Just got an 2017 i3 BEV today in SOCAL, thought I would share to have another data point. MSRP: 49,245 Sale Price: 44,245 (5k off including the 1k build cash) before the $7500 incentive MF .00136 7 MSD 12k miles, 60% Residual for 30 months Down: 2500 (will be getting $2500 back from CA rebate), all other fees already included After CA tax: $318 a month (forgot pretax amount - think around 280-290). Total Cost of car for 30 months = $9540
Just got an 2017 i3 BEV today in SOCAL, thought I would share to have another data point. MSRP: 49,245 Sale Price: 44,245 (5k off including the 1k build cash) before the $7500 incentive MF .00136 7 MSD 12k miles, 60% Residual for 30 months Down: 2500 (will be getting $2500 back from CA rebate), all other fees already included After CA tax: $318 a month (forgot pretax amount - think around 280-290). Total Cost of car for 30 months = $9540
Just got an 2017 i3 BEV today in SOCAL, thought I would share to have another data point. MSRP: 49,245 Sale Price: 44,245 (5k off including the 1k build cash) before the $7500 incentive MF .00136 7 MSD 12k miles, 60% Residual for 30 months Down: 2500 (will be getting $2500 back from CA rebate), all other fees already included After CA tax: $318 a month (forgot pretax amount - think around 280-290). Total Cost of car for 30 months = $9540
Congrats on the new car and thanks for sharing. Would you mind indicating which dealer you used?
$5k off including the $1k build cash is a fine deal. I haven't been able to get MA dealers anywhere close to that and there are no BEV's around, unfortunately.
Just got an 2017 i3 BEV today in SOCAL, thought I would share to have another data point. MSRP: 49,245 Sale Price: 44,245 (5k off including the 1k build cash) before the $7500 incentive MF .00136 7 MSD 12k miles, 60% Residual for 30 months Down: 2500 (will be getting $2500 back from CA rebate), all other fees already included After CA tax: $318 a month (forgot pretax amount - think around 280-290). Total Cost of car for 30 months = $9540
Which dealership in SoCal?
I received a quote with a line that says "Tax on Credit," what is this?
Just got an 2017 i3 BEV today in SOCAL, thought I would share to have another data point. MSRP: 49,245 Sale Price: 44,245 (5k off including the 1k build cash) before the $7500 incentive MF .00136 7 MSD 12k miles, 60% Residual for 30 months Down: 2500 (will be getting $2500 back from CA rebate), all other fees already included After CA tax: $318 a month (forgot pretax amount - think around 280-290). Total Cost of car for 30 months = $9540
Which dealership in SoCal?
I received a quote with a line that says "Tax on Credit," what is this?
Not sure if this is the right place to ask, but when will 2017 i3 be added to edmunds.com new cars? Right now, it's only 2015 and 2016 models which are almost impossible to find.
Not sure if this is the right place to ask, but when will 2017 i3 be added to edmunds.com new cars? Right now, it's only 2015 and 2016 models which are almost impossible to find.
I don't have that info. From any page on Edmunds, scroll to the bottom and click "Help", and someone will get back to you with a response.
I have been getting quotes on a 2017 i3 REX. I haven't been offered the 1000 option allowance, only the 7500 for the tax credit. Is the option allowance still in play?
I've seen MFs from .00156 to .00176, and residuals of 62 and 61%. What numbers are you guys seeing this month? 36 months, 10k miles/yr.
I have been getting quotes on a 2017 i3 REX. I haven't been offered the 1000 option allowance, only the 7500 for the tax credit. Is the option allowance still in play?
I've seen MFs from .00156 to .00176, and residuals of 62 and 61%. What numbers are you guys seeing this month? 36 months, 10k miles/yr.
Thanks!
.00136 MF and 58% residual for 36/10. 61% residual would have to be a 30/10 lease. $1000 option allowance is still there.
