a re-lease, they know that they have to look at what the vehicle will be worth at the end of the second lease, and that can be quite low. All that depreciation jacks up your payment. Plus, they probably won't be able to give you as good a MF as they can the first time around.
Good luck!
Are these the same numbers for the month of October on 2008 models? Also, are they still offering the premium package reductions or any other incentives to help move the '08's?
Car_man
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Car_man
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I am looking at a 2008 X3. My payments would be 393 (after trade in of an owners choice that weve had for 2 months but dont like the car) with a lease with the .00125 program, 10k miles or 422 a month with the owners choice at 12k miles. Residual is 60.5%. The car has 9900 miles on it.
Good / OK / Not the best / Don't do it / RUN
New X3 (Premium, Sport and Cold weather packages)
3-years/10k
$5000 down
$377 month
Dealer price on X3: $44,450
2) I'd say its a good deal, assuming MSRP is around $47K+
3) Roll that $5K into the lease payment.. Sure, that makes the payment about $525/mo., but the money is cheap (3%).
4) Is 10K mi/yr enough? Going to a 12K/yr lease only adds $15/mo. and another $30/mo. to go from 12K to 15K/yr..
Good luck!
kyfdx
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1) The MSRP was $47,500. But they came down to $44,700. I went in thinking I wanted to buy, but remembered I need a lease for business write off. So I switch to a 3 year lease.
2) Did you mean to not roll the money into the lease?
3) They are offering me a deal in the last year of the lease, if I think I'm going to be over mile, I can switch my mileage to 12K no problem, just $540. They will put that in writing. I'd rather go for low payment now and worry about mileage closer to the end.
With there zero cost of ownership, and some weariables (hat, jacket and plate holder) it really sounds like a pretty good deal.
How does this logic sound?
I don't think you can take that $5K as an expense upfront, you'll have to write it off over the life of the lease, just as you would if you rolled it into the payment... I strongly encourage you to do that, as that money is at risk, if the car is totaled or stolen in the first few months of the lease.
The mileage thing is a little iffy.. Yes, you can buy mileage from BMWFS for $0.16 ea., before the lease is up... so, 6000 extra miles will be $900... No matter what they put in writing, I don't think BMWFS will go for the $540 thing... which is exactly what it will cost you to sign up for the miles in advance... I suggest you do so, if you are fairly certain you will need them.
Overall, your deal looks great.. Is $5K the total amount due at signing? Or, do you have to come up with acquisition fee, 1st payment, etc, etc, in addition to that?
regards,
kyfdx
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Interesting on the mileage thing. I'm going to double check this.
5K due at signing and drive. Come on, the hat and jacket are worth $5000 alone. At lease the parts for my 95 LWT M3 are right up there.
Dealership, city and state?
I've been shopping for an X3 myself..
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Please post 2008 Nov MF/Residual for :
2008 X3 36mth / 12K
2008 X3 24mth / 12K
Thanks..
Could someone run through the numbers for me here? I've used various online calculators and did my own equations and the numbers aren't consistent.
'08 x3
$45,300MSRP
Negotiated price = 42,900
MF = .00125
Res = .64
36 months at 12K miles
tax is roughly 5.5%
You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now.
Given the precipitous fall in used vehicle values over the past year, particularly for trucks, you likely find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
Car_man
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Car_man
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X3/36 month/12k and 15k thanks!