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Prices Paid: Buying & Leasing Experiences BMW X3 Prices Paid and Buying Experience
1467 messages, Last post on Sep 28, 2008 at 7:29 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Finished my deal today at BMW of W. Springfield (MA) X3 3.0 Auto Premium Cold Heated Steering Xenon Privacy Satellite Prep Mystic Blue MSRP 41395 Cap Cost 39850 (inluding acq fee) MF .00100 Resid 59% Payment $522.37 (includes 6% Sales Tax) Due at signing: 522.37+ $550 deposit + 289 Doc fees (would not negotiate these)= $1361.37 Now I just have to help they can locate it...apparently Mystic Blue is not as available as other colors. Will write back about delivery process. |
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Today I received a dealer quote with enough detail to check the lease math. I found a few things I was not quite expecting, First, this dealer is basing the residual value (61% in this case) off of MSRP, not negotiated sales price. Is that the way it is supposed to go? If so, I need to recalibrate my own lease math spreadsheet. Second, and reminding me of Kyfdx's advise not to pay cap cost reduction if you can avoid it, you also pay sales tax on the cap cost reduction (in the deal quoted me, the tax was computed on the cap cost reduction plus a documentation fee of $45). How does the state get away with that one? I guess it helps one understand that cap cost reduction is nothing more than prepaid depreciation and interest (better to keep it in your own pocket, then). Lastly, the dealer is quoting a money factor of .00135, which thanks to this board is definitely a target for negotiating down. In case anyone is still reading, here are the details of the deal, BMW of Riverside, CA. X3 3.0 only options are metallic paint and satellite prep MSRP: $37,545 incl dest. Selling Price: $35,490 Term: 36m, 12k miles Money factor: 0.00135 Residual: 61% Bank fee: $825 Cap Cost Reduction: $2,325 Cap Cost tax: $183.67 Tags: $300.75 Documentation fee: $45 Monthly payment (pretax): $384.79 Total drive off: $3,269
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x3 3.0i msrp 39870 selling price $37763.56 36mo/15k acq fee $625 (included in cap cost) govt fees $196 taxes $1888.18 (Maryland) sec deposit $550 initial payment $1084.82 (sec deposit and first mo.) money factor .00100 mo payments $534.82
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Replying to: holdsg1 (Mar 19, 2005 6:08 pm) 2) Yes.. residual is always figured off of MSRP. 3) It looks like they are bumping the money factor from .0010 to .0012, and also adding .00015 in exchange for waiving the security deposit.. giving you a total of .00135. 4) You are correct about the tax on cap cost reductions... but, the same is true for doc fees.. and acquisition fees for that matter. I would ask them to drop the acq.fee to $625, and to use the base money factor of .0010.. and make the security deposit to avoid the waiver bump up to the money factor. $37,545 MSRP $35,490 Selling price $36,115 CAP cost (selling price + $625 acq.fee) 36mo/36K lease 61% residual .0010 Money factor Payment $426.mo. pre-tax.. Due at signing: 1st payment, security deposit, $345 tags and doc fee... Probably right around $1300 total... regards, kyfdx |
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Replying to: drmy (Mar 19, 2005 6:46 pm) Is that close enough?  It looks good.. Those are all the base lease rates... If you are happy with the selling price, then everything else is right on the money.
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Replying to: kyfdx (Mar 19, 2005 10:04 pm)  . We are going in to seal the deal tomorrow!
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Hello. I have been trying to come to a final number in dealing for an X3 3.0 and I think I have been playing with these numbers so long, I've confused myself. When figuring out my cap cost, I have taken the wholesale price plus the dealer profit that the dealer and I agreed upon and added the Deposit, Acq. Fee, 1st month payment and the iPod adapter that we want added. Is this all correct? I am unsure if the amount that is "total due at signing" (i.e. 1st payment, deposit, etc...) is included in the cap cost. To lay it out for you here is what I am working with. MSRP of 38,395 MF - .0014  61% Wholesale price of 35,385 (including Maco and Training Fee) Dealer profit - 1600 Mats- 125 iPod - 300 Acq. Fee - 825 Deposit - 400 1st Month Payment - 400 So the adjusted cap cost that I am using is 39,035. I then have a trade in of 5,080 to make that adjusted cap cost 33,955. I added the mats and the iPod into the MSRP when working out my calculations so maybe that is where I am off. Msrp 38395+125+300=38,820(.61)=23,680.2 Here are my calcs. (33955-23680.2)/36 = 285.41 (33955+23680.2)(.0014)=80.69 for a total payment of $366.10 pre-tax. The dealer is coming up with $385.43 pre tax. Not a big difference, but an extra $19.33 a month over 36 months means almost $700. I have confirmed with the dealer that there are no other markups or fees and that the difference is how I am calculating it out. We haven’t picked up the car as it is still at the VPC, so I haven’t had a chance to sit down and see how they are working their numbers out, but I would like to get some help here before I go in. TIA for the help!
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Replying to: nappie1 (Mar 21, 2005 12:02 pm) Secondly, ... $1600 over sounds a little high, considering the dealer is marking up the MF the maximimum amount, plus adding $200 to the acquisition fee.. This isn't a very good deal. 3) There is probably sales tax on your cap cost reduction.. So, any amount not allocated for the first payment and security deposit is taxed, and would reduce your cap cost reduction a similar amount... also raising the payment.. 4) I would have the dealer cut a check for that trade, and only pay 1st payment and security deposit at signing.. I'll run a full set of numbers later.. Not sure you have any negotiating room left, since you have ordered the car... regards, kyfdx |
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Replying to: nappie1 (Mar 21, 2005 12:02 pm) $36,985 Selling price (invoice + $1600 profit) $38,035 CAP cost (selling price plus IPOD, mats, $625 acq.fee) 3yr/36K lease 61% Residual .0010 Money factor Payment = $468/mo.+ tax Due at signing = 1st pymt. + security deposit (approx. $1000) $5080 trade equity - due at signing = $4080 due to buyer at delivery.. Don't use your trade as a downpayment, other than to cover your due at signing costs.. Put it in the bank and take $100 out each month to defray your lease cost.. Your dealer will likely balk at this... He is making an extra $1200 by bumping up your money factor and marking up the acquisition fee.. I happen to think that $1600 is plenty of profit, without making another $1200 in the finance office.. regards, kyfdx
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Replying to: kyfdx (Mar 21, 2005 2:46 pm) I appreciate your input and we will see what we can do. |
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