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BMW 5 Series, Car Leasing, Sedan, Wagon
#1888 of 3911 Purchasing BMW at lease end.
May 20, 2008 (8:37 am)
First time poster here. Had I found this forum earlier, I know I could have gotten a better deal on my 2006 BMW 525i lease (actually my parents own the car but you know what I am saying). I am still fairly new at this car leasing process so any help would be much appreciated.
Let's jump right into the good part. my current lease matures in July '08 and I am strongly leaning towards purchasing the car. I had signed a 3 yr lease back in July '05. Here are the figures I am looking at:
Mileage: 25k (primary reason why I am strongly leaning towards purchasing the car)
Residual Value: $28,377.40
I talked with my portfolio manager today and he said the residual value is pretty much set in stone and non-negotiable. He quoted the total purchase price at $31,420.82 including tax, tag, etc (excluding the CPO).
Now following are some of the questions that I could really use help on:
1. Is the residual value really non-negotiable? Any way I can get in contact with BMW FS and negotiate the value?
2. Would you recommened purchasing CPO and adding extended warranty on the car for extra $3000? My mom is the primary driver of the car and she hardly uses up any mileage, thus constant maintenance is not all that necessary.
3. Obviously the portfolio guy tried to goad me into purchasing the car saying if the my car in its current state were to be placed on a lot, it would be priced at 35k-40k. How much would you say my car in its current is really worth in the market right now, and am I getting a good deal in terms of residual vs market?
Checked the Kelley Blue Book website and found the following:
Suggested retail value
Private Party Value
$28,975 (excel condition)
Any help would be greatly appreciated...thanks a lot guys.
#1889 of 3911 lease deal for 535xi
May 22, 2008 (8:10 pm)
Is this a good deal ?
53000.00, options (auto, PP, cold, ipod, nav, mats), MSRP 58,100.
39mo, 56% residual, 12k/yr, 761/mo incl taxes.
3372 due at sign,includes(1st month, SD, bank fees, doc, dealer prep)
#1890 of 3911 I held out for this deal - anyone else like it
May 25, 2008 (8:03 am)
current bmw lease ends july-15
current pmts 715 after zero down
2006 - 530i, auto, prem, cold - NOTHING ELSE
current offer for new lease:
sport auto trans w/paddles
sat, ipod adap
power rear shade
sale price 52,500
plus paying last month of current lease ending in july
1500 down less the last month of current lease
It looks like this deal is too good to pass on. I'm not thrilled about the sport package but with that package out, it still looks like a darn good deal. Am I missing something? I was going to order a 535i with same as I have now plus nav and sat and the payments were about the same. This deal is throwing in $6K in options for nothing?
Also, would anyone who has the sport package recommend the sealers suggestion I add a dealer tire warranty?
#1891 of 3911 Re: I held out for this deal - anyone else like it [ctshorse]
May 25, 2008 (8:28 am)
wow......overall except the $1500 down on the lease. One should never put $$$ down, but otherwise. I did get the tire warranty for my 528xi. I put 3 tires in 2 years on a 2005 Lexus (potholes) and that would have more than paid for tire warranty. I would advise, though to either bargain with dealer over tire warranty or get it on your own cheaper.
good luck and et us know what you decide.
#1892 of 3911 528xi 30 month lease help?
May 27, 2008 (8:16 am)
I went to two different dealers recently and was offered two completely different terms and deals. One had a better lease rate and the other was selling the same car for much cheaper. Maybe someone can offer some insight....
I got a quote from one Long Island(NY) dealer for a 528xi with premium pckg, cold weather pckg, and navigation with 12k miles for $51,000(invoice). The dealer said the 30 month(not 36) lease had the best lease rates(69% residual and .00230 mf) and provided numbers of $4,000($1900 tax, first payment $664.20, $162 fees, $650 security deposit, and $625 bank fee) out of pocket and $664.20/month payment
Another Long Island dealer gave me the following quote on a 36 month lease. Same car and options for $47,865(invoice) with a residual of 55% and mf of .00230 for a monthly payment of $675/month and $4270 out of pocket.
The 1st dealer never gave me an option for a 30 month lease which has a far better residual of 69% but he was selling me the car for $3135 cheaper. Was the first dealer mistaken with the 30 month term? I don't see anyone saying the were offered a similar term. I'd like to have some information before I approach each dealer. Any input would be greatly appreciated.
#1893 of 3911 BMW 528i and Jeep trade-in
May 27, 2008 (7:00 pm)
Got a 528i (premium package, sirius, I pod, xenon) 24 month 12k mile lease for $3500 down at $699/month (plus 7% FL tax), but wrapped into this they took my old 2002 Jeep Grand Cherokee Overland with 83k miles (plus bad AC, check engine light on, and worn brake pads, some rust on the hood) and paid off my remaining loan of $10,300. Did I get ripped off? Thanks.
#1894 of 3911 Re: 528xi 30 month lease help? [tmass1]
May 28, 2008 (3:34 pm)
I'm not putting any money on cap reduction... 1500 down is standard for ANY lease which includes 1'st month plus bank fee and tittle/tags.... they are cutting the 1500 own by $700 to cover the last month of current lease....
#1895 of 3911 535i high mileage lease?
Jun 02, 2008 (10:27 am)
I am getting a new company car in Sept. I'm considering a 535i, however.. I drive about 30K miles per year. Does BMW offer a 30K mile per year, 36 mo lease?
I must lease due to company policy.. I have been driving Chevy Tahoes, however they want to switch to something with better mpg.
Chevy, has track and high mileage leases. I doubt BMW does?
If not, is there a way to buy mileage? What are my options?
I can spend up to $50K, and I know that is pushing it for a 535, but I'd rather sacrifice some luxuries and have more power with the 535 over the 528.
#1896 of 3911 Re: 535i high mileage lease? [calidave33]
by kyfdx HOST
Jun 02, 2008 (12:01 pm)
BMWFS will write any mileage, as long as it is under 100K miles.. A 3yr/90K mile lease will probably be about $200/mo. more than a 3yr/45K mile lease..
Not too bad, considering the base payment on a 535i is probably $800/mo... I doubt you'll find one for $50K, though...
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#1897 of 3911 Re: 535i high mileage lease? [calidave33]
Jun 02, 2008 (12:55 pm)
I was in same situation in 2005 when I got into a 530i lease. Got the 12K miles knowing I'd be way over in 3 years. What I did is buy miles from BMW during the life of the lease. You can get miles ala cart at $0.16 / mile. I'd do the numbers first. If you know for sure the miles you will drive, it could be cheaper to get them upfront. At lease end, its $0.20 / mile. My company pays me the current mileage rate which is around $0.40 per mile. I'm getting a new lease next week and I'm going for the 10K lease this time. Do the math. For me, I made $0.20 /mile on every b-trip. The only problem I had with this strategy was the warranty. MAKE SURE you get the car serviced completely before 50K. Or, add an extended warranty plan. I had to replace the tires at 55K and had a few minor repairs ($500) over 50K warranty.