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BMW X3, Car Leasing, SUV
#261 of 1201 X3 Money Factor
Aug 06, 2006 (2:58 pm)
Went to 2 dealerships here in SoCal to purchase a 2006 X3 with NAV. First dealer (Crevier in Santa Ana - which had 30+ X3's - they must be flying off the shelf) would not budge off of .0025 (even though I told them rate set by BMW was .00195).
2nd dealer I went to (Santa Monica BMW - which I have purchased from in the past) said that the .00195 rate is a special buy rate for people who have ended a lease or purchase through BMW FS within the last 3 months.
The non-special rate is .00015 higher to bring the MF to .0021, does anyone know if this is true - especially those of you who have gotten the .00195 rate?
Thanks for your help!
#262 of 1201 Re: X3 Money Factor [gspringer]
by kyfdx@Edmunds HOST
Aug 06, 2006 (6:26 pm)
First-time lessees can also get the .00195 rate.. They just have to make a security deposit. Returning lessees have the security deposit waived..
If you don't make the security deposit, then the rate is indeed .0021
It is a much, much better deal to make the security deposit and get the lower rate.
#263 of 1201 Re: X3 Money Factor [gspringer]
Aug 07, 2006 (10:40 am)
I think the negotiability of the money factor must have a lot to do with geography and supply. Unfortunately, I haven't found any BMW dealers in the DC area who are willing to lease a 2006 X3 for the BMW base rate (despite posts and advice to the contrary on this board). They are all marked up a bit. However, I am finding that the price is very negotiable.
#264 of 1201 Re: A good X3 lease???? [mapperman]
Aug 14, 2006 (3:45 am)
You're welcome, mapperman. Thanks for the additional information. Hmmmm, either you never mentioned this truck;s selling price or you are not being given any sort of discount on it. Always remember that the selling prices of leased vehicles are negotiable, just as if you were financing or paying cash for them. You need to negotiate as low a price as possible for the X3 that you want and then have the dealer that you are working with calculate its monthly payment using BMW Financial Services' buy rate lease money factor.
The allowance that dealers give you for your trade is negotiable as well. It is difficult for me to say whether the price that this dealer quoted you for your Volvo is the highest that they will go. You may be able to get a better idea of what your car is currently worth on the open market right now by visiting the following discussion: "Real-World Trade-In Values". If you do end up trading your car in, it would be in your best interest for you to have the dealer that you trade it in to cut you a check for any equity that you have in it rather than using the proceeds from it as a capitalized cost reduction for your lease. I always advise consumers against making down payments on leased vehicles because if their vehicle is totaled in an accident or stolen and never recovered their down payment essentially disappears.
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#265 of 1201 ‘06 X3 August Lease Agreement
Aug 09, 2006 (10:41 am)
I am new to the world of leasing (I have been studying this as if I am back in school). I hope to sign my agreement in the a.m. – please advise (ASAP) on the following:
MSRP: $42, 170
(PREM, NAV, Heated Seats/Steering Wheel, Privacy Glass)
What was quoted:
Sale Price: $41,000
Upfront Costs: $1,011 (w/ $695 safe lease included)
Monthly Payments: $587
Lease Term: 36 months / 12K mi/yr
Money Factor: .0025
Residual %: 67%
Located in Birmingham, AL
Car obtained from another dealership out of state (transit cost picked up by dealer)
I would like to have a payment that’s right at or below $500 (not nearly $600). I am willing to make a down payment of $1,000 - $1,500. Please advise.
#266 of 1201 Re: ‘06 X3 August Lease Agreement [faithlady]
by kyfdx@Edmunds HOST
Aug 09, 2006 (7:26 pm)
Where to start?
Really...not a good deal at all...
The selling price is nothing special, and they are marking up the money factor the maximum.. I'm assuming that they are charging $825 for the acquisition fee and adding it to the selling price of the car... Doing that, I come up with a price of $552/mo.+tax... If your tax rate is around 6%, then it all figures correctly...
I have no idea what "$695 safe lease" is... Some kind of program to protect you from excess wear and tear charges? If so, it sounds like a profit center for the dealership.
If it were my deal?
$40000 Selling price
$40625 CAP cost (selling price + $625 acq.fee)
.00195 base money factor
Payment = $478/mo.+tax = approx. $508/mo. tax included.
Due at signing:
$508 1st payment
$550 security deposit
$200-$300 title/registration fees.
Approx. $1300 total due at signing.
The current lease program offered by BMWFS is a good one, if you can get the dealer to give you a good selling price, and not pad the finance charges.
Aug 15, 2006 (7:39 am)
I am considering the multiple security deposit program offered by BMWFS, and I am trying to come up with scenarios where I would not get the money back. Anyone aware of what makes this money forfeitable under the rules of BMWFS? In particular, what happens to your security deposit if your leased vehicle gets totaled? Is it totally forfeited similar to any cap cost reduction that you make up front, or does it depend if you owe more than the vehicle is worth?
#268 of 1201 Re: Security Deposit [cargobeepbeep]
Aug 16, 2006 (7:12 am)
I am no expert in this but based on my previous experience, I'd say your money is safe. In the olden days, there were gap insurance to cover the difference if you owed more but these days, insurance company will pay you what it will cost to buy it retail. So you generally come out ahead. I had one of my leased cars totalled a few years ago and I ended up getting a couple of thousand back from insurance. They accounted for retail price, tax, registration, etc..
#269 of 1201 PLEASE HELP
Aug 24, 2006 (1:17 pm)
DEAR CAR MAN:
I AM IN THE MIST OF TRYING TO WORK OUT A DEAL ON A 2006 X3 ...MSRP 38,570... 36 MONTHS, 12 MILES A YEAR, 2000 TOTAL OUT OF POCKET, AT 431.81 A MONTH, THEY SAID IF THEY CAN'T GO LOWER BECAUSE THEY WOULD BE LOSING MONEY...WHAT'S YOUR TAKE
Sep 17, 2006 (3:38 pm)
Hi jsay. You really need to find out the selling price of the truck that you are considering leasing. This is a very important number for consumers to know because without it, it is difficult to tell how much of a discount you are being given on the vehicle that you want. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If you find out the selling price of this truck I would be happy to give you my opinion of this lease.
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