Hello all, I was wondering if you could give me some advice as to whether this is a good lease deal for a 2017 i3 with Rex, Fluid Black non metallic paint, and Deka Dark Cloth interior:
MSRP: $49,145.00 Sale price: $35,645 (includes $13,500 discounts, federal, CT state, not sure what else)
24 month lease with 10K miles per year
MF: .00109 Residual: 64% ($31,452)
Monthly payment: $249.90
Cash due on Lease: $4,152.43
includes:
First payment: $249.90 Security deposit: $1,750.00 Cap Red: $300.00 Tax on Cap Red: $19.05 Acq Fee: $925.00 DMV Fees: $200.00 Doc Fee: $599.00 DMV/Doc Tax: $50.74 Tax on Fees: $58.74
I'm not sure this is a good price because he didn't mark down MSRP at all (as near as I can tell). Also, the fees seem a little excessive, are these negotiable?
$2402.43: up front cost minus deposit $5747.70: remaining 23 monthly payments
Total cost for duration of lease: $8,150.13
Do you think this is a good price? Where should I try to negotiate? On the MSRP, or on the fees? Both?
This site was helpful for me to understand a descent deal. I'm jealous of those in California due to taxes and the $2.5k state rebate. That is huge on a lease.
I'm in Texas and signed a deal yesterday for the following parameters:
Hello all, I was wondering if you could give me some advice as to whether this is a good lease deal for a 2017 i3 with Rex, Fluid Black non metallic paint, and Deka Dark Cloth interior:
MSRP: $49,145.00 Sale price: $35,645 (includes $13,500 discounts, federal, CT state, not sure what else)
24 month lease with 10K miles per year
MF: .00109 Residual: 64% ($31,452)
Monthly payment: $249.90
Cash due on Lease: $4,152.43
includes:
First payment: $249.90 Security deposit: $1,750.00 Cap Red: $300.00 Tax on Cap Red: $19.05 Acq Fee: $925.00 DMV Fees: $200.00 Doc Fee: $599.00 DMV/Doc Tax: $50.74 Tax on Fees: $58.74
I'm not sure this is a good price because he didn't mark down MSRP at all (as near as I can tell). Also, the fees seem a little excessive, are these negotiable?
$2402.43: up front cost minus deposit $5747.70: remaining 23 monthly payments
Total cost for duration of lease: $8,150.13
Do you think this is a good price? Where should I try to negotiate? On the MSRP, or on the fees? Both?
Thanks in advance for your help!
They took $13,500 off the MSRP. Some of that has to be a dealer discount, right? The $599 doc fee is excessive. If you made 7 MSDs, then the base MF should be .00087, not .00109. So, that looks like a markup. Is the payment $249/mo, with tax included? I don't see sales tax included anywhere in the lease. With your numbers, I get $248/mo. pre-tax. Makes me wonder if the actual MF is .00087, which would result in $233/mo.+tax.
If you subtract deposits and first payment from your upfront money, and amortize the rest of it, it works out to about $340/mo., which is pretty cheap for a 24 month lease. I'd verify the money factor and the pre- and post-tax payment.
Hello all, I was wondering if you could give me some advice as to whether this is a good lease deal for a 2017 i3 with Rex, Fluid Black non metallic paint, and Deka Dark Cloth interior:
MSRP: $49,145.00 Sale price: $35,645 (includes $13,500 discounts, federal, CT state, not sure what else)
24 month lease with 10K miles per year
MF: .00109 Residual: 64% ($31,452)
Monthly payment: $249.90
Cash due on Lease: $4,152.43
includes:
First payment: $249.90 Security deposit: $1,750.00 Cap Red: $300.00 Tax on Cap Red: $19.05 Acq Fee: $925.00 DMV Fees: $200.00 Doc Fee: $599.00 DMV/Doc Tax: $50.74 Tax on Fees: $58.74
I'm not sure this is a good price because he didn't mark down MSRP at all (as near as I can tell). Also, the fees seem a little excessive, are these negotiable?
$2402.43: up front cost minus deposit $5747.70: remaining 23 monthly payments
Total cost for duration of lease: $8,150.13
Do you think this is a good price? Where should I try to negotiate? On the MSRP, or on the fees? Both?
Thanks in advance for your help!
