Looking at a 2020 BMW X1 for my wife. Vehicle is a loaner.
MSRP - $42,595
Current Discounted Price - $39,565
Mileage - 810
How do I proceed with this dealer? I leased a loaner through them last year with the help of a broker, but not sure if that person is still able to assist.
Thanks for any help!
This discount is terrible for a loaner. @nyclife has loaner X1 at 15.5% off. Ping him if you don’t want to go thru figuring out all intricacies of good lease deal by yourself.
I now it’s not a good discount. Just wanted to list the info they’ve provided me off of a simply inquiry about the availability of the vehicle.
Looks like current incentives are $750 loyalty and $1000 lease credit.
Ask for their biggest dealer discount before incentives they’re willing to offer along with MF/RV they’re using. Preferably detailed lease worksheet. Confirm MF/RV on Edmunds. See if that deal works for you. Ask for bigger discount if it doesn’t. Move to next dealer if they refuse. Rinse and repeat.
Or, for fastest results, have a target deal in mind you’d be willing to sign before you contact any dealers and just ask them if they’re willing to do it. 10-11% before incentives on new X1, 15-16% on a loaner I’d consider good deal.
Thanks for the info @RustyDaemon.
So, I should continue by asking greatest discount they can offer, along with the MF/RF. Before any incentives are factored in.
Pretty much. Or you could offer them your deal (I’d start with 16% off before incentives with buy rate MF) and see what they come back with.
A quick search shows that’s MF is .00118 and RV is 56-57% on 36/10 deals.
MF seems correct, RV - depends on miles you want. Ask on Edmunds. You should have full RV, this particular unit has mileage too low for RV penalty.
It can’t be range, it’s either 56 or 57 for 10K. Or 55, brokers mentioned 1% residual drop in June from May’s. Need to ask on Edmunds.
No I understand the residual doesn’t fluctuate. I got those to number based on skimming post. However, I submitted my one post requesting MF/RV for the vehicle with specific term/mileage.
Here’s what Edmund’s said.
MF - .00118
RV - 24/15 = 57%
36/15 = 53%
If I remember correctly, 15K → 12K = 53% → 55%, 12K → 10K = 55% → 56%, but don’t quote me on that. How many miles do you need?
Realistically, my wife should be fine with 12k, but she likes to be cautious. For example her current lease is with 17k per year and she’s way under.
Gotcha. Good luck with your search.
Thank you.
First dealer scoffed at that.