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Prices Paid: Buying & Leasing Experiences BMW X3 Prices Paid and Buying Experience
1544 messages, Last post on Sep 28, 2009 at 3:51 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
Does anyone know if the Lease Promo for the X3 was extended through the month of April? The .00100/61% rates were only good until the end of March but there was a chance that it would extend through the end of April as well. Where can I check this for myself?
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Replying to: robertv (Apr 01, 2005 6:07 am) I'd guess dealers will have that info sometime today... regards, kyfdx
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Hi folks: Wondering if I could get some of your insight into trying to least a BMW X3 3.0i with various features that MSRPs for about $37K. 7-8 years ago, I had a business that went bad and the aftermath affected my credit very negatively. After working to repair my credit, I still have some of those 6 year old "bad account" records on my report, which still leaves me with an Equifax FICO score around 640 (and a bit higher score from Experiean and TransUnion, actually). I have not yet applied for the lease through BMW, buy my dealer told me that it my credit score is only used for a "yes or no" decision when it comes to the lease - e.g. how good or bad my score is won't effect the lease rate. A couple of questions: 1. I know what my dealer told me is not totally true, but assuming that I do get approved for the lease, how much does credit score actually effect the lease rate? 2. Any insight/experience as to what credit score "cutoffs" exist from BMW financial services for leases? 3. Do they use score as the only determining factor? As I noted, the only bad remarks I have on my report are 3-4 closed, paid-off accounts that are 6+ years old, but have not yet aged off my report. I have zero debt, a good mix of revolving credit, just getting off a 60 mos finance loan were I never made one payment late, 6 year steady job, 6 years at the same address, 7+ years making six figure salary. Any experience or insight would be greatly appreciated. Thanks!
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I believe your dealer is accurate.. You either qualify for a BMWFS lease, or you don't... They may have credit tiers for financing, but leasing generally requires better credit. Honda Finance was the same way until recently.. I don't have any info on what all goes into their credit decision, though... I doubt it only includes the credit score.. Otherwise, the dealers could make the credit decision themselves.. I believe you can apply directly to BMWFS on-line.. Perhaps you can find out before negotiating a deal? |
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Replying to: kyfdx (Apr 01, 2005 9:36 am) |
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I came back from the dealer today with this quote: X3 3.0 Base - $36,300 Auto - $0 Premium - $1,800 Heated Seats - $500 Metallic Paint - $475 Leather - $1,450 Dest/Handling - $695 Selling Price - $38,575 Bank Fee - $625 Documentation Fee - $189 Terms: 36/mo, 12k mil/yr, MF 1, Residual 61% Total Cap Cost - $39, 389.50 Cap Reduction $1,000, Tax $49, First Payment $477.45, Deposit $500 Drive Off - $2,026.45 How does this look? I was hoping for a lower monthly to be honest so I'll take whatever advice I can get. I have to make a decision soon so any help would be really appreciated.
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Replying to: robertv (Apr 02, 2005 5:14 pm) If the tax is $49 on your $1000 cap cost reduction, that imputes to a 4.9% rate.. If I use that rate, the payment with tax comes to about $453/mo.. Which leaves your payment about $25/mo. too high. It sure looks to me like there are some other charges or fees in that cap cost, or they are marking up the MF to .0014.... I would guess they are marking it up. regards, kyfdx
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Replying to: kyfdx (Apr 02, 2005 5:44 pm) Edit: I forgot to ask but isn't leather included in the Premium Package? I noticed a separate fee for that.
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Replying to: robertv (Apr 02, 2005 7:52 pm) When I run the numbers with the higher money factor, they come within $2/mo. of your payment... Everything other than that is great... a very low selling price... Right off hand, I'm not sure about the X3.. On most '05 models, leather is separate from the premium package..
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Replying to: kyfdx (Apr 02, 2005 8:15 pm)
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