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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: Car_man (Sep 23, 2008 5:05 am) all included in the 3500 down taxes, paperwork , 1st month is that an ok deal??
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Replying to: jeannemay (Sep 23, 2008 5:51 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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I've been leasing a 2006 x-3 on a two year lease. The lease is up in December, and I'd like to release the car. I called my dealership and they've quoted me a leasing price of almost $230/ month more on a 24 month lease and $170/month more on a 36 month lease. They are also charging an initial payment of more than $6000 -- this after the original initial payment of $5000 I paid in 2006. Remember this is now a used car. These lease charges are more than the advertised leases on the new X-3 I see in the newspaper. Any idea why these charges should be so much higher than my original lease? Do I have to release through the original dealership? Any idea where I can get a lease my used car that is the same or less than what I am currently paying for it? Thanks. RG
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Replying to: leaser310 (Oct 06, 2008 1:47 pm) 1) the capitalized cost. This should be no more than the residual value on the first lease. You paid it down to that amount, so you should not have to "buy" the car for more the second time around. 2) How much of the $6,000 initial payment is for a "cap cost reduction" (down payment) and how much goes to other fees. Get a complete breakdown of those fees. Is there another "bank fee"? Is the lessor BMW Financial Services or a local bank? If it's BMWFS, then you may be able to re-lease through them directly. Call them and find out. 3) What is the new residual value? 4) What is the new money factor? Compare it to MFs for new leases. With these figures you can calculate your new payment. Do you know how to do that? It should match theirs. I'll bet in your case they are jacking up the MF and bank fee substantially to make more money. Often in a lease on a brand new car the manufacturer will use a residual that is a bit high in order to lower the payment. But in a re-lease, they know that they have to look at what the vehicle will be worth at the end of the second lease, and that can be quite low. All that depreciation jacks up your payment. Plus, they probably won't be able to give you as good a MF as they can the first time around. Good luck!
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Replying to: billmv (Oct 06, 2008 3:41 pm) |
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Replying to: Car_man (Sep 23, 2008 3:26 am) Are these the same numbers for the month of October on 2008 models? Also, are they still offering the premium package reductions or any other incentives to help move the '08's?
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Replying to: kpj (Oct 10, 2008 6:57 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Oct 13, 2008 4:38 pm)
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Replying to: kpj (Oct 14, 2008 5:13 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Can someone please explain to me why I shouldnt do an Owners Choice versus a lease? I live in Illinois and if I do plan on possibly buying the car, I would have to pay 7.5% sales tax...TWICE. The owners choice is like a balloon of some sorts if I understand it correctly. What are the drawbacks to it? Can someone please help me decide? I am looking at a 2008 X3. My payments would be 393 (after trade in of an owners choice that weve had for 2 months but dont like the car) with a lease with the .00125 program, 10k miles or 422 a month with the owners choice at 12k miles. Residual is 60.5%. The car has 9900 miles on it. |
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