I live in South Carolina and was wondering if there was somewhere I can go to see what the going Money Rate (for a lease) was for my state. Dealer quoted me at .0029 but from what I read others are getting a .0025 which is actually a significant amount. I pose this question because the salesman said that it varies from state to state.
On a side note, these "good" deals seem to be around 500 on top of invoice. This does not include the destination charge (shipping charge) nor does it include taxes, tags, and fees, does it?
Hello crxr7. According to the latest information that I have seen, if you were to lease a 2006 BMW 325ci Convertible through BMW Financial Services right now for 24 months with 10,000 miles per year, its buy rate lease money factor and residual value should be .00260 and 74%, respectively. The numbers for a 36 month, 12,000 mile per year lease of this car should be .00260 and 60%, respectively. The lease program for this car is the same, regardless of whether you get it with an automatic or a manual transmission.
Hi bmag65. Let me begin by saying that I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your 325i would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all. If you want to reduce your car's lease payment, you can always use the $3,000 to $4,000 that you had earmarked for a down payment to make additional security deposits on your lease. BMW Financial Services will reduce its vehicles' money factors by .00007 for each additional security deposit lessees make.
Your car's exact lease payment will depend upon its selling price. Let's assume that you were able to get this car for $1,000 over invoice. According to my calculations, if you were to lease a 2006 BMW 325i with an MSRP of $40,345 and a selling price of $38,005 through BMW FS right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $519. 15,000 miles per year is the highest mileage allowance that BMW FS publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.
Hi 03accordman. The reason why it is important to know what the base or buy rate lease money factor is for the vehicle that you are interested in is dealers have the ability to "mark-up" your vehicle's buy rate money factor to add additional back-end profit to your deal. BMW dealers are notorious for marking up vehicles' money factors. This practice is completely legal, but it can usually be avoided by consumers who know what the buy rate for the car or truck that they are interested in is.
BMW Financial Services does allow lessees to lower their vehicles' money factors by making additional security deposits. Specifically, its lessees can make up to 7 additional deposits on their vehicle, with each additional deposit lowering its money factor by .00007.
You can convert a vehicle's money factor into an approximate money factor equivalent by multiplying it by 2400.
Hi viperstormvf. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what this car's selling price is.
For now, one thing that I can tell you is that you should not make such a large down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your BMW would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all.
Don't worry about the fact that this car already has 48 miles on it already. That's not very much mileage. Most brand new cars have at least a few miles on them.
Hi agbasher. Vehicles' residual values are always based upon a percentage of their full MSRPs, including the destination charge and the MSRPs of any options that can be residualized (this should be any factory installed options for BMWs). Your car's lease-end purchase price is not negotiable. As I just mentioned, it is based upon a percentage of your car's full MSRP. This percentage is set by BMW Financial Services and individual dealers do not have the authority to alter it. Your vehicle's money factor is and is not negotiable. I say that it is not because dealers do not have the authority to lower BMW FS' published buy rate money factors. However, I said that it is because dealers do have tha ability to mark-up (inflate them) vehicles's money factors to add additional back-end profit for themselves to deals. This is why it is important for you as a consumer to find out what the buy rate money factor is for the car that you want and to make sure that the dealer you are working with uses it to calculate your vehicle's lease payment. You are free to lease the BMW that you want with 10,000, 12,000, or 15,000 miles per year. The higher the mileage limit that you choose is, the lower your vehicle's residual value will be, and in turn, the higher its lease payment will be.
On another note, are there going to be any changes on the 07 3 series? I am asking as I have time and can wait to buy/lease if it makes sense to wait till Aug/Sep.
Hi marvdogg. If you were to lease a 2006 BMW 325i through BMW Financial Services right now for up to 42 months, its buy rate lease money factor is definitely .00250 with the payment of a security deposit and .00265 with a security deposit waiver.
I'd be happy to give you an update on BMW's April lease program, miket1000. What model are you interested in, how long do you want to lease it for, and how many miles per year do you need to be able to drive it?
