BMW 3-Series Lease Questions

asleepy · January 2006

Thanks Car_man.

I was interested in 36 mos. at 12K per year. I understand that the buy rate for 36mos./12K is .00250 and the residual is 64%. Correct? Is the difference in the residual the reason why you say that 24 mos. lease at 15K mi is the most attractive term at the moment?

Thanks,
- A.

akabigjoe · January 2006

Leasing is new to me, so I would like to know if this is a fair 24 month deal.
2006 BMW325i automatic, premium package, cold weather package, xenons.
$650 up front (includes first mos payment)
$499 monthly payment (includes 6% sales tax)
10,000 miles per year

CarMan@Edmunds · January 2006

Hi jahnsf. 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 the selling price is.

Car_man
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CarMan@Edmunds · January 2006

No problem asleepy. Yes, those are the correct numbers for a 36 month, 12,000 mile per year lease of this car. In December, BMW artificially inflated its residual values for 24 month terms on a number of models, including the 325i. This higher residual value makes 2 year leases of this car very attractive right now.

Car_man
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CarMan@Edmunds · January 2006

Welcome akabigjoe. 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.

You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers 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 this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle 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 these numbers are.

Car_man
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sirkfc · January 2006

"Example:
$41370 MSRP
$38685 Selling price
$39310 Cap cost (selling price + $625 acquisition fee)
Money factor .00195
Residual 64%
3yr/36K lease
Payment = $485/mo. + tax = $525/mo. including 8.25% tax
"

Kyfdx,
Just a strange question. Why is the acquisition fee rolled into the cap cost that we eventually divide by 36? Not that I'm complaning, but shouldn't I bear the entire burden of the acquisition fee, and not just 64% of it?

I'll accept your answer if it's simply "that's just the way things are." But if you actually know why, it'd be good for me to know, in case the dealer tries something funky on me. Thanks.

-Sirkfc

kyfdx · January 2006

Anything that you roll into the cap cost, you pay 100% of... Since the residual is a percentage of MSRP, any dollar up or down on the cap cost is a dollar spent or earned.. The residual is a fixed amount relative to the MSRP..

In the example above, the residual amount is 64% of $41,370 or $26,476.80... So, the depreciation on the lease is the Cap cost minus $26,476.80.. Any addition to the cap cost will be paid for fully over the term of the lease, as it doesn't change the residual.

regards,
kyfdx

sirkfc · January 2006

Yes, I am an idiot. As soon as I submitted the question, I knew my answer. Embarassing, considering I was a financial engineering graduate student.

One more thing, just for my education. When we calculate the lease interest using the money factor, Why do we slap interest on BOTH the (Cap Cost + Residual)? It seems like we should only be charged interest for them giving us the car upfront.

I'm sure I'm not uncovering anything new here, but I couldn't explain it to somebody when they asked what number does (cap cost + residual) signify.

kyfdx · January 2006

You are actually paying interest on the average of the Cap cost and the residual.. You owe the cap cost at the beginning of the lease, and the residual at the end of the lease (assuming you exercised your option).

Normally, you would divide by two, to get an average, but this is accounted for in the money factor calculation..

regards,
kyfdx

slaughter5111 · January 2006

I want to lease a 325i for 24 months and need 15000 miles per year and I want to put 0 down

the car I want has a msrp of $35,770 and I assuming I can negotiate the price of the car to $34500

what should my monthly payment be before tax based on all of this?

Thanks

kyfdx · January 2006

With the $625 acquisition fee rolled into the cap cost, the payment should be about $515/mo.plus tax.

Due at signing: 1st payment, security deposit, title/license fees ($1400-$1500 total).

Money factor is .0025 and residual is 74%.

regards,
kyfdx
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dom6183 · January 2006

I welcome feedback on this proposed lease deal on a 2006 325i. Feel free to pick at any aspect and suggest areas of flexibility, and any opinions of the overall deal.

