Did We get ripped?
Best Answers
-
kyfdx Moderator Posts: 250,442
The acquisition fee goes to the leasing bank.slambert said:We just leased a 2015 BMW 535i yesterday. This was our first lease not sure everything went in our favor, need to know what you think before I call dealer on Monday. After discounts car was 51,300. We had 3500 in equity in our trade in. Acquestion fee was $925.00 Doc fee $599.00. Then the finance guy says we need to purchase a 5000 insurance policy so that when we return the car if the tires are not good any dents dings etc. we would be covered up to 5000.00 He actually says that the tires will need to be new when returned and also be the run flats that are on and those are $400 each for a total of $1600, and that is what the cost of this protection is but will give us another $3400 in added benefits in case we lose a key fob are there is some minor damage to the car it would be covered, we walk away when we turn it in with no questions asked. So my question is if we only drive the vehicle for up to the 36,000 miles that we leased it for over the 3 year period are we going to have to replace the tires before turning it in, I relize if any are blown are damaged those would be replaced, but are we not paying a monthly payment to cover wear and tear for the 3 years ? And also what does the acqustion fees cover?
The $5000 insurance policy on wear and tear is a big profit item for the dealership. I'll guess they are asking $1500 for it. Just keep that money in your pocket. Everything they are telling you is a scare tactic, to get you to buy the policy. You might have lease end charges, but that policy is still a bad deal. Normal wear and tear is okay.
Tires don't have to be new, but they do have to be serviceable. You can't wear out the tires completely, and not get charged for them. A lot of that depends on how you drive.
The $599 doc fee is just revenue for the dealership... factor that into your negotiations on selling price.
I've turned in two BMWs off lease and my lease end charges on each of them was $0.Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator5 -
Michaell Moderator Posts: 249,781
Yes, most manufacturers have this as part of their lease contracts. It gets waived if you buy or lease another car from the same manufacturer.slambert said:Also is it standard to have a $350.00 Disposition fee ??
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige5 -
Michaell Moderator Posts: 249,781
The base rate from BMW is .00130 - the dealer is allowed to mark that up to .00170, which it sounds like they did on your deal.slambert said:Is .00170 for the money factor Rent a good rate or is that to high 4.08%
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige5
Answers
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Here is a good article on how to calculate your own lease payment using a spreadsheet:
http://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Depreciation is the difference between your adjusted CAP cost (aka net CAP cost) and the residual. That number is affected by the selling price you negotiate, and any extras added and reductions made.
Amortized amounts are additions to CAP cost (so, amortized in the monthly payment)
Rent charge is the finance portion of the lease payment
Last time I turned in a BMW, the minimum tire tread depth to pass was 1/8". (somewhere around 4mm)
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator