BMW 3-Series Lease Questions

CarMan@Edmunds

Hi mah4546. I am not intimately familiar with what the market is like for 3-Series wagons right now, but I highly doubt that you will be able to get one for below dealer invoice. You may be able to get an idea of how much you will have to pay for this vehicle right now by stopping by the following discussion to see how much other community members have paid for their vehicles lately: "BMW 3-Series: Prices Paid & Buying Experience".

Car_man
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CarMan@Edmunds

Hi sikhkd. There's no catch to BMW's advertised lease offers. One of the most important things to remember when leasing is that the selling prices of leased vehicles is negotiable, just as if you were financing or paying cash for them. Since you are interested in a new model, there may not be a whole lot of room to negotiate in terms of its price, but it is still important to find out exactly how much you are paying. Another important number to focus on when leasing is your vehicle's money factor. Dealers, especially BMW dealers, often try to mark up vehicles' money factors to add additional hidden back-end profit to deals. This can often be avoided by consumers who know what their vehicles' buy rate money factor is. BMW Financial Services' current buy rate money factor for a 36 month lease of a 2007 328i Coupe is .00200 with the payment of a security deposit at lease signing. With your security deposit waived, this car's money factor would increase to .00215.

Car_man
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CarMan@Edmunds

You're very welcome, 03accordman. Congratulations on your new car. Enjoy!

Car_man
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CarMan@Edmunds

Here you go, kad153. BMW Financial Services' current buy rate lease money factor and residual value for a 24 month lease of a 2006 330xi with 15,000 miles per year are .00175 and 72%. The numbers for an otherwise identical 36 month lease are .00175 and 61%. BMW FS' residual values are 2% higher for leases with 12,000 miles per year and 3% higher for leases with 10,000 miles per year.

Car_man
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CarMan@Edmunds

Hi reloprincess. Vehicles' money factors are set by banks. Individual dealers do not have the authority to lower vehicles' residual values, however they often have the ability to mark them up to add additional hidden back-end profit to deals. The marking-up of money factors is quite common amongst BMW dealers. BMW Financial Services' current buy rate lease money factor (the lowest possible) for the '06 330i is .00150 with the payment of a security deposit at lease signing and .00165 with the deposit waived. As you can see, the dealer that you are working with is trying to mark your car's money factor up.

Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. After you check them out, let me know if you have any other questions and I will be happy to answer them for you.

Car_man
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CarMan@Edmunds

Hi cnote2. The down payment that you make has absolutely nothing to do with your car's money factor. Consumers are free to lease any vehicle that they want without making any sort of capitalized cost reduction at all. The only thing that will have an effect upon your car's money factor is if you choose to have its security deposit waived. BMW Financial Services will waive its security deposit requirement in exchange for an increase of .00015 in your vehicle's money factor. As you mentioned, you can even buy down your car's money factor by making additional security deposits. Lessees through BMW Financial Services receive a reduction of .00007 for each additional deposit they make up to a maximum of seven additional deposits.

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CarMan@Edmunds

Hello reloprincess. A loaded 2006 BMW 330i has a spread of around $3,600 between its full MSRP and dealer invoice price. The price that you were quoted for this car looks very attractive to me. You can always stop by the following discussion to see how much other community members have paid for similar cars lately as well: "BMW 3-Series: Prices Paid & Buying Experience". Using the prices that you mentioned in your post, an MSRP of $42,900 and a selling price of $39,500, I estimate that this car's 36 month, 10,000 mile per year zero down, pre-tax monthly payment with seven additional security deposits should be around $414. If you think that you will need the additional miles, definitely go with a higher mileage allowance rather than paying an excess mileage penalty at lease-end, it's cheaper. If you need more than 10,000 miles per year, but don't quite need 15,000, you can always go with a 12,000 mile per year lease.

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eds1300

I'm getting these prices: MSRP 36,570, Invoice 33,575 and TMV price of 34,388 for a 06 325i with premium, automatic and xenon. Dealers are quoting me an inovice price of 33,975.

Am I missing something? Also, majority of the dealers in the San Francisco area don't want to be reminded of current lease offers, they all think everyone should be paying 8.04% interest. LOL.....

