Thank you all for your replies. Yes, I learned a valuable (and painful) lesson. I like the idea of using a broker for the next deal.
High Technology you’re right about this being a high demand car, or at least it was limited edition. It was the Black Fire edition and I fell in love with it when I saw it. The sales guy said he could give me a couple of thousand off MSRP but no more because of its limited availability.
The main problem I had (so very long) after the fact was the unreasonable MF and the fact that had the $15000 trade in been applied to a cap cost reduction, I would have paid a lower rent charge.
I just didn’t want a monthly car payment, and honestly I thought I would avoid paying interest on the portion allocated to the one pay. At the time I didn’t know “rent charge” meant interest.
Yes, it did raise a big red flag when he said that about not knowing what I was paying in interest. The dealership must have had a big day, because I had to wait a couple of hours to see the finance guy, and it was after 8:00 before I got out. He rushed me through the whole ordeal (I accept the blame) because there was a line of customers waiting to sign their papers also so they could drive their cars off the lot.
This was an emotional buy, and I was so giddy about this car that I allowed myself to be rushed. Plus I didn’t do my homework about leases or money factors. A valuable lesson indeed.
I got 'buy rate on my X3 loaner 3 years ago. If was at a Sonic dealer. Now my local BMW dealer can KMA…their initial deal was full MSRP. It was so insulting I didn’t even counter.
Yeah I don’t even think that kind of mark up is possible, doesn’t make sense.
But for the OP, it’s better you found this site now. Just work to get a deal for this next lease and don’t worry about it. Most of us had crappy leases in the past as well.
If the MF is stated as .00235 on the contract then I don’t think the captive would have allowed an incorrect mark up. Contract shouldn’t have funded? Unless one pays allow Infinite MF mark up.
The point is, he says it states .00235 and the contract was approved by the captive. Should have bounced back.
I do remember two years ago the MF being as high as .00235 marked up to the max, but base but rate was like .00172. I’m going off memory so I may be wrong on the buy rate.
Would it be of any use in taking these lease numbers to the current Sales Manager and ask about the MF used? Maybe as a negotiation tool? Or am I being ridiculous!?!
Only if you want to make the sales manager salivate at the possibility of buying another boat.
This deal is done and in the past. The only thing it should serve as now is motivation to you to be overly educated on every last detail of your next deal.
Yah, I’d assume that either its a case of buy rate was different at the time or there are different rules on one pays or something like that. I’ve always thought bmw was capped at a .0004 max mark up, but no clue if there are exceptions now or in the past.
OP states their credit score was 786 at the time, was that an accurate score or basing it off a Fako score? What would the bump be if they were in fact in a different credit Tier?