Hi 03accordman. I don't believe that BMW is scheduled to make any major changes to the 3-Series until the 2008 model year. You may be able to find out if there are any specific changes planned for the 2007 model by visiting the following discussion: "BMW 3-Series 2006+".
Hi car man: Last month there was a post (#469) where all MF's were listed. It was a great tool to compare all models. I am interested in a 330xi, 36mos. 12k miles.
I had been using .00225 (lowered .00049) by 7 security deposits to .00176 and a residual of 63% of MSRP.
I'm getting a quote of $500 over invoice for a 325i, 6M, alpine white and absolutely no options. Price after destination is just under $29,800. She's giving me a 62% residual for 15k/yr at 36 mos but charging me .0029 MF as opposed to .0025.
Monthly with nothing down comes out to $428.50 pretax. I'm pretty happy with this, but should I bargain harder for the base rate? Also she's not really familiar with MSD's, where can she get educated?
I am considering 330i and 325xi, will finalize the decision by the end of April. This will be my first luxuary car, would like to have the following information :
1. What is the prevailing MFs (april) for 330i and 325xi? I am interested in 15k/36months lease in either case.
2. What should be a reasonable base capital cost (selling price) for the following configuations ?
3. Could you tell me more about the MSD program ? I have very vague idea, my dealer doesn't know anything about it either, at least this is what he claims
4. Please comment, if possible, on the performance of 325xi in comparison to 330i with winter tires in Boston.
I have already learnt a lot about inside stories of leasing a BMW, thank all of you for your contribution. Hope to get answers to my remaining questions soon.
I was told by a dealer that 325xi with iDrive does not come with MP3 capabilities, I must opt for dealer fitted 6CD changer to be able to play MP3s. Is this correct ? If so, does 330i with iDrive have similar issues ?
I traded in my 3-series car for an X3 about 2 weeks ago.
About a 1/2 hour after I left the dealers lot with the X3 I realized I made the biggest mistake of my life (nothing is wrong with the X3 but I loved my 330ci)
So I left the dealer at 8:30 and called them back at 9:00 PM telling them of my dilemma (left a message because they were closed), the next day I spoke with the general manager about trading back the X3 and re-purchasing my car from them...
He gave me the run around about trading back my X3 but agreed to sell me my car back with no profit (for the price I traded it for)
I can't afford to buy my car and keep the leased X3 so I thought I was stuck
Yesterday the salesman calls me and asks me for the title to my car, they never asked me for it when I traded my in originally.
So I called back the general manager and explained that the salesman called me for the title (I had to leave a message) but explained that I was complete unhappy and wanted my car back and need to cancel the lease early. I showed him the win-win-win deal for him (He'll get a nice chunk of chnage as a early termination fee, I agreed to re-finance my car, so he'll get a little vig on the back-end, plus he'd make a happy customer, would help him long-term as a may recommend client his way)
So my questions are: 1. What do you think would be an average (fair) lease termination fee to pay for a 2 week old lease, I realize I could put my X3 on leasetrader and let someone take over the remaining payments but then I'd be out the 3k I put down on the lease/tax/fees...etc
2. since i still hold the title do I have any leverage to help me facilitate this deal? or is it just a minor inconvenience to the dealer?
Since you've already done the paperwork and driven the car off the lot, it's technically a used car. If the dealer takes it back in, they'll have to sell it as such. Because of the short time frame and low miles, they won't even be able to certify it. Then, of course, you get cautious customers that won't buy it because they assume the previous owner traded it with such low miles because something was wrong.... All in all, it'll be a tough car for them to sell used. There is no "lease termination fee", per se. It would work just like a normal trade-in -- car value less payoff price.
If you signed a power of attorney title release, then it'll only be a minor inconvenience. With that POA, they'll just apply for a copy from the state. It'll cost them probably $20 and however long it takes for the state to issue it, as opposed to not paying anything and having it in hand with no wait.