Caught between 06 325i, 06 Acura TL or 07 IS250.

home6113

hello All,

I am in love with the new 335i and I am thinking about leasing
it. However, I have never lease a car in my life, any tips will be much appreciated

thanks

reloprincess

CarMan,

Thank you so much for the information. I am so confused and I am convinced we will be taken advantage of somehow.
Seems the more I review the dealer's quotes I just don't trust they are really offering us a better deal than their first offer, just moving the figures around.
They first had a cash downpay of $2500(I said don't want to do that based on info I learned online here). I asked for security deposit instead. They calculated 7 security deposits to the tune of $3500 but did not adjust the MF, said they lowered the negotiated price another $500 but when I looked at the net cap cost it seems higher than the first quote.
I calculated the adjusted or net cap rate (the same figure since no downpayment)and found it to be the offer price plus tax and fees but then they showed me owing an up front initial payment of around $4800 and they showed the tax and up front fees there also. That makes me feel they are trying to charge me twice and hope I don't notice?
When I asked for a quote on 15,000 miles instead of 10K it brought the monthly payment back to basically the same amount as the first lease quote with the cash down and 10K miles.
They are the closest dealer to me with the next closest dealer being about 50 miles away. I think they don't have to deal aggressively as they have a monopoly on the market for our area.
Do you think looking at 2007 would be a better deal in the long run?
Thank you,

reloprincess

"Hey 03accordman. If you haven't leased yet you may be interested in the fact that on September 1st BMW lowered its 36 month buy rate lease money factor on the 2006 330i to .00150. "

Hey Car man sorry for asking so many questions in a row. But I just read your reply to accordman. I had the salesperson tell me very directly that the MF is allowed to be marked up a bit for them to make a profit and they would not lower it to the .00175. I asked upfront if the rates were lower for September and was told no. We went in the first time on 9/1/06. Is it possible they did not know the reduced rate then or are they playing games? Should we look for a dealer who will drop the rate? Are dealers still making a profit if they use the base rate any idea how much?

reloprincess

Are you in love with 2006 or 2007? Are the 07's at the dealers yet?
We are looking at leasing 06' and this site is amazing.....many leasing pros here will help you.
good luck

cokaer

Headed to dealer tomorrow morning to negotiate 3 yr, 15k/yr lease of 325i, with MSRP incl. options and destination at $38,000, in NY (8.75% tax). Trading a TL worth min $7,500k on dealer trade. Any assistance as to what I should be able to negotiate off MSRP, what MF I should get, and expected monthly payments if I get a good deal are be greatly appreciated.

Thanks for any help!!!!

saddletramp

Would love a 335i sedan but can't wait and getting great lease rate on a 330i. Can someone please help me determine the monthly payment for a 330i? Each online calculator give me something different. Thanks for the help.

Invoice = 41620
Dealer Profit = 500
Cap Cost = 42120
Residual = 61%
MF = .00150
Nevada Tax per month 7.75%
36 month at 15K miles/month

kyfdx

You have to have the MSRP to calculate any lease... Residual percentage is multiplied by the MSRP.

saddletramp

Oops, sorry, MSRP is $45,420. Thank you so much for your help KYFDX!

kyfdx

I get $505.12 + tax.. $544.27 total

If you add the $625 acquisition fee into the cap cost the numbers are $523.42 and $563.99

leeshuck

Please provide details on BMW's current lease program for 2006 330Ci and 330Cic (convertible):

36 months
15k miles/year

Thanks,

Lee

leeshuck

And 335i coupe for same months/miles.

Thanks,

Lee

leeshuck

msfitnez,

How is it going with leasetrader.com?

Lee

krisg

I have a 2000 model 323i for past six years and looking for a new car. The local dealership has a 2006 330i loaner car with all the options..I mean everything that you want in a BMW. Premium package, leather interior, cold weather package, metallic color, Comfort access. The car has 8000 miles with original sticker price at $42,350. They are offering me this car @ $36,000 to purchase or $900 down payment, $470 (with tax) per month for 36 month lease with $25,200 residual value. I will loose about 8 months of Full maintenance/Warranty. I never purchased a loaner car before. Is it a good deal? Thanks!

threxx

BMW lists the following lease offer for the 335Ci on their website:
Monthly lease payments of $529.00 for 36 months based on MSRP of $42,570.00 (includes automatic transmission). (Total lease payments including acquisition fee is $19,044.00). For vehicles registered outside of NY, $3,579.00 due at signing includes first month’s payment, down payment and security deposit.

http://www.bmwusa.com/vehicles/3/335icoupe/Programs.htm?PanelID=4&duration=36

Now my question is that it says nothing about the actual selling price, so is that assuming the dealer sells it to me for MSRP? So if I negotiated 2500 off the MSRP then I could get it for zero cap cost reduction and still 529/month + tax? Is that reasonable? Should I shoot for better or less?

msfitnetz

I am in a waiting phase. I requested a car inspection since I do not reside close to where the vehicle is located. AND I am a woman so if it looks pretty I may not be thorough as I would be blinded by the nice looking car ( I gotta be honest about myself..impulsive woman shopper at times).

