I am a first time leaser.
I have an offer from my local BMW dealership in bay area and don’t know if it is good. It is a 2018 new BMW X2 xDrive with following packages included.
Park Distance Control
Harman/kardon Premium Sound System
Total MSRP is $48520
Selling price w/o tax is $ 38700 and tax included is $43334.85
Lease offered is 5k DAS and $413 monthly tax included.
Term is 36/12k
Discount include 5570 Dealer discount and 4250 Customer rebate. I dont have specifics of breakdown.
Is this deal good enough or do I have some more room?
$550 a month all in, I can’t say that seem like a good deal to me but I am no expert on BMW leases.
The car is on inventory for 300+ days but the dealer isn’t budging.
What MF are they using? Need another $1500 dealer discount, IMHO.
The 43k selling price with tax is rubbish. You don’t pay taxes on the whole purchase…
I have to ask about MF. They asked for a credit check before they wanted to give me an exact value and I didn’t let them. This demand was confusing for me.
I am new to concept of leasing as this is my first car in US. How do I calculate taxes for a lease?
In California, taxes are paid on the monthly payment. If monthly payment is 400, taxes are 40 (assuming roughly 10% tax rate). Your payment should be 350 + taxes with minimal drive offs (due at signing)
Where did you pull your 350 number from?? And what exactly are “minimal drive offs”?
This forum is setting my expectations for a deal way too high.
Oh, and do you know the residual? Have you inquired on Edmunds what it should be for 36/12? And what is your tax rate?
Edmunds forums show the residual is 58% for a 2018 BMW X2 for a 36/12k lease term.
How did you arrive at 60%? Is that what the dealer told you? If so, then Edmunds may be off base since the dealer cannot change the RV.
Dealer told me its 60% for this lease.
Interesting… The edmunds thread for 2018 X2s make no mention of any lease period being 60%.
I know the dealer can’t lie about the residual… the contract won’t be funded.
What trim is it? s Drive or x Drive?
I’m honestly not sure if the RV is differentiated on these trims, all I know is I can’t find a 60% residual for either a 2019 or 2018 X2.
They should be trying to push the 2018 X2 hard… if this dealer is not playing ball, you should move on to a new dealer. The taxes bit seems a little weird as you pay taxes on the monthly payment…
Still many holes here you need to fill in, but if I assume 9% tax, base MF of .00188, a 14.5% dealer discount, $4250 incentives, $925 acquisition, and $550 in other fees, I come up with $445/mo with just first month at signing.
It’s xDrive. Edited original post.
You made some good points. I will clarify these with the dealer today, and mostly about how he got this figure and tax amount.
Thanks for the inputs.
60% appears to be for 36/7500.
Okay, I found it strange since OP stated they were getting 12k miles a year?