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BMW X5, Car Leasing, SUV
Mar 27, 2008 (7:57 am)
My lease for my current X5 expires in April 28 2008. This was a no money down 36 mo/12 mile per year lease on a $51,900 car. I called my dealer ship and asked what price would it be for the exact same car with the same options. I am currently paying 635.00 including taxes.
This is what was quoted from a dealership in New Jersey.
2008 3.0 X5 $51,600.00 includes, premium pkg, cold weather pkg, rear climate pkg, heated rear seat, navigation and freight.
inception cost are 2000.00 which includes: 799.00 1st payment, 375.46 cap cost reduction,825.64 motor vehicle term, doc fee, lux tax.
The price he quoted was 799.00 including taxes. Why Do i have to pay over 150.00 more for the exact same car. Is this fair our he is trying to pull one over on me. It is the same car salesman that I purchased the first X5 from.
I thought because it was the same sales person and dealership and car I wouldn't have to go through the haggling this time. Any Info or advice you can give will be greatly appreciated.
#668 of 2262 Re: How can I score great new lease ending curr lease with low mileage [lviv35]
Mar 27, 2008 (8:01 am)
Hey Alex I am in the same boat as you in the same area. I only put 20K miles on my lease X5 as well. I have learned that you cannot extend you lease from BMW for more than 20 days without purchasing a new BMW vehicle.
My question is below yours and I would want to know about the milage issue as well.
Hope this helps
#669 of 2262 BMW X5 Lease Dilemma
Mar 28, 2008 (5:09 am)
I lease a BMW X5 in 2005. My lease ends in May 2008. It was for a 36/12, no money down lease, at 630.00 per month including taxes. The prices I am getting for the same lease for the exact same car at the same dealership and salesperson is now 799.00
The sales price of the 2005 X5 vehicle was 50035.10. Using the Edmunds lease calculators, I cannot get my lease payments of 630.00. Please reassure that this works. So I can negociate with confidence. If I can't get the exact same lease price using the exact same numbers that was documented on the 2005 lease agreement and quoted to me by the salesperson in 2008 what use is it?
So my question is: How was my 2005 lease price calculated and why is the lease price for the same car now 799.00 instead of 630.00? And if he is taking advantage how is he doing it?
If it helps both cars have Xenon lights, premium pkg, 6cd changer,rear climate pkg, cold weather pkg, Navigation, heated rear seats.
Also if anyone else is leasing a BMW in the NYC NJ area contact me and we could unite our efforts Ajastorm2002aol.com
#670 of 2262 $630 vs. $799
Mar 28, 2008 (7:11 am)
leases do NOT work the way yo think they do. You are not merely spending money on the same piece of automobile.
The 2005 X5 was 5 years into its development and sales had started to slow down. what manufacturers do in these situation is to increase the residual rate in the lease (one of the major determinants of your lease payments) This way the payments drop and they hope to be able to maintain consistent sales numbers.
We are not at that point yet with the new X5. The car is selling like hotcake and BMW has no incentive to take a financial hit by increasing residuals, The payments of 799 vs. 630 reflect the differences in the residuals between the two cars.
If you want to know whether you have the best deal proposed to you, you need to look for these:
1) The selling price of the vehicle
2) the money factor used to govern your lease
3) make sure you do not put any extra money down towards the lease
Then, if you calculate your lease, you will know whether in fact you have a good deal or not
#672 of 2262 2008 X5 lease
Mar 28, 2008 (1:14 pm)
let me know what anyone thinks of this offer:
2008 X5 3.0, msrp 61,075
- $0 down, taxes in payments, $809.50 per month for 12k/36months
- security of 749, bank fee of 625 and dmv for NY
---any thoughts if this is a good deal? thanx!
#673 of 2262 2008 X5 3.0 Lease for two novices
Mar 28, 2008 (1:30 pm)
So the 2008 X5 we want has a msrp of $49, 575 with a $2,164 adjustment/discount to make it $47,411. We have a trade in that will net us $3500 to apply to the $47,411. We are then being charged $1,660 in tag/title/tax, first month's lease payment and a $809 security deposit (totaling $3,097). With no money down, other than the $3,097 and the $3,500 trade in, our monthly payment is $628. We want to lease the X5 for 36 months and 15k a year. We have previously owned a BMW so we are wondering why the large security deposit. Can anyone help two novices that don't want to get taken to the cleaners? What are we missing and does the monthly payment seem fair?