That inspection has not occurred and I have contacted leasetrader about the delay. Both seller and I are anxious to get this done.

I will let you know.
I look forward as it appears to be a really nice car.

mtgs

Hi Carman,

Just wondering if this sounds like a good deal?

2007 328xi- base car

MSRP 34,995.00

Initial Cap cost: 33,995.00

Adjusted Cap cost: 32,820.00

Residual value: 64% (Lease end value 22,396.80)

Money factor: .00285

Monthly payment: 446.90 w/4,697.14

Sales tax rate 8.75% 175

Monthly milage 10,000

36 month lease

leeshuck

Hi msfitnetz. Thanks for the update - better safe than sorry on a major transaction like this - hope your inspection goes well.

I started filling out the forms on leasetrader.com and did not complete the process as I wanted to check with someone at work who might be interested in my M3. Now I am getting e-mail messages and phone calls from leasetrader. From the phone conversation I had and all of the conversation in the background it seems like a boiler room operation. I'll look forward to hearing about your experience when the deal has been consummated.

Lee

minniemouse1

I want to get the 335i space gray paint with everything in it! Navigation, sports package, premium, etc etc. The total cost comes up to be about $49000. I work in medical sales and drive a lot but need a new car every three years for company policy. I talked to the dealer and he said that they do $20,000 mile leases. My question is I know the car is new but is the MSRP negotiable when ordering it from the dealer. He wants me to put almost $5000 down to get my payments at $760 (my max payment is $700). Is it doable to get my payment lower than $760, zero down and $20,000 miles a year? Or am I SOL? THANKS!

CarMan@Edmunds

Welcome home6113. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. Once you have read them, stop back and I will be more than happy to answer any specific questions that you have.

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CarMan@Edmunds

I'm sorry to hear that your local dealer is giving you a hard time, reloprincess. BMW's lease program on the 2006 330i is much better than its program on the 2007 335i right now. Eventually BMW will have to increase its lease support on the 2007 model, but it will probably take several months.

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CarMan@Edmunds

Hey reloprincess. It's possible that the dealer you are working with didn't know about BMW's enhancement to the 2006 330i's lease program, however I believe that BMW announced this change a day or two early so it is probably more likely that they just didn't want to tell you about the change. Dealers that lease you a vehicle using a bank's buy rates don't make back-end profit on your deal, but they still make money off of the price that they sell you your vehicle for.

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CarMan@Edmunds

Hello Lee. BMW Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2006 330Ci with 15,000 miles per year are .00100 and 57%, respectively. The numbers for an otherwise identical lease of a 330Ci Convertible are .00300 and 58%. The Convertible's money factor is so much worse because it can be used in conjunction with the new $3,500 dealer cash that BMW introduced on this car.

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CarMan@Edmunds

Lee, BMW FS' buy rate lease money factor and residual value for a 36 month lease of a 2007 330Ci with 15,000 miles per year are .00270 and 61%.

Car_man
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CarMan@Edmunds

Hi krisg. Normally I am against purchasing demo vehicles because the prices that dealers are usually willing to sell them for are not low enough for me to personally justify purchasing what is essentially a low mileage used vehicle over a brand new model. Having said this, this car's price is actually pretty attractive. It appears to be a couple thousand dollars below dealer invoice, which is a great price for a BMW. Even though the selling price that you were quoted looks good, I'm not too keep on the lease payment. It looks a little high to me. If I was in the market for an '06 330i, I would strongly consider paying cash for or financing this car.

Car_man
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CarMan@Edmunds

Hi threxx. I'm not sure what sort of selling price the advertised lease that BMW is featuring on its Web site for this model assumes. As you mentioned, it is probably fairly close to, if not exactly, full MSRP on such a new model. If you were able to negotiate a $2,500 discount on this car, which might be a little tough to do this early in the model year, it would make the zero down, pre-tax monthly payment for the car that you described in your post around $538.