- Lease Term 36 mo, 30K miles (10K mi/yr)
- MSRP 34,440
- Sell Price 33,884.46
- Sales Tax 1,112.83 (state 6%)
- Residual 22,386.00 (65%)
- Equivalent interest rate 6.9% (current BMW program?)
- cquisition Fee 825.00
- Disposition Fee 350.00 (this surprises me!)
- Total Down at Signing 2,500 comprised of:
- Cap Cost Reduction 1,679.00
- Registration/Title Fees 175.50
- State Recording Fee 146.50
- First month's payment of 499.00
- Buried somewhere in here is payoff of last 2 months of current lease of 447.00 per month (total balance of 894.00)
- Monthly payment of 499.00

I'm only surprised and disappointed in the "disposal fee", but if that's pretty much standard these days, then so be it. I'm comfortable with the dealer and salesperson, and like the vehicle. Thanks for any comments!

kyfdx · January 2006

1) Sell price is only $565 under MSRP.. even on a relatively low-priced unit like this, you should be able to get at least $1000 off.

2) Acquisition fee.. The base fee is $625.. they are marking it up the maximum $200.. all extra profit for the dealer.

3) 6.9% equivalent APR.. Did they tell you the money factor?

4) $350 Disposition fee.. standard on every BMWFS lease.. you only pay it, if you turn the car in, without leasing another BMW.. You don't pay it upfront..

It looks like the sales tax and the acquisition fee are partially offset by the $1679 cap cost reduction.. It is hard to say exactly what kind of deal you are getting, but I'm pretty sure it isn't a great one..

It looks like they tried really hard to hit that "under $500" number.. Shooting for a certain monthly payment can hide a lot of extra dollars..

regards,
kyfdx
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isthisnickcool · January 2006

I used Edmunds to contact some dealers. I asked one about leasing after telling him I was basically looking for a 330i, Silver with Premium and Sport packages. Here is what he sent me:

""On a 36 month/ 10k per year lease you are looking at low - to mid 7's with only the first month down.

I have a 2006 BMW 330i Sparkling Graphite on Gray leather with Sports Package, Premium Package, Automatic Transmission, and Sat. Radio Prep

42290 MSRP""

I don't drive a lot of miles, I buy/sell cars pretty often, my company pays for the car so my accountant suggested I look at leasing. I'm brand new to this. What should I ask this sales guy?

Thanks! :confuse:

eights38 · January 2006

isthisnickcool:

The lease price seems way too high. What is the sales tax rate in your area?

Thanks,
Matt

is300_lover · January 2006

Hi all,

I'm considering both the 330i and the 330xi for lease for 24 months, 12,000 per year. I wanted automatic as the only option. I've gotten the following offers from two different dealers, and wanted to ask your opinions on which you believe to be the better value.

330i (Premium, non-metallic, automatic, heated seats)
$545 month (including taxes)
$1060 due at signing (including first month, documentation and DMV fees).
Plus, the dealer is willing to pay one month of my existing lease ($350).

330xi (No premium, no leather, automatic, heated seats, non-metallic)
$555 month
$2300 due at signing (including first month documentation and DMV fees, all taxes paid up front ($800) and cap cost ($600))

Obviously I don't like paying cap cost reductions or taxes up front, but know also that the 330xi's are higher in demand. Let me know what you guys think. Thanks!!!!

kyfdx · January 2006

It isn't so much the higher demand.... the lease program from BMWFS just isn't as good on the Xi.... Lower residuals and higher money factors...

If I had to pick one, I'd take the 330i with all the options.. (I'd also pick the 330i with no options, but that is another story..)

regards,
kyfdx
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is300_lover · January 2006

Thanks much kyfdx,

Another follow up question: given your experience browsing at deals over the past few months on the 3-series, would you consider the above lease offer for the 330i to be fair, good or excellent? Wanted to know how much additional negotiations I should do. Thanks again.

kyfdx · January 2006

At first glance, it looks pretty good.. If you give me the MSRP and your tax rate, I could give you a better analysis..

is300_lover · January 2006

The MSRP is $41,345 as equipped, and my NJ State tax rate is 6%. No bank and security fees.

