Are you city of Chicago or suburb? If you’re downtown Chicago, you’ll pay use tax on your lease in addition to your state sales tax. If you’re suburb, it’s just your state sales tax.
If you are, in fact, City of Chicago, it doesn’t matter where you lease that car in the USA, the tax man will find you and want the same money. In other words, you might save a little more discount buying elsewhere, but the lease will still be terrible. I think Chicago proper residents are still eligible for an Owner’s choice program, which is a balloon finance offer that is similar to a lease. You might save a little more going that route, if it’s still offered.
NYC Life’s offer is for an extra 1% or so discount, but his dealer fee is higher, govt fees are higher, and he is asking for acquisition fee due at signing.
OPs deal is high, yes. However, if he’s a Chicago resident, he pays use tax in addition to sales tax. Running it through the calc, I suspect this to be the case. He’s only putting first, doc and reg up front. He’s going to pay more going to get NYCLife’s car after paying his broker fee, extra in doc fee, extra in govt fees and transporting it back to IL. It’s also less car. If he doesn’t pay more, at best it’ll be a wash.
TBH, I’d do like @max_g said. Unless you just simply want that badge, I wouldn’t even pay the going rate in other regions at buy rate of mid 5s, lower 6s with tax right now. The BMW lease deals are terrible at the moment. This car isn’t 600/mo special.
MF and RV are set by the leasing company. Ideally, you want a low MF with a high RV, in order for a lease to be appealing. Incentives such as lease cash sweeten the deal.
I would strongly suggest reading Leasing 101 to better understand how leasing works: EDITORIAL | LEASEHACKR
Walk away from this deal. Your best bet is to find another non-BMW car that leases better. You can check out broker deals in the “Marketplace” to get an idea of other cars that lease better.
Not really. What about a Genesis G70, Kia Stinger or Acura TLX?
For your current situation and the current market, there really isn’t much more wiggle room. You might get the discount from 3000 to 4000 with some really hard haggling, but with where the BMW incentives are at and your current credit score that only amounts to knocking off around $20-ish per month.
If you’re hard set on getting the BMW, you’ll have to pay.
Once you get past $4,000 appearance packages and the dealer using the standard (not special rates) program so they can juice the rate 100bps vs 40 max, perhaps. Then you just have to work on discount (if any)
Someone’s still buying/leasing them. There aren’t many on the lot at my 4 local dealers. Doing a quick search, very few 2021s remain at this point in comparison to normal years where people salivate waiting for March to come around for the dealer to drop his pants to get rid of them.