My dealership is stating that the acquisition fee for a 325i is $825. Is this correct?
I was also quoted a MF of 0.00305 for 36m at 15k per year. Can someone explain this concept of reducing the money factor by making additional security deposits? This quote I received does not have a security deposit listed.
I hope someone can help because I am royally confused at the moment!
I live in the Houston area and have talked to 3 dealerships regarding a 330i, metallic paint, premium, sport, automatic. I have a 2002 325i with up to $3k negative equity (owe 16k, offer is as low as 13k on a trade - can do better).
MSRP is $42,845. Discounted $1200. still absorbing $2500 from my car, they want a down payment to get below $700/month.
Other dealership (which I will visit tomorrow) without seeing my trade and assuming they will give me payoff says no money down, $1400 discount, $855 first payment, $655/month. Even if I only get $14k for my trade, I am at $710 without money down.
What is the first dealership doing differently? I am guessing it's the money factor....
The base acquisition fee for a BMW Financial Services lease is $625. The extra $200 your dealer is quoting you is pure profit.
As for the security deposit, for every deposit you make, your money factor is reduced by a certain amount (I am not sure of the exact amount but I thought it was 0.00007 -- so two security deposits would reduce money factor by 0.00014 -- again I am not sure of the exact reduction amount). I am sure others on this board can verify.
*jet black *gray with dakota leather upholstery and aluminum trim *premium package *steptronic automatic transmission *heated front seats *$38,170 MSRP
36-month/10,000 mile lease titled in Illinois.
Need current money factor and residual value percentage. Thanks!
I was looking for the current numbers too and found April numbers here (I cannot paste it in b/c it's a picture). Looks like money factor is .0025 and residual is 61% (might be higger since you are only looking for 10k/year)
Decided to just go with the 325i instead of the x.
*jet black *gray with dakota leather upholstery and aluminum trim *premium package *steptronic automatic transmission *heated front seats *MSRP $36,270
The best quote I've got so far on a 36 month, 10,000 mile lease is:
$512 a month, $1500 total down (in Illinois--where taxes are paid on the whole car); plus, a waiver of the dispensation fee from my current car when I turn it in.
Assuming a .0025 money rate and a 65% residual off of MSRP, I calculated the price I'm getting is $34,675.
That's still $1,375 over invoice, but $1,595 off MSRP and better than the $35,170 TMV Edmunds has.
I'm inclined to take it--other dealers are sticking around $525, everything else the same.
I can confirm that the money factor on the 330xi currently is .00195 . I signed a 36 mo. / 45k lease yesterday evening with this rate. The difference in the rate saved me $21 per month.
I believe that the former rate was .00225, not .0025.
I would like to know what my chances are of being approved for a lease on a 325i. Here's what you need to know...
I configured what I want on the BMW website, and it comes to $32,095.
I have a trade in that I owe $12,000 on, but I expect the dealer will only give me $5,000.
I have $4,000 cash.
I'm 23, full time student, have $9,000 credit card debt, zero student loans. I work part time and make $20,000 per year. I've worked for the same company since I was 14. I live at home, and don't pay rent. I'm not sure it if matters, but our family has owned our home for at least 10 years. I've purchased 2 brand new vehicles in my own name previously. I've made car payments of $340 from 10/2003 to 07/2004, and $460 from 07/2004 to present (on the vehicle I'll be trading in).
My March 2006 credit score was 718 from TransUnion. I have never paid anything late, and have nothing negative on my credit report.
I haven't contacted a dealer yet.
Will it work? What can I expect monthly payments to be for 10K miles and optimal number of months (ballpark)? I'd like it to be somewhere around $500 if at all possible. What areas of my scenario should I be concerned about? Is there any additional information I should know?
It would be great if I could get some insight from someone who either works at a dealership or who is a consumer and has had experience with a similar scenario.
Thanks in advance for any information.
