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BMW X3 Lease Questions
Post your X3 lease questions and experiences here.
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Car_man
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MSRP 46,695...money factor .0014..... Trading in a 1997 328i w/123.5K miles...the gave me a trade in of $5,800.. Lease terms.....no money down....$454/month.....w/ 17K miles/yr.....39months.. I need a immediate opinions on this deal.. thank you...
Your thoughts?????
Are they writing you a check for the 328i? Or, are they keeping all of it for downpayment and inception fees?
regards,
kyfdx
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When I punch in those #'s I'm still getting a paymt. around $425? Your thoughts...
Thx..
Another thing to factor in is fees (bank fee, dealer admin fees, etc).... Are those included in the price? Those could add $1000 (or more) to your total price.
Do you think this is a legit deal? Should I back out this morning? I'm not comfortable w/it right now...
Thx..Brad
Thx again,
B
It is hard to know the exact breakout, and staying away from the recommendation that you not put that amount of money down on a lease..... I would insist on them using the base rate of .0010.... That alone would drop the payment by around $30/mo...
If your trade-in of $5800 encompasses all of your upfront charges.. including first payment, security, etc... Then getting the base rate would make it a decent deal... at least from the information we have..
regards,
kyfdx
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Thx. B
Don't count on them agreeing to this... Dealers that mark up the money factor like to stick to it... But, it is getting late in the '05 model year, and that is a loaded up car... Hopefully, they'll be motivated to move it...
regards,
kyfdx
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even at .0014 is this a reasonable deal...considering that it's nearly max'ed w/options @ 17,000miles/yr.....@ $454/month for 39mnths. If it's way out of the ball park then i'll walk. Other non BWM (i.e. VM, Land Rover) dealers are only going to give me approx. $2,500 for the trade in. The trade in is probably only worth $4,000 due to the fact I need to drop about 2K in A/C compressor, bearings, and brakes all around. Your thoughts on the walk or accept on this current deal....while most likely having to stick to the .0014. I have about 15min. b/f I need to head up there. I greatly appreciate your insight. Regards, B
So, you are putting $4000 down... Add that back into the lease, and your payment is about $560/mo.. I guess that is not a bad deal on a $47K car... with a 17K/yr mileage allowance...
And, if you feel like you are coming out ahead on your trade-in, and this is the car you want, you aren't being taken advantage of, I don't think...
I'd give it a try.. ask for the base rate... ask for a $500 check back from your trade to make the next payment... beg for floomats... lol..
If it doesn't work, take it as is.... Life is short...
regards,
kyfdx
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ha...good stuff.. FYI...i did get the floormats...now i'm going to ask for an internal bike rack!!! I negotiated over a two week time frame and this deal has come down over $125/month from initial until now. I feel fairly comfortable...and I do agree w/you....I'm young and I only live once. This is my first lease and I'm now much wiser...that's for sure! I also agree It won't hurt to question the rate of .0014.
Thank you very much for the insight! I'm off to p/u my new vehicle..
Have a great weekend!
B
well I ended up signing the lease, but I did one last run through on the numbers w/the deals and I backed off the mileage to 15K and ended up getting a $430/month paymt. w/the trade in. First pmt and security deposit of $450 will be taken car off w/the trade in. I couldn't get them to back off the .0014...oh well can't win them all. All in all I feel pretty comfortable w/the deal.
Once again...thx for providing your expect opinion.
B
One more note.... about 9-12 months before lease end, you can purchase additional miles from BMWFS for $0.16 each.. At that time, you might have a good idea of what you need, and won't overpay for miles that you won't use...
Alternatively.... keep that mileage down, and you'll stay in warranty for the entire lease term.
regards,
kyfdx
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Does anyone know if the MFs and residuals stay the same?
As far as your trade goes, you would be much better off having the dealer that you are working with cut you a check for it rather than using the proceeds from it as a capitalized cost reduction for 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 insurance company pays off the bank that you were leasing it through and 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 X3 would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.
You really need to find out this truck's full MSRP and selling price. These numbers will show you how much of a discount you are being given on it and enable you, or myself, to calculate a sample lease payment on it.
