Advice on 2014 328 xdrive diesel LEASE - City of Chicago - these are my quoted terms...

pparekhncpparekhnc Member Posts: 3
edited January 2014 in BMW

I hate being a city of Chicago resident. I wanted to ask the group about my lease (potential) deal.

2014 328 xdrive DIESEL. sport line/tech/premium/cold weather. 10K/year, 36 months. ZERO down. MSRP $51225. Vehicle price (inclusive of holiday cash and $500 loyalty, the latter not taxable and coming through as ”cash down” is $46250.

So, vehicle price is actually $46750. Offering 61% residual, .00125 MF, $925 lenders fees, and $385 doc/title/etc.

The monthly is coming out to $719. According to G’s calculator, with Illinois tax at 9.25%, and the city of Chicago usage tax (not reflected in calculator but estimated at $50 bucks/mo), they are quoting $719 / mo. Sound right???? any help would be appreciated. I have a business and am opting NOT to do the ”owners choice” for tax reasons.


  • konacougkonacoug Member Posts: 196

    Yow, and I thought living in Hawaii was expensive!! I can't get the figure to come out to that high of a number on the Edmunds lease calculator. I am at $596 with tax calculated at zip code 60007. I think they are padding the lease, the bank fee is raised $200. Overall, it is way too high a payment on a $46750 selling price. Can you provide a better break down of the fees and taxes? Finally, you could reduce your monthly payment by doing Multiple Security deposits.

  • kyfdxkyfdx Moderator Posts: 227,993
    edited January 2014

    Illinois taxes the full selling price of the vehicle, even on a lease... I think the Chicago tax is also on the full selling price.. It is onerous..

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