They took $13,500 off the MSRP. Some of that has to be a dealer discount, right? The $599 doc fee is excessive. If you made 7 MSDs, then the base MF should be .00087, not .00109. So, that looks like a markup. Is the payment $249/mo, with tax included? I don't see sales tax included anywhere in the lease. With your numbers, I get $248/mo. pre-tax. Makes me wonder if the actual MF is .00087, which would result in $233/mo.+tax.
If you subtract deposits and first payment from your upfront money, and amortize the rest of it, it works out to about $340/mo., which is pretty cheap for a 24 month lease. I'd verify the money factor and the pre- and post-tax payment.
The monthly payment is $234.98 + $14.92 sales tax for a total payment of $249.90
On the MF section, it says:
Base MF Buy Rate: 0.00136 MSD Adjustment: -0.00049 One Pay Adjustment: 0 Adjustment to MF: -0.00087 Adjustment MF Buy Rate: 0 Customer MF: 0.00109 Money Factor Mark-Up: 0.00109 Reason for Adj: Extra Miles
Hello all, I was wondering if you could give me some advice as to whether this is a good lease deal for a 2017 i3 with Rex, Fluid Black non metallic paint, and Deka Dark Cloth interior:
MSRP: $49,145.00 Sale price: $35,645 (includes $13,500 discounts, federal, CT state, not sure what else)
24 month lease with 10K miles per year
MF: .00109 Residual: 64% ($31,452)
Monthly payment: $249.90
Cash due on Lease: $4,152.43
includes:
First payment: $249.90 Security deposit: $1,750.00 Cap Red: $300.00 Tax on Cap Red: $19.05 Acq Fee: $925.00 DMV Fees: $200.00 Doc Fee: $599.00 DMV/Doc Tax: $50.74 Tax on Fees: $58.74
I'm not sure this is a good price because he didn't mark down MSRP at all (as near as I can tell). Also, the fees seem a little excessive, are these negotiable?
$2402.43: up front cost minus deposit $5747.70: remaining 23 monthly payments
Total cost for duration of lease: $8,150.13
Do you think this is a good price? Where should I try to negotiate? On the MSRP, or on the fees? Both?
Thanks in advance for your help!
They took $13,500 off the MSRP. Some of that has to be a dealer discount, right? The $599 doc fee is excessive. If you made 7 MSDs, then the base MF should be .00087, not .00109. So, that looks like a markup. Is the payment $249/mo, with tax included? I don't see sales tax included anywhere in the lease. With your numbers, I get $248/mo. pre-tax. Makes me wonder if the actual MF is .00087, which would result in $233/mo.+tax.
If you subtract deposits and first payment from your upfront money, and amortize the rest of it, it works out to about $340/mo., which is pretty cheap for a 24 month lease. I'd verify the money factor and the pre- and post-tax payment.
The monthly payment is $234.98 + $14.92 sales tax for a total payment of $249.90
On the MF section, it says:
Base MF Buy Rate: 0.00136 MSD Adjustment: -0.00049 One Pay Adjustment: 0 Adjustment to MF: -0.00087 Adjustment MF Buy Rate: 0 Customer MF: 0.00109 Money Factor Mark-Up: 0.00109 Reason for Adj: Extra Miles
Thanks for all your help; this is great info!
No clue what "extra miles" would have to do with a money factor adjustment. It's just a markup, plain and simple.
The dealer says he was able to get an extra $1000 credit by increasing the MF. On the 36 month lease, it was better to have the lower MF, but on the 24 month lease it was better to buy down the sale price. Does that sound legit?
The dealer says he was able to get an extra $1000 credit by increasing the MF. On the 36 month lease, it was better to have the lower MF, but on the 24 month lease it was better to buy down the sale price. Does that sound legit?
The dealer gets paid 70% of the extra funds generated by the money factor increase. (as a general rule). Maybe, they have another incentive program we don't know about. Either way, do you think you benefited from the $1000, or the dealer?
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
.00134 MF and 63%/60%/57% residual for 12K/yr. $7500 lease credit.
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
Limited information for November, so far.
.00134 and 58% for 36/10. $7500 lease credit.
I thought lease deals were suppose to get better near year-end, not worse
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
Limited information for November, so far.
.00134 and 58% for 36/10. $7500 lease credit.
