Agreed. I’m just wondering should I pull the trigger for 2018 now or wait until fall when 2019s come on discount. Don’t have loyalty so it’s not gonna be as good a deal.
Or wait 7 months to get college grad
Definitely more of the former than the latter. With loaners it is SOO case by case. The car has to be right, the dealerships pricing model has to be aggressive and you’ve got to get lucky enough to get paired up with a top performer that has more pull with upper management. They don’t typically help the Joe Blow salesperson that got some random internet lead (or phone call) as much as they’re willing to help the guy that’s on top of the board every month for the last 4 years.
New car? I’ll compete all day. But loaner…it’s gotta be the right car at the right dealership with the right client advisor and on the right day.
3 Likes
Not sure why you wouldn’t reach out to me directly after seeing I was @dukez CA and considering my reputation here.
2 Likes
If you’re within 6 months of graduating, you’ll qualify for the rebate. Shouldn’t be that hard to get an advisor to help you set up a graduation timeline. If you’re close to 6 months, work with your advisor to figure out a hypothetical way to condense that window. You don’t have to actually graduate in 6 months— you just have to have a plan showing you could with a graduation date.
If you want the best deal at Murrieta, it 100% has to be through Dave.
If you’re using a projected graduation date though (versus simply having a degree already in hand) they will review your transcripts thoroughly and I believe you also have a grad date set. They underwrite the college grad program with a microscope, especially the credit history. If you’ve got one derogatory account (ever) it’s an auto decline with no exceptions.
Oh and of course all MY18 lease support ends this month so there’s that too.
OK so let’s say I adjust you down on the mileage so you’re around a 10K MPY price - that comes to about $600/month for a 62K loaner. Not great to me. You’re asking for feedback right?
Things you can control:
MSD: You don’t want to do them
Term: You don’t want to do 24 months
New 2019: You didn’t want to talk to BMW Dave, but it would have given you similar discount on MSRP plus you could possibly do CVRP or BMWCCA
Rebates: Not sure what you qualify for and if you have OL Code or something else
The monthly numbers I have seen on here have certainly been better than $600/month.
1 Like
Wait can you explain that more? I am super curious what that all means. Someone in BMW financial goes over your transcript to be sure you can actually graduate in time? And because you haven’t graduated, you’re seen as higher risk so they’ll ding you if they find a single bad account? Wow. I am glad my wife did her MBA and a copy of the diploma was all they needed haha
Yes they go through a much more stringent underwriting process and it doesn’t matter if you have already graduated or are about to graduate. Everybody has the same qualification requirements which are:
- You have earned an undergraduate, graduate or associate’s degree from a U.S. accredited college or university within the previous 24 months OR you are eligible to graduate within the next 6 months and have a verifiable offer of employment
- You have at least 6 months of credit history with no previous derogatory on any credit lines.
- You have a debt-to-income ratio of 20% or less.
- You can provide a copy of your diploma or your official transcript.
- Security deposit will be waived unless stipulated by credit.
Oops. I forgot about this last part.
Regardless, IMO, if you’re enrolled and close to graduation (with a job lined up, per the above), it’s not hard to have a counselor set up a grad plan with a graduation date. BMW (or any manufacturer, for that matter) isn’t gonna call you up in 6 months to check and see if you pushed your graduation date back in an effort to claw back that $1k. I pushed mine back twice (had a job before graduating) and had no issue qualifying many years ago. Helps to have excellent credit, but other than that, there’s not much else for them to check for.
Anyhow, just thought I’d share that as an FYI for those who are close to graduation but are on the fence about whether they’re within 6 months or not.
Every 1k in msrp doesn’t necessarily add $30/month. Every dollar in cap cost adds or subtracts ~30, you are confusing the two
I do appreciate the feedback and your time, But you need to also consider the details if you’re comparing two separate peoples leases. Needs to be apples to apples (msds, tax rate, yearly mileage). You’re just comparing total payment with msrp.
Most Leases I see posted here don’t include tax in the figure and are at 10k a year.
I’ll ask about the 24 month lease to compare the two.
I’d youre looking at it as a monthly payment in relation to total selling price, Take that $600 and subtract 50 for tax and subtract another 30 if I do msds. I’m at 520 pre tax a month at that point with 0 DAS on a 62k car.
That’s 520 vs dukez 470 and he had a OL code with some other rebates and his car was 2k less.
Still Good , bad? If I’m missing something let me know. I just think it’s important to compare two deals on similar terms and fine print has to be the same.
Agreed. I’m just doing ballpark range that I’ve noticed when comparing same terms on different msrp cars. The RV will make a difference in the exact amount.
Correct me if I’m wrong but your car was 60 k and selling price was 53k including the OL code.
That’s 12% off with OL code and 10% off with out, correct?
Hey Dave
- I see your point. Im guessing a 24m loaner would be better than 36m new? The new obviously gets 2500$ in extra EV rebates.
- Anyways, Im doing weekend mba for past 2 years, technically 13 months to go. Im already employed, so having a letter in hand isn’t an issue, not sure how to convince someone Im graduating when, although I can stack enough credits next sem to graduate. Credit history last 10 years without issue.
OL Codes are worth $500. The other $500 is from dealer profit which there shouldn’t be any of for members on this site. I’ve said this many times on the forum. If a dealer tells you that they’re giving you $1000 for an OL code, that just means that they were holding onto $500 that they didn’t want to give up until that moment.
If you are hunting for a commuter in socal. I highly suggest look for one with Driving Assistance Package Plus for the Traffic Jam Assist.
love my 530e and gets me 42mpg. That’s the only option I regret not getting.
100% agreed, but its hard to find that package on a loaner, unless its loaded at 60k + msrp .
1 Like
More like 65k before you see DAP II on the car. Most fart cars are 55k-57k.
I still can’t believe we have to pay for that silly gesture control iDrive
Discount was 12%. Car MSRP was just over $60k but I rounded down. I negotiated as high as 15% with non-local dealerships.
Case in point!
My wife can’t get over how fun the gesture control is, haha.
1 Like
I found that most dealers were not willing to go much over 15% off on loaners. That being said, with an OL code, I was able to get 15% off on a new 2018 last weekend.
The main problem I see with a 15% off loaner is that you don’t get any of the after purchase rebates which in my case will be $3,166 (~$88/month).
1 Like