2016 BMW X1 Lease Questions

steph21601

Hi! I was offered this deal today and want to make sure it's a good one:

2016 X1
MSRP $44,245
Selling price $40,805.17
Money factor .00137
Monthly payment $494
Down payment $2,500 plus first payment $494 due at signing
USAA $500 incentive applied
36 months/ 12k annual miles
Includes all tax/tags/fees (MD 6% tax)

Also they are letting me out of my last 2 lease payments on my 320i.

Any advice would be appreciated. Thanks!

kyfdx

steph21601 said:

Hi! I was offered this deal today and want to make sure it's a good one:

2016 X1
MSRP $44,245
Money factor .00137
Monthly payment $494
Down payment $2,500 plus first payment $494 due at signing
USAA $500 incentive applied
36 months/ 12k annual miles
Includes all tax/tags/fees

Also they are letting me out of my last 2 lease payments on my 320i.

I did not get the final selling price (oops!) They kept adjusting the payment as I negotiated down the money factor.

Any advice would be appreciated. Thanks!

.00137 MF and 62% residual.

Which state and what tax rate?
Hard to calculate without a selling price and/or adjusted CAP cost.

steph21601

Thanks, Maryland, 6%. 

$40,805.17 selling price 

kyfdx

steph21601 said:

Thanks, Maryland, 6%. 

$40,805.17 selling price 

You need an adjusted CAP cost of about $41,800 to get that payment, assuming the base MF is being used.

Add $925 acq.fee
Add $2520 tax
Subtract $2500 downpayment, then that's about what you get.

Seems like a decent lease deal. MD taxes the full price, which doesn't help.

cbarba80

In Los Angeles, need MF and residual for FWD X1 36/10? Thanks in advance

ledname

Hello....

Do you have numbers on the 2017 models yet? Looking for 30 or 36 months with 12k miles. If there is a difference xDrive vs sDrive then please let me know. Thanks!

Michaell

ledname said:

Hello....

Do you have numbers on the 2017 models yet? Looking for 30 or 36 months with 12k miles. If there is a difference xDrive vs sDrive then please let me know. Thanks!

I've just created a 2017 X1 lease discussion; please repost there:

http://forums.edmunds.com/discussion/42131/bmw/x1/2017-bmw-x1-lease-questions/p1?new=1

Michaell

cbarba80 said:

In Los Angeles, need MF and residual for FWD X1 36/10? Thanks in advance

.00137 and 63%

raylight152

Hi all,

Visited a South Florida dealer today to take advantage of last day of the month lease specials on a BMW X1, base MSRP 41770 (w/options) ,10k miles per year/ for 3000 down flat (no costs on top of that) and $419 a month, including tax.

What do you think? I dont have residual, money factor etc etc. Thanks in advance for your expertise.

Take care,
Ray

Michaell

raylight152 said:

Hi all,

Visited a South Florida dealer today to take advantage of last day of the month lease specials on a BMW X1, base MSRP 41770 (w/options) ,10k miles per year/ for 3000 down flat (no costs on top of that) and $419 a month, including tax.

What do you think? I dont have residual, money factor etc etc. Thanks in advance for your expertise.

Take care,
Ray

What is the selling price or net cap cost?

What does the $3K cover?

36/10 numbers on the 2016 X1 are .00137 and 63%

coolsun

What are the August numbers for X1 - MF and RV for 36/10? How are the taxes in NY calculated? Thanks

kyfdx

coolsun said:

What are the August numbers for X1 - MF and RV for 36/10? How are the taxes in NY calculated? Thanks

The current BMW program runs through August. .00137 MF and 63% residual.

NY taxes the sum of the payments, plus any taxable amounts paid upfront, and collects the tax upfront.

smarxthespot

I am new to leasing and just learning the jargon. Can you help advise me as to whether this is a good deal or what further information I need?



Thank you for your help!

kyfdx

smarxthespot said:

I am new to leasing and just learning the jargon. Can you help advise me as to whether this is a good deal or what further information I need?



Thank you for your help!

I love the computer screenshots!

