Last post on Dec 08, 2013 at 9:58 AM
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BMW X3, Car Leasing, SUV
#244 of 1201 Re: Current Lease Rates [kptaylor]
Jul 27, 2006 (3:04 am)
Hi kptaylor. BMW Financial Services' current 24 month, 15,000 mile per year buy rate lease money factor and residual value for the 2006 X3 are .00195 and 75%, respectively. 15,000 miles per year is the highest residual value that BMW publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.
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#245 of 1201 Re: Buyout? Is it smart.
Aug 08, 2006 (10:14 am)
I need an advice. I recently leased 2006 X3, Sport package for 36 months. I pay $615 /mo.; have 30 months left,. I am thinking is it gonna be a good deal to buyout now. The buyout is around 40,000. CapitalOne is giving me financing for 72 month at 9.1%. This makes about $730/mo. I like to keep this car for longer. Do you think it is better to wait until the lease end and then to buy rather than to buy now? Any advice will be appreciated. Thanks
#246 of 1201 Re: Buyout? Is it smart. [imgdoc]
Aug 08, 2006 (10:56 am)
I'm sure other people will have good opinions but I think this sounds like an awful deal! First $615/mo sounds high for a lease. Doesn't sound like there was any reduction in the cost of the car.
Secondly, the interest rate on the loan is pretty high. My credit union is currently offering a rate of 6.24% for a 72 month auto loan. There must be other banks out there that can offer you better than 9.1!
Also, by taking out such a long loan you will be paying a ton of interest, over $12,000 in interest and that's on top of the 6 months of payments you've already made. You will end up paying over $56,000 for this car that will be 6 years old by the time it's paid for. The 2013 models will be coming out and you'll be driving a 2006 which you'll have to keep driving in order to recoup some of the interest money and won't be under warranty.
Unfortunately I don't know what the answer is. I would consider sticking with the lease and negotiating a good price to buy the next one.
#247 of 1201 Re: Buyout? Is it smart. [imgdoc]
Aug 14, 2006 (3:53 am)
Hi imgdoc. Why do you want to buy out your lease now? There really is not any advantage to doing this. By buying your leased X3 with 30 months left on your lease there is a very very good chance that you are going to end up paying more for it than it is currently worth. Not only that, but the interest rate that you are considering financing it at is pretty bad. There's almost no way that the money factor that was used to calculate your truck's lease payment was anywhere near that high. You would be much better off waiting until the scheduled end to decide if you want to keep your truck or not. One additional advantage of waiting is if your vehicle is in an accident, you can just have it repaired and walk away from it at lease-end rather than taking the hit for diminished value that all vehicles that have been in accidents experience. Similarly, if your truck ends up having repeated mechanical problems you can walk away from it at the end of your lease as well instead of keeping a potential problem child and having to continually pay to repair it.
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#248 of 1201 Re: Buyout? Is it smart. [stevenyc]
Aug 24, 2006 (11:04 pm)
Go to swapalease.com and get rid of it. then have a friend who knows how to negotiate cut a better deal for you on a purchase. Then buy him a very, very fancy dinner. You'll be thousands ahead.
#249 of 1201 X3 Lease; Heated Seats Privacy Glass
Jul 23, 2006 (3:37 pm)
I'd really appreciate your assistance with this one. I'm in the midwest, Kansas City region. I'd like to lease a standard X3 with heated seats and privacy glass added.
According to Edmunds.com
I'd like a 39-44 month lease with 12k of miles.
Current posted internet special is 36 month 379 / month. With 3800 up front.
I think 366 / month for the X3 described above is fair with around 1800 drive off total for the lease I'm looking for. Is this realistic? What numbers do I need to present to the dealer in order to make this happen?
Thanks in advance! I appreciate any assistance anyone can provide as I'm a newbie to the leasing world.
#250 of 1201 Re: X3 Lease; Heated Seats Privacy Glass [nebusa_futbol]
Jul 27, 2006 (3:08 am)
Welcome nebusa_futbol. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
Let's say that you were able to get this truck for $500 over dealer invoice. At that price, your 36 month, 12,000 mile per year, zero down, pre-tax monthly payment for a lease through BMW Financial Services would be around $396. I calculated this lease without a capitalized cost reduction because it is in your best interest not to make one. If your leased vehicle is totaled in an accident or stolen and never recovered, your down payment essentially disappears.
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Jul 24, 2006 (12:59 pm)
I put a down payment on an X3 on Saturday to "hold" a specific vehicle. I was told that I could change my mind and get the deposit back.
I am pretty sure I want the car, but don't know if I am getting a good deal. It is in NYC (Manhattan). Of course, I was notified today that the car will land in Newark by this weekend, I have been approved for the lease and I can get the car next week. The price of the vehicle is $39,235. The money factor is .00195. The residual rate is 67%. For a 36 month/10,000 mile a year lease, I was offered $449 month with $3155.08 due at signing (sales tax at 8.375%, down payment of $625, tax on down payment of $52.34, MV fees and inspection $225, and refundable security deposit of $450).
Does this sound okay or have I been a bubblehead?
Jul 27, 2006 (3:31 am)
Hi Babsnyc. The money factor that you were quoted for this truck is right in line with BMW Financial Services' current buy rate for it. This is a good sign because it means that the dealer that you are working with is not trying to mark your vehicle's money factor up to add additional back-end profit to your deal.
I would be happy to share my opinion on this truck's selling price with you, but it would be a big help if you would provide me with its full MSRP first. This will show me how much of a discount you are being given. Make sure to stop by the following discussion for additional information on how much you should pay for this truck: "BMW X3: Prices Paid & Buying Experience".
Prices Paid Forum
#253 of 1201 hey guys, is this a good deal?
Jul 24, 2006 (4:28 pm)
does this sound like a rock bottom deal? please let me know if i have any room to ask them to lower the down payment with keeping the payments the same.
this is what i have been quoted on a base model X3.
Im in Southern California (orange county)
MSRP is $38,395.00 - leasing Cap Cost is $36,895 (includes Floor Mats)
Money Factor & Residula Value:
MF - .00210 (No Security Deposit) Residual - 78% for 24 month lease
$2900 drive off fees
$422.75/month including tax
they also said:
"Remember - the maintanance is included with all of our BMW purchases - that averages about $50 to $60 per month."
not sure what that means.