Car Buying Advice - X1 Lease Terms - Service Loaner X1 2017

skiajl6297skiajl6297 Member Posts: 5
edited July 2017 in BMW
Hello - never before looked at a Loaner as a lease option, but found an X1 we are very interested in.

Any help on this deal with be appreciated:

$49k msrp
$45k cap cost
10k miles
Residual: 61%
MF: 0.00191

Comments

  • skiajl6297skiajl6297 Member Posts: 5
    Meant to include - quoted with $3k down, and monthly payment around $700. I aim to do 0 down besides first month and taxes. Doing lease pull ahead as well.
  • kyfdxkyfdx Moderator Posts: 197,587

    Hello - never before looked at a Loaner as a lease option, but found an X1 we are very interested in.

    Any help on this deal with be appreciated:

    $49k msrp
    $45k cap cost
    10k miles
    Residual: 61%
    MF: 0.00191

    Money factor is marked up from the base .00151

    Residual is reduced by 4% plus $0.25/mile. So, you have to make up for an extra $4500 in reduced residual, before you even get started. Looking at that CAP cost, it doesn't appear they are giving you much of a discount for a unit with 10K miles.

    Have they quoted a payment? I'll guess it isn't pretty.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • skiajl6297skiajl6297 Member Posts: 5
    Saying $700/month with 3k down - seems quite high!
  • kyfdxkyfdx Moderator Posts: 197,587

    Saying $700/month with 3k down - seems quite high!

    Yeah... that's ridiculous. You should be able to beat that on a brand new model, by quite a bit.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • skiajl6297skiajl6297 Member Posts: 5
    I plan to come back asking for $44k, 0 down (minus first month, and fees), and a MF of .00151.

    Why would the residual be marked off this way? Is this something I can negotiate?

    Thanks very much for your time and input - I appreciate it!
  • MichaellMichaell ColoradoModerator Posts: 193,025

    I plan to come back asking for $44k, 0 down (minus first month, and fees), and a MF of .00151.

    Why would the residual be marked off this way? Is this something I can negotiate?

    Thanks very much for your time and input - I appreciate it!

    The residual is fixed by the bank, and is not negotiable.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • kyfdxkyfdx Moderator Posts: 197,587

    I plan to come back asking for $44k, 0 down (minus first month, and fees), and a MF of .00151.

    Why would the residual be marked off this way? Is this something I can negotiate?

    Thanks very much for your time and input - I appreciate it!

    That wouldn't be enough for me.. I'd want $10K off, and the base money factor.. That would still be $475/mo.+tax, with about $1000 due at signing.

    I don't hold out much hope for you. A dealer that starts off trying to hit a home run, will rarely settle for a single.

    Have you shopped other dealers to see what you could lease a brand-new model for? That would at least give you a baseline for what might be a good deal on this loaner.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • skiajl6297skiajl6297 Member Posts: 5
    I am just starting so have not yet cross shopped. But definitely going to negotiate and if they continue to be unreasonable I'll go somewhere else!
Sign In or Register to comment.