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CarMan@Edmunds

Hi mtgs. So you are being given a $1,000 discount on this car. That's probably about what I would expect on a new 2007 model BMW at this point in the model year. It wouldn't hurt to stop by the following discussion though to see how much other community members have paid for similar cars lately: "BMW 3-Series: Prices Paid & Buying Experience". The money factor that you were quoted for this car is right in line with BMW Financial Services' current buy rate for it. Overall I would say that this is a fair deal, but make sure to check out how much others have paid for their '07 328xis recently.

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CarMan@Edmunds

Hi minniemouse1. The selling prices of leased vehicles, even ordered ones, are negotiable just as if you were paying cash for a vehicle that was already on a dealer's lot. Of course, this early in the model year dealers are not going to be very anxious to provide significant discounts on new 2007 models. Furthermore, working against you is the fact that dealers usually prefer to sell vehicles that they already have in inventory than ordering them for consumers. This is because they can finalize your sale immediately rather than risk having you walk out on the deal while you wait for your ordered car. Also, dealers are constantly paying "floorplan" interest on the vehicles that they physically have in stock. The sooner they sell them, the sooner they can stop paying interest on them. Make sure to find out the exact selling price that you are being charged for this car. Once you know it, stop back and we will be happy to share our opinions of this deal with you.

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reloprincess

Hey Car man

Thanks for the info. We haven't been back in touch and the dealer has called us back several times this week to see if we are interested and if they did something wrong on their lease offer for a 2006 330i. We have never leased and I am just worried about the "fallout" when the time comes to give the car back if we have $3500 down...will they make up stuff or be overly strict to try to keep our money?
The 335I turbo looks amazing can you give any advice on whether it would be best to consider it rather than 2006 they already have on the lot. Also it is manual transmission and I think not as many people want a stick??
Thanks

wrightrd

Car_Man - appreciate all of your help on this site. Because of the valuable information you provide, I have been able to successfully negotiate fair deals on a 2000 323Ci and a 2004 325Ci. My lease is expiring again.....can you please provide the most current money factors and residuals for a 3 year/12k and a 3 year /15k lease for the 2007 328i coupe and 2007 335i coupe (I'm hoping to step up and get the 335i this time:) )? Thanks!

eds1300

Wow, that price of $36,715 is a lot more than going rate in San Francisco or Dallas. I was offered prices of $34,045 and $34,545.00, both included MACO-$400 and Training fee-$180.

Your Money factor equates to 7.8% (2400 X .00325) interest rate, a hefty profit for any dealer. The way I see it, the dealer will make min. of $3,500 off your deal.

You should shoot for $500.00 above invoice, with money factor of no more than .00265, unless your credit is below 730.

Good luck.

msfitnetz

Well I requested the inspection Aug 31, faxed signed paperwork on 9/1 and have been waited. My card immediately charged for the inspection on 9/1.On 9/6 I contacted the seller to see if he had been contcated for the inspection . He had not.On 9/10 I sent an email asking about the status. I was asked to call. Unfortunatley , that is always not convienent so on 9/12 I called. I spoke to a gentleman that reffered to me as "sir" several times and I corrected him. He tells me that someone will contact me immediatley as it went to some department or another. His words were "right away". I began to get a bit peeved thinking this should have occured within at MOST 48hrs, I gave some leeway due to the labor day holiday but this was getting ridiculous!

I waited about 3 hours in my office. No email or phone call. OK, Now I am somewhat pissed. I call back and ask for a manager as the gentleman who normally handles this apparently wasn't able to deal with it anyways. I was put through to a voicemail. I was angry at this point and asked to be contcated immediatley and why this whole transaction was so difficult. I don't believe I used any "profane" words stronger that "damn" ( one reason is I don't cuss)but I was in a MAD/Angry Tone.

