-THIS IS MY FIRST LEASE EVER
-I live in NC; I intended to title the car in NC.
-I drove to DE to lease a 2016 BMW 330e from a dealership.
-The car was being used as a demo with 2000 miles on it the day I arrived.
-BMW was offering a August 2016 330e specific lease deal with $3000 cash incentive and requires $3000 down (see here: http://www.bmwusa.com/special-offers/lease.2016-330e-Sedan.html).
-MSRP = $57120.00 (all the bells and whistles, every option you can get for a 3 series)
-I have no intention of keeping this vehicle for any reason beyond the 36 month lease term as this is my very first hybrid and even if I like it, I want a more advanced version in the future.
-THIS WEBSITE IS VERY HELPFUL. I used it in advance and while in negotiations.
-I asked for the $4001 tax credit on the car per the IRS website.
-I was then told by dealer that I “do not rate this this tax credit.” Rather, the BMW lease incentive offer of $3000 comes from the e-vehicle tax incentive. So the $3000 is “given” to me by BMW and BMW keeps the other $1001 as I am not buying the vehicle outright.
-I ask for and receive $4000 off the sticker price due to the miles on the car. I should have asked for more, but felt $4000 was about right…they agreed quickly, so may be I could have gotten 6000 off?
-I also am a recent MBA graduate, so I asked for and received another $1000 from a BMW promotion for leasing vehicles as a recent grad.
-The offered me MF of .00360 and no MSD.
-I countered asking for MF of .00100 and 7 x MSD as I have superb credit.
-We all agreed to MF .00120 and 7 x MSD.
-I agreed to pay the $925 acquisition fee, all taxes, misc DOC fees, and down payment up front.
-Since I am titling the car in NC, the tax is 3% only on the leased amount. The dealership, in DE mind you, told me this was wrong, that I had to pay taxes on the gross capitalized cost or sticker price. We argued for a while about this. It was 6pm on a Saturday, so no way to call the DMV to confirm. So the dealership agreed if I could “prove” the 3% tax was only on the leased amount, they would refund upon showing the “proof,” so I had to pay taxes on the whole price of the car (I was not happy).
-I asked for a 65% residual for 12000 miles, they agreed.
Final Lease Terms Summary:
-$4000 dealer cash off MSRP due to the mileage and wear.
-$3000 green car tax incentive applied up front
-$1000 new grad incentive applied up front
-12000 miles a year for 36 months
-MF = 0.00120 or 2.88% APR
-MSD = 7 times or $2800
-Misc fees = $283.66
-Down Payment = $6724.25
-Monthly payments = $367.83 ($13241.88/36)
-Total amount paid = $23124.05
-How did I do overall? please rate the monthly payment achieve and terms. Above average? below? poor? well done?
-During negotiations, the payments always remained above $360. It seemed like the dealership was screwing me with the large down payment to recover other losses in terms. Looking back, $23124.05 seems “high,” but may be I am wrong.
-Am I wrong about the NC 3% highway tax and only being on the leased amount vice the sticker price of the car?
-See the picture below summarizing my lease terms. Did I get cheated anywhere or is this standard? Picture here: http://imgur.com/Yivh8rn
Thank you in advance…