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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: mrviti (Nov 11, 2005 1:53 pm) Car_man Host Smart Shopper / Prices Paid Forums |
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I would like to lease a 2005 or 06 3.0 X3. But I really do not know alot about negotiating a lease. In order for the lease to work for me the monthly payment should be around 400 and mileage must be 15k. Please help me with the negotiation of my future dream car. MSRP Net Cost Net Cap Cost Acq Fee Money Factor fro Dec Security deposit Residual for Dec
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I've been quoted 2 different options on a X3 that lists for 43,520. they are offering $1,000 discount. Upfront costs are about $1,163, 15K miles, 36 months $644 and 24 months $696.(both include tax) is this a good deal?
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Replying to: virgosista (Nov 22, 2005 11:27 pm) Once you have checked out these articles, stop back and let me know the full MSRP and an approximate selling price for the truck that you are interested in and I can estimate what its lease payment should be like. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: tgameck80 (Dec 03, 2005 6:03 am) Car_man Host Smart Shopper / Prices Paid Forums |
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I was feeling lucky: On a 24-month, 12,000-mile-per-year lease, I got a quote of $500 over invoice on a 2006 X3 (MSRP $38,470, invoice price $35,250, quoted purchase price $35,750). I said I'd pay up front for taxes, which would be $1,788 in Maryland (5% of the purchase price, even on a lease) plus fees, which they said would be $1,674 ($299 for tags and title service, $825 acquisition fee, which they called "standard," and $550 security deposit). This would make my initial payment $3,462, leaving a cap cost of $35,750, the same as the quoted purchase price. I then got their monthly payment quote: $503. For residual value, they said they were using BMW's "standard" 73% of the MSRP, which would be $28,083, and .0023 for money factor (5.5% interest), even though I mentioned that another dealer used .00205 (4.9%). Well, using these numbers, I came up with a $37 per month discrepancy--in their favor, of course. The monthly payment should be $466. So, unless I'm missing something (am I?) they're using a higher cap cost, lower residual percentage, or higher money factor. My money's on the latter, as $503 would be the payment on a .002875 money factor (6.9%). I want to call them on it and enjoy the great price they "offered," but wanted to know what the proper money factor should be. Should it be .00175? And what about the acquisition fee? Is it inflated? What do you recommend I do?
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Replying to: basement (Dec 14, 2005 5:42 pm) I added up your $3462, but I don't see a provision for the first lease payment.. Something tells me that there is no security deposit, but there is a first payment, and possibly sales tax on the acquisition fee? Using these numbers, I too, get a payment of $466.. The only way to get to .0023 for the money factor, is to mark up the base rate the maximum (.00175 + .0004), and then add the .00015 for the security deposit waiver.. Did they break down all of the upfront numbers as you've shown? Or did you extrapolate this from their offer? Also, are they saying that the Cap cost is the same as the purchase price, or are you just assuming that it should be? As you've already discovered, something doesn't add up.. It should look like this: $38,470 MSRP $35,750 Selling price $35,750 Cap Cost 2yr/24K lease Residual 73% Money factor .00175 Payment $432/mo. Due at signing: Tax, 1st payment, $450 security deposit, $625 (base) acquisition fee, $299 tags About $3600 total.. If you roll the tax and the acquisition fee into the cap cost.. $38,163 Cap cost Payment $536/mo. Due at signing: 1st payment, security deposit, $299 tags. About $1385 total. They did give you a great price.. maybe too great.. I doubt they would make this deal on an '06 model, without marking up the money factors and fees... regards, kyfdx Host-Prices Paid Forums
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Replying to: kyfdx (Dec 14, 2005 7:20 pm) basement wrote that the deal IS on a 2006. What in the numbers prompts you to think that the deal s/he is describing is on a 2005? (Not that I necessarily disagree with your thought that a $2750 discount on a 2006 sounds high. Unless "lease" pricing is better than "purchase" pricing, in the MD/VA/DC area, several dealers I've spoken too about an X3 buy are quoting discounts in the $1900-$2100 range.)
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Replying to: jrynn (Dec 15, 2005 10:05 am) In other words, the big discount is most likely dependent on the marked up money factor.. regards, kyfdx Host-Prices Paid Forums
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check out these 3 senarios.. SCENARIO #1 (w/security deposit) 36 months 12000 miles allowed annually $41,895.00 MSRP $40,500.00 Selling Price $25,974.90 Residual .00175 Money Factor $550.66 Monthly Payment $600.00 Security Deposit $128.50 Tag Fees $2,500.00 Total Due SCENARIO #2 (w/o security deposit) 36 months 12000 miles allowed annually $41,895.00 MSRP $40,500.00 Selling Price $25,974.90 Residual .00190 Money Factor $543.42 Monthly Payment $0.00 Security $128.50 Tag Fees Total Due $2,500.00 both on a 06 x3 automatic transmission metallic paint premium package cold weather package heated steering wheel xenon headlights satellite radio preparation privacy glass $41,895.00 MSRP and finally this one: #3 24 months..10K/yr Black Sapphire with Beige leather, Premium pkg., Automatic, Heated Steering Wheel, Heated Seats, Xenon Headlights, Satellite Radio Prep., and Privacy Glass for an M.S.R.P. of $41,645.00 and a selling price of $41,000.00 for $538.31 per month with $3946.81 down. It is a 73% residual and a money factor of .00175. they all sound high. opinions?? |
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