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Don't think there is any problem qualifying for both.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Subtract 1% for 12K/yr
$7500 lease credit
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
BMW i3 with range extender
Can I see the figures for 10K and 12K miles per year and for 36 or 39 months, whichever is better?
Thanks in advance for your assistance.
.00134 and 58% / 57%
$7500 lease credit.
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$7500 lease credit.
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$7500 lease credit.
What is the MSRP and CAP cost?
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CAP: $37,945
If it's the selling price, and you have to add acquisition fee, etc, then the monthly will go up.
If that is the selling price, that's only a $1500 discount, in addition to the lease credit. Should be able to do better than that.
I'm not overly impressed with their monthly price.
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We do not recommend making a down payment on a lease - that money is lost if the car is stolen or totaled. Restrict your up front money to first payment and DMV costs only, and roll everything else into the lease.
36/10 on the 2017 i3 is 58% for January.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
The advertised lease includes a dealer discount $2290, in addition to the $7500 lease credit.
Due at signing is $4244
That doesn't include DMV fees, dealer/doc fees or taxes.
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Secondly, I requested a MF with 7 MSD. One dealer said 0.00065 and another quoted 0.00114. The former seems really low and the latter seems high. The two dealers are in different regions. Would that make a difference? If the "real" MF nationwide is 0.00134 and you get a 0.00007 reduction this should be more like 0.00085, correct?
Thanks!
The $7500 is taxable, and may be excluded from the $300 state cap - check with your department of revenue to get the straight scoop.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
New to the lease game and trying to catch up. I'm looking to lease an i3 REX with an MSRP of 54,895.
What would be the residual and MF for 24 months in VA?
My company is part of the Corporate Fleet program and is offering $1,500 lease incentives and a Lease Rate Reduction of .00020mf. I think they are also including a $7500 credit (current offer).
Dealer obviously isn't showing their math and came down almost $100 bucks a month over last 24 hours, now asking for $415/month after $6,830.36 cash at closing (includes taxes, tags and fees).
Seems like a lot of cash down. Trying to figure this all out and appreciate the support and whether this is a good deal. Also, how much would adding an $800 option add to the monthly cost roughly?
$7500 lease credit.
If you don't ask for the selling price and adjusted CAP cost, you'll never know what you are paying for the vehicle, or if you have negotiating room. They have come down $2400, but we don't know how or if there is more.
Selling price
Adjusted CAP cost (including calculation from how it differs from selling price)
Money factor
Lease term and mileage allowance
Breakdown of any upfront money they ask for.
Otherwise, you are just guessing.
An $800 factory option should only add about $10/mo.
If it's $800 in dealer installed accessories, then it's $35/mo.
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I'll try and get that info. Thanks for the help!
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
My gut is telling me that the dealership's offer of 7.5k down (~3k of which is tax, tags, processing) and $415 is too high. My back of the napkin math says that I'd be paying about 14k towards costs of the vehicle between down-payment and monthly payments, which on a residual of 64%, I'm probably overpaying 3k over the 2 year period.
I was thinking of just proposing to pay $3k down and ask for $350 a month payments. Is this too aggressive? I just plugged in my car options and offers into TrueCar and they pushed out a $341/month lease price after 3k down (and after the 9k in incentives that I believe are applicable). Trying to be reasonable yet not leave a lot of money on the table.
Thanks,
Josh Z.
And, as noted, you want to limit your up front cash to the first payment, the DMV costs, and the MSDs monies (if you are using MSD to lower the MF). Everything else should be rolled into the lease payment.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
How would you go about starting the negotiation with the dealer? My wife tells me to just give them an offer on how much we want to pay monthly and have them back into the numbers. If that would be the case I'd tell them I would want to pay $350 a month and just put down the required for tax, tags, processing (plus, I suppose, MCD's). Does that sound like a good place to start or would you advise a different approach?
Also, does it impact the negotiation that I want to buy a package that they don't have in inventory? They are asking for a 1k deposit to order the car, but I want to close out on the negotiation prior to doing that.
Appreciate the help.
JZ
As far as ordered vehicles, the dealer may ask for a deposit to 'hold' it. I had to do that with my wife's Subaru.
Hard to negotiate on a unit that isn't in stock - will you know the MSRP?
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So, you need to negotiate the price that the transaction is based on, in essence what the dealer is willing to sell the car to you for. After the transaction, the car will be owned by BMW Financial Services -- so, from the point of view of the dealership, the car is being sold.
Right now, it seems that a pretty reasonable discount on the i3 is around 10%. If you can add to that your corporate lease discount, that would get you to a transaction price around $48,625. You need to add in some costs, certainly the lease acquisition, which is $925. So, now you're around $49,550
From that price, BMW gives the Federal Tax Rebate as a credit of $7500, so now you're around $42,050 in terms of calculating monthly payments. From the $42,050, you subtract the residual (say 58% of MSRP on a 36/10 lease = .58 x $55,695 = $32,303), so you need to pay BMW the difference over 36 months, hence $9747 / 36 = $270.75/month. On top of this, you need to pay interest (determined by MF, residual, and 'capitalized lease cost'), sales tax (how it's applied depends on your state, and there may be some sales tax added to the up-front cost of the car, again depending on your state).
