My first lease deal so I probably just got robbed but here is what my wife lease ended up being. I tried using the calculator here & leasematic app but the dealers are fast talking number manipulators. So I probably just got burned if so please explain so maybe the next guy has a better chance.
MSRP $41400
Sales price $ 36302
36 month / 15000 miles
Money Factor .00163
RV: I was told 64 originally but I think that likely changed at some point my head was probably spinning by then
We put $1000 down
Drive out was down payment + 1st month $1453
$453 a month 35 payments to go.
I would like to add this dealer comped the service ticket for my wife’s X3 we traded but kept the cash -$1453 mentioned above. Long story but the $1200 for a parking sensor and wire harness + $500 dent where she backed into my truck. I didn’t know how to factor that into the numbers but added value for us.
The residual should be 63% for 36/15k and there is a $1500 option allowance per the BMW website, so your actual sales price would have been 37802. Also, you mentioned in another post that you are in Texas, and in TX they charge sales tax upfront on the full sales price of the vehicle. So 37802 at 6.25% is 2363 in tax. Since you didn’t pay that much upfront, it’s safe to assume it was added into the cap cost.
When I separate out the $1500 option allowance and add your sales tax to the cap cost, it comes up exactly like you said:
You got an ok discount on the sales price, but next time make sure you go in knowing what lease cash is available so that the dealers don’t lump it together with their discount. BMW makes it easy by putting any lease cash in the fine print on their lease offers section of the website.
The other thing to look out for is marked up money factors. The current rate is .00136, so your dealer has marked it up a bit. In addition to negotiating it down, you can also put down multiple security deposits (MSDs) to lower it even further. It’s recommended to do MSDs (which are fully refundable) instead of a down payment.
Thanks I did ask about the MSD and they told me something about our credit being good so we didn’t need to do that. We were at the dealer for several hours I think they do it to wear you down mentally.
I saw the October MF rate on this website before going to the dealership, I guess they flipped it on me from .00136 to .00163 at some point.
Can you tell me what my monthly payment would have been if I understood the $1500 lease cash better and gotten the .00136 MF?
I really want to understand everything as I will probably do this again.
This was our first time to lease and it was a long day probably should have said we need to think about it and checked with you guys before buying.
My wife loves the car and it felt great driving off with so little out of pocket vs buying.
In the past no matter what we bought we tried to keep our payments at the $400 mark but often had to put a big down payment or surrendered the equity from our trade. So $453 with so little down seemed acceptable. I still want a Jeep for myself so I am thinking about another lease. I will come here first thanks for the info!!
The best way to lease seems to be to do most of it over email and phone. It will take several days or even weeks, but it is done in your free time and in a stress-free environment. That way you can research the details such as the MF and MSDs and also tell the salesperson about them and wear the salesperson down mentally if needed.
If you had gotten the buy rate MF of .00136 it should have lowered your payment to $435.
The $1500 lease cash was included, but it seems that the dealer may have made it appear like it was part of their discount. The only thing you could have done differently is researched that beforehand. BMW makes it easy by putting out monthly lease offers on the offers section of bmwusa.com and when you click on the model you are interested in, it lists the available lease cash right next to their “special price” (you can usually negotiate a price lower than the special at a dealer).
I can live with $648 dollar error on my first lease especially since they took care of our X3 problems too. Thanks for looking at the numbers I appreciate it!!!
We had a sensor go out and the dealer by our house said we had wrecked it or were sold a wrecked vehicle repair was $1200. We took to the dealer we purchased it at and they fixed it for free and she had another area repaired for $500. We sold them the car it wasn’t a lease or involved in the new lease. This was in Houston, TX.
What I meant was we took the majority of the cash from that vehicle so I guess it was involved because the $1453 came out of the trade equity. Basically BMW is mailing us the balance less the $1453.
The X3 wasn’t a leased vehicle.
Like I said my head was spinning and I was starving hungry by the time we drove off.
The wife text me this morning on her way to work to tell me she loves the car so it’s a win for now! Lol!
Another data point confirming you cannot get a good deal in the 5 boros…forget about good, this is a ridiculously bad deal for a CPO (used) car.
Because right after you there is another sucker walking in the door who can’t be bothered to find a better deal 45 minutes away. Also because when someone is budgeting $1,200+ a month factoring in garage parking and insurance, the lease payment may or may not make/break the deal.
