Received a lease offer from a metro Atlanta dealer.
MSRP: 83,815
Sale: 78,815
Trade-in: 23,000
Net cap: 57,966
Residual: 42,424
Money factor: .00220
Annual mileage: 12,000
Length: 36 months
Monthly: 652
First time ever leasing so appreciate any feedback!
First off, it does not make sense to put down the full value of your trade in toward a lease. Unfortunately the X5 does not lease well. You are paying over half the MSRP of the vehicle to lease it for 3 years. You might be better off buying it, or using part of the down payment as Multiple Security Deposits ( MSDs) to reduce the MF.
Edit: even using some of trade for MSDs does not help much. The X5 is just not a good lease. Have you considered an iX instead?
You should never put that much down on a lease unless you have plans to buy it after lease end. If something happens to the car, that kind of down payment or any for that matter isn’t coming back to you.
Think of just 1st payment plus taxes and fees
Wow glad I posted here. What makes the X5 not a good lease?
And you’re saying it would be more financially better for me to buy/finance?
Just buy the x5 instead of lease.
So is there anything I should leverage for financing based on the lease terms I have now?
You show a trade credit amount of $23k - the trade value may be $30k and the dealer is shorting you.
I would use an auto broker listed on here. They are extremely helpful!
I’ve been using Insight Auto. IAC_Scott
The brokers have fees, but well worth it!
Your MF is marked up, so they’re probably going to mark up the interest rate too. You’re effectively getting 4% off. Is this a car on stop sale or one that is not on stop sale? There’s even a big difference in that now.
First find what is your car’s worth below.
2- Don’t pay $1,300 per month for an X5.
You’re basically throwing away your trade money. I would run from that deal
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