In terms of interest rate/money factor, at BMW you can do the MSD's, which is essentially a refundable deposit (note: not a down payment), which reduces the money factor by .00007 per MSD. The price of each MSD is your monthly payment, rounded up to the nearest $50. If you assume the total lease payment in this instance will be between $350 and $400, then each MSD requires a deposit of $400. So, for 7 MSD's, you make an up-front deposit of $2800. This lowers your MF by .00049. If the dealer starts out at the BMW MF rate (not marked up) of .00134, then you're now at .00085. Knock that down by the .00020 from the corporate discount, and your MF is .00065.
Monthly interest = MF x (capitalized cost + residual). In this case, with no down payment, the capitalized cost = $42,050 (in reality it will be a bit higher, due to possible up-front sales taxes, license/registration fees if you don't pay them at closing, etc. But, for the sake of illustration, let's use the $42,050). Residual = $32,303. So monthly interest payment = .00065 X ($42,050 + $32,303) = .0065 X $74,353 = $48.33.
Add in monthly sales taxes, and you get monthly cost.
Why does doing the MSD make sense for you? Because, if you convert a down payment to an MSD, you are increasing the amount you 'borrow' from BMW, so you are paying them interest on that, but at an interest rate of 4% or less. However, the MSD will in turn, lower your interest rate and save you money -- this savings works out to about a ~15% interest rate. So, you're borrowing at 4% and lending at 15%! In your case, the .00049 reduction in the MF saves you $36/month, i.e. $432/year. On your $2800 refundable deposit, that equates to an interest rate of 15.4%, and non-taxed/tax free at that. (Plus, interest payments on the loan are subject to your state's sales tax, so it saves you another say $30/year on the lower interest payments.)
Anyway, the way to negotiate, as others mentioned, is to delve into ALL the details of the deal -- 'purchase price', fees/charges, and MF. If you have those, you can easily determine monthly payment. BMW FS sets the residual, so the dealer can't play with that.
Too many people go in saying 'I can afford $X per month.' That is a way to get totally over-charged, because the dealer says, 'okay $X per month.... oh, with the following paid up front or using a trade-in ... and blah blah blah...'
You need to treat it like you are buying the vehicle. Negotiate a purchase price, then (and only then) see how that translates to a monthly payment.
One other thing: if you insure with USAA, there is a $1000 credit from BMW FS available on top of whatever you can negotiate with the dealer. (Not sure how that works in conjunction with the Corporate Discount.)
Good luck!
I am looking at getting the best lease term out of a 17IB i3 REX at MSRP 57,395. Dealer agreed to .00085 with 7MSD, but said final sales price is $54,150, before $7500 rebate. He wouldn't budge for a 10% discount per some earlier market guidence on this forum, saying that is his best discount. And residual is at 33,289 which is at 58%, normal for 36mo/10k lease.
Now with his calculation, he is coming to $561/month, with $4200MSD. This is upon my request of zero down. Supposedly he has included all tax and fees. I am at Norther Cal with 8.5% tax.
Is this a good deal at current market rate? If not, can someone share any advice for negotiation at this point? Thanks in advance.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Thanks for all the help. Looks like I was able to get the i3 down as follows:
MSRP= $55,659
Discounted Price= $51,460
Corporate Credit = ($1500)
Sales Price = $49,960
BMW Lease Credit ($7500)
One-time fees
7 MSD's = $2800
$499 - Processing Fee
$115.50 - VA title/registration
$925 - BMW Acquisition fee
$88.33 - Local Business Tax
$2,270.17 - Sales Tax
24 month lease 10k miles/year and fees (above) up front comes to an estimated $386/month with a total of $7,019 due at signing.
Look good (other than $65 I can't seem to account for in the above)?
JZ
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Capitalized lease cost = $49960 - $7500 = $42,460
Residual = .64 * $55,659 = 35,622
Depreciation = 42,460 - 35,622 = $6,838 = $285/month
Interest: mf x (cap lease cost + residual) = .00065 x (42,460 + 35,622) = $51/month
monthly cost: $285 + $51 = $336
[If mf is .00085 (no fleet discount), then interest is $67/month]
So, where is the $50/month additional coming from? It may not seem like much, but that is $1200 over the 2 year term. Or an increase of 15%, not a trivial increase.
Did they mark up the money factor? Are there some other fees or something else that is getting added in. Is there additional sales tax in the monthly payment, on top of the $2270 of sales tax. Or what?
I like the transaction price -- that seems pretty good. But the numbers don't add up. Make them show you all the numbers, and how they get to $386. Otherwise, it seems to me they are pulling a bit of a fast one on you.
Can you post the RV and MF for 2017 i3 60 ah and 94 ah? Thanks. 36/10 24/10
Thanks
$7500 lease cash
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