#674 of 2262 Re: $630 vs. $799 [rezf]
Mar 28, 2008 (2:06 pm)
I am starting not to trust this entire process, including information obtained here. This is not my first lease, not even my first X5 lease. This will be my 3rd. When the X5 was first introduced it was a hot selling car as well. Everywhere I went salespeople where say 800.00+ for an X5 3.0 series with 12/36 lease package. After rigorous negotiation I got the same car for 650.00 including taxes. That was in 2002 I believe. In 2005 it was the same scenario -- I got the car for 630.00 including taxes. Now it is 2008 I have been quoted prices as high as 900.00. I recently was quoted a price of 702.30 down from the 799.00 including taxes. Each car was approximately $52K
As I am sure you know. when you lease a car you get the money factor, the final sales price and the residuals. You can easily compare that vehicle with the one i wish to lease now. It is all pretty much the same. The money factor, the residual, in fact the 2008 X5 cost a little less.
I cannot find a reason for this car to cost over $150.00 more. I know sales people will attempt to get as much as they can. But the consumer should be able to what is an acceptable lease agreement. You say it is all about the numbers, but in this case and I suspect many others the number don't add up. Just like I can't even create either one of my lease agreement on the basic lease calculator. Even using all the numbers on my old leases(which I still have).
It should be easy to say at X5 3.0 50K 12/36 lease should be X
52K 12/36 lease should be X
These are the standard lease agreements. at least consumers would have a ball park in which to negotiate.
Anyway, I hired a consultant. I don't have the time to do the negotiations again and I shouldn't have to do this with a salesperson and dealer that I already had an acceptable deal with. It will cost me $500.00 but in the long run I will save over the course of the lease.
This whole thing makes me wanna buy a saturn.
#675 of 2262 please read
Mar 28, 2008 (2:21 pm)
It isn't as simple as you make it out to be. You SHOULD be able to reproduce the numbers you are being quoted using a lease calculator. Something is wrong or missing if you cannot. I have never negotiated an agreement that I was not able to reproduce from what the dealership is quoting.
Please don't take this the wrong way, but I suspect you do not have an in depth understanding of how a lease works.....most people don't and that is how/why dealershiips screw people over.
If you want the numbers verified, just provide them on this site and I would be happy to run it for you. To do so, I need the following:
1) MSRP of the car
2) negotiated selling price of the car
3) the upfront fees-ITEMIZED, including, but not limited to, acquisition fee, doc fee, MACO, title fees, any taxes, security payment (if required) etc.
4) the money factor used
5) the residual percentage used (comes from the term of the lease. Meaning 36 month lease at 12k miles yeear has a different residual than 10k miles)
6) the tax rate for your state and WHETHER THE TAX IS CALCULATED ON THE PORTION OF THE CAR YOU LEASE OR ON THE ENTIRE SELLING PRICE.
Food for thought, the consultant makes $500 if he closes the deal for you; therefore, does he have your best interests in mind?? ONLY you can look out for yourself
#676 of 2262 Re: please read [rezf]
Mar 28, 2008 (3:51 pm)
Actually, based upon what you have referenced to me it should be just that simple. As you explained it should all me a matter of calculable numbers. I never said I had an in depth knowledge of car leasing, if I had I wouldn't be asking for help on this web site. But i do have a knowledge of numbers and common sense. Don't take this the wrong way, however it should be very easy for anyone as knowledgeable as you say you are to give ball park estimates on given car leases because it is all a matter of numbers. It should be easy to tell consumers what a fair lease price should be - not exactly - but ball park. Anyway here are my numbers, tell how they go from 799.00 to 702.00
Sticker Pr. GCC 51,370.00
sale pr.ACC 50,035.10
agreed val vehicle 48957.75
inceptions 630.00 1st mo.
250.00 title, reg
625.00 Aquistion fee
105.50 NJ tire&REC/Doc Fee
total incept 1611.00
mo. factor .0029
residual val 31002.00
Sticker Pr.GCC 51,660.00
sale pr.ACC 50,011.03
agrd val veh. 49,002.75
inceptions 799.00 1st mo
375.36 Cap cost reduction.
825.64 motor vehical, lease term, doc fee, lux taxtitle, reg
total incept 2000.00
mo. factor .0029
residual val 31047 20
NJ tax rate and I believe the tax in on the selling price of the car.
This is what has been given to me.
In my past two leases I negotiated them myself. I just don't have the time to go through the process that i went through the first two times. I din't crunch numbers as much as I talked to salespeople at dealerships - with knowledge of what other people paid. Not saying it is the right way- but a way and a way that has worked. The consultant only gets paid if he get a lease price at or under what we agreed would be a fair price. As he looks out for himself, he has no choice but to look out fo me.
All i am saying is if people had a ball park on what a fair lease price would be a lot of the number crunching might not be necessary. If you buy totally into the numbers process, then you have to talk only number where the average consumer is at a drastic disadvantage. All I am asking here is to give me what would be a fair lease price for a 51K ish X 5 BMW shouldn't be this hard.
I hope I am not comming across as insulting just frustrated , not at you nor the site - just the process.