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Prices Paid: Buying & Leasing Experiences BMW 3-Series Prices Paid and Buying Experience
10311 messages, Last post on Dec 04, 2009 at 5:11 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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hi all i'm live in ny and looking to lease or possibly finance the 328i conv. but i just have tons of questions and you guys' purchase experience is needed. first, what's the minimum credit rating needed to lease it? mine ranges from 680s to 780s from the 3 bureaus and i dunno if that's enough. would it be enough to qualify for a lease or a good apr? second, is it advantageous to put more down payment when i am leasing? what's the typical down payment for financing for a bmw 3 series? third, i see special lease offers with $x,xxxx amount due at signing but doesn't that exclude hidden fees? and lastly, i live in nyc and was thinking of bayside bmw or rallye but i dunno how the experiences are. any previous experience from them would be awesome you can also email me advice if you want thank you! |
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Replying to: flychunjae (Mar 12, 2008 10:59 pm) 2. Never put money on a lease. Negotiate the msrp and get the money factor at the buy rate. Never put money on a lease. Ever. 3. Extra fees will pop up and ignore the "special offers." Visit leaseguide.com to get a full breakdown on leasing. You need to be fully aware of how every number plays into a lease. It's far more complicated than buying a car. Always negotiate the sale price of a car before you move on to negotiating the money factor.
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Replying to: blueguydotcom (Mar 12, 2008 11:15 pm) On the statement made about getting the money factor to be same as buying, what do you mean? I mean since a typically a lease is 1 - 3 years and I don't think most people would finance for that long as they would mostly do 4-5. Plus after the 3 years, then there's still the residual that needs to be paid off. On a side note, I talked to Shelly bmw in LA and they gave me a rough verbal quote of for a 50K car. If it was a 335i, then it would be around 900/month and a 535i (  50K so base model) about 500/month. I'm sure difference is money factor.
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Replying to: blueguydotcom (Mar 12, 2008 11:15 pm) The credit score should be fine but they also check the credit limit you have...for e.g. i had a cradit score of 720 but my limit was damn less at 2000$ ...so my credit didnt approve ..it also takes various other factors like number of years of employment and number of years at your residence etc etc...mine was 2 to 3 yrs for these which is again less...so credit didnt approve..in order to fix that(since i was smitten by the black bimmer there  ) i gave a refundable security deposit of 3500$) but as much as possible dont go for the security deposit also.... money factor as my sales person said is .00190 which is out of book for the first customer..when you are a recurring customer it can be less he said..i dont think this is true but i didnt care much...i have heard better money factor rates... the residual has to be high in order for your lease to be less...my residual was .63 since it was 36 months/36000 if you go higher miles it will go down to .61 which begins u gonna pay a high lease... this is all i could make out from my deal...mine was also a first exp....hope this helps... |
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 I am a BMW client advisor of 5 years and I would like to shed some light for some of your questions....first of all, accept the fact that you will not get the manufacturer's lease buy rate, I'm sure all of us with a mortgage are paying interest, for borrowing the banks $, it's no different on a lease, what can be negotiated is the money factor used over what BMW's market support is for the vehicle that particular month (typically a .00040 profit is made) that's not even a full percentage point!!!! BMW finance has set up lease rates that dealers must adhere to.....and the statement about returning BMW financial services clients being eligible for a lease rate reduction is true, but only applicable on certain BMW models....now, for some really good advice....when shopping for your new BMW, find a center and salesperson that you are comfortable working with...this is by far the most important ingredients to putting your deal together...keep in mind that sales is a profit oreinted business and the dealer will make $, just make sure it is a FAIR profit......I've sold many BMW's over the years and have taken all kinds of different deals b/c of variable circumstances, every deal is unique and has it's own identity, so don't try to match another client's deal dollar for dollar, that will save you a headache or two right there...secondly, enjoy what you are about to buy, savor it in, when buying a premium product, expect premium prices and NO LESS than premium service....you will get what you pay for! BMW's are among the finest automobiles built, this is a product of desire, not necessarily a need....I hope I haven't offended anyone, this is not my intention....but rather put some of your minds at ease, relax when going in to shop, let your center and client advisor help...and if you don' t feel comfortable, don't proceed until you find the right advisor and center to help you get what you desire! Have a great day everyone!!!!!!!