Thanks AGAIN!!!

kyfdx · January 2006

Well.. the bank (acquisition) fee has to be paid... They just rolled it into the cap cost..

This looks like a great deal.. 24mo/20K lease, right?

Using the base rates, and with only first payment and DMV fees upfront, your selling price has to be almost $3K off of MSRP..

If this is what you want, you won't do any better, I don't think..

regards,
kyfdx
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alik9 · January 2006

I was told by one of the local dealers that there is a lease special for 330i that will start next week. Has anyone heard about it?

Thanks

laderaking · January 2006

Hey everyone, I have been following this message board for awhile but this is my first post.
I am interested in buying a 330i with Sport/Cold/Navi and comfort package. Basically a 46k MSRP.

I want to lease for 24m at 12k a year

If I need the payment to be around 500 what should I expect in terms of down payment and what sort of deal should I be looking for?

Thanks in advance.

isthisnickcool · January 2006

6.25%

cardog6 · January 2006

A local dealer offered me a 2 year/20k mile lease for a 325i with a money factor of .00305 which is .00055 over the current BMWFS base rate of .00250 for the car . He explained .0004 of the difference was dealer markup and .00015 was a BMWFS requirement for first-time lessees. I understand the .0004 is the max dealers are suppose to markup. Is the .0015 legitimate?

Many thanks.

kyfdx · January 2006

The extra .00015 is the bump-up to waive the security deposit.. Since returning lessees aren't required to make a security deposit, he is technically correct..

Make the security deposit, and insist on the base rate, which is .0025, as he said..

At least he is honest...

regards,
kyfdx
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matt6573 · January 2006

I am looking to lease a 2006 330xi 15k/36 month with the following options: Premium, Sport, Nav, Heat seats, Comfort Access, 5 speed, metallic paint, destination, MSRP $45770. I got a tentative lease deal of $670 w/out CT tax with $1600 down. I think it is too high. What should I am for over invoice, what money factor should I demand, and what should I ask for to make sure they are not including in the factoring.

pil · January 2006

Considering the lease of a '06 325xi with sports package only (non-metallic). What lease numbers (purchase price, monthly pmt, residual, $ factor, etc) should I be looking for? I would be looking at a 3 year term, 15K miles/yr and nothing down. Would it be possible to be under/around $500 a month? Really want the BMW - I had an e36 and loved it. But if I can't get the BMW for under $520/mo, I may have to look at the A4. Thanks.

djbmw · January 2006

I got an offer for 325i in the bay area, (CA)
metallic paint
premium
automatic
Xenon

MSRP: $37245
Selling price: $34775
acq fee: $825
DMV: $288
Doc fee: $73
MF: 0.00275
Term : 3year/36k
Residua: 64%
Security deposit: $550

comes up to $533 per month including tax

I was wondering if this was a good deal or not?

Thanks
dj

dom6183 · January 2006

Hi kyfdx,

Thanks for your suggestions. With that, we negotiated a better final deal as follows, with a deeper sales price discount. We are very satisfied with the deal. I post this information for anyone else as a baseline.

- Lease Term 36 mo, 30K miles (10K mi/yr)
- MSRP 34,440
- Sell Price 33,004.46
- Residual 22,386.00 (65% of MSRP)
- Equivalent interest rate 6.9%
- Acquisition Fee 825.00
- Disposition Fee 350.00
- Total Down at Signing 2,500 comprised of:
- Cap Cost Reduction 1,708.85
- Registration/Title Fees 175.50
- State Recording Fee 146.50
- First month's payment of 469.15
- Monthly payment of 469.15

We picked up the car this weekend, and the dealer also gave us a BMW Lifestyles travel/duffel bag and shirt. Small item as a goody, but it made my wife happy (car is for her).

nukezdoc · February 2006

My current Honda Accord lease runs out in May, and I am seriously considering a 36m/12K lease on a 3-series. This leads me to a couple of questions...