John
PS. Is an income of 20K a real problem? I expect it to increase within 6 months when I finish school, but I don't want to wait. Can I fudge the number to 25 or 30 w/o being able to back it up? I do make extra money on the side, especially in the summer.
I think that even though you have a strong Tranny score, your credit card debt is high and income is very low. You may not get approved due to the low income. What is your high credit on credit cards? Also I think BMW pulls Equifax- not Tranny- do you know your EQ score? Your income is very low and I know BMW likes to see home ownership. Whether you had student loans or not is not an issue since they are conidered to be good debt.
If by high credit you mean credit limits, one of my cards has a limit of 10K. Another has a limit of 9K. I also have other credit cards and department store cards with lesser limits.
they pull equifax- find out what your score is... the income is a little weak- try to boost your income up... maxed out cards is NOT good for any finance comp or bank... they like to see that you can afford the car...
Well, I don't have maxed credit cards. None of my cards have balances more than half the limit. I was thinking, I could possibly get rid of some credit card debt if I took out a student loan. This is looking like the best thing to do, but I had many more questions in my original post. Any more answers?
i think you're close to getting it... but you want to be armed when you go into the dealership... i would payoff credit cards completely and get a student loan since student loans are viewed as non-revolving credit and are seen as good loans... increase your income and you should be set to go... i'm in miami and BMW is the top selling car down here... there's one on every street corner...
Given your income, credit debt, etc.; why would you want to commit yourself to another high car payment? Paying $460/mo on 20K/year income doesn't make any sense in and of itself.
i completely agree with you! 460 (I dont even think he'll get a payment this low) on a 20k income will never fly... but then again you can't blame him for wanting to have the ultimate driving machine- there's nothing out there that drives like it! maybe audi- but not even...
have you considered the new VW GTI? its 24,000 maxed out and fully loaded and it's an amazing car! before you reply- go test drive it- it will blow you away what the car can do! it's even got paddle shifters...
I've considered a VW before, but of course I'd rather have the BMW if I can swing it.
Yes, I can easily afford $460 per month (I realized my new payment would be a bit higher). I was approved for this $460 per month for my current vehicle w/o a cosigner and the same $20,000 income (though the lender is GMAC, not BMWFS). So, I would hope that it wouldn't be a problem this time around. I have no problem making these payments because, as I've said, I'm 23, live at home, and pay no rent. I'm still interested in knowing, though, if I would be safe in saying I made $25K or $30K to improve my chances.
That said, I just got my Experian score. It's 734.
Any more comments or answers to my original question (#539 I think) would be greatly appreciated.
GMAC is not BMWFS. GMAC is strapped and hurting for business. BMWFS is very profitable as a company- that said- they are less lenient. This is only an assumption where one may not have to do with the other. But it is a fact to take into consideration.
I would increase your income to at least $35,000 and then look at your debt to income ratio.
Pull up your EQUIFAX NOT your EXPERIAN. Then check the insurance rates.
Ok, I pulled the wrong score last night. I got Equifax this morning. It's 731.
I totally agree with you where GMAC is concerned. I haven't mentioned it before, but I actually have a BMW credit card through BMWFS. I've had it for probably more than two years, and my account has always been in good standing. Maybe this will help.
So, if I'm filling out the credit application and I put $35K for salary, what are the chances they'll challenge it?
Can anyone tell me what are Canadian residual values for 2005 330Ci with M Performance package for 24, 36, and 48 months? Also, is it possible to find out what were residual values for 2003 and 2004 330 Ci?
Has anyone else had this problem? I e-mailed several dealerships and asked them for lease info on a BMW 325ci convertible. Some emailed me back with monthly payments and the amount of months for the lease length, some with just an MSRP but that's all. When I pressed them for the residuals, money factors, price, etc. they clammed up - either they won't give it to me or they don't e-mail back at all. Are they looking for people who only care about the monthly payments? Seems to me they'd want me to have this info to make sure the deal is good...unless it's not. Are informed buyers to much of a hassle for dealerships to mess with?
