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BMW X3 Lease Questions
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Comments
When I said it sounded fishy, was basically because of that; In my mind there should be no hidden or "adjusted" numbers; please Mr. Dealership, explain every single line to me, it'll take only 5 minutes.
If the Net-Trade in allowance says "N/A", indeed it might be a tax saving thing, since they say Trade-In ammount $xx, Amount owed $xx.. that clears, so you roll $0.00 into your purchase.
My initial concern was that they were rolling $28.5K into the pruchase.
As of the total contract... might be that by the time you leased the car, there was no incentives.. so, you got the full hit of a higher depreciation and higher money factor.
Sounds like a great discount.... As far as bank fees, BMWFS has a $625 acquisition fee that they allow dealers to mark up to $825. Note that this fee is not a dealer fee, but a fee charged by BMW. Dealer doc fees vary by state and dealership, so you'll have to ask what those are...
Now, only if your driving habits allows it, go for the 10K/year, otherwise shoot for the 12K and don't worry about penalties if you go over, because the reallity is that 3 months before the lease ends, they'll start to offer you a new deal; so you sort of have about 3K miles to play with.
Money Factor looks ok, if it gets pumped to 0.00155 still is good. The $625 will be pretty much impossible to get away from.
It would have been better to come in with the exact example deal that I wanted but I was hoping for a few more options. Since I wanted more options than that deal they tried to jack the price up unproportionately, but I stuck to my guns and told them I needed to feel good about the deal before I could do it. I got them to come down $40 per month from their first offer. They must have been in the right mood because they backed down pretty quickly and gave me the proportionate deal I was looking for.
Also, make sure you ask and calculate out the actual depreciation rate and money factor for your deal while negotiating, because they may not be telling the truth (no, really?) and the money factor isn't quoted on the lease agreement, just the total rent charge. They said they were matching the deal when they first quoted me the payment with the extra $40 a month, but they were not and it was hard for me to verify. Most experts say to get your best deal, then take it home, calculate it out, and think about it before agreeing.
The dealers that told you that they are not allowed to change the selling price of the X3 that BMW is currently advertising a lease on were indeed lying to you. The selling prices of leased vehicles are always negotiable, just as if you were paying cash or financing. In fact, most manufacturers' advertised lease payments leave a little meat on the bone so to speak. I would not be surprised if you were able to negotiate a better selling price on the X3 that you are interested in than the one that is being used to arrive at the advertised lease payment.
Car_man
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MSRP: 39,770
Cap Cost: $37,223
Bank Fee 825 (will ask for less)
Total Cap: 38,048
Cap Reduction: 8,632
net cap: 29,416.
residual: 26,645
total deprec: 2,770
monthly: 77
monthly rental 95
base pay: 172
tax: 13.35
total payment $185.62
dmv fees: $305
advance pay: 185
security: 200
drive off toal 10,000
rate .00170 (will ask for .00125)
36 term, 12k miles.
thanks!
And one more thing, the monthly payment people listed in the column, does it included tax or not? :confuse:
Thanks.
Thanks!
Car_man
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However, I do of course have some questions, and I'm wondering if someone here can help.
If I were to walk into a BMW dealership this month (May), what should my "target" residual percentage be and what should my "target" money factor be? (39 months 10K/year,
no added options)
I noticed many posts on this for the month of April, but I have yet to see any recent numbers.
By the way, I'm in NY.
Thanks!
X3 3.0i Wagon / Compare Instant Lease Quotes
24 mo/15k mi – Residual Value 75% of MSRP – .00200 Base Money Factor Rate
36 mo/15k mi – Residual Value 65% of MSRP – .00185 Base Money Factor Rate
48 mo/15k mi – Residual Value 41% of MSRP – .00310 Base Money Factor Rate
60 mo/15k mi – Residual Value 33% of MSRP – .00310 Base Money Factor Rate
$480 Per month (includes NY 8.25% tax)
No security deposit (as I already have another lease through BMW)just tags and registration down
39 month
15K per year.
Not a bad deal for a car at this price.....dealer made it happen by reducing the selling price to just above Invoice.
I leased a 2006 with an MSRP of $42,300 and am paying zero down (exept for tags) and $480 a month for 39 months with 15K miles per year.
Your deal sounds beeter than most but how does it compare to mine?
The dealer want down $4450 (all inclusive, tax, first month payment, deposit, TL).
10k/yr, 39 month $439/month.
Is this a good lease numbers.
What is the current BMW lease program for the X3 on a 15/24? :confuse:
I need the current residual and money factor (top tier credit, current BMW finance customer).