Pretty good discount (about 9.2% from MSRP)
But, money factor is marked up the maximum from .00137 base.
All of the fees look right for California.

I don't see a need to put $5000 upfront. It makes the payment lower, but it doesn't save you much money.

If I use .00137 MF, the payment drops to $391.94+tax or $424.18 total. That's $29/mo. less

Another way to look at it. If they gave you the base MF, you could only put $4000 upfront, and still have the $453/mo. payment.

smarxthespot

Awesome, thank you! So, money factor is also negotiable? I didn't know that!

Michaell

smarxthespot said:

Awesome, thank you! So, money factor is also negotiable? I didn't know that!

MF can be marked up by the dealer; .00137 is the best you can get, for top tier credit.

smarxthespot

How about this one? Not as good as the last one, but worth avoiding the dealership!

MSRP: $44,240.00

Sale Price lease is based on: $41,240.00

$5,000 down payment (don't really want to put this much down, but would love to keep my payment under $450)

Add: Tire and Wheel protection Package: $1,200.00 (is this worth it? Run-flats are a fortune!)

BMW Bank Fee: 925.00

Term: 36 months
Miles per year: 12,000

Money Factor: 0.00137

Residual: 62%, $27,428.80

DMV Fees: about $380.00

Monthly payment with tax: About $466 a month

Michaell

smarxthespot said:

How about this one? Not as good as the last one, but worth avoiding the dealership!

MSRP: $44,240.00

Sale Price lease is based on: $41,240.00

$5,000 down payment (don't really want to put this much down, but would love to keep my payment under $450)

Add: Tire and Wheel protection Package: $1,200.00 (is this worth it? Run-flats are a fortune!)

BMW Bank Fee: 925.00

Term: 36 months
Miles per year: 12,000

Money Factor: 0.00137

Residual: 62%, $27,428.80

DMV Fees: about $380.00

Monthly payment with tax: About $466 a month

I'd skip the tire and wheel package - are the roads that bad in CA? Big profit center for the dealer.

And, I'd also skip the big down payment - that money would be at risk if the car is stolen or totaled. Better to keep that money in the bank and use it to help with the higher payment.

What's the adjusted cap cost, after the big down payment?

smarxthespot

Adjusted cap cost after $5,000 down is $38,394. What is a "typical" down payment for a lease? I'm new to this and didn't realize it may be unwise to put so much down.

Michaell

smarxthespot said:

Adjusted cap cost after $5,000 down is $38,394. What is a "typical" down payment for a lease? I'm new to this and didn't realize it may be unwise to put so much down.

Actually, we recommend $0 cap reduction for a lease - just the non-taxable fees and first payment.

smarxthespot

Do you think it's smarter to do $0 down, other than the fees/first payment and then do multiple security deposits (they will allow 7 security deposits, lowering the money factor a max. of 49 points)? I have read that you can get those back when you turn in the lease or if you total the car, but I am also wondering if I can get them back if I sell the car around month 30?

Michaell

smarxthespot said:

Do you think it's smarter to do $0 down, other than the fees/first payment and then do multiple security deposits (they will allow 7 security deposits, lowering the money factor a max. of 49 points)? I have read that you can get those back when you turn in the lease or if you total the car, but I am also wondering if I can get them back if I sell the car around month 30?

Absolutely better to do multiple security deposits in lieu of a down payment. Yes, that money is returned to you at lease send, even if you terminate the lease early.

skoot1027

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

Michaell

skoot1027 said:

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

What are the tax rates? As is, those numbers give me a payment of $408/mo - I can't see $175/mo in tax, even with the double taxation you'll get in Cook County.

skoot1027

Michaell said:

skoot1027 said:

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

What are the tax rates? As is, those numbers give me a payment of $408/mo - I can't see $175/mo in tax, even with the double taxation you'll get in Cook County.

My understanding is 9.25% sales tax (which should also be on the $1k incentive) and then 9% use tax, which I interpret as on the monthly payment. That's at least how I calculated them. Still waiting for them to send me a detailed breakdown.

Michaell

skoot1027 said:

Michaell said:

skoot1027 said:

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

What are the tax rates? As is, those numbers give me a payment of $408/mo - I can't see $175/mo in tax, even with the double taxation you'll get in Cook County.

