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BMW 5-Series Lease Questions

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Comments

  • mphines1mphines1 Posts: 1
    Hi - I am a resident of IL - and BMW offers owners choice here as a way of avoiding lease tax laws in the state. I was quoted the below and I think its a fair deal except I think they still have room to move and wanted to get an experts opinion. Please let me know!

    Trade in: 2006 BMW 330xi with 21K miles. Trade in value is $31,800 - they are "offering me" $26,500. This is where the disconnect is - I was hoping for a break even on the trade in (the lease isn't up until October - this seems to be where I am losing money - by breaking early). The car is in great shape, low milage - let me know if you need more info.

    New Car - 2008 528xi. with Premium Pckg, heated seats, Sirius Satellite radio, and iPod/USB adaptor. Price they are quoting me is $47,995. Which appears to be $350 over invoice according to Edmunds.

    APR is 6.75% (which they claim they cannot change and is set by BMW as part of the owners choice). Sales tax is $1980. I would put $3K down and my payments are $842.18/Month.

    My question is - what do you think of the new car deal and what options do I have on the trade in. I'd like to see the payment get to around $750/month and I think they could do this if I could break even on the trade in - which is what I proposed to them. Do you guys think this is possible or have any info I could use as a bargain? Thanks!!!!

    Mike
  • carnaughtcarnaught Desert SWPosts: 2,726
    If you do the deal now, you should at least break even on your lease trade in. Or else, I'd wait till your lease is just about up (about 6-8 wks. prior and consider ordering it) and negotiate for a 2009, IMO.
  • I recently leased an 08 535i with Sport, Comfort, Nav, Ipod, Heated Seats for 24mo/12K. MSRP $58375. D.O. only. $715/mo incl tax. I believe gross cap cost was about $1K over invoice (forgot to verify this) $55250 plus acq fee. Buy rate. No pack on the Acq fee. Socal.

    I was a car salesman for several years so I am sympathetic towards the salesmen. I walked lots off hours or during slower times (early weekdays) mostly to check out cars I was interested in so as not to "stroke" anyone and deny them an opportunity to help a more serious buyer during potentially busier times. I did my research mostly via Edmunds and it is an excellent resource. I did contact a few dealers by phone to get quotes and only worked with two that I felt good about. As a former salesman, I like to see someone make an effort to earn the sale with earnest interaction and rapport and who respected where I was coming from. Those are the ones I discussed price with seriously and was straightforward with them about my background and price goals. As long as I got close to my goals and the salesman did his job properly and respectfully, I didn't quibble over a couple of hundred dollars. My deal took just a few short phone calls. The first salesman I didn't make a deal with because I started at some ridiculously low numbers not due to a negotiating tactic but due to miscalculation and lack of complete information on my part. All the manager did was come out and say he couldn't do it without any further effort to learn how I came about my numbers or working with me. I went there to BUY, not shop numbers. I had to research later online to find out how off base I was and appropriately readjusted my payment goals.

    I have to say that of all the lots I walked or the salesmen I observed, BMW salesmen are by far the biggest pricks I encountered. Salesmen are supposed to EARN your business, not wait around for people to throw money at them. BMW salesmen demonstrated the worst habits of car sales.
    1. "prequalifying" a prospect (big no no) by observation only. This means they looked at me, didn't consider me to be a "big fish" and ignored me. Didn't even bother with a cursory greeting. Just guys standing around talking, quick look at me, then back to their social conversation among themselves. I'm no poor schmo looking slob but I don't go out of my way to look like I earn mid-six figures a year. Gee, sorry for not having that written on my forehead for the BMW salesman to see.
    2. One thing I learned in the business and from my managers is never let a hot prospect walk off the lot if could help it. These guys acted like they didn't need your business just because they represent BMW's and the cars sell themselves. In that case, BMW should get rid of the traditional car sales model entirely and go to the CarMax/Best Buy sales model. That first BMW dealership I went to could have had the sale.

    I wasn't going to buy a BMW till I drove it and learned about the incentive. It's also an incredible driving car. Unfortunately, the engine broke down 4 days after my purchase 75 miles from home on a late weekend night and had to be towed to a dealership on Monday. Lost almost all engine power while on the freeway from San Diego back home to LA. I had put 211 miles on a 27mi when new car. Oh well, at least my lease is only for 2 years. My first European car. My last European car. In the meantime, I'm staying overnight at the Ritz Carlton Laguna Niguel and BMW damn well better pick up the tab. Shoulda gotten the LS460.

    By the way, the Lexus salespeople were universally excellent and courteous (Santa Monica Lexus). Absolutely no attitude or reduction in service even though I told them that I was just looking and didn't want to waste their time. Go get a Lexus. Better service, better car.
  • Hi,

    I got a lease price of $619 a month 36 months 10k miles. $3980 upfront includ taxes, first month security depoit etc. The MSRP is $52,225 (GPS, Cold Weather and Premium Packages)

    Is this high? Any help on this would be much appreciated.

