- #893 of 3225
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Leases don't require anything "down"...
by shipo
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Oct 28, 2006 (6:44 pm)
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I've leased two BMWs (not to mention a half a dozen other cars) and never put a dime down on any lease. I also have any number of friends and business associates who lease their cars and no one that I'm aware of have ever put anything down on their cars.
As far as I can tell, the only reason for the "down" payment as seen in most advertisements is to be able to splash a low monthly payment on the page.
Best Regards,
Shipo
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- #894 of 3225
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Re: What deals have you gotten on the 335i? [scottyb1]
by Car_man HOST
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Oct 29, 2006 (4:07 am)
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Replying to: scottyb1 (Oct 09, 2006 5:03 am)
No problem scottyb1. OK, what is this car's MSRP? This is just as important as the selling price when calculating a lease payment.
Car_man
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- #895 of 3225
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Re: 2006 325i and 330i Lease Factors [pelter]
by Car_man HOST
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Oct 29, 2006 (4:09 am)
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Replying to: pelter (Oct 09, 2006 8:27 am)
You're welcome, Dave. Most consumers who know what the buy rate lease money factor is for the vehicle that they want are able to find a dealer that is willing to lease them using it.
Car_man
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- #896 of 3225
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Re: Is this a good deal? [evincent]
by Car_man HOST
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Oct 29, 2006 (4:18 am)
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Replying to: evincent (Oct 10, 2006 10:24 am)
Hi evincent. Why do you want to get out of your current lease early? Doing so is usually fairly expensive. You probably would be much better off waiting until the scheduled end of your current lease to get a new car. If for some reason you really can't wait I would be happy to give you my opinion of the lease that you are considering. In order to do so I need you to provide me with the selling price and MSRP of the car that you are interested in. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. Let me know what these numbers are and I'll tell you what I think.
Car_man
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- #897 of 3225
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Re: Options for Ending a Lease Early? [isamu66]
by Car_man HOST
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Oct 29, 2006 (4:21 am)
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Replying to: isamu66 (Oct 10, 2006 11:10 am)
Welcome back, Charles. Why do you want to get out of your lease so soon? If this is what you really want to do, there's no need to involve the dealership. The cost of getting out of your current lease is completely between you and BMW Financial Services. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.
You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values" Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
Car_man
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- #898 of 3225
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Re: BMW 335i lease quote [new2beemer]
by Car_man HOST
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Oct 29, 2006 (4:26 am)
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Replying to: new2beemer (Oct 16, 2006 1:29 pm)
Hi new2beemer. What bank is the lease that you were quoted through? It does not appear to be BMW Financial Services. BMW FS' current 36 month, 12,000 mile peer year buy rate lease money factor and residual value for a 36 month lease of a 2007 335i with 12,000 miles per year are .00270 and 63%, respectively. Plus BMW FS' acquisition fee is only $625, instead of the $825 that you were quoted.
I would be happy to share my thoughts on the selling price that you were quoted on this car if you provide me with its full MSRP. This number will show me how much of a discount you are being given on it. You also may want to stop by the following discussion to see how much other community members have paid for similar cars lately: "BMW 3-Series: Prices Paid & Buying Experience".
Car_man
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- #899 of 3225
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Re: 2007 3-series coupe money factors [ubermu]
by Car_man HOST
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Oct 29, 2006 (4:33 am)
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Replying to: ubermu (Oct 17, 2006 11:57 am)
Hi ubermu. BMW Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2006 325i with 15,000 miles per year are .00225 and 61%, respectively. I believe that BMW FS charges a disposition fee of $350. I do not believe that dealers have the ability to mark-up BMW FS' disposition fee like they can mark-up its $625 acquisition fee.
Car_man
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- #900 of 3225
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Re: 3 coupe #'s for ED [ahdanna]
by Car_man HOST
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Oct 29, 2006 (4:44 am)
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Replying to: ahdanna (Oct 26, 2006 5:00 pm)
Hey ahdanna. BMW Financial Services' current buy rate lease money factor and residual value for a 24 month lease of a 2007 328xi Coupe with 15,000 miles per year are .00200 and 70%, respectively. The numbers for an otherwise identical 36 month lease are .00200 and 58%. BMW Financial Services' current buy rate lease money factor and residual value for a 24 month lease of a 2007 335i Coupe with 15,000 miles per year are .00200 and 69%. The numbers for an otherwise identical 36 month lease are .00200 and 58%. Having said this, if you choose to get either of these cars through BMW's European Delivery program, its money factors will be different. I believe that BMW FS' money factors for leases through that program are higher, but I am not sure how much higher. Perhaps someone else out there knows.
Car_man
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- #901 of 3225
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Re: Zero Down BMW Leases [mdiver65]
by Car_man HOST
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Oct 29, 2006 (4:46 am)
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Replying to: mdiver65 (Oct 28, 2006 4:49 pm)
Hi mdiver65. No banks actually require consumers to make down payments on leases. Consumers can and should lease any vehicle that they want without making any sort of capitalized cost reduction, aka down payment. The only reason why BMW advertises vehicles with $2,500 down payments is to make their monthly payments look more attractive to consumers who only focus on that number.
You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of the lease that you saw advertised if you let me know what these numbers are.
Car_man
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- #902 of 3225
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Re: 328xi lease [macar]
by Car_man HOST
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Oct 29, 2006 (4:56 am)
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Replying to: macar (Oct 28, 2006 5:22 pm)
Hi macar. You can lease any BMW that you want without making any sort of capitalized cost reduction. All consumers who lease BMWs through BMW FS have to pay at lease signing are their vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $50 increment, a $625 acquisition fee, and any required state taxes or fees. BMW FS will waive its security deposit requirement in exchange for an increase of .00015 in the money factor that is used to calculate your vehicle's monthly payment. If you don't want to pay the acquisition fee, you can roll it into your vehicle's cap cost or pay an increase of .00035 in your vehicle's money factor to have it waived (I'd personally rather roll it into the cap cost).
BMW Financial Services' current 36 month buy rate lease money factor for the 2007 BMW 328xi is .00285. Make sure that you don't pay any more than that. Dealers that try to charge you a higher money factor are attempting to add hidden back-end profit to your deal.
Car_man
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