1) Will the dealers be more motivated to get rid of their current (2006) E46 coupes to make way for the E90 (2007) coupes by this summer? I have noticed that MF for the 325Ci's seem to consistently run lower than the 4-doors for the past few months- any thoughts on them trying to ditch their inventory?

2) I am looking at various software packages for researching what car would be the best to lease- i.e., residuals, MF, holdback, F-to-D incentives, etc. (FWIW, I'm also thinking about the Acura TL and Audi A4, but I'd much rather have the bimmer). Anybody have experience with Auto Lease Pro? I want to research multiple makes and models, and other programs look like make/model specific info is about $12 each.

djbmw · February 2006

kyfdx? carman? anyone? this will definately help me make a decision.

Thanks
dj

kyfdx · February 2006

Well.. you have some information missing..

What is the amount due at signing?

Is the acquisition fee, DMV fee, Doc fee..rolled into the lease, or are you paying them upfront?

The selling price is dirt cheap.. the acquisition fee is marked up by $200.. and the money factor is marked up from .0025 to .00275..

It is hard to know if the numbers are accurate, without knowing what is rolled into the cap cost, and what is paid upfront... also, how much of the payment is tax?

regards,
kyfdx
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djbmw · February 2006

i will be paying dmv, doc fee, sec dep and first months payment upfront comes up to around $1450.

acq is rolled up into the cap cost.

and tax is 8.25% ie around $40 ($533 pm including tax)

kyfdx · February 2006

The numbers look about right...

With the base money factor and the base acq.fee, it would drop the payment around $20/mo. pre-tax.. Not sure the dealer would go for that, considering the $2500 discount from MSRP..

It looks like a decent deal...

regards,
kyfdx
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nepenthean · February 2006

Right to the bite of the message...

2006 330ci
Performance Package
Premium Package
Heated Seats
Xenon Headlights
6-Speed Manual Transmission
MSRP: 45695
Your Price: 43292

As I want to lease for 36 months @ 12,000 annual miles, approximately what kind of numbers would appear judicious?

Thanks for the assistance my Bavarian aficionados.

mnoker · February 2006

Feb Rates

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

2006 MODELS

325i Sedan

24 mo/15k mi  Residual Value 74% of MSRP  .00250 Base Money Factor Rate
36 mo/15k mi  Residual Value 62% of MSRP  .00250 Base Money Factor Rate
48 mo/15k mi  Residual Value 44% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 36% of MSRP  .00290 Base Money Factor Rate

325xi Sedan

24 mo/15k mi  Residual Value 72% of MSRP  .00250 Base Money Factor Rate
36 mo/15k mi  Residual Value 61% of MSRP  .00250 Base Money Factor Rate
48 mo/15k mi  Residual Value 44% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 36% of MSRP  .00290 Base Money Factor Rate

325xiT Wagon

24 mo/15k mi  Residual Value 71% of MSRP  .00200 Base Money Factor Rate
36 mo/15k mi  Residual Value 60% of MSRP  .00200 Base Money Factor Rate
48 mo/15k mi  Residual Value 42% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 34% of MSRP  .00290 Base Money Factor Rate

325Ci Coupe

24 mo/15k mi  Residual Value 69% of MSRP  .00150 Base Money Factor Rate
36 mo/15k mi  Residual Value 57% of MSRP  .00150 Base Money Factor Rate
48 mo/15k mi  Residual Value 43% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 34% of MSRP  .00290 Base Money Factor Rate

325Cic Conv

24 mo/15k mi  Residual Value 71% of MSRP  .00260 Base Money Factor Rate
36 mo/15k mi  Residual Value 60% of MSRP  .00260 Base Money Factor Rate
48 mo/15k mi  Residual Value 47% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 38% of MSRP  .00290 Base Money Factor Rate

330i Sedan

24 mo/15k mi  Residual Value 74% of MSRP  .00195 Base Money Factor Rate
36 mo/15k mi  Residual Value 62% of MSRP  .00195 Base Money Factor Rate
48 mo/15k mi  Residual Value 45% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 36% of MSRP  .00290 Base Money Factor Rate