I noted thier offices close by 5pm. As I made it home ( no call yet). My cell rings and wouldn't you know it I cannot grab it in time. Its a voicemail from CS rep. I return the call. While trying to find out what is going on, I am again put on Hold for a While( seems longer when you are angry and feeling like you are swimming in a circle). anyways she comes back on, AGAIN with this "sir", I say I am not its "ma'am". She says , "what"?, I tell her,, I am NOT a "sir" and I am correcting you( in a louder than normal tone not yelling as my daughter would have run into my room). OK, Now I am again placed on HOLD!! I am boiling at this minute, now. A few minutes? No Idea I am staring at my laptop for calmness at this point. a male voice comes on says "hello"?, I say "hello?" and then HOLD again. I am not sure on any time passage since I am trying to stay calm. I hang up. Callback and of course get her voice mail. I leave a message. I think maybe a minute, I get am email with a FULL REFUND, no explanation or anything.

I think, ok maybe they locked me out of the site. Nope. However, the vehicle I was looking out is now unavailable. I emailed seller but I assume he had received an offer about the same point I was dealing with the idiots. No fault on him, hey he wants to sell his car. So I am now a back up.

I wonder if it was Fate??? Anyways, I found another site that was free for both sellers and buyers, no $150 transfer fee and you get contact information upfront. The cars are still more plentiful on the other too. Pluse the other site does NOt require buyer credit check. Which can be good or bad as a seller.

I am not letting that dissuade me. I check the site regularly maybe just in that department "balls' were dropped. I keep an openmind because some people don't know how to handle "pressure" or dissatisfaction and deal with it.

SO, I am still looking!!! :P
msfitnetz

wrightrd

Car_Man - here is a repost of my message from earlier this week....I didn't see it on the site at my last login (though I have been having trouble with IE).....apologies for the duplicate, if so

Car_Man - appreciate all of your help on this site. Because of the valuable information you provide, I have been able to successfully negotiate fair deals on a 2000 323Ci and a 2004 325Ci. My lease is expiring again.....can you please provide the most current money factors and residuals for a 3 year/12k and a 3 year /15k lease for the 2007 328i coupe and 2007 335i coupe (I'm hoping to step up and get the 335i this time:) )? Thanks!

fishbone1

Hi Car_man,

I am also very interested in the lease rates (MF and residuals) for the 07' 335i Coupe. Could you provide me with the numbers for a 15K and 12K lease? Thanks a bunch.

rebadeb

Hi Car man,

I am looking into leasing a 07 328 or 335 in the next few weeks, i'm new to leasing and need advice on what to ask the dealer so I don't get taken to the cleaners :confuse:

Any help would be greatly appreciated. I'll post the numbers for your review and advice when I get them.

Thanks a bunch.

dprecocious1

Hi Car man,

I am looking to lease a 2007 328xi in the next couple of weeks and have gotten quotes from a couple dealers thus far. I am interested in doing a European delivery and this is what I've been quoted:

MSRP: $50,515 (fully loaded except 18" wheels/tires)
Capitalized Cost: $47,000
Down Payment: ($8,724.34 (Includes title, tax, tags, destination, security deposit, and first two months payment)
Monthly payment: $611
Money Rate: .00335 or 8.04%

The money rate seemed kinda high to me just based on my own research online but they said it was because I was doing a European delivery. Is this a good deal or do you think I can do better if I shopped it around some more. With European delivery I get $2,595 off the North American MSRP. The invoice for a North American 328xi fully loaded is about $46,500. So the price doesn't seem too bad although I'd like to see if I can get lower. It the money factor that I'm most concerned about. Any thoughts or suggestions would be much appreciated from anyone.

Thanks!

be17jamln

So I'm getting a jet black 06 325i 6M with no options.

$500 over invoice, ($29,995, this is including dest. plus maco+$75 sat prep as only option) .00225 MF, $0 down, 15k miles/yr for 36 Mos.

Monthly payment after $500 SD including tax is $464. I think I'm getting a super sweet deal. The only negative is a $825 bank fee. I think that's fairly normal?

What do you guys think? Car Man?

iitango

dprecocious1:

I have seen lease factor offers of .00255 for the 07s (335/328). Delivery should not be a factor as it is financed thru BMW anyway.

Continue to find better pricing on your 328 and consider your options. $50,515 is a HUGE MSRP for the 328...perhaps too many options? You can purchase a 335 for around $47,650 nicely equipped (e.g. Premium pkg, Sport Pkg, comfort access and w/o NAV).