Car_man
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Car_man
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Car_man
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MSRP = $36,995
Sales price = $33,420 (you pay $2,500 upfront plus they discount the car $1,075)
Residual = 63% ($36,995 X 0.63 = $23,307)
Money factor = 0.0012 (came from the X5 leasing forum)
Payment is $348.99 plus tax
The residual value is given in the ad (36 mos 10K miles) - I don't know what the money factor is for September but it was 0.00075 in August. Of course BMW dealers are known for bumping up their money factors so I would wait until I know what the official money factor is.
Car_man
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Car_man
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I notice the BMW site showing the new X3's with the body color. My question is, do the current lease rates apply to that model?
Thanks
KA
For that model, the residual for 36mo/45K is 60%, but the base money factor is .0028
regards,
kyfdx
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Thanks for the info. You always know your stuff, especially with BMW.
1 more question. I know the body color bumbers are different on the '06 X3's. Can you tell me what other differences there are between the 05 and 06?
Thanks,
KA
Cap cost of $34,315 ($2,500 down + $180 off)
63% residual
0.00075 money factor
payment is $349 + tax
dealer is still making $2,905 over invoice - seems high.
I haven't reverse-engineered the payment from the ad, but I do notice that the cap cost includes the acquisition fee of $625, so the discount you calculated would be at least $625 more.
regards,
kyfdx
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Car_man
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Car_man
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We would keep the X3 but it's too small - with the Yukon XL it was fine, but if we drop the Yukon in favor of a 330i the X3 wouldn't cut it for us.
I am waiting for the dealer to come back to me with a proposal - I suggested terminating the X3 lease, upgrading to an X5 lease and leasing a 330i. He said someting about $5,000 deal on 2005 X5s that could make my lease payment and an X5 payment "comparable." I am hopeful that the 330i may incent the dealer to work with us - no too much pain on the X3/X5 swap and new 330i lease.
Any thoughts/suggestions would be appreciate3d. Thanks!
The X3 actually has slightly more cargo space than the X5, believe it or not....
2) $1200 discount from MSRP... Not good at this time of year on an '05.. Most reported deals on the X3 Prices Paid board range from $2000-$3000 off MSRP.
3) Money factor .00110 Acquisition fee $825. Both of these numbers are marked up for extra profit.. The base MF without a security deposit is .0090 and the base acq. fee is $625.
4) The tax is on the $448 cap cost reduction and the $825 acquisition fee... This is how every state does it... Anything paid upfront that reduces your taxable payment is taxed.. I'm actually surprised they aren't taxing the equity in your trade-in, that you are putting towards the lease..
5) The wild card in all of this? Your trade.. Even though they are agreeing to give you Edmunds trade-in value, your car may not be worth that, and they are jacking up all of the other costs to cover for a possible loss on your trade.. (Or, they may just be trying to get all they can... ).
regards,
kyfdx
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$38,795 MSRP
$37,000 Selling price (very reasonable.. fair for both)
$37,625 Cap cost (selling price + $625 acquisition fee)
3yr/30K lease
Residual 63%
MF .00075
Payment $413/mo.+ 5% tax = $434/mo.
Due at signing: 1st payment ($434) + security deposit ($450) + license/registration ($264) = $1148 total..
If the offer for your Escape is "real", then that should cover the upfront money, with no further payment due from you....
So, your trade with nothing out of pocket and $434/mo...
regards,
kyfdx
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2) You didn't get the security deposit waived because of your good credit.. you are paying for it.
3) If you need 12K miles/year, that reduces the residual by 1% and will raise your payment approx. $11-$12 per month..
4) If you want out of this deal, just call them up and say so.... If they won't give your deposit back, call up your credit card company and dispute the charges.. The chances of them keeping your deposit, if you haven't taken delivery of a car are about 1%...
regards,
kyfdx
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You have been so helpful, I can't even tell you! I'm so glad I stumbled on this forum. I'm calling BMW today & will let you know the outcome. Thanks for your help and your honesty!
In order for BMW Financial Services to waive the security deposit, they need to mark up the MF by .00015.... Remember to take this into account when you talk to the dealer.
I got a little cocky & asked for a $36,500 selling price, plus everything else you suggested. Here's what they came back with:
$36,887 selling price
$0 down and my car (which covers 1st payment, security deposit, & lic/reg fees
$625 aquisition fee
$450 security deposit
.00075 money factor
63% residual, 10K/year for 36 months
They came up with $406.67/month + MA 5% tax of $20.33 = $427/month
How did I do?
regards,
kyfdx
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