I thought lease deals were suppose to get better near year-end, not worse
what do you think about this deal? Msrp: 48,445 Sale price: 44,830 Incentives:$7500 lease cash (goes towards your drive off) Money factor:.00134 Residue value: 57% 12k, 55% 15k Acq fee: $925 First payment and tax title and etc. $459.64 inc tax DMV Fees: $373 Doc Fee:$80 DMV/Doc Tax: see below Tax on Fees: $491.73 Monthly payment with tax:$459.64 12k and $488.14 15k
what do you think about this deal? Msrp: 48,445 Sale price: 44,830 Incentives:$7500 lease cash (goes towards your drive off) Money factor:.00134 Residue value: 57% 12k, 55% 15k Acq fee: $925 First payment and tax title and etc. $459.64 inc tax DMV Fees: $373 Doc Fee:$80 DMV/Doc Tax: see below Tax on Fees: $491.73 Monthly payment with tax:$459.64 12k and $488.14 15k
Every 1k you put down lowers the payment $30.
If that is with ZERO money out of pocket, then I get $425/mo.+tax for 36/12K/yr, which looks pretty close.
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
Limited information for November, so far.
.00134 and 58% for 36/10. $7500 lease credit.
I thought lease deals were suppose to get better near year-end, not worse
Doesn't look that way for BMW, this year.
Does BMW FS release temporary deals - say for Thanksgiving Weekend (Black Friday)?
New numbers for residuals for 24/12k, 30/12k, 36/12k for Nov 2016 on the East Coast? Also any lease cash other than the $7500? Looks like the $1k option incentive from September/October disappeared and deals are actually worse...
Limited information for November, so far.
.00134 and 58% for 36/10. $7500 lease credit.
I thought lease deals were suppose to get better near year-end, not worse
Doesn't look that way for BMW, this year.
Does BMW FS release temporary deals - say for Thanksgiving Weekend (Black Friday)?
Or do they just stick to month by month numbers?
No special holiday numbers ... just updated monthly or every other month.
Can someone check my math? My calculation does NOT include the CA $2500 rebate. Would you advise paying the $2500 rebate upfront as an additional down payment on top of the 7 MSDs, or only do MSD?
MSRP: $52495 (incl $925 acq fee) Gross Cap Cost: $45030 Lease Credit Cap Reduction: $7500 Net Cap Cost: $37530 Lease term: 30 months Residual @ 12K miles/yr: 60%
Nov Base MF: 0.00134 # MSD: 7 MF Adj: -0.00049 Final MF: 0.00085
Can someone check my math? My calculation does NOT include the CA $2500 rebate. Would you advise paying the $2500 rebate upfront as an additional down payment on top of the 7 MSDs, or only do MSD?
MSRP: $52495 (incl $925 acq fee) Gross Cap Cost: $45030 Lease Credit Cap Reduction: $7500 Net Cap Cost: $37530 Lease term: 30 months Residual @ 12K miles/yr: 60%
Nov Base MF: 0.00134 # MSD: 7 MF Adj: -0.00049 Final MF: 0.00085
Do you have an option as to how to use the $2500? Is that not already baked into the pre-$7500 rebate discount you are getting from the dealer?
Generally best to use it to reduce the cap cost.
Unlike the $7500 Fed Tax Credit which most dealers apply as a lease reduction upfront, in CA, the $2500 rebate is not applied to the cap cost directly. It's a rebate that you receive in the mail 3-4 months after an eligible EV purchase (minimum term is 30 month lease for an i3). Therefore if you wanted to reduce the cap cost from this rebate at the time of purchase, you would have to put the down payment upfront and wait for the rebate.
If I put $2500 as a down payment, my payment goes from $283/month above to $190/month. Over 30 months, this equates to $2795 of savings in monthly fees, offset by an increase in drive off fees of $1707 ($2500 down less the reduction MSD) for a total savings of $1088 over 30 months.
I guess it depends on if the $2500 rebate could be better used today (installing an EV charger in my condo) or if the extra $1k over 30 months is worth it.
Can someone check my math? My calculation does NOT include the CA $2500 rebate. Would you advise paying the $2500 rebate upfront as an additional down payment on top of the 7 MSDs, or only do MSD?
