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Prices Paid: Buying & Leasing Experiences BMW X5 Lease Questions
1118 messages, Last post on Dec 07, 2009 at 11:03 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: nj_bmw_byer (Mar 29, 2008 4:13 am) Have a look at this link http://forums.roadfly.com/forums/financing/6451130-1.html This is an archived list of BMWFS lease rates for April 2005. As you can see, the money factor for the X5 back then was 0.00125. In today's market, the buy rate money factor for the X5 is 0.0025. This reflects what I had previously said in a thread that manufacturers subside the interest and residuals to sweeten a lease deal to keep moving cars. The difference in money factor between 0.00125 and 0.0025 is why the same car today costs XX more. In 2005, your dealership raised the money factor from 0.00125 to whatever number to make your $630 a month (it was not 0.0021 as you had thought). That is why you were/are not able to calculate the numbers properly. Keeping things as simple as possible is the best way to weed your way through all the fees and get an honest number. Good luck with everything
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Replying to: rezf (Mar 29, 2008 2:26 pm) I did this with several vehicles: BMW, Porsche Cayenne, Range Rover. The money factor adds about 200.00+ dollars per month to the lease price of the vehicle. I have since gotten the price of the $53,155.00 BMW X5 down to 722.65 including taxes, down from the 799.00 excluding taxes. Just shows they were trying to beat me from the beginning. I even had one salesperson hang up on me insisting that if I am trying to purchase a BMW I shouldn't quibble over $20.00 - 30.00. rezf, thank you for your help and I hope I wasn't too obnoxious. When you are right I have no problem with admitting it. And you were ABSOLUTELY right. I still believe that consumers would benefit from knowing what the ballpark fair price for a decently equipped vehicle, so they might know where to start. So with that in mine I will share my experience thus far. The dealer i leased my present 2005 BMW X5 offered me a lease of 799.00 excluding taxes for the following car. X5 3.0, 36/12, Sales Price $51,660.00 with options: Tech pkg, coldweather pkg, rear climate pkg, xenon lights, premium pkgs,heated rear seats, ipod adapter.. I have since been offered for 722.00 including taxes for the same car at another dealership. So if anyone pays more than that, for a similarly equipped car, they might wanna ask another dealer. I will still try to get this car cheaper. If I do I will let you know, so that others will know the ball park of a NJ X5 with similar options. Also for those that want, between this current deal and the 799.00. I got offers of 772. 00 including taxes, 750.00 including taxes, before the 722.00. I would be happy to tell you the dealerships of my rejected offers when i finish - I may have to go back to them. rezf thank again -- oh yeah is the $722.00 including taxes a good deal? |
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Replying to: nj_bmw_byer (Mar 29, 2008 5:09 pm) What I was/am saying is the best way to figure out the best deal is look at the MSRP of the car. Find the invoice price on Edmunds.com, then add $1000-$1500 to the price of the invoice. This should be your Cap Cost. Do not put any money down...only pay the upfront fees...And insist that they use a Money Factor of 0.0025 to calculate the lease. Whatever that monthly payment comes out would be the best deal |
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Replying to: rezf (Mar 29, 2008 5:55 pm) |
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Replying to: rezf (Mar 29, 2008 5:55 pm) I might go with the 722.00 per month including taxes. That is closer to what you said a fair price would be. Also I was going to roll the taxes into the monthly lease payment, but the money factor would be on that amount so I am paying them up front. Thanks again I will let you know how i made out |
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Replying to: rezf (Mar 29, 2008 5:55 pm) Again regarding Msg# 682, what is included in upfront fees? Also you mentioned in Msg# 652 that the March money factor is/was 0.0021. What happened? Why is it now 0.0025? Will this be different for April? What about residual% for April? Sorry for the questions, everyone. Thanks in advance. Good luck to all of us as we try to get the best deals.
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Replying to: mannydom (Mar 30, 2008 6:24 pm) That was my type mistake re money factor. For march it is 0.0021 not 0.0025. The rate for Feb was 0.0025 . Residuals do not typically change from BMWFS (they are already inflated to make leases more attractive). The factors that likely change from month to month are the money factor and any incentives/cashbacks towards a new vehicle. Note, this is model specific and only given if they want to move a particular line more rapidly to deplete excess inventory. The other thing that changes from month to month is what's called "owner loyalty program." For this, they allow existing BMWFS customers (ones that have financed/leased) or ones whose contracts had ended in the past 6 months a special incentive towards a new lease (which is some cash back and a lower money factor) As for April, I do not think the money factor fluctuates with the Fed rate as seemlesly as some think they do. If BMW wants to lease more cars, they will lower the rate, plain and simple. Spring is a VERY active and busy season for dealerships so I don't think so. However, if you want a bargain, you can count on August, as BMW wants to clear left-over 2008s before introducing the model year 2009 in September-October |
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Replying to: nj_bmw_byer (Mar 27, 2008 6:57 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: topgun26 (Mar 28, 2008 12:14 pm) Let's work up a sample lease payment on this truck and see what we come up with. For now I will assume a $3,000 discount. According to my calculations, if you were to lease a 2008 BMW X5 3.0 that has an MSRP of $61,075 and a selling price of $58,075 through BMW Financial Services right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $795. That's pretty close to the payment that you were quoted. This tells me that this is a pretty good deal. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: fishjill (Mar 28, 2008 12:30 pm) Even if you have leased a BMW in the past, if you are not a current BMW Financial Services' lessee you are not eligible for any owner loyalty specials and you would have to pay a security deposit on your new lease. The best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on the exact model that you want and then have the dealer calculate your monthly payment using its buy rate lease money factor. The selling price that you were quoted on the X5 that you are considering leasing isn't bad. It is tough to say exactly, but you are probably at around $1,500 over dealer invoice or so. If you are in an area that has a decent level of competition, you may want to consider comparison shopping with a couple of other dealers just to make sure that you are getting the best possible deal. Once you have found a selling price that you are happy with, have the dealer calculate your truck's monthly payment using BMW Financial Services' buy rate lease money factor of .00210. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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