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

sones1

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!

kyfdx

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?

sones1

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.  

Michaell

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.

sones1

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

Michaell

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.

sones1

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

Michaell

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.

Michaell

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.

sones1

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

Michaell

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.

sones1

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).

Michaell

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.