MSRP: $52495 (incl $925 acq fee) Gross Cap Cost: $45030 Lease Credit Cap Reduction: $7500 Net Cap Cost: $37530 Lease term: 30 months Residual @ 12K miles/yr: 60%
Nov Base MF: 0.00134 # MSD: 7 MF Adj: -0.00049 Final MF: 0.00085
DMV Fee: $525 Doc Fee: $80 MSD: $2100 First Month: $283 Total Drive Off: $2988
Wow! That's a great deal! Do you mind telling me which dealer you went to?
But also the math is off because your applying the $925 acquisition fee (AF) to the MSRP and residualizing that. I'm pretty sure it's incorrect to do so. You're also missing the tax you'll pay for the $7,500 cap cost reduction and tax on doc fee in your drive offs, so I subtracted out the the AF from MSRP which increased your Net Cap Cost to $38,445.
I calculate...
Total Lease Payment/Month: $337
DMV Fee: $525 Doc Fee: $80+$7.20 (tax) MSD: $2450 First Month: $337 Other Tax: $675 Total Drive Off: $4,074
However, when I plug it in to www.leasehackr.com/calculator I'm off a few dollars.
Wow! That's a great deal! Do you mind telling me which dealer you went to?
But also the math is off because your applying the $925 acquisition fee (AF) to the MSRP and residualizing that. I'm pretty sure it's incorrect to do so. You're also missing the tax you'll pay for the $7,500 cap cost reduction and tax on doc fee in your drive offs, so I subtracted out the the AF from MSRP which increased your Net Cap Cost to $38,445.
I calculate...
Total Lease Payment/Month: $337
DMV Fee: $525 Doc Fee: $80+$7.20 (tax) MSD: $2450 First Month: $337 Other Tax: $675 Total Drive Off: $4,074
However, when I plug it in to www.leasehackr.com/calculator I'm off a few dollars.
Hello! Thanks for your input but I misspoke. The acquisition fee is not included in the MSRP, but the Gross Cap Reduction is supposed to be net of the acquisition fee. I have a $1000 dealer credit from a BMW Driving Experience Event which I applied in the Gross Cap Cost and offsets the acq fee.
But if I assume that the acquisition fee is not included and my Net Capital Cost is $38,455, then my monthly becomes $318.
Either way, I think I will pay the acquisition fees upfront to keep my monthly at $283 and Net Cap Cost $37,530. My drive off with taxes and acquisition fee would be
MSD: $2100 First Month: $283 DMV Fee: $525 Doc Fee: $80 + $7 (tax) Acquisition Fee: $925 + $83 (tax) Tax on Fed Credit: $675 Total Drive Off: $4678
I believe my numbers check out with Leasehackr (thanks for that link as well)
Wondering if I could pick everyones knowledge here. I am contemplating a 2017 i3 and have not heard much about what everyone else is paying to find out if I have a decent deal or not. I have drafted up this lease on leasehackr...what are your thoughts. Further, I have heard several mention that down payments are not good. Why? I would combine with a MSD.
Many thanks for your thoughts in advance!
MSRP = $56,300 Sales Price = $51,500 - decreased by $7,500 incentive Payment $319 (before taxes) Out of Pocket = about $6700 (mainly $3k down payment and $2,450 MSD plus various fees)
Wondering if I could pick everyones knowledge here. I am contemplating a 2017 i3 and have not heard much about what everyone else is paying to find out if I have a decent deal or not. I have drafted up this lease on leasehackr...what are your thoughts. Further, I have heard several mention that down payments are not good. Why? I would combine with a MSD.
Many thanks for your thoughts in advance!
MSRP = $56,300 Sales Price = $51,500 - decreased by $7,500 incentive Payment $319 (before taxes) Out of Pocket = about $6700 (mainly $3k down payment and $2,450 MSD plus various fees)
Leasehackr has a forum that you could post this on - pretty active.
But to answer your question, never put money down but do security deposits (MSD). You could technically walk away $0 but your monthly will be higher. All depends on how you want to structure your deal and what makes financially sensible to you.
