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BMW X3, Car Leasing, SUV
Jun 18, 2006 (3:42 pm)
After reading the numbers in this forum, i'm feeling that i'm paying way to much for my lease on a 2006 X3. The car i'm going to lease (I say going to because I haven't received delivery of the car yet, it's currently on a ship on the atlantic) is fully loaded: cold weather package, premium package, servotronic steering, xenon, navigation, premium sound, park distance control, rear airbags, performance 18" tires, privacy glass and auxillary input. Total price is $47 620. Dealer told me they will knock the price down to about $46000. With that I signed a lease with zero down, 12k miles/year, 39 months for $599/month including taxes. First month I owe first month lease and security deposit. By looking at the numbers in this forum i'm thinking that I didn't really get a good deal. Can anyone let me know how these numbers sound and if i'm still bound to te lease even though the car won't be here for another 3-4 weeks? Thanks
#211 of 1204 Re: 2006 BMW X3 [spindoc1]
Jun 19, 2006 (8:06 am)
I think the payment is too high. First, it seems folks are getting a discount of about $2,000 to 2,500 on the X3 now, depending on competition in the area. With all those options, which often have higher mark-ups, a $1,620 reduction to determine base rate cap cost seems a little stingy. As for the lease terms, even using your numbers, and a sales tax rate of 7% (you didn't indicate what taxes are in your area), I come out with a payment of $540.92 based on the June money factor and residual value that I understand are being offered by BMW's captive finance subsidiary--.00185 and 67% on a 12K miles per year lease. This leads me to believe that the dealer also marked-up the money factor to hide additional profit--not uncommon among BMW dealers. Of course, with a lower cap cost, the monthly payment would be even lower--there a lots of free on-line lease calculators available to run these numbers under different scenarios. In terms of whether you are bound to the deal, that is a function of the nature of the contractual commitment you made when you ordered the vehicle and how accommodating your dealer is willing to be. Good luck. lponz7
#212 of 1204 Re: June numbers [lponz7]
Jul 02, 2006 (5:22 am)
Hi lponz7. If you were to lease a 2006 BMW X3 through BMW Financial Services right now for 36 months with 10,000 miles per year, its buy rate lease money factor and residual value should be .00185 and 68%, respectively.
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#213 of 1204 Re: 2006 BMW X3 [spindoc1]
Jul 02, 2006 (5:37 am)
Hi spindoc1. The dealer that you are working with can't force you to take the X3 that you ordered if you haven't physically taken delivery of it. However, if you gave them some sort of deposit they certainly can make it difficult to get back. If you decide that you don't want to do this deal and they refuse to give you your money back, if you paid your deposit with a credit card you can at least dispute the charge.
As far as this truck's price goes, a 2006 BMW X3 with similar equipment to the one that you described has a spread of around $4,000 between its full MSRP and dealer invoice prices. You are only being given a discount of $1,620 on this tuck. If I was in the market for one, I personally would want at least a $3,000 discount. You may be able to get an idea of how much others have paid for similar trucks by stopping by the following discussion: "BMW X3: Prices Paid & Buying Experience".
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#214 of 1204 Re: 2006 BMW X3
Jun 19, 2006 (8:12 pm)
Thanks for the advice and info Iponz7. I really appreciate it. Will keep this forum posted on what sort of a deal I can strike. Wish I had been here sooner.
#215 of 1204 2005 X3 3.0i lease
Aug 31, 2005 (8:16 pm)
Need quick opinions: I just put down a security deposit for a 2005 X3 3.0i Premium, sport...etc....only things it doesn't have are Nav, and parking control.
MSRP 46,695...money factor .0014..... Trading in a 1997 328i w/123.5K miles...the gave me a trade in of $5,800.. Lease terms.....no money down....$454/month.....w/ 17K miles/yr.....39months.. I need a immediate opinions on this deal.. thank you...
#216 of 1204 Re: 2005 X3 3.0i lease [bra]
by kyfdx@Edmunds HOST
Sep 01, 2005 (2:37 am)
Does that include taxes?
Are they writing you a check for the 328i? Or, are they keeping all of it for downpayment and inception fees?
#217 of 1204 Re: 2005 X3 3.0i lease [bra]
Sep 01, 2005 (5:27 am)
A couple things..... Yes, the mileage is definitely adding to the price (BMW adds 15 cents per mile if you buy at the beginning of the lease, 20 cents at the end). 3000 extra miles at 0.15 = $450.
Another thing to factor in is fees (bank fee, dealer admin fees, etc).... Are those included in the price? Those could add $1000 (or more) to your total price.
#218 of 1204 Re: 2005 X3 3.0i lease [bdr127]
by kyfdx@Edmunds HOST
Sep 01, 2005 (5:35 am)
Agreed... the mileage is probably adding $1000 to the cap cost...
It is hard to know the exact breakout, and staying away from the recommendation that you not put that amount of money down on a lease..... I would insist on them using the base rate of .0010.... That alone would drop the payment by around $30/mo...
If your trade-in of $5800 encompasses all of your upfront charges.. including first payment, security, etc... Then getting the base rate would make it a decent deal... at least from the information we have..
#219 of 1204 2005 X3 3.0i lease question...need help a.s.a.p....
Aug 31, 2005 (8:20 pm)
I'm signing the lease tomorrow morning 9/1/05 at 9:30am CT .....i've put down a $1000 deposit and I'm now concerned that I may have screwed myself. I feel that I can go into the negotiation and call them out on the money factor. 've read some postings and it seems that I should have a money factor of .0010 as opposed to .0014? I bumped up the miles due to the fact that I'm a traveling sales person..