    Thx
  • barkowbarkow Posts: 5
    Does the $2500 dealer incentive on cars in stock apply in all states? I am shopping for a 535i in South Florida and am trying to make sense of the dealer lease ads,this forum is enlightening
  • echiuechiu Posts: 17
    Hi, does anyone have the March residuals and MF for both the 535i and 550i? I am looking at either 24 or 36 months at 10k miles per year. Thanks.
  • skobolaskobola Miami, FLPosts: 207
    Are there still any incentives and/or owner loyalties left for 5-series, and if so, are they the same or changed. Just as a reminder, the 5-series had $2,500 incentive for the vehicles in stock and 0.00045 reduction of MF. Please, let me know. Thanks.
  • mkp6ermkp6er Posts: 9
    I've had a 3series BMW for the past 11 years with no major issues. It's a great car, very reliable, still very fun to drive.

    I agree with your points about the BMW sales people -- too judgemental and they refuse to negotiate price. I've tried to purchase or lease a new M5 for several months, and had many salespeople tell me it is a car for executives, too pricey for me, I really dont want that car. The best part is most dealerships refused to let me test drive the car unless I committed to purchasing that day!

    I went out and purchased a Mercedes e63 instead- much better buying experience and an awsome car.
  • Got my car back within 1 day in the shop. I had a defective fuel injector that was replaced under warranty. Salesman was a bit afraid that I'd be angry and blame him. As a former car salesman, I knew better than to blame him personally for a manufacturer issue although I did expect him to support me fully if I ran into any further problems. Though I am not angry and viewed the incident with good humor, breakdown of a brand new car regardless of brand is unacceptable.
    The ride and handling are superb. Well damped for comfort and incredible in turns. The BMW controls are maddeningly complicated even though I consider myself tech savvy.
  • jeqqjeqq Posts: 221
    I read your post in astonishment. You were a former car salesperson and you thought and I quote you the "Salesman was a bit afraid that I'd be angry and blame him. I knew better than to blame him personally for a manufacturer issue although I did expect him to support me fully if I ran into any further problems. " I'm sorry but you are kidding us, you can't be serious.
  • I don't understand your post.

    Are you saying that I should blame the salesman or dealership for leasing me a brand new car that manufacturer screwed up on? Or that I implied that he might not support me if I ran into further problems?

    1. the salesman did not produce the car. the dealership handled the problem within their normal guidelines and quickly too. Certainly I was not happy that I was inconvenienced and would not have put up with improper service or lack of concern on their part.
    2. if the car came back to me in an unsatisfactory condition, I would expect his support in handling my potential dissatisfaction. Some salesmen do get lazy and try to brush off tough issues after the sale and I made sure he understood that I wasn't going to accept that
    3. I didn't get too pissed because I got a service rental 535i that I got to drive really hard for a day to see how it handled.
    4. I only leased my car for 2 years, I didn't buy it for the long haul. If reliability was my primary concern, I would have gotten the cushy Lexus LS460 that I was also considering.
    5. BMW's (the manufacturer) screwup cost them $900 since I got a nice dinner and a restful Saturday night stay at the Ritz Carlton near where my car broke down and have a nice $100 Sunday champagne brunch and a leisurely Sunday $200 hired car ride home courtesy of Travel Interruption Reimbursement program that comes with BMW Assist.

    Or are you saying that you're astonished that I would improperly think that the salesman might think I'd be angry with him for a problem that you feel he is not personally responsible for? There are plenty of customers that do this and give their salesmen a bad rating in the follow up survey that can affect their financial compensation for months since many dealerships tie customer satisfaction ratings directly to the salesmen's compensation.
  • jeqqjeqq Posts: 221
    What's not to understand. You may think you are reasonable, others may not.

    Heck, if I ever break down I'd hit a brothel or two, to hell with the Ritz.
  • barkowbarkow Posts: 5
    premium package
    sport package
    comfort access
    ipod
    Sirius radio
    sport steering wheel mounted paddle shifters
    MSRP is 57,570 purchase price 55,185 in South Florida
    36 month 12.000 miles residual value 62%
    Money factor .00215 ( told this is a march special)
    lease price 761.51 plus fl 7% tax
    no upfront except ist month, 599 acqusition fee plus state tax and fee of about 250
  • bosco42bosco42 Posts: 20
    looking for the best deal to lease a 2008 535xi in Long Island/NY area...any recommendations would be appreciated..
  • I was quoted the following--528xi--Premium, Cold Weather,USB. 36 month 15K no money down. Msrp 50725 CC49100--$760 including tax (8.625%). It still seems a bit high compared to invoice (46700), but I don't know how much further they will deal.
  • asifalimasifalim Posts: 2
    I have got the similar car (528xi, GPS, Cold Weather and Premium) with Xenon light extra for 2950 down (taxes upfront+first month deposit + other fees) and 598/month. 10K miles per year for 24 months. After I negotiated a lot I have got this offer. I got this from a Northern NJ dealer.