Thanks Car_Man!!!
Car_man
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Car_man
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Car_man
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I just leased an X3 for my wife. Did I get a fair deal? Here are the terms:
MSRP: $38,820
Price Paid: $37,200
Dealer invoice: $35,575
Payment: $411.82
Money factor: .00185
Term: 39 month / 10000 miles per year
Residual: 68%
Bank fee: $625 (rolled into monthly payment)
Out of pocket: $2,484.66 (sales tax=$1405.34 + reg and other fees=$217.50 + Sec deposit=$450.00 + 1st payment=$411.82)
MSRP: $40,195(premium package, privacy glass, satellite radio, metallic color)
Sales price: $37,665
Dealer invoice: $36,825
Payment: $455 (including tax at 8.25%)
Money factor: .002
Term: 36 month / 10000 miles per year
Residual: 68%
Bank fee: $625
Out of pocket: $1,400(bank fee $625+ reg and other fees $311 + 1st payment)
Does anyone know if this is a good deal? Thank you in advance!
Base money factor and less than $1K over invoice...
The only thing that I would change? I'd make a $450 security deposit.. That would lower your money factor to .00185, and lower your payment by around $10/mo... $360 saved, and you get the $450 back at the end of the lease...
regards,
kyfdx
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I'm hoping you can answer these ?'s for us ASAP! We are hoping to close on our lease deal this week. Thanks!
1. Can you tell us if we got a good deal -
MSRP: $41,095
Our offer (accepted): $39,607
Money Factor .0013 (filed paperwork by April 30 for special)
Bank Fee: $625
Term: 39 months, 12K/year
Residual: 67%
Security Deposit $350
2. Is the .20/mile excess mileage fee negotiable up front? Our dealer told us BMW does not negotiate on this, but said they typically offer .16/mile excess a few months before lease expires. Is it true that this is a BMW policy and non-negotiable?
3. Should we be concerned about the verbiage on the lease re: excess wear and tear? It is BMW's standard lease contract, but states that we agree to pay BMW the cost of all repairs, including, but not limited to: dented, scratched, chipped, rusted, pitted body parts, paint, trim, grill work, etc. There is no further definition of size, etc. of scratches, dents, rust, etc. It seems very subjective - who is to say what type of a scratch/dent, etc. is due to normal wear and tear, and what is considered excessive. I don't want to treat the car like a museum piece just to avoid it getting a minor scratch. The lease does not define minor scratches or state that they're excluded. In my opinion, small scratches should be normal wear and tear. Dealer said they are reasonable at the end, but how can I be sure, when nothing is clearly defined in writing??!! BMW and dealer will not further define this in our contract. What is your advice on this??!!
4. Also, there is nothing in that contract about distinguishing rust as a mfr defect vs. rust from a chip on the paint that was never repaired. BMW Financial said that mfr defect is discussed and covered under the BMW warranty; therefore, and that their contract is separate from this. Does this sound ok to you?
Please help us answer these questions - we need your advice ASAP!! Thank you in advance for your help!
#1 sounds like a decent deal, you might get better discount off the MSRP, say to a total of $2000 or $2250.. push it a little bit., other than that the rest of the numbers look good.
#2 If you feel that you'll need more miles, you can buy them at ANY time through the BMW Owner's circle website (actually i found this as a very cool feature).
#3 Just keep the car clean and well maintained (sp?), of course after 3 years, the dealer won't expect the carpet mats to be shine and clean, the'll look wear, but if they are burned or falling appart of course it'll be considered as an excess.. you get the idea. Also on the BWM'w website you'll find a very comprehensive checklist to run your car through and you cna even drop it at the dealership few months before your lease end to a wear and tear checkup.
#4 A chip is a Chip and a rust is a rust.. unless you live right next to a beach or oyu get hit by a lot of rocks and drive on a lot of snow, don't be worried about this, modern cars are very well protected against rust, and unless is a very bad tratment, I don;t think that in 3 years you'll see any damage, but that's just my opinion.
Hope it helps
The Talyvan
Re: my message on 5/29, I was wondering if you could add a bit to Talyvan's reply, which was also helpful.
Re: Excess mileage fee: Is the .20/mile negotiable at the lease signing? Dealer said this fee is not negotiable, and cannot be written into the contract. I understand I might be able to get a lower rate later on (though not guaranteed), but want to know if this is actually something that can be negotiated prior to lease signing and written into the lease contract, or is the dealer correct that we cannot do this?
Re: BMW contract wording on excess wear and tear: Should I be concerned that the actual lease contract does not clearly define how big a scratch or dent is that is considered excessive? The lease end inspection form does, but this form is not part of the actual contract. Any advice on this?