Hi miket1000. BMW's lease program for the car that you are interested in was enhanced for the month of April. If you were to lease a 2006 BMW 330xi through BMW Financial Services right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00195 and 63%, respectively.
Hey Ben. $500 over invoice is a very good price for this car, but as you are aware the dealer that you are working with is trying to mark up your car's money factor. I personally would try to get them to calculate its lease payment using the buy rate .00250 factor. If they refuse, you need to decide if the $500 over invoice selling price low enough to justify using the higher money factor. I haven't played with the numbers, but you may find that you would be better off paying $1,000 over invoice and using the buy rate money factor. As far as the additional security deposits go, tell your salesperson to ask the dealership's F&I person about them. It;s pretty absurd that she doesn't know about the MSD program, unless she's just playing dumb for some reason.
Comments
On a side note, these "good" deals seem to be around 500 on top of invoice. This does not include the destination charge (shipping charge) nor does it include taxes, tags, and fees, does it?
Car_man
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Your car's exact lease payment will depend upon its selling price. Let's assume that you were able to get this car for $1,000 over invoice. According to my calculations, if you were to lease a 2006 BMW 325i with an MSRP of $40,345 and a selling price of $38,005 through BMW FS right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $519. 15,000 miles per year is the highest mileage allowance that BMW FS publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.
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BMW Financial Services does allow lessees to lower their vehicles' money factors by making additional security deposits. Specifically, its lessees can make up to 7 additional deposits on their vehicle, with each additional deposit lowering its money factor by .00007.
You can convert a vehicle's money factor into an approximate money factor equivalent by multiplying it by 2400.
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For now, one thing that I can tell you is that you should not make such a large down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your BMW would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all.
Don't worry about the fact that this car already has 48 miles on it already. That's not very much mileage. Most brand new cars have at least a few miles on them.
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Any update on April MF's and residuals?
On another note, are there going to be any changes on the 07 3 series? I am asking as I have time and can wait to buy/lease if it makes sense to wait till Aug/Sep.
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Last month there was a post (#469) where all MF's were listed. It was a great tool to compare all models. I am interested in a 330xi, 36mos. 12k miles.
I had been using .00225 (lowered .00049) by 7 security deposits to .00176 and a residual of 63% of MSRP.
Any updates?
I'm getting a quote of $500 over invoice for a 325i, 6M, alpine white and absolutely no options. Price after destination is just under $29,800. She's giving me a 62% residual for 15k/yr at 36 mos but charging me .0029 MF as opposed to .0025.
Monthly with nothing down comes out to $428.50 pretax. I'm pretty happy with this, but should I bargain harder for the base rate? Also she's not really familiar with MSD's, where can she get educated?
Thanks!
Ben
1. What is the prevailing MFs (april) for 330i and 325xi? I am interested in 15k/36months lease in either case.
2. What should be a reasonable base capital cost (selling price) for the following configuations ?
330i : metallic paint, premium package, cold weather package, and iDrive, MSRP 42,970 (including destination)
325xi : metallic paint, premium package, heated seats, iDrive, adaptive headlights, premium sound, MSRP 41,370 (including destination)
3. Could you tell me more about the MSD program ? I have very vague idea, my dealer doesn't know anything about it either, at least this is what he claims
4. Please comment, if possible, on the performance of 325xi in comparison to 330i with winter tires in Boston.
I have already learnt a lot about inside stories of leasing a BMW, thank all of you for your contribution. Hope to get answers to my remaining questions soon.
--- Reeto
I traded in my 3-series car for an X3 about 2 weeks ago.
About a 1/2 hour after I left the dealers lot with the X3 I realized I made the biggest mistake of my life (nothing is wrong with the X3 but I loved my 330ci)
So I left the dealer at 8:30 and called them back at 9:00 PM telling them of my dilemma (left a message because they were closed), the next day I spoke with the general manager about trading back the X3 and re-purchasing my car from them...