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Replying to: kyfdx (Mar 11, 2008 8:18 am) |
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Replying to: gplayerjr (Mar 13, 2008 7:20 am) I got the buy rate on my last BMW lease... You might want to accept the fact that other dealers might give the buy rate, and that potential buyers are free to shop around..  Also.. I find that the service I get after the sale, has nothing to do with how good of a deal I got, in the first place.... Of course, you are welcome to your opinions... regards, kyfdx
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Replying to: kyfdx (Mar 13, 2008 8:52 am) Your personality type seems to be the one that will go to great lengths to get a "great deal".... to tell you the truth, a great deal is all based upon perception. One who perceives that they got a great deal and are happy with it, well, then they got a great deal! Eg: I just made a big screen flat panel TV purchase. I researched my butt off, read all of the forums and blogs, then finally decided upon a model. I shopped a couple different stores, but ended up buying it from the salesman that treated me the best...and I could have bought it for $150 less at another store....but I didn't. You want to know why.....I enjoyed the salesman I worked with, he knew his product, he gave me some installation advice, and he never B/S'd me! Guess what, I am happy with my purchase! Would the $150 I could have saved been nice to have, yeah, but I felt that the deal he offered was fair, and I just wanted to buy it from him, and I let him know such! Back to the topic at hand.....we all want a "good deal", including myself. I applaud you for your efforts and advice to all that read these boards, but remember one thing, if someone could have gotten a better deal somewhere else....let it go, and let them be happy with their purchase.....the last thing we want to do is ruin somebody's Happy Day! This is my last post regarding this topic, I hope everyone out there is enjoying their BMW's....I would like to see some feedback regarding the new models BMW is releasing...The new M3 (wow) The new X6 (gorgeous) and all new 1 Series....you guys let me know what you think, I am excited to see how the market accepts these new models! Safe motoring all! PS I am based in South Louisiana.....GOD's other country 
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1. The worst I've done on a lease buy rate is 2 points higher. The best was 1 point over the buy rate. I'm happy with both. 2. MSDs are a fantastic way to cut your lease payment. Dealers that say MSDS don't help are lying. Dealers that refuse to do them are a good indicator you should move on. You can't find an ROI like an MSD. Especially in this climate. 3. Always negotiate from invoice up. This is huge in a lease deal. Huge! Check leaseguide.com. 4. A dealer telling you 1-2 years at a company or 1-2 years in your current home impacts their decision to lend to you...something is fishy. 5. Emailing BMW dealerships with your offer does not cost you time. Avoid salespeople and go for the internet route. 6. Salespeople can be useful but this is a car, remember it's just an appliance and it will be replaced (especially if you're leasing, which is just a longterm rental) . Work via the internet/phone. No need to go into the dealership until you've got to pick up your car. On my last BMW purchase I used the internet, phone and fax until the moment I had to come in for them to copy my passport. 7. Get everything in writing. And watch that they don't jack you with bogus doc fees ($250 for documents) or tell you something untrue like GAP is needed on BMWFS leases. BMW FS is pretty good to deal with. But they screw up. I got rid of a 2006 E90 in April 2007 - BMW still reports that lease to credit agencies as an open account! Yes, this has been going on for months. It'll get worked out eventually.
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Replying to: gplayerjr (Mar 13, 2008 7:20 am) Welcome to the board. It will be nice to have a BMW dealer post valuable information here on Town Hall. Also be sure to check out the "Stories From The Sales Frontlines" thread. I'm sure you've got some good stories (and some really good ones) about some of your customers. I'm sure the uninformed consumer pays the .004 bump on the money factor and doesn't even know what a money factor is or the super rich person who walks in, picks out a car, and says they want to lease it for XX months and don't care what the payment is or that they're mf is getting bumped. There are a lot of middle class and blue collar workers who are intelligent, very well informed, and with a little bit of research are willing to save the $25 or $40 per month and get the buy rate. Once the deal is done, Its done though. You are right in the fact that it doesn't matter if you've got a 335i for $500 per month and I got one for $600. They are both BMWs and great cars to drive and enjoy. My family has gotten the buy rate on all 5 BMWs we've leased since 2004 including my Dad's former '04 X5 3.0iA and his current '07 X5 3.0si, my Mom's former '05 530iA and her current '08 328xiA, and my wife's '07 X3 3.0si. |
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