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Is this a good deal for a demo BMW 328i xDrive 2015 lease?

sones1sones1 Member Posts: 7
edited June 2015 in BMW
New to the leasing scene - been reading forums, any advice is appreciated!

BMW 328i xDrive 2015
Moonroof, Heated front seats, Navigation system w/ touchpad
--
Miles: 7,303 (catch: It used to be a loaner car)
Vehicle Price: $44,700.00
After all the discounts: $37,995.00

Balance Due (estimate after sales tax + registration fees, etc.): $41,225.59
MONEY FACTOR 0.00158
RESIDUAL OF $28,141

10,000 Miles/36 months. $5,000 out of pocket + $319/month.

What should I be watching out for? Is this a good price for demo car or should I negotiate down? Any help is appreciated!

Comments

  • kyfdxkyfdx Moderator Posts: 236,410
    sones1 said:

    New to the leasing scene - been reading forums, any advice is appreciated!

    BMW 328i xDrive 2015
    Moonroof, Heated front seats, Navigation system w/ touchpad
    --
    Miles: 7,303 (catch: It used to be a loaner car)
    Vehicle Price: $44,700.00
    After all the discounts: $37,995.00

    Balance Due (estimate after sales tax + registration fees, etc.): $41,225.59
    MONEY FACTOR 0.00158
    RESIDUAL OF $28,141

    10,000 Miles/36 months. $5,000 out of pocket + $319/month.

    What should I be watching out for? Is this a good price for demo car or should I negotiate down? Any help is appreciated!

    The money factor is marked up from .00128 base. Residual is 66%, reduced by $0.20/mi. for the current mileage (and, looks correct).

    $3300 for tax, registration, etc.. seems high. Is that on a purchase? What state is this?

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  • sones1sones1 Member Posts: 7
    Thanks for the response. This is in IL - not sure if that was calculated on purchase - thanks for the catch - I'll ask. 

    does 5k out of pocket make sense? Or should the out of pocket be limited to registration, fees, etc.  
  • MichaellMichaell Moderator Posts: 240,802
    sones1 said:

    Thanks for the response. This is in IL - not sure if that was calculated on purchase - thanks for the catch - I'll ask. 

    does 5k out of pocket make sense? Or should the out of pocket be limited to registration, fees, etc.  

    Initial costs for a lease should be registration, first month's payment, acquisition fee, dealer fee - maybe $2K or so at most.

    We do not recommend making a down payment on a lease - if the car is stolen or totaled, you lose that money.

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  • sones1sones1 Member Posts: 7
    I went to the dealership with the above advice and came out with the following:

    .00079 MF

    1st Month Payment -> 379.81 (sortta makes sense)
    Security Deposits -> 2,800.00 (makes sense)
    Fees & Insurance -> 389.43 (makes sense)
    Total Cash Required on Delivery -> 3,569.24 (makes sense)
    Upfront Tax -> 1089.77 @ 7.25% - Paid Capped

    When I put all of the basics in the excel calculator (found on http://f80.bimmerpost.com/forums/showthread.php?t=943276), I get to $361.64 for monthly payments. About a $19 difference - I am sure I could be doing something wrong too, but should I consider that acceptable? Thoughts?

    https://gist.github.com/lightninFast/8754915a0935ed521497
  • MichaellMichaell Moderator Posts: 240,802
    sones1 said:

    I went to the dealership with the above advice and came out with the following:

    .00079 MF

    1st Month Payment -> 379.81 (sortta makes sense)
    Security Deposits -> 2,800.00 (makes sense)
    Fees & Insurance -> 389.43 (makes sense)
    Total Cash Required on Delivery -> 3,569.24 (makes sense)
    Upfront Tax -> 1089.77 @ 7.25% - Paid Capped

    When I put all of the basics in the excel calculator (found on http://f80.bimmerpost.com/forums/showthread.php?t=943276), I get to $361.64 for monthly payments. About a $19 difference - I am sure I could be doing something wrong too, but should I consider that acceptable? Thoughts?

    https://gist.github.com/lightninFast/8754915a0935ed521497

    I get $350/mo if you adding the tax to the cap cost. I would confirm what the cap cost is with the dealer to ensure that there aren't any hidden fees being added in.

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  • sones1sones1 Member Posts: 7
    Thank you for confirming! Curious - did you use 63% residual?
  • MichaellMichaell Moderator Posts: 240,802
    sones1 said:

    Thank you for confirming! Curious - did you use 63% residual?

    Reading back through your posts, I saw you were looking for 36/10, so I used the 66% residual.

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  • MichaellMichaell Moderator Posts: 240,802
    Michaell said:

    sones1 said:

    Thank you for confirming! Curious - did you use 63% residual?

    Reading back through your posts, I saw you were looking for 36/10, so I used the 66% residual.
    My apologies ... I did use 63% in my calculations.

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  • sones1sones1 Member Posts: 7
    I am using 63%, calculated from (residual value provided by dealer)/MSRP ~ 28141/44700. Is the residual calculated from months/mileage?
  • MichaellMichaell Moderator Posts: 240,802
    sones1 said:

    I am using 63%, calculated from (residual value provided by dealer)/MSRP ~ 28141/44700. Is the residual calculated from months/mileage?

    Oops .. hold on. The base residual is based on term and mileage. For 36/10, the base residual is 66%. However, since the car has 7K on the clock, that calculated value is reduced by about .20 per mile, so the $28,141 residual value is the adjusted value after deducting the miles.

    Using $28,141 as the residual value, I get $349.60/mo after adding 7.25% tax to the payment.

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  • sones1sones1 Member Posts: 7
    Awesome - I am getting $350/mo now too. So, seems like they are shoving ~$30 in fees or something that is inflating the monthly payments to the quoted $380. Thank you so much for your help! I will follow up with the dealership and try to get an explanation (and hopefully get miles up'ed to 12k).
  • MichaellMichaell Moderator Posts: 240,802
    sones1 said:

    Awesome - I am getting $350/mo now too. So, seems like they are shoving ~$30 in fees or something that is inflating the monthly payments to the quoted $380. Thank you so much for your help! I will follow up with the dealership and try to get an explanation (and hopefully get miles up'ed to 12k).

    $30 x 36 = $1080. Could be the bank fee. Ask them for a full accounting of the dollars involved, both with the net cap cost as well as the out of pocket amounts.

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