Wondering if I could pick everyones knowledge here. I am contemplating a 2017 i3 and have not heard much about what everyone else is paying to find out if I have a decent deal or not. I have drafted up this lease on leasehackr...what are your thoughts. Further, I have heard several mention that down payments are not good. Why? I would combine with a MSD.
Many thanks for your thoughts in advance!
MSRP = $56,300 Sales Price = $51,500 - decreased by $7,500 incentive Payment $319 (before taxes) Out of Pocket = about $6700 (mainly $3k down payment and $2,450 MSD plus various fees)
What lease term and how many miles per year?
Down payments are a bad idea; if the car is stolen or totaled, you will lose that money.
I was negotiating a lease yesterday, didn't pull the trigger.
On a $55,685 MSRP, they were willing to 'sell' it for $51,000. With the $7500 credit, but things like taxes and fees added in to the tune of $1600'ish. I was also negotiating a $3k down payment (though I hear the concerns noted above about down payments). The dealer was trying to stick me with a MF of .00169, rather than the BMW rate of .00134.
Given all of that, and with a buy down of the rate (7 MSD's), the payment was supposed to be $360/month before tax. Seems like your deal is a pretty good one. Same basic construct as mine, but $40 cheaper on a similar MSRP.
BMW was offering a lease deal for that $319/month on a $51,500 i3 with $3k down, so seems pretty good given your car's higher MSRP.
I think BMW must somehow have been subsidizing this deal, since the amort of depreciation alone would be something like $312/month (if my calculations are correct). Either basically 0% interest or kicking back money.
My dealer is notorious for not giving good deals, but in my state there is a refund for EV's that must be purchased in-state, and there are few dealers here (small state), so I have limited leverage.
If you get that deal, please post all the information so I can go back to my dealer and put the squeeze on them. The i3 sales are pretty slow lately, and with the Bolt coming, I see the i3's being a boat anchor for the dealerships. I think there should be some good deals coming.
Thanks again, all. Ultimately, I received an offer very similar to yours LSP. They were giving me the lower rate (.00085 for 7 MSD's), but the price of the car was about $1500 higher. Ultimately, I was using the leasehackr site (wonderful by the way) to calculate what I thought was a good deal was. And wanted to get confirmation that it was....due to limited info out there. If I could get them to come down about $1500 more on the car and get that payment to around $319, I would have pulled the trigger. Well, I would not have done the down payment which would have made the payment higher, but that is beside the point. Thanks for the insight on the down payment! The deal that I was calculating was for 36 mos / 10k year.
LSP, in your $312 depreciation calculation, are you factoring the down payment of $3k? That in turn really makes the true cost $83 higher or about $402 monthly.
Yes, that included the $3k down payment. I think my original math was a bit off -- seems like the $319 is either no interest or has a BMW subsidy somewhere i.e. a discount off of MSRP.
The numbers for depreciation: MSRP: $51,875, less $7500 fed rebate, less $3K down; capital cost= $41,575.
The December deal is up on the BMW USA website -- same basic deal ($319/mo + $3000 down), but on a bit cheaper/lower MSRP vehicle ($50,145). So, the depreciation charge on the new deal's vehicle would be $293/mo, thus about $26/mo of interest ($319 - $293).
Interest expense at .00134 FM would be $95/mo, so the discount is about $70/mo or $2520 over the life of the lease. So, again, either the lease terms assume a below-MSRP transaction or a lower money factor/interest rate.
Comments
MSRP: 49,245
Sale Price: 44,245 (5k off including the 1k build cash) before the $7500 incentive
MF .00136 7 MSD 12k miles, 60% Residual for 30 months
Down: 2500 (will be getting $2500 back from CA rebate), all other fees already included
After CA tax: $318 a month (forgot pretax amount - think around 280-290).
Total Cost of car for 30 months = $9540
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I received a quote with a line that says "Tax on Credit," what is this?
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I have been getting quotes on a 2017 i3 REX. I haven't been offered the 1000 option allowance, only the 7500 for the tax credit. Is the option allowance still in play?
I've seen MFs from .00156 to .00176, and residuals of 62 and 61%. What numbers are you guys seeing this month? 36 months, 10k miles/yr.