My understanding is 9.25% sales tax (which should also be on the $1k incentive) and then 9% use tax, which I interpret as on the monthly payment. That's at least how I calculated them. Still waiting for them to send me a detailed breakdown.

IIRC, the state calculates sales tax against the sum of the payments, then Cook County taxes the monthly payment amount (again).

Get the breakdown from the dealer and we'll go from there.

skoot1027

Michaell said:

skoot1027 said:

Michaell said:

skoot1027 said:

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

What are the tax rates? As is, those numbers give me a payment of $408/mo - I can't see $175/mo in tax, even with the double taxation you'll get in Cook County.

My understanding is 9.25% sales tax (which should also be on the $1k incentive) and then 9% use tax, which I interpret as on the monthly payment. That's at least how I calculated them. Still waiting for them to send me a detailed breakdown.

IIRC, the state calculates sales tax against the sum of the payments, then Cook County taxes the monthly payment amount (again).

Get the breakdown from the dealer and we'll go from there.

Thanks. Waiting to hear back from them. I'll post an update when I do.

Edit: That said, I get higher than you do on just depreciation and interest. I get around 367 depreciation and 106 for interest, so around 473 before taxes. Are these incorrect?

kyfdx

skoot1027 said:

Michaell said:

skoot1027 said:

Michaell said:

skoot1027 said:

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

What are the tax rates? As is, those numbers give me a payment of $408/mo - I can't see $175/mo in tax, even with the double taxation you'll get in Cook County.

My understanding is 9.25% sales tax (which should also be on the $1k incentive) and then 9% use tax, which I interpret as on the monthly payment. That's at least how I calculated them. Still waiting for them to send me a detailed breakdown.

IIRC, the state calculates sales tax against the sum of the payments, then Cook County taxes the monthly payment amount (again).

Get the breakdown from the dealer and we'll go from there.

Thanks. Waiting to hear back from them. I'll post an update when I do.

Edit: That said, I get higher than you do on just depreciation and interest. I get around 367 depreciation and 106 for interest, so around 473 before taxes. Are these incorrect?

$473.73 - I get the same.

skoot1027

kyfdx said:

skoot1027 said:

Michaell said:

skoot1027 said:

Michaell said:

skoot1027 said:

I wanted to see if someone could double check my lease calculation. I'm trying to finalize a 2016 X1 with a dealer, and can't account for about $20/mo between his number and mine.

MSRP: 45,395
Sale price: 40,900 (includes $1,000 incentive)
Cap Cost: 41,825 (I think. Based on sale price + $925 acq. Waiting to get this in writing from them)
Residual: 63% (36 month/10k miles)
MF: .00151 (I told them I'm only willing to do 0.00137, but for comparison lets use their number for now)

I live in Chicago, IL, so a lease would be subject to Chicago sales tax as well as Chicago use tax. Apparently the $1k incentive also gets taxed, which is why I broke it out above.

Dealer gave me a number of $583.50 based on this, inclusive of those taxes. Doc fee & DMV fees will be paid up front and are not included.

Thanks in advance.

What are the tax rates? As is, those numbers give me a payment of $408/mo - I can't see $175/mo in tax, even with the double taxation you'll get in Cook County.

My understanding is 9.25% sales tax (which should also be on the $1k incentive) and then 9% use tax, which I interpret as on the monthly payment. That's at least how I calculated them. Still waiting for them to send me a detailed breakdown.

IIRC, the state calculates sales tax against the sum of the payments, then Cook County taxes the monthly payment amount (again).

Get the breakdown from the dealer and we'll go from there.

Thanks. Waiting to hear back from them. I'll post an update when I do.

Edit: That said, I get higher than you do on just depreciation and interest. I get around 367 depreciation and 106 for interest, so around 473 before taxes. Are these incorrect?

$473.73 - I get the same.

Thank you! Unfortunately, I won't be able to report back the cap cost or anything else. The dealer was extremely shady, basically delayed getting back to me, and sold the car out from under me. Going to chalk it up to a dealer I'll never use again and go find another car...

brianm654

Do you calculate the Residual value based off the MSRP or the Sales Price?