Re: Rust - the contract does not distinguish between rust from a mfr defect (mfr responsibility) vs. rust from chipped paint owner doesn't repair (owner responsibility). Should I be concerned that contract doesn't distinguish between the two? Any advice on this?
Also, is the wording about excess wear and tear pretty much the same on all car lease contracts, or is BMW's any different?
I'm hoping to finalize the lease in the next couple of days, and would appreciate your advice before I sign it. Thanks in advance for your help!
I got this X3.0 fully loaded sport package navigation leather every option except parktronic and high-end sound system. I don't know money factor but got the price reduced to $42500 from $45000, gave down $1650 for 12000 miles/ month for 39 month. Total monthly payment 467.85 including taxes and every thing, not sure if this is the best deal. :confuse:
Thanks for your response. I'm still hoping to get Car_Man's response on my 2nd email, but had a couple of questions on your #2 response about mileage.
I assume the BMW's circle website rate must be higher than the initial .15/mile that you can buy before the lease is signed - is this true, and do you know what rate they charge on the website (we don't have access to owner's circle yet)? Also, do you know if this rate fluctuates over time or does it remain the same?
Do you also know if the rate listed on the contract you sign up front of .20/mile for excess miles is negotiable prior to signing the lease? The dealer said we can't change this rate on the contract and is not negotiable up front.
If anyone else out there knows the answer to any of this, I would really appreciate your response as well! We'd love to get the contract finalized this week. Thanks!
1) The $0.20/mi. excess mileage charge is not negotiable.
2) At some point, up until the last six months of your lease, you can purchase excess miles from BMWFS for $0.16/ea. These can be added to your lease payment and amortized over the remaining months of your lease. I'm sure it is possible for this number to change, but it has been this way for at least the last three years, if not longer..
I think this is a much better deal than buying the miles upfront, as you will be able to come closer to the exact number of miles that you need, once you have some history with the vehicle.
Hope this helps..
kyfdx
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Thanks so much for your quick response. It was a great help!
"
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Why should I buy more miles
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Don't delay! This service is available to you until you reach 4 months from the end of your lease. So purchase your additional miles today!
"
Talyvan
Car_man
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Car_man
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Car_man
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Term: 39 mths, 10k miles
Monthly payment: $398.86 (incl MA 5% tax)
Selling price: $36675 - Edmunds says the MSRP is $38970, and invoice is $35705)
Residual: 68% based on MSRP
Money factor: .00185
Down Payment: $0
Sec Deposit: $400
Bank Fee: $761
Title/registration: $285.25
My drive off costs come to $1845.11 and I'll have monthly payments of $398.86 - All appears good, what dya think? Did I get a good deal?
Also, I drive anywhere from 11-13k miles a year - I'm counting on BMW's mid term mileage adjustment to allow me to up my mileage, paying $0.16/mile vs $0.15/mile upfront based on a guesstimate of my future miles.
I also read on this forum about Owner's circle pricing ($0.16/mi that can be purchased UP TO 4 mths before the end of the lease period - that's great - in fact, when I mentioned this, my dealer knew nothing about this.
Thanks in advance!
I just signed a lease in NYC for an X3 with the Premium package and Nav.
Term: 30mths, 12K miles
Monthly payment: 311
Selling Price: $39.5K (MSRP=41,095; INV=37,645)
Residual: 71%
Money Factor: .002
Down Payment of about 4800
Sec Dep 350
Bank Charge: 650
Upfront (including 1st month, sales tax (8.375), downpayment, title, registration and bank fee): 7500.
After reading other posts I feel like the money factor is too high and maybe could've gotten a better price, but even so I like the dealership and my rep there is great.
I am looking at X3's range 41-45K.
I live in Bend, Oregon. there is only one BMW dealer here in town. should I drive over to the valley...Salem/Portland to get a better deal?
I have Volvo V50 2005 at this time. can I make any deals with a trade-in? the Volvo is bluebooked at around 25K+.
what is the best way to approach this?
please help. I don't want to be ignorant going into this lease.
Thanks,
Car_man
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As far as this truck's price goes, a 2006 BMW X3 with similar equipment to the one that you described has a spread of around $4,000 between its full MSRP and dealer invoice prices. You are only being given a discount of $1,620 on this tuck. If I was in the market for one, I personally would want at least a $3,000 discount. You may be able to get an idea of how much others have paid for similar trucks by stopping by the following discussion: "BMW X3: Prices Paid & Buying Experience".
Car_man
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