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Lease deal on BMW 428i convertible

lowcountry0702lowcountry0702 Posts: 2
edited July 2014 in BMW
Today I was offered the below 36 month lease deal on a 2014 428i convertible:
15k miles
Cost: $56,575
$1,000 incentive
No security deposit
First payment + 3 security deposits for a total upfront cost of $3307 (also includes $300 for SC sales tax)
Residual set at $35,642
Acq fee of $975 and destination fee of $925
They gave me a money factor (including the security dep deductions) of .00151.
I was expecting closer to a final factor of .001329.
Right now the payment comes in at $718/month
Thoughts?

Comments

  • kyfdxkyfdx Posts: 128,108

    I assume this is for a 33 month term?

    They are marking up your money factor. The base MF is .00130, and with 3 MSDs, it should drop it to .00109 . Also, the acquisition fee is being marked up from $725 to $925.

    $56,575 is the MSRP.. Did they give you a selling price or a CAP cost?

    If you had a selling price of 7% off MSRP, then minus the $1000 build out cash, plus $725 acq.fee for a CAP cost of $52,340, .00109 MF and 63% residual for 33mo, 15K/yr., then the monthly payment would be $602/mo..

    That's an aggressive deal.. .maybe, your dealer won't do it.. But, I'd certainly want to be a lot closer to that number, than the one they gave you.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • lowcountry0702lowcountry0702 Posts: 2
    edited July 2014
    This was actually for a 36 month. Also, the cost came from the truecar.com report, which I did also run myself to confirm. The sales rep is telling me they are unable to move from this cost when the $1000 rebate is added in.
    Also, I told him the MF seemed too high as it makes the interst rate around 3.6% and the BMW website offers 3.1%. He responded that he needed to finish up my credit app to lock in the money factor rate.
    What am I missing?
  • kyfdxkyfdx Posts: 128,108

    @lowcountry0702 said:
    This was actually for a 36 month. Also, the cost came from the truecar.com report, which I did also run myself to confirm. The sales rep is telling me they are unable to move from this cost when the $1000 rebate is added in.
    Also, I told him the MF seemed too high as it makes the interst rate around 3.6% and the BMW website offers 3.1%. He responded that he needed to finish up my credit app to lock in the money factor rate.
    What am I missing?

    You aren't missing anything... The dealer is trying to make as much as he can on the deal. You should strive to pay less. If this is Hilton Head BMW, then try Savannah or Charleston.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Thank you for your advice!
  • rjorge3rjorge3 Posts: 144

    Hello KYFDX, what are the MF and residuals for 2015 428i Gran Coupe; 15k miles and 12k miles, 36 months lease? Also, what % discount off MSRP I should shoot for on this model, 7%? 8%? I built my car in BWM site to the tune of $52,900 inclusive of $950 destination charges).

    thanks in advance.

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