For example, if the RV is 60%, the MSRP is $42,500 and the negotiated Sales Price were $40,000, which number would you use for the RV?

Michaell

brianm654 said:

Do you calculate the Residual value based off the MSRP or the Sales Price?

For example, if the RV is 60%, the MSRP is $42,500 and the negotiated Sales Price were $40,000, which number would you use for the RV?

Residual is always calculated against the MSRP - the bottom line number of the window sticker, including destination.

cbarba80

Just FYI in Los Angeles there are having $2000 off incentive this weekend on the 2016 x1. IS MF and RV still the same for 36/10 lease?

Michaell

cbarba80 said:

Just FYI in Los Angeles there are having $2000 off incentive this weekend on the 2016 x1. IS MF and RV still the same for 36/10 lease?

Sorry, we haven't yet seen the September program numbers. Perhaps next week.

FadyDizzle

Any update on 2016 X1 xDrive MF and RV? Looking at 36/15 if avail for Sept.

cbarba80

Thanks again as usual. closed on a deal this past Sunday, 2016 x1 x drive 36/10 lease, with premium package, cold weather, DA and DA plus. With 7 MSDs and just ttl, acq, first month down (about 1k) 399 a month after taxes. Dealer is Long Beach BMW

Michaell

cbarba80 said:

Thanks again as usual. closed on a deal this past Sunday, 2016 x1 x drive 36/10 lease, with premium package, cold weather, DA and DA plus. With 7 MSDs and just ttl, acq, first month down (about 1k) 399 a month after taxes. Dealer is Long Beach BMW

Congrats!

Michaell

FadyDizzle said:

Any update on 2016 X1 xDrive MF and RV? Looking at 36/15 if avail for Sept.

.00136 and 60%. $2000 option allowance.

wco81

If I wanted to do a European Delivery for next summer, around July, does it make sense to try to work out a price now with a dealer? Guess it could be the next model year too.

Michaell

wco81 said:

If I wanted to do a European Delivery for next summer, around July, does it make sense to try to work out a price now with a dealer? Guess it could be the next model year too.

You can already get 2017's at the dealer today; however, if you want to make an order for ED, then it might be a bit early to place an order. But, talk to your dealer about the timeline.

jjinatx

any update on RV MF for 36/12 2016 x1 28i

Michaell

jjinatx said:

any update on RV MF for 36/12 2016 x1 28i

.00136 and 62%. $2000 option allowance.

rjd9191

Dealer in Connecticut is telling me today that the RV is 60% on the 2016 X1 xDrive28i AWD for 36/12. Could you let me know if that's correct and what the MF is? Thanks!

Michaell

rjd9191 said:

Dealer in Connecticut is telling me today that the RV is 60% on the 2016 X1 xDrive28i AWD for 36/12. Could you let me know if that's correct and what the MF is? Thanks!

I show 60% for 36/15; 62% for 36/12

.00136 MF and $2000 option allowance

rjd9191

Thanks. Could you also give me the MF and RV for New York, 36/12?

Michaell

rjd9191 said:

Thanks. Could you also give me the MF and RV for New York, 36/12?

BMW numbers are national.

whodunits

Will appreciate MF, RV and any bonus cash available for 2016 BMW X1 xDrive28i, 24/10 and 36/10. Thank you very much.

kyfdx

whodunits said:

Will appreciate MF, RV and any bonus cash available for 2016 BMW X1 xDrive28i, 24/10 and 36/10. Thank you very much.

.00136 MF and 69%/63% residual.
$2000 option allowance

wco81

What is an option allowance? That means you can load up $2000 worth of options without the price increasing?

spidpooy

wco81 said:

What is an option allowance? That means you can load up $2000 worth of options without the price increasing?

I think that is right. They know that their options price are non-sense.

kyfdx

wco81 said:

What is an option allowance? That means you can load up $2000 worth of options without the price increasing?

It's basically a consumer rebate. It must be used as a CAP cost reduction on the lease (which means you'll be taxed on it). It really has nothing to do with options.