330xi Sedan

24 mo/15k mi  Residual Value 72% of MSRP  .00225 Base Money Factor Rate
36 mo/15k mi  Residual Value 61% of MSRP  .00225 Base Money Factor Rate
48 mo/15k mi  Residual Value 45% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 36% of MSRP  .00290 Base Money Factor Rate

330Ci Coupe

24 mo/15k mi  Residual Value 69% of MSRP  .00150 Base Money Factor Rate
36 mo/15k mi  Residual Value 57% of MSRP  .00150 Base Money Factor Rate
48 mo/15k mi  Residual Value 41% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 34% of MSRP  .00290 Base Money Factor Rate

M3 Coupe

24 mo/15k mi  Residual Value 68% of MSRP  .00290 Base Money Factor Rate
36 mo/15k mi  Residual Value 59% of MSRP  .00290 Base Money Factor Rate
48 mo/15k mi  Residual Value 49% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 41% of MSRP  .00290 Base Money Factor Rate

330Cic Convertible

24 mo/15k mi  Residual Value 72% of MSRP  .00260 Base Money Factor Rate
36 mo/15k mi  Residual Value 61% of MSRP  .00260 Base Money Factor Rate
48 mo/15k mi  Residual Value 46% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 38% of MSRP  .00290 Base Money Factor Rate

M3 Convertible

24 mo/15k mi  Residual Value 65% of MSRP  .00290 Base Money Factor Rate
36 mo/15k mi  Residual Value 57% of MSRP  .00290 Base Money Factor Rate
48 mo/15k mi  Residual Value 48% of MSRP  .00290 Base Money Factor Rate
60 mo/15k mi  Residual Value 41% of MSRP  .00290 Base Money Factor Rate

CarMan@Edmunds · February 2006

Greetings isthisnickcool. 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've checked them out, stop back and we'll be glad to answer any specific questions that you have.

Car_man
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CarMan@Edmunds · February 2006

Hi alik9. BMW is running a special lease on the 2006 330i right now. If you lease this car through BMW Financial Services right now for any length lease up to 42 months, its buy rate lease money factor will be .00195. This is equivalent to an interest rate of around 4.68%.

Car_man
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CarMan@Edmunds · February 2006

Hi laderaking. I'd be happy to give you an idea of what sort of lease payment to expect on this car. However, in order for me to do so I need you to tell me its approximate selling price. If you haven't negotiated one yet, stop by the following discussion to get an idea of how much you should pay for this car: "BMW 3-Series: Prices Paid & Buying Experience". Once you have that number, let me know and I'll calculate a lease payment for you.

Car_man
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CarMan@Edmunds · February 2006

Hello matt6573. BMW Financial Services' current buy rate lease money factor for a 36 month lease of a 2006 330xi is .00225. Make sure that this is the factor that the dealer that you are working with is using to calculate your lease payment. You should be able to get a good idea of how much you will have to pay for this car, selling price-wise by visiting the following discussion: "BMW 3-Series: Prices Paid & Buying Experience".

Car_man
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CarMan@Edmunds · February 2006

Hi pil. First let's take a look at this car's current lease program. According to the latest information that I have seen, if you were to lease a 2006 BMW 325xi through BMW Financial Services right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00250 and 61%, respectively. The lease program for the car that you are interested in will depend upon how you want it equipped. Look up the full MSRP for the car that you want by visiting the following section of this site: Edmunds.com New Vehicle Pricing. Then visit the following discussion to get an idea of what sort of price you should pay: "BMW 3-Series: Prices Paid & Buying Experience". Once you have these numbers, let me know and I can work up a lease payment for you.

Car_man
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CarMan@Edmunds · February 2006

Hi nepenthean. I'll use the numbers that you provided in your post and BMW's actual lease program to estimate what this car's lease payment should be for you. According to my calculations, if you were to lease a 2006 BMW 330ci with an MSRP of $45,695 and a selling price of $43,292 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 around $560.

