I want to know what all these people do that feel financially stable enough right now to go and get a $1000+ per month payment, I think this is the 4th or 5th one I’ve seen posted in a couple days!
4 Likes
New to leasehacking. Got my current lease with no knowledge and likely a piss poor deal
2 Likes
Well, at least you acknowledge that and came here to make it better next time!
make a lot of money and spend it wisely, it’s as simple as that. Make good money, Pay off mortgage, most car leases are written off under businesses expense, invest wisely. Avoid wasteful spending. Some of these are not mutually exclusive.
Or people love to flex even in times like these.
Well that’s the rational answer
This is a very poor choice of car for imperfect credit.
2 Likes
I’m jealous if that’s the case. That Yukon will probably be worth more once everything settles down, people will be looking for cheaper used suv’s as opposed to expensive new one’s, and the M5 competition market will be down so I would say a better deal, I’d wait.
not always the case. With a 650 credit score I would lean towards bottom half of my statement. But I would be judging based on raw numbers. Either way going for a leftover 2019 would be the better option.
Or spend outside your means like 75% of Americans who live paycheck to paycheck and couldn’t come up with 1K in an emergency. This includes 30% of people making over 100K. I can easily afford that payment but would never pay that much a month for a car. Just because you can doesn’t reman you should.
well there’s a difference between can afford and safely afford. I wouldn’t go after a 1k+ car unless you are taking home (after taxes) 15k as a single person no kids or 20k+ as one part of a married couple.
But also as a counterpoint there are car enthuasists who don’t go on vacation, don’t eat out very often and therefore whatever most allocate for that allowance goes towards the car and they can afford to spend that on a car.
There’s multiple ways to skin a cat.
1 Like
No cat with 650 credit needs skinned with a $120k knife.
Period. Full stop.
5 Likes
I regret I have but one like to give.
1 Like
I’ll add one on your behalf.
1 Like
What is your current lease and payment?
I am not sure if you are trying to match some sort of payment because of a bad previous deal and found that you could get a not so good M5 deal for the same price or do you want the M5?
I’m not even sure BMWF would approve non tier 1 right now for an M5.
Who the hell is writing off an M5 through their business? I bet the majority of “business car” write offs are fraudulent. If you read the IRS rules for vehicle write offs you can see that very few business activities qualify. And no, driving to the office doesn’t count.
Yes I’m jelly that people can do this and write off a sick car without worrying about the authorities. I couldn’t sleep at night.
I write my 2019 BMW M5 base model off. Previously had a 2014 & 2016 M5 as well. I’m in High End Real Estate in the LA area, so I am in the car all the time. Brokers I deal with mostly drive Range Rovers. I claim about 75% business use. The IRS treats it the same as renting a copy machine. I have been audited in the past and they can ask you for a daily log of where you drove the car and what was the purpose of every meeting. I keep a daily log in my day planner just in case I get audited again. If you just drive to work and park it all day, it’s a different story. If I couldn’t write it off I would have a much lower payment than the $1200 I pay now. If the OP makes good money and can afford it, why not. BMWFS may require a cap reduction or if you do multiple MSD’s maybe that will make them more comfortable.
Credit scores in the 600s indicate that in the recent past, one’s financial house wasn’t in order. Could be for many reasons. Missed / late payments, divorce, medical bills, short credit history, etc.
Even if the cause of the low score “wasn’t one’s fault,” it still happened. Reality on reality’s terms.
So, I will say with high confidence that anyone who’s been in a less than strong situation recently enough to have a score in the 600s today—that person should not be shopping for cars that cost $115,000.
If for no other reason than it will cost them an extra grand or two over the life of the lease. Is that how financially savvy people behave? It isn’t in my book. I’m no Dave Ramsey, but I’m a little more conservative in my approach / outlook.
As always, one can combine $19.97 with my $0.02 and ponder this over a bottle of Jameson. I’d be happy to pay for half and come along!
4 Likes
with a 650 credit score, I highly recommend building your credit score back up and get a Honda Civic instead of a M5.
1 Like
don’t hate the player hate the game 
1 Like
@ctfind what is your effective payment after write off? So you pay 1200, but you get back X amount making your payment? Always curious how much you actually get back w write off