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BMW X5, Car Leasing, SUV
#2142 of 2262 Re: 24 month lease on 2012 35D? [Car_man]
Nov 28, 2012 (7:55 pm)
This is more than a bit embarrassing...
I have been shopping to buy a 2012 X5 xDrive35d, and then I was presented a lease deal that seemed great. I signed on the dotted line only to find out I did not get a very good deal. Shame on me for not doing the investigation first. I ordered the car about a week ago with delivery expected at the end of November. The unit is now sitting in the VPC in Port Elizabeth and will likely be delayed a bit (a few days or more) due to the current X5 35d Stop Sales memo by BMW because of a bolt issue.
Here is the deal I agreed to:
The sales guy says he took another 2k off. Thats puts the deal at $59,050
The quoted MF=.00145
Residual was said to be 53%
These seem to be inline with your posts on this matter, though others have said I can get MF=.00125 and residual of 56%
The deal I accepted called for $2500 at signing and $840/month for 36 months.. 12k miles/year. This includes 6% tax.
Using BMWconfig the invoice is $63,365... add $1000 for the dealer/sales guy mark-up and minus incentives = $57615
The BMWconfig tool says the deal (including tax) should be about $2500 at signing and $780/month.
This is a lesson learned. But I am hoping its not to late. Here are my questions:
1) Am I doing the math correctly? Is the deal I accepted $840 based on the terms I described?
2) Is the $780/month the correct number based on $1k over invoice?
3) Are the MF and residual correct? If not, what are they?
4) What is a fair deal for this X5?
4) Can I renegotiate? I have not taken possession yet. Can I say I feel like I have been taken advantage of and that I want out of this deal unless they come down to $780/month? (if this is the correct number.)
I really like the car, and I *don't* want to walk from the deal, but I feel like I've been had. Again, lesson learned. And again, I hope its not too late to rectify this issue.
Thanks very much for your timely reply Car_Man (and/or others!)
#2143 of 2262 Re: 24 month lease on 2012 35D? [x54bd]
Nov 29, 2012 (6:39 am)
A couple of things don't smell right here:
(1) You "ordered" the car a week ago and it's already sitting in a port? When I ordered our X5d on July 13, it took several days just to get back a production number and slot, another 3-4+/- weeks for the car to queued into production and built. It was ready for pick up in late August, and that was a week ahead of the 6 week estimate I was given when we placed the order. There is no way that you could have custom ordered a car from scratch a week ago and have it sitting at a port today. So what exactly do you mean by "order" - a dealer trade or taking an existing/dealer order vehicle that was already in process? Because if that's the case, you may have a little more leverage than if you actually had the car built to your own personal specifications.
(2) It looks like the price you negotiated is $1,440 over your (new) $1,000 over invoice target. Not sure how that translates into a full $1,440 more in lease payments over 24 months (i.e. $60/moth), but maybe that's lease math (and why I always buy). On the positive side, does that make the eco credit worth nearly $200 per month??
I'm not a lawyer or financial advisor, but I think you hit the nail on the head with the "shame on me for not doing the investigation first". If this is a car that the dealer had coming anyway, I would try hard to renegotiate the deal. But if this was a vehicle that they customized for you - and got a deposit with the order - I wouldn't blame the dealer for holding you to the deal or keeping the deposit. I'm in the middle of an extreme example - negotiating on a brand new 2011 Porsche 911 GTS that was custom ordered 18 months ago and the buyer defaulted. Dealer kept a $5k deposit (way too low), but they have been unable to sell the car since. It's now gone from bad to worse. We are now haggling between the $33k discount they offered and my proposal at $40k off. Either way, the dealer is taking a huge bath. Maybe in your case you could agree to split the difference and chalk it up to lessons learned.
Nov 29, 2012 (9:31 am)
All - Any thoughts on buying my vehicle out of lease. Have a 2010 X530i due in at end of December. Outstanding condition with only 19.5k miles on a 30k allowance. Purchase price around $35.6k -- Trade in estimate around $37k, Dealer reatil about $42k. Option is to buy or purchase/lease 2013 X5. Any insights would be approciated. Thanks.
#2145 of 2262 Re: Buying Lease X5 [mackbavarian]
Nov 29, 2012 (10:17 am)
Mack, make them an offer of $32k. Try different dealers. I did that a few years ago. One dealer would not budge on price other worked with me and I purchased my lease for a reasonable amount. Plus they certified the car, put new tires on it and detailed it.
#2146 of 2262 Re: 24 month lease on 2012 35D? [habitat1]
Nov 29, 2012 (10:37 am)
Thanks very much for your response habitat1...
It was indeed an existing/dealer order vehicle that was already built and on its way to the dealer. Now, if I can just get delivery! Stuck in VPC getting a new bolt!
BTW, I was able to get them down to $780! Thanks again for your feedback.
#2147 of 2262 Re: 24 month lease on 2012 35D? [mmagoo]
Nov 29, 2012 (11:51 am)
Congratulations on getting a better deal - and enjoy your X5d - we love ours. It would have been the right choice for you even at the higher price. Now you can enjoy an extra inner out every month.
#2148 of 2262 Re: 24 month lease on 2012 35D? [mmagoo]
Nov 29, 2012 (11:52 am)
Congratulations on getting a better deal - and enjoy your X5d - we love ours. It would have been the right choice for you even at the higher price. Now you can enjoy an extra dinner out every month.
#2149 of 2262 change in residual value on lease
Dec 01, 2012 (2:36 pm)
I just leased my first BMW - an X5d. I was happy with the price given the eco credit. I ordered it in October and just picked it up yesterday. When I originally negotiated the deal, the residual factor on the three year lease was .57. When I picked it up yesterday, they told me that the residual value had decreased to .53. They said there was nothing they could do about it, that it was set by BMW. They said that they are now producing the 2013s and when I ordered mine in October is was a 2012 and that is the reason for the change. Does this sound reasonable or did they pull yet another fast one?
#2150 of 2262 Re: change in residual value on lease [rudy1117]
Dec 01, 2012 (3:20 pm)
They are pulling a fast one on you. The rate it good for at least 30 days and in CA for 90 days. Here is what I would do. Tell them you can't buy the car and will order 2013 later on. Unless you signed a binding contract, your deposit is refundable. The X5 in not in your name yet. The dealer owns it and bought it from BMW. You have no obligation to buy it.
One thing to confirm is that the residual was 57%. It seems high for a 12k/yr lease.
I hope this helps.
*** If you have already leased the car, then there is not a whole lot you can do now ***
#2151 of 2262 Re: change in residual value on lease [rudy1117]
Dec 01, 2012 (3:19 pm)
No... they did not pull a fast one.
I tried to lease an X5d this week and the deal was so bad I had to walk out. $1500 margin for the dealer after the Eco-credit and holiday incentives were applied to the invoice. NJ is a very difficult place to obtain a reasonable lease on a BMW.