Thanks!
61% residual would have to be a 30/10 lease.
$1000 option allowance is still there.
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MSRP: $49,145.00
Sale price: $35,645 (includes $13,500 discounts, federal, CT state, not sure what else)
24 month lease with 10K miles per year
MF: .00109
Residual: 64% ($31,452)
Monthly payment: $249.90
Cash due on Lease: $4,152.43
includes:
First payment: $249.90
Security deposit: $1,750.00
Cap Red: $300.00
Tax on Cap Red: $19.05
Acq Fee: $925.00
DMV Fees: $200.00
Doc Fee: $599.00
DMV/Doc Tax: $50.74
Tax on Fees: $58.74
I'm not sure this is a good price because he didn't mark down MSRP at all (as near as I can tell). Also, the fees seem a little excessive, are these negotiable?
$2402.43: up front cost minus deposit
$5747.70: remaining 23 monthly payments
Total cost for duration of lease: $8,150.13
Do you think this is a good price? Where should I try to negotiate? On the MSRP, or on the fees? Both?
Thanks in advance for your help!
I'm in Texas and signed a deal yesterday for the following parameters:
2017 REX, White, Tera world, Park pkg, tech + drive pkg, moonroof, h/k sound
36 months
15k miles / year
==> residual = 55%
6% discount off MSRP
.00127 MF with a $3500 security deposit
The $599 doc fee is excessive.
If you made 7 MSDs, then the base MF should be .00087, not .00109. So, that looks like a markup.
Is the payment $249/mo, with tax included? I don't see sales tax included anywhere in the lease.
With your numbers, I get $248/mo. pre-tax.
Makes me wonder if the actual MF is .00087, which would result in $233/mo.+tax.
If you subtract deposits and first payment from your upfront money, and amortize the rest of it, it works out to about $340/mo., which is pretty cheap for a 24 month lease.
I'd verify the money factor and the pre- and post-tax payment.
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On the MF section, it says:
Base MF Buy Rate: 0.00136
MSD Adjustment: -0.00049
One Pay Adjustment: 0
Adjustment to MF: -0.00087
Adjustment MF Buy Rate: 0
Customer MF: 0.00109
Money Factor Mark-Up: 0.00109
Reason for Adj: Extra Miles
Thanks for all your help; this is great info!
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Maybe, they have another incentive program we don't know about.
Either way, do you think you benefited from the $1000, or the dealer?
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.00134 and 58% for 36/10. $7500 lease credit.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
$7500 lease credit.
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7.5K/yr is only available on the 7-Series.
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12k/36m 15k/36m.
any incentive in November.
Msrp: 48,445
Sale price: 44,830
Incentives:$7500 lease cash (goes towards your drive off)
Money factor:.00134
Residue value: 57% 12k, 55% 15k
Acq fee: $925
First payment and tax title and etc. $459.64 inc tax
DMV Fees: $373
Doc Fee:$80
DMV/Doc Tax: see below
Tax on Fees: $491.73
Monthly payment with tax:$459.64 12k and $488.14 15k
Every 1k you put down lowers the payment $30.
$7500 lease credit
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Or do they just stick to month by month numbers?
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Can someone check my math? My calculation does NOT include the CA $2500 rebate. Would you advise paying the $2500 rebate upfront as an additional down payment on top of the 7 MSDs, or only do MSD?
MSRP: $52495 (incl $925 acq fee)
Gross Cap Cost: $45030
Lease Credit Cap Reduction: $7500
Net Cap Cost: $37530
Lease term: 30 months
Residual @ 12K miles/yr: 60%
Nov Base MF: 0.00134
# MSD: 7
MF Adj: -0.00049
Final MF: 0.00085
Depreciation Fee/Month: $201
Lease Fee/Month: $59
Tax Fee/Month (@ 9%): $23
Total Lease Payment/Month: $283
DMV Fee: $525
Doc Fee: $80
MSD: $2100
First Month: $283
Total Drive Off: $2988
Do you have an option as to how to use the $2500? Is that not already baked into the pre-$7500 rebate discount you are getting from the dealer?