Car_man
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zim07 · February 2006

They are trying to punk you. I just got a 330xi.

I got the following:

Prem Package
Sport Package
Cold Weather package
Navi
Sat Prep

MSRP: $45,220 The only difference between our cars cars is the comfort access.

I pay $535/month.

All I paid up front was tax etc, no cap cost reduction.

blumenthal · February 2006

want to lease a bmw 325 ci convertible.

invoice w/ metallic paint and heated seats is 37795. including destination.
the MSRP is 41,270

i have 2 offers:
39095 cash (1300 over invoive)
lease 645/month 26 months 15k per yr.(approx 900 down)

#2
38,600 cash
616/month 1800 down
674/month 674

what can i negotiate on the lease terms. there is no sec deposit as i am turning in another bmw

Any help or suggestions would be appreciated.

kell33 · February 2006

Can you give me an idea of a current lease payment.
15,000 miles/yr.,36 mo. lease. $0.00 down.
2006 330xi MSRP $38,500 , Auto 1275, PP 2000, heated seats 455 & metalic paint 430.
or
325xi MSRP $32,800 same options.
All of the numbers get confusing. :confuse:
I would like to know what to start to negotiate with.
Thanks for any help.

gvn2fly · February 2006

I called three different dealers and got three different money factors. The final dealer gave me this deal:

MSRP 67545
-1100 = 66445

money factor .0034 (8.16%)

$1213 a month (includes 7.75% tax)

3 year lease 59% residual value.

The money factor is very high. Is there anything I can do to get this down? How much more off of MSRP should I try and negotiate?

Thanks for the help.

oghowie · February 2006

Hi KYFDX,

I just got a quote today from a dealer on a 2006 330i at Shelly BMW in SoCal. They are giving $1200 above invoice. I am also trading in a 2003 G35C I have on lease which has positive equity and they are willing to give me $2600 in credit for.

Is this a good deal? Thanks

24 mo / 12k mi Lease

Cap Cost: $43,060
Bank Fee: 825
Total Cap: 43,930
Cap Reduct: 1,600
Tax on Credit: 124
Net Cap: 42,330
MSRP: 44,920
Residual: 34,139.20

Monthly Payment: 540.76
License Fees: 352.75
Total Drive Off:2,617.51

Rate: .00210

Howard

skobola · February 2006

I still have to get a confirmation for this deal, but I believe that I should take it based on the following. The "deals" that I am getting in Miami are about $480 per month, however, I got the following proposal from a dealer in NY: $399 + 7% tax, with first, TTL and security out of pocket; I still have to try to delete a security, as I am currently leasing a BMW, which should bring it to first + TTL, which I believe should make it about $600-700 out-of-pocket. I believe that this is a good lease price at this time. The MSRP for the car is 32820, 3 years/30k miles.
Note that dealers in Miami do not give too much discount CAP-wise, and they usually charge acquisition at $825 and likely have the MF up as much as they can.
The car will have to be ordered from Germany, and I intend to take the factory delivery in Spartanburg, which I wanted to do, as it gives me 1 day of driving school. I intend to buy 2-day school, which will cost me some additional money, and this is not a big deal, because the first day is more and I believe that it pays to take 2 days as I have to go there anyway. The fact that I have to order does not make me happy, but it seems that there are not that many Artics with manual, black leatherette and BMW Assist around.
Please, let me know. Thanks.

bwoozy · February 2006

I am getting pricing on a 325i with metallic paint, leatherette and automatic transmission. I am located in Southern California. Please let me know if this is a good deal or if I should negotiate further:

MSRP - $33,420
Offer - $32,265 (right around Edmund's TMV price)
24 month lease with 12k miles/year
$475/month and $1696.02 due at signing.
Residual value was stated as $25,399.

Also, I plan to trade in my car that would be about $5500 on the trade in that I would put toward the lease. How would I calculate that? (just take $5500 out of the total payments?)

Thanks!

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