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BMW X3, Car Leasing, SUV
#603 of 1201 Buying my X3 at the end of my lease
Apr 27, 2008 (6:12 am)
I'm coming to an end of my 2005 X3 lease term in July and the dealer gave me an option to buy the car for $25,600 but I checked on Edmund for the TMV value of my car I found the following:
Trade in: $20,766
but is this price for a Certified car (included the extended BMW mantainance up to 100,000K) or is it not?
I'm thinking to negotiate the price from $25,600 to $21,000. Do you think it's reasonable? I figure that I'll need to pay $1800 for the extended mantainance and $1000 to replace the tires (some issues with the tires ever since I took the car out for the lease).
Thanks so much for your advices! This is my first lease so I'm still a bit unfamiliar with how leasing work but I learned a great deals from Edmund's leasing section and the forums.
#604 of 1201 X3s Last November vs. Now, Ouch!
May 07, 2008 (5:57 am)
Where's this recession I've been hearing so much about?
Leased an X3 with CT Tax included in November on a $44,250.00 MSRP for $418/mo with $1806 out the door. 10K miles yr/ 24mo lease.
Now getting a similarly spec'd out X3, even from a Jersey dealer seems to be running in the $490. range with similar out the door costs.
What has changed? Are the residuals now more realistic? Anybody have any experience with BMW Finance extending the 24month leases an additional year at lease end?
#605 of 1201 GM knows about my X3 lease ending
May 12, 2008 (7:42 am)
Shocked to receive letter from GM offering me $2,000 to pay off my X3 lease if I buy a GM product. Week later receive letter fom local GM dealer "assist me in paying off remaining lease payments incl early termination." I thought BMW Finance was private - how did GM do this?
#606 of 1201 Re: GM knows about my X3 lease ending [heinzer]
by kyfdx@Edmunds HOST
May 12, 2008 (8:12 am)
I got the same thing on our lease that's up in November..
My guess? State DMV records are public. They look for vehicles owned by BMW FS, and then send a letter to the person/address under who the vehicle is registered.
I'm positive they didn't get the info from BMW.
#607 of 1201 Re: GM knows about my X3 lease ending [heinzer]
May 12, 2008 (2:30 pm)
They can probably get that information from credit bureaus. Kinda how Capital One likes to slam people with junk mail on a daily basis.
May 18, 2008 (12:28 pm)
I just started my search and negotiations for a new 2008 X3. I plan to lease the vehicle for 24 or 36 months. Below is the quote I received from a local dealership. When I run the numbers through an on-line lease calculator, the payments come out about the same (i.e., $639) vs. $641. However, the on-line calculator monthly payment is inclusive of taxes. The the dealership's quote is $641 + $53 taxes for a monthly payment of $694. What am I missing? What is causing this $54 per month difference.
Also, the money factor seems unusually high (7.18%). I am a first time BMW customer. However, I have great credit. Any advise? Before I start negotiating price and such, I really need to understand how to calculate the lease payments. Are they hiding fees or trying to over charge me for the vehicle?
Lease for 3 years and 10,000 miles per year
2008 BMW X3, $1,195 total cash including drive-off, $641 per month plus tax.*
MSRP is $47,600 - our prefered Internet price $44,989 plus tax and fees*
Silver Gray Metallic Exterior
Gray Nevada Leather
Steptronic Automatic Transmission
Heated front Seats
Dark Ash Wood Trim
*Offer on approved credit, valid through Internet Sales Only until 5/31/2008.
The money factor used is .00299. The residual value is 65% or $30,940.
I live in LA, California. The sales tax is 8.25%
#609 of 1201 Re: What am I missing? [justwntd2know]
Jun 04, 2008 (3:07 am)
Hi justwntd2know. The following Edmunds.com article shows how monthly payments for leased vehicles are calculated: Calculate Your Own Lease Payment.
The two most important numbers to focus on when negotiating a lease are your vehicle's selling price and its money factor. These are the two main profit centers for dealers. Shop around and negotiate the lowest possible selling price on the X3 that you want. I would not be surprised if you were able to negotiate a price that's fairly close to dealer invoice in the ultra-competitive Southern California market.
Once you have a price that you are comfortable with, have the dealer calculate your truck's monthly payment using BMW FS' buy rate lease money factor of .00240 (with the payment of a security deposit at lease signing).
Prices Paid: Buying & Leasing Experiences Forum
May 18, 2008 (5:08 pm)
Marking up the money factor on you. The base MF for an X3 for a 15,000 mile per year lease is .0025
#611 of 1201 Re: They Are [nyccarguy]
May 19, 2008 (7:16 am)
Thank you. Where can I find a benchmark for the money factor?
#612 of 1201 Re: They Are [justwntd2know]
Jun 04, 2008 (3:11 am)
Hey justwntd2know. BMW FS' buy rate lease money factor for the '08 X3 is currently .00240 for first time customers who pay a security deposit at lease signing. BMW will waive its security deposit requirement in exchange for a .00015 money factor increase.
Prices Paid: Buying & Leasing Experiences Forum