He gave me the run around about trading back my X3 but agreed to sell me my car back with no profit (for the price I traded it for)
I can't afford to buy my car and keep the leased X3 so I thought I was stuck
Yesterday the salesman calls me and asks me for the title to my car, they never asked me for it when I traded my in originally.
So I called back the general manager and explained that the salesman called me for the title (I had to leave a message) but explained that I was complete unhappy and wanted my car back and need to cancel the lease early.
I showed him the win-win-win deal for him (He'll get a nice chunk of chnage as a early termination fee, I agreed to re-finance my car, so he'll get a little vig on the back-end, plus he'd make a happy customer, would help him long-term as a may recommend client his way)
So my questions are:
1. What do you think would be an average (fair) lease termination fee to pay for a 2 week old lease, I realize I could put my X3 on leasetrader and let someone take over the remaining payments but then I'd be out the 3k I put down on the lease/tax/fees...etc
2. since i still hold the title do I have any leverage to help me facilitate this deal? or is it just a minor inconvenience to the dealer?
Thanks in advance.
If you signed a power of attorney title release, then it'll only be a minor inconvenience. With that POA, they'll just apply for a copy from the state. It'll cost them probably $20 and however long it takes for the state to issue it, as opposed to not paying anything and having it in hand with no wait.
I was also quoted a MF of 0.00305 for 36m at 15k per year. Can someone explain this concept of reducing the money factor by making additional security deposits? This quote I received does not have a security deposit listed.
Thanks!
I live in the Houston area and have talked to 3 dealerships regarding a 330i, metallic paint, premium, sport, automatic. I have a 2002 325i with up to $3k negative equity (owe 16k, offer is as low as 13k on a trade - can do better).
MSRP is $42,845. Discounted $1200. still absorbing $2500 from my car, they want a down payment to get below $700/month.
Other dealership (which I will visit tomorrow) without seeing my trade and assuming they will give me payoff says no money down, $1400 discount, $855 first payment, $655/month. Even if I only get $14k for my trade, I am at $710 without money down.
What is the first dealership doing differently? I am guessing it's the money factor....
Please help!
Thanks!
Amy :confuse:
As for the security deposit, for every deposit you make, your money factor is reduced by a certain amount (I am not sure of the exact amount but I thought it was 0.00007 -- so two security deposits would reduce money factor by 0.00014 -- again I am not sure of the exact reduction amount). I am sure others on this board can verify.
- A.
*jet black
*gray with dakota leather upholstery and aluminum trim
*premium package
*steptronic automatic transmission
*heated front seats
*$38,170 MSRP
36-month/10,000 mile lease titled in Illinois.
Need current money factor and residual value percentage. Thanks!
http://forums.vwvortex.com/zerothread?id=2531651
Can anyone convey the current money factor and residual?
Thanks.
*jet black
*gray with dakota leather upholstery and aluminum trim
*premium package
*steptronic automatic transmission
*heated front seats
*MSRP $36,270
The best quote I've got so far on a 36 month, 10,000 mile lease is:
$512 a month, $1500 total down (in Illinois--where taxes are paid on the whole car); plus, a waiver of the dispensation fee from my current car when I turn it in.
Assuming a .0025 money rate and a 65% residual off of MSRP, I calculated the price I'm getting is $34,675.
That's still $1,375 over invoice, but $1,595 off MSRP and better than the $35,170 TMV Edmunds has.
I'm inclined to take it--other dealers are sticking around $525, everything else the same.
Have I messed up anywhere? Thanks!
My brain must have went numb there for a moment.
Did the money factor on a 330xi really go from .0025 in March to .00195 as shown in post #529 by amylock? Can anyone verify this new mf?
I believe that the former rate was .00225, not .0025.
The residual is still 61%.
I stand corrected on the March MF by the way - it was .00225.
Thanks again.
I need help with the following 2 questions before I begin requesting quotes...
