Ladies and Gentlement of the Leasehackr forum. I’ve recently decided to go through some numbers of a lease I currently have and i’m debating wether I should leave the car or buy it out at the end of the lease and keep it … or just take care of the additional miles I went over on (Will have roughly 20k miles over the 36,000 allowed at the end of the lease at 0.28 cents if I prepay) and get rid of the lease in general.
I need help crunching these numbers I tried to use the calculator but I got lost half way through.
I know this was probably the stupidest deal of the lifetime but I just want to know how badly BMW screwed me.
I got screwed on my previous car loan, the dealer sold me the Maserati without indicating it had previous damage that I didn’t find out about until a year later when I decided to trade it in and all the places I took it too low balled me like crazy after finding the it was previously in an accident after the inspection. The highest offer I got believe it or not was from BMW at 23k to cover 37,000 on the loan.
So i’m in the hole for 14,000.
So I decide to just take it and get a lease from them which from this point on I just get lost in the numbers and this where I need someone to tell me how badly BMW screwed me on this deal.
That initial cost of the BMW I wanted to lease was on the lot for a suggested retail value of $79,060.00
So to get a clear picture of everything here are the scans of leasing documentation with all the numbers. Now how bad does all of this look?
So my main question is how bad or good is deal. I tried to get a score from the calculator but got lost along the way.
And second question is, is it more worth it to leave the car and buy it out at the end if the term or basically just end the lease, pay the extra miles, and get out of it?
I know I can’t change anything about it but still want to know… the only thing I left out was the fact that about 14k of the left over loan was thrown into play and factored in…
Well, if you remove the negative equity from the equation, you’re at about $1100 a month equivalent. That’s very high.
It’s hard to really figure out how bad it was without knowing what mf and incentives actually were 3 years ago to know where else they padded their profit. You were at about 10.5% discount, which could be a lot worse, assuming there weren’t any rebates or incentives rolled in, but if that mf was marked up, that hurts a lot.
You got charged .00195 mf which sounds like a fully marked up number, at least compared to what we’ve seen from bmw in the past year or so.
So basically its not a good deal, but could’ve been worse… the biggest thing I got screwed on and last a shit ton of money on was the Mazza. But thats in the past.
I guess at this point I really want to know if I should hold on to it after the 3 years. End up paying around 45k. Or pay roughly 5-6k for the extra miles and just be done with the lease…
I’d start by figuring out what it’s worth relative to the residual value. No point in getting yourself further in the hole by paying way more than it’s worth to keep it.
Yhea that is true… yhea cars with 30k less miles than mine up for sale for just a couple grand over my buyout price. And I imagine in almost a year how big of a difference that will be then.
Yhea rather just give it up and next time check in here before doing something stupid like this deal.
