BMW X1 lease questions

Ask the Hackrs
1

Hello! I am happy to have found this forum. I’d appreciate any feedback on this lease I am considering. Please see details below.

I currently drive a finances 2011 X5. Payoff is 9.8k and the dealer is offering 14.5 for the trade. The equity would essentially serve as money down.

I’m considering a 2017 X1 demo with 3k Miles on it.
MSRP: $44,790
Monthly Payment: $399 (including tax)
Security Deposit: $0
Due at Signing: equity from trade
36 months; 10,000 mi/yr

Zipcode: 06854
Sales Tax: 6.35%

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I ran this through the calculator and realized that the dealer is charging me a markup on MF. Asked him about it and he said this is standard on demos and it’s the only way they can take so much off the msrp. Should I walk away? I’m kind of torn because this does meet the 1% test I read about here but can’t help but feel like I’m being taken. I have great credit too.

Thanks for reading. Happy to hear your thoughts.

2

It’s doesn’t meet the 1% rule because you are putting $4700 down. You shouldn’t put anything down.

3

Thanks for responding. Should I try to find a way to get rid of my current car separately?

4

Yes. What make/model is it? Because the equity is being used as a down payment which is a no no.

5

You can, but not necessary. You can have the dealer write you a check for the equity.

The X1 deal presently is terrible. If you can get it with $1k-$1.5k drive off and the same monthly, then it’s acceptable

6

Thanks. I’m at another dealership. They have a brand new one with MSRP of $45,475 for the same $399 payment if I roll in the equity. Still bad, right?

7

Thanks. It’s a 2011 X5

8

Agreed! No money down have them write a check.