    Thanks!
  • bimmeresqbimmeresq Posts: 15
    bruiseraex: That is a GREAT deal! I live in Southern California and would love to give business to your dealer. Can you please refer me to your salesman and dealer? My email address is [email protected] Thank you.
  • Hey,

    Thanks for the reply. I was talking to a dealer and they told me that if you know someone that has had a lease or financed their car through BMW Finacial (with certain criteria) I can qualify for owner loyalty. (They obviousley need to co-sign) Based on that my quote would be 541 a month for 30 months and 3657 out of pocket. I should be able to get the out of pocket number down by getting them to eliminate the bank fee.

    528xi Premium, GPS, Cold Weather and Sirius.

    What do you think?
  • x021627x021627 Posts: 153
    i got a similar car, 528xi, premium, cold, usb, xenons and navi.. I got $649 including tax for 36 months 12K mi per, no money down. I'm in NJ. I think you can do better.
  • Hi barkow. The $2,500 dealer cash that was available on certain 5-Series models in February was available in all states. That offer is no longer available in March. It was replaced by new, lower lease money factors.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Here's the information that you're looking for, echiu. BMW Financial Services' March buy rate lease money factor and residual value for a 24 month lease of a 2008 535i with 10,000 miles per year are .00190 and 74%, respectively. The numbers for an otherwise identical 36 month lease are .00190 and 63%. BMW FS' buy rate and residual for a 24 month lease of an '08 550i with 10,000 miles per year are .00210 and 72%. Its 36 month numbers are .00210 and 62%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi skobola. The $2,500 dealer cash that was available on certain 5-Series models in February is no longer available in March. It was replaced by new, lower lease money factors. I believe that BMW FS' is providing a reduction in the 5-Series' money factors for loyal customers, but if I am not mistaken it is less this month than it was in February.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi barkow. The car that you described probably has a spread of around $4,500 between its full MSRP and its dealer invoice price. You were quoted a discount of $2,385. The market for new vehicles in South Florida is particularly bad right now. Add this to the fact that the 5-Series can't exactly be flying off of dealers' lots if BMW has to keep enhancing its incentives and I suspect that you may be able to negotiate a lower selling price than this. Furthermore, BMW Financial Services' new special buy rate lease money factor for this car is only .00190 for customers who pay a security deposit at lease signing. Make sure that the dealer you are working with uses this factor to calculate your payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • barkowbarkow Posts: 5
    Car Man, what is the residual and money factor for a 535i for 36 months 12,000 miles. I am shopping dealers ad they are not showing the same MF. Does a security deposit decrease the money factor?
  • ctshorsectshorse Posts: 13
    just got back from first dealer visit. Getting out of a 2006 530i lease in a few months and want to get a 2008 535i or xi. Here is my first offer from my local dealer for an order to be placed in 3 weeks.

    2008 535i
    prem package
    cold weather package
    nav
    sirius

    MSRP: 55,520
    Sale Price: 54,000
    Claimed invoice price: 51,950

    30 mos lease
    12K
    zero down
    $689 before tax

    assuming the invoice price is correct (i confirmed with edmunds at Edmunds Dealer Invoices )then its a +$2K over invoice deal.

    Sounds high. Based on what I've read in here so far, am I out of line thinking the Sale Price should be closer to 52,000 than 54,000?

    The security deposit is getting rolled over from current lease and the MF is .0018.

    Deal or No Deal?
  • Please comment on the following quote that I received today. MSRP $52,375
    Discounted to $50,375. 1500 cash down which is $316 Cap Reduction. Adjusted Cap Cost is $50884. Monthly Payment is $688.32 per month with 12,000 miles for 24 months. He used 75% LEV and .00205 money factor. Thanks, Mike
  • tmasjrtmasjr Posts: 30
    Just to confirm the deal I got:

    MSRP 45475

    1500 down

    598w/tx for 24 months

    WHAT DO YOU THINK? Are BMW dealers desperate? We went back in forth for a week with two dealers.
  • I have a quote on a 528I and would like to know what some of you think about this offer. It is MSRP $52375, Selling Price is $49,675. Residual is 75% MF is .00205. 24Mo/12K per yr with 3500 down is $569 per month plus tax. Please let me know if this is a good deal. Mike
  • car_rmcar_rm Posts: 47
    maswanson2-

    It is never a good idea to put money down on a lease. You would be better off using the $3500 for buying down the MF with multiple security deposits. The MF they are quoting is buy rate + .00015 for a new customer not paying the security deposit. Each additional security deposit will reduce the MF by .00007 and you get the money back at the end of the lease.
  • slrussdslrussd Posts: 2
    I was just quoted the following lease deal in CT on a 528xi

    2008 528xi
    premium
    cold
    nav
    msrp = $52,300
    $5000 down (includes 1st mo, security, dealer fee, down pymt)
    30 months
    10k miles
    pymt: $495 + tax

    seems like a pretty good deal....what do you think?
This discussion has been closed.