I recommend not putting more than 1st mo. pymnt and license and fees down. $8,724 down only puts you out of hard earned cash and you can do much more with that if your smart. Your payment for a 335 at the price I've listed should not excede $776/mo with $1000 down and a 328 will be around $700/mo nicely equipped at an MSRP for $42,900 with the same cash down. Pymnts are higher and your residual will be higher but that can be a good thing.

Hopefully this helps you...

RJ

eds1300

Add 2% to Residual Value for 12k mi/yr and 3% for 10k mi/yr on all terms

2007 BMW 328 Series 328Ci Coupe
24 mo/15k mi – Residual Value 68% of MSRP – .00200 Base Money Factor Rate
36 mo/15k mi – Residual Value 58% of MSRP – .00200 Base Money Factor Rate
48 mo/15k mi – Residual Value 44% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 36% of MSRP – .00319 Base Money Factor Rate

2007 BMW 328 Series 328xi Coupe
24 mo/15k mi – Residual Value 70% of MSRP – .00200 Base Money Factor Rate
36 mo/15k mi – Residual Value 58% of MSRP – .00200 Base Money Factor Rate
48 mo/15k mi – Residual Value 45% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 37% of MSRP – .00319 Base Money Factor Rate

2007 BMW 328 Series 328i Sedan
24 mo/15k mi – Residual Value 71% of MSRP – .00285 Base Money Factor Rate
36 mo/15k mi – Residual Value 61% of MSRP – .00285 Base Money Factor Rate
48 mo/15k mi – Residual Value 45% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 37% of MSRP – .00319 Base Money Factor Rate

2007 BMW 328 Series 328xi Sedan
24 mo/15k mi – Residual Value 71% of MSRP – .00285 Base Money Factor Rate
36 mo/15k mi – Residual Value 61% of MSRP – .00285 Base Money Factor Rate
48 mo/15k mi – Residual Value 46% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 37% of MSRP – .00319 Base Money Factor Rate

2007 BMW 328 Series 328i Wagon
24 mo/15k mi – Residual Value 70% of MSRP – .00285 Base Money Factor Rate
36 mo/15k mi – Residual Value 60% of MSRP – .00285 Base Money Factor Rate
48 mo/15k mi – Residual Value 42% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 35% of MSRP – .00319 Base Money Factor Rate

2007 BMW 328 Series 328xi Wagon
24 mo/15k mi – Residual Value 70% of MSRP – .00285 Base Money Factor Rate
36 mo/15k mi – Residual Value 60% of MSRP – .00285 Base Money Factor Rate
48 mo/15k mi – Residual Value 43% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 35% of MSRP – .00319 Base Money Factor Rate

2007 BMW 335 Series 335i Coupe
24 mo/15k mi – Residual Value 69% of MSRP – .00200 Base Money Factor Rate
36 mo/15k mi – Residual Value 58% of MSRP – .00200 Base Money Factor Rate
48 mo/15k mi – Residual Value 45% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 36% of MSRP – .00319 Base Money Factor Rate

2007 BMW 335 Series 335i Sedan
24 mo/15k mi – Residual Value 71% of MSRP – .00270 Base Money Factor Rate
36 mo/15k mi – Residual Value 61% of MSRP – .00270 Base Money Factor Rate
48 mo/15k mi – Residual Value 45% of MSRP – .00319 Base Money Factor Rate
60 mo/15k mi – Residual Value 37% of MSRP – .00319 Base Money Factor Rate

jeffal

Any advice you can give would be great.

I am looking to lease a new BMW. However, the car that I want with all of the options is located in another state.

My local BMW dealer searched the computer and found the car, but he wants a $1,000 deposit from me and a credit check before he can get the car. Is this normal procedure?

Are there any forms I should sign before giving the deposit?

kyfdx

You should negotiate the price of the car, before making a deposit and committing to it..

Once they have your $1000 and the car, you don't have a lot of leverage...

jeffal

I've already received a quote from the dealership (through email). He gave me the selling price, residual, money factor, and terms of the lease.

Is there a document that I will have to sign before I give the deposit that states the exact prices and terms of the lease?

kyfdx

I doubt there is a document that you have to sign.. But, you sure want something down on paper... signed by a manager.. that has all of the pertinent numbers, including all taxes, fees, etc..

You don't want any nasty surprises to arise, after they already have your $1000.

I don't see any problem putting up a good faith deposit, since they have to get the car from another dealer. But, I would want the whole deal down on paper before committing.

regards,
kyfdx