1. Please let me know if my calculations are correct.
2006 330i Manual
MSRP = 42,280 (Alpine White, Terra Leather, Sports Pkg, Cold Weather Pkg, Comfort Access, Park Distance Control, and Aluminum Pedals)
Possible Sale Price = 40,000
Term = 36 months (12,000 Miles/Year)
MF = 0.00195 (Credit Score 760-770)
Residual = 62%
Down Payment/Trade-in = 0
Sales Tax (OH) = 6.75%
Sec Dep = 0
Monthly Payment (pre-tax) = 512.07
Monthly Payment (post-tax) = 546.64
2. Is 40,000 a reasonable selling price? If not, how low can I go? (I do not know what the invoice price would be for this configuration.)
I appreciate all the help. Thank you in advance and have a great day.
I configured what I want on the BMW website, and it comes to $32,095.
I have a trade in that I owe $12,000 on, but I expect the dealer will only give me $5,000.
I have $4,000 cash.
I'm 23, full time student, have $9,000 credit card debt, zero student loans. I work part time and make $20,000 per year. I've worked for the same company since I was 14. I live at home, and don't pay rent. I'm not sure it if matters, but our family has owned our home for at least 10 years. I've purchased 2 brand new vehicles in my own name previously. I've made car payments of $340 from 10/2003 to 07/2004, and $460 from 07/2004 to present (on the vehicle I'll be trading in).
My March 2006 credit score was 718 from TransUnion. I have never paid anything late, and have nothing negative on my credit report.
I haven't contacted a dealer yet.
Will it work?
What can I expect monthly payments to be for 10K miles and optimal number of months (ballpark)? I'd like it to be somewhere around $500 if at all possible.
What areas of my scenario should I be concerned about?
Is there any additional information I should know?
It would be great if I could get some insight from someone who either works at a dealership or who is a consumer and has had experience with a similar scenario.
Thanks in advance for any information.
John
PS. Is an income of 20K a real problem? I expect it to increase within 6 months when I finish school, but I don't want to wait. Can I fudge the number to 25 or 30 w/o being able to back it up? I do make extra money on the side, especially in the summer.
I don't know my Equifax score.
I'll get my equifax score and post back.
I've considered a VW before, but of course I'd rather have the BMW if I can swing it.
Yes, I can easily afford $460 per month (I realized my new payment would be a bit higher). I was approved for this $460 per month for my current vehicle w/o a cosigner and the same $20,000 income (though the lender is GMAC, not BMWFS). So, I would hope that it wouldn't be a problem this time around. I have no problem making these payments because, as I've said, I'm 23, live at home, and pay no rent. I'm still interested in knowing, though, if I would be safe in saying I made $25K or $30K to improve my chances.
That said, I just got my Experian score. It's 734.
Any more comments or answers to my original question (#539 I think) would be greatly appreciated.
John
I would increase your income to at least $35,000 and then look at your debt to income ratio.
Pull up your EQUIFAX NOT your EXPERIAN. Then check the insurance rates.
You should be fine after the facts...
I totally agree with you where GMAC is concerned. I haven't mentioned it before, but I actually have a BMW credit card through BMWFS. I've had it for probably more than two years, and my account has always been in good standing. Maybe this will help.
So, if I'm filling out the credit application and I put $35K for salary, what are the chances they'll challenge it?
Also, is it possible to find out what were residual values for 2003 and 2004 330 Ci?
Thanks!
I e-mailed several dealerships and asked them for lease info on a BMW 325ci convertible. Some emailed me back with monthly payments and the amount of months for the lease length, some with just an MSRP but that's all. When I pressed them for the residuals, money factors, price, etc. they clammed up - either they won't give it to me or they don't e-mail back at all. Are they looking for people who only care about the monthly payments? Seems to me they'd want me to have this info to make sure the deal is good...unless it's not. Are informed buyers to much of a hassle for dealerships to mess with?
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