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Prices Paid: Buying & Leasing Experiences BMW X3 Lease Questions
723 messages, Last post on Oct 26, 2009 at 8:06 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: talyvan (Apr 10, 2006 10:31 am) With BMWFS, credit isn't the issue when it comes to lease rates.... They are on a pass/fail system. If you're approved with a 600 score, you get the same rate as an 800 score.
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Replying to: bdr127 (Apr 10, 2006 12:30 pm) I don't think it's my credit score - it's currently at 735 which I presume falls into the 'good' category.
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Replying to: hotelz (Apr 10, 2006 1:23 pm) Good luck and please keep us posted. |
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My wife leased a BWM X3 earlier in the year, and got prices and payments much worse than what you are all discussing here. 3000 dollar plus down payment, and 660 a month. Could be just bad sales stuff on her part, so i would like to learn more about the hidden tricks and questions to ask... Anyone willing to give me a call and coach me a bit on how to handle this next time and what to look for? We have to sell our vehicle/get out of the lease right away as we are being transferred to Vancouver, and cannot import the vehicle at a reasonable cost. Looking for ideas! Also, we are very concerned that upon review of our legal contract, in the TRADE IN section it states we traded in a 2001 BMW X5??? We didn't? It says it was worth 18500, and that 18500 was owed on it, and we net zero on the transaction, but shouldn't that void our contract? Could it be a VIN scam or something? Or something...??? I mean, we have never owned another BMW... HELP! Thanks JM
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Replying to: jmetcalfe (Apr 10, 2006 9:24 pm) It does indeed sound fishy, especially if you never traded an X5..and let me tell you that if that's the case, is basically the reason for that high payment because you're increasing the ammount to be depreciated, plus all the taxes upfront of the X3 (about $2800 because is IL). Have that contract revised ASAP!, as a friendly way, I'd aproach to the Finance Manager 1st on the dealership, however, after signing that contract, it all belongs to BMWFCNA... but is always better to talk to somebody face-to-face. As for your relocation, get the contract straight up first, after that, if you want the car and is afordabble to you as a regular finance, search for a buyout lease at any financial institution. For experience I can tell you that a lease is not that different than a regular finance in terms of getting out of the deal, of course, is always easier when you take the buyout route or trade-in for a step up in the model line up.
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Replying to: talyvan (Apr 11, 2006 6:42 am) "It does indeed sound fishy, especially if you never traded an X5..and let me tell you that if that's the case, is basically the reason for that high payment because you're increasing the ammount to be depreciated, plus all the taxes upfront of the X3 (about $2800 because is IL)." Could the x5 they listed in there be some fishy thing or trick? They listed a non existant trade, saying we gave them an x5 worth 28500, and that is had a prior credit balance of 28500 with anet trade value of N/A...
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Replying to: jmetcalfe (Apr 11, 2006 3:44 pm) If you needed to get to a total OTD price, maybe it created some tax savings by saying there was a trade-in credit.... hmmm....
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Replying to: bdr127 (Apr 11, 2006 4:01 pm) When I said it sounded fishy, was basically because of that; In my mind there should be no hidden or "adjusted" numbers; please Mr. Dealership, explain every single line to me, it'll take only 5 minutes. If the Net-Trade in allowance says "N/A", indeed it might be a tax saving thing, since they say Trade-In ammount $xx, Amount owed $xx.. that clears, so you roll $0.00 into your purchase. My initial concern was that they were rolling $28.5K into the pruchase. As of the total contract... might be that by the time you leased the car, there was no incentives..  so, you got the full hit of a higher depreciation and higher money factor.
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| The dealer will do 5.5% discount on MSRP of the X3 I pick and then on a 39 month lease with 10,000 miles per year, I would get a 68% residual and a money factor of .0013. He hasn't sprung the bank fees and dealer fees on me yet, but the lease terms seem pretty reasonable. Any thoughts? | |
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Replying to: dwilly78 (Apr 12, 2006 8:25 pm) Sounds like a great discount.... As far as bank fees, BMWFS has a $625 acquisition fee that they allow dealers to mark up to $825. Note that this fee is not a dealer fee, but a fee charged by BMW. Dealer doc fees vary by state and dealership, so you'll have to ask what those are... |
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