Generally best to use it to reduce the cap cost.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
If I put $2500 as a down payment, my payment goes from $283/month above to $190/month. Over 30 months, this equates to $2795 of savings in monthly fees, offset by an increase in drive off fees of $1707 ($2500 down less the reduction MSD) for a total savings of $1088 over 30 months.
I guess it depends on if the $2500 rebate could be better used today (installing an EV charger in my condo) or if the extra $1k over 30 months is worth it.
But also the math is off because your applying the $925 acquisition fee (AF) to the MSRP and residualizing that. I'm pretty sure it's incorrect to do so. You're also missing the tax you'll pay for the $7,500 cap cost reduction and tax on doc fee in your drive offs, so I subtracted out the the AF from MSRP which increased your Net Cap Cost to $38,445.
I calculate...
Total Lease Payment/Month: $337
DMV Fee: $525
Doc Fee: $80+$7.20 (tax)
MSD: $2450
First Month: $337
Other Tax: $675
Total Drive Off: $4,074
However, when I plug it in to www.leasehackr.com/calculator I'm off a few dollars.
But if I assume that the acquisition fee is not included and my Net Capital Cost is $38,455, then my monthly becomes $318.
Either way, I think I will pay the acquisition fees upfront to keep my monthly at $283 and Net Cap Cost $37,530. My drive off with taxes and acquisition fee would be
MSD: $2100
First Month: $283
DMV Fee: $525
Doc Fee: $80 + $7 (tax)
Acquisition Fee: $925 + $83 (tax)
Tax on Fed Credit: $675
Total Drive Off: $4678
I believe my numbers check out with Leasehackr (thanks for that link as well)
Many thanks for your thoughts in advance!
MSRP = $56,300
Sales Price = $51,500 - decreased by $7,500 incentive
Payment $319 (before taxes)
Out of Pocket = about $6700 (mainly $3k down payment and $2,450 MSD plus various fees)
But to answer your question, never put money down but do security deposits (MSD). You could technically walk away $0 but your monthly will be higher. All depends on how you want to structure your deal and what makes financially sensible to you.
Down payments are a bad idea; if the car is stolen or totaled, you will lose that money.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
On a $55,685 MSRP, they were willing to 'sell' it for $51,000. With the $7500 credit, but things like taxes and fees added in to the tune of $1600'ish. I was also negotiating a $3k down payment (though I hear the concerns noted above about down payments). The dealer was trying to stick me with a MF of .00169, rather than the BMW rate of .00134.
Given all of that, and with a buy down of the rate (7 MSD's), the payment was supposed to be $360/month before tax. Seems like your deal is a pretty good one. Same basic construct as mine, but $40 cheaper on a similar MSRP.
BMW was offering a lease deal for that $319/month on a $51,500 i3 with $3k down, so seems pretty good given your car's higher MSRP.
I think BMW must somehow have been subsidizing this deal, since the amort of depreciation alone would be something like $312/month (if my calculations are correct). Either basically 0% interest or kicking back money.
My dealer is notorious for not giving good deals, but in my state there is a refund for EV's that must be purchased in-state, and there are few dealers here (small state), so I have limited leverage.
If you get that deal, please post all the information so I can go back to my dealer and put the squeeze on them. The i3 sales are pretty slow lately, and with the Bolt coming, I see the i3's being a boat anchor for the dealerships. I think there should be some good deals coming.
LSP, in your $312 depreciation calculation, are you factoring the down payment of $3k? That in turn really makes the true cost $83 higher or about $402 monthly.
The numbers for depreciation:
MSRP: $51,875, less $7500 fed rebate, less $3K down; capital cost= $41,575.
Residual = $30,087 (i.e. 0.58 X $51,875)
Depreciation = $41,575 - $30,087 = $11,488 / 36 = $319/mo
(interest would be an additional $96/mo at a MF of .00134)
So, depreciation = $11,288 = $313.55 / mo.
Interest expense at .00134 FM would be $95/mo, so the discount is about $70/mo or $2520 over the life of the lease. So, again, either the lease terms assume a below-MSRP transaction or a lower money factor/interest rate.
$2290 discount for i3 REX.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige