2017 BMW i3 REX 12k/24 mths. One Pay $1303 or 54.29/mth - NJ/NY

nj
bmw

#1

Update on 02/06 : Thanks a lot to @blablabla who made a generous donation after getting his i3. He put a very generous value for my efforts and donated $300 split between this site and my supported charity.

I am not expecting anyone who got this car to do the same amount but if you feel that this site and my post helped you in any away, please donate to this site on https://leasehackr.com/donate/ which will help this site stay up and have us all get together to keep hacking such deals. All amounts whether small or big are equally appreciated as this site don’t generate any revenue from Advertising. Kindly visit the link below and drop a line of appreciation to @blablabla for his generous donation.

HN.

Year, Make, Model, and Trim: [2017 BMW i3 REX]

MSRP: [$49,995]
Selling Price: [$43,200] 13.59% off MSRP.
Rebates: $13,000 [$7500 iCredit, $2,000 lease cash, $2,000 BMW Loyalty, $1,000 Buildout Cash on 2017s only & $500 Fleet. ]
Trade-in: [$0]

Months: [24]
Annual Mileage: [12,000]

MF: [0.00172] derived by 0.00152 add 0.0005 to remove Acquisition Fee less One pay discount 0.0003
Residual: [63%]

Security Deposit: [$0]

Total Due At Signing: [$1303 One Pay] + $330 NJ DMV + 97.5 NY Doc fees, tire fee 12.5 and NY Inspection sticker for $10.

Total out of pocket $1731 as one pay.

Monthly Payment (incl. tax): [$0]

Zip Code: Anywhere in NJ
Sales Tax Rate: [0%] The only time I ever felt something to be cheaper in NJ

Leasehackr Score: 60.5 years

I want to thank each and every forum member who posts here to motivate me get this deal. I was in the market for a car to replace my aging G35 which my wife drives for last few months and shopped multiple brands from Infiniti, Mercedes/BMW loaners but decided to get this car as she wanted a smaller car which was safe for mostly around town duties and i3 checked all lists.

As I always suggest to other members I never stepped foot in the dealership till pickup time and this time went little extreme by never seeing the car in person on the day of vehicle pickup.

The biggest problem with finance manager was that after all my negotiations and rebates the adjusted cap cost was lower than the residual value. He however made adjustments and it all worked out in the end.

@ConnecticutCarGuy Your i3 deal was what got me interested in an i3 to begin with and when I looked at the numbers I knew right away that I can get this car below $100/mth but it turned out to be much better as we see now.

Update - I am getting a lot of PM’s if this can be replicated. To all my (desi) friends from NJ/NY who are constantly PMing me, Yes its very easy to replicate it. Do as per below to find the car.

  1. Find the car with Cheapest MSRP that meets your requirements.

  2. Negotiate the best possible discount off MSRP. Ask for 15% off so the dealer starts at 10%. Ignore the dealers who quote any less than 10% off.

  3. Make sure this deal is for people registering in NJ as the state doesn’t charge sales tax on Electric Cars. The 13K in rebates is also tax free and saves a lot.

  4. Don’t pay acquisition fee instead take the higher MF. I have tried combination of 24/30/36K miles and the 24 works out best. Don’t waste your time calculating it again. The residual of 10/12K at 24 months is best.
    I could have saved around $20 bucks more doing a 10K lease with a LeaseHackr Score of 89 Years but I needed more miles as I am trying to get from 3 cars in family to 2.

  5. Buy the car from NY as you have to fight one less battle to negotiate the Doc fees (not that I ever pay it whether its NY/NJ/CT and I have bought or leased in all 3 states) and it sure can be negotiated out but wasting time on that is not worth it.

  6. The dealer I bought the car from had this last 2017 and was in upstate NY where there is no charging infrastructure and no one bothers with EV.

  7. The discount that I got was little tough to get but getting around 11% was very easy so you need to work hard for those last 2 points.

  8. Don’t ask the sales person that you want this car for 50-60 a month. He will laugh at you and hang up. Just ask for the discount of MSRP and go slowly with them. No need to mention the exact amount of rebates either. If they know you will be using 13K in rebates they are reluctant to discount it more.

  9. Finally, enjoy the look on the Finance Managers face when he/shetakes that one pay lease amount and congratulates you on the deal.

If you still have any more questions do let me know.

HN.


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#2

How is this even possible?


#3

I thought I explained it all clearly above how it is possible.

If you have any particular question do ask them.


#4

This is a spectacular deal, but that car is just to weird… What’s it like to drive?


#5

okay, if you are prepaying, what is the finance charge applied to?


#6

The design certainly grows on you and design is an individual perspective.

Driving it is like no sports car but the rear wheel drive i3 is pretty fun to drive. I only drove 50 odd miles from dealership last night but its still a BMW. They do have that little bit of character but its still too early to comment on driving dynamics.


#7

Just because you are prepaying doesn’t mean there is no MF. BMW still charges you MF so there will be some finance charge but the key in this deal is to get maximum off MSRP and to get most incentives.

I didn’t qualify for military or recent Grad rebates, imagine what it would do to the payment with that applied.


#8

they probably would have to pay you to take the car.


#9

@HN308 I know you’ve contributed a lot to these forums and I’m not questioning you, but the numbers don’t add up. I’m guessing the dealer messed up somewhere and BMWFS might reject the paperwork. From my calculations, rent charge alone should be over $100/month. Also, how can tax be $0?

**EDIT: Just saw your last edit. That explains the tax portion.


#10

@Jon
You are a pro at this but I don’t know where you get the rent charge of $100 bucks when my Adj Cap cost is less than the residual.

The tax is NJ is 0 as the state have made electric cars tax free to promote them like other states do it through rebates.


#11

$110 330e’s

$54 i3 REX

Who’s going to be the one to get a $25 i8 next??


#12

@HN308 Even if adj cap cost is lower than the RV (which I think might be another issue with BMWFS), there is still a rent charge. Rent charge = (adj cap cost + RV) / MF, which comes out to $106/month.


#13

Hmm, maybe the dealer is applying some of the “extra” rebates (since the adj cap cost shouldn’t be lower than the RV) to cover some of the rent charge? Again, I don’t know if that would be possible.

Either way, great deal.


#14

The finance software is smart enough not to allow adj cap cost to be lower than residual and I knew it going in to the deal ( from the $110 BMW 330e loaner thread) and had a solution lined up.

When the finance guy started struggling with the software saying the numbers don’t add up, I knew right away what the issue was and pointed it to him. Than I suggested he decrease the rebates to 11.5K from 13K or increase the sales price by 1500 so cap cost was 15 cents more than the residual.

By doing so the one pay increased from $1303 to $2603 but he said that I only owed $1303 and even gave me in writing that the one pay lease is paid in full and no more payments are due till disposition.

He was saying getting that remaining 1500 rebates from BMW directly as they were for fleet and build out or something on those lines.

I knew this would happen so I was not shocked when the issues popped up. I spent 5 mins with the sales person and 4 hours with the finance guy.


#15

This is not only how to hack a lease, but the ideal way to write up in detail how it was done. Great job.


#16

I agree with previous poster, great hack and excellent write up. I am curious what the 10k RV is if you have it.


#17

One point more to 64% but with such low numbers 1 point is a difference of 20/mth and $480 odd over the life of the lease.


#18

thanks
Will try to replicate
I guess price would be $83 extra per month if don’t qualify for BMW loyalty


#19

That is a great lease. Can you clarify what the $7500 iCredit and $1000 Buildout Cash? Is this regional? Thanks.


#20

The Federal tax rebate for electric car is $7500 which BMW passes back to customer as a credit which is a national offer.

The build out cash can be local to NY tri state area but all the dealers I asked it from were ready to give it. Just ask for it from your local area dealers and if all of them say no you get the answer.