I’m in Texas and looking to lease an i3 (jealous of all the CA deals!). I walked into a dealer and had them print out a worksheet for me, no negotiating. It is my first lease, so I am learning on the fly. I want to transfer the numbers from the worksheet into the Calculator here, but I can’t get the numbers to even come close, so I must be putting the numbers in the wrong place.
I’m trying to figure out where to start negotiating - price, money factor, ???
thanks!
MF is marked up, base i think is .00152? Other then that, id prob push for more of a discount, 2k isnt much. Whats the breakdown on the 7500 in rebates?
the $7500 is just the federal electric car rebate. The only other one I think I might be able to get is the USAA $500.
Here is the Calculator I came up with, which is now getting closer to the worksheet, but still $37 off:
The screenshot shows $8385.74 DAS minus the $7500 rebate so $885.74 is due from the customer, you have the calculator set to zero driveoff. So take the $885.74/36 is $24.60, so add $24.60 to $544.49 and it equals $569.09. So the your calculator is right, it just gets hard to make it match on these states that get goofy with the taxes.
Get the selling price to $43000 and the buy rate of .00166 on the MF and the payment is going to drop about $130 month, that’s what I’d shoot for. Any Costco rebate on these things? I didn’t think these were a hot item, I thought they would have to give it away. Have you looked on CarGurus to see the age of this unit?
I just asked the sales guy about lowering MF, and he said .00206 was their “elite” rate based on my credit score which is good, around 830. But still seems super high. I can get a car loan at 2.79%.
They are marking it up.
He’s full of crap, buy rate is .00166. You might need to call around for a better deal. If they’ll do $43000 and .00166 MF I think that is a hacker worthy deal, otherwise call some other dealers. Could he get an OL code for this somewhere?
Think you can still sign up for the japan sweepstakes for the 1k OL code?
The link is still out there, I’m not sure how long it takes to get one once you submit it but I’d wait to generate it. Get them ground down as low as they will go on the price and then throw that in at the end, otherwise they will just give you less of a discount.
I think you can generate it now, it is valid for use until 12/31/2018 (at least thats what mine says)
dlastx,
It appears that the MF is marked-up and so, you need to determine the top tier rate (i.e., buy rate) with 0% reserves. I’m betting that joeblogs is right when he says that the buy rate is 0.00166 which is equivalent to an interest rate of approximately 3.98% … still very high. Go to edmunds.com to confirm. If it’s not provided, ask the moderators in the appropriate forum. Also, check edmiunds to see what others a paying in terms of sell price. You can also check truecar to get a very rough but, somewhat inflated estimate.
As for the lease worksheet, this is what happens when either programmers or sales people don’t know what they’re doing. The gross cap is not 46,781.75. It should be 49,178.31 calculated as follows…
Gross Cap = 45,845 + 11.75 + 925 + 2,396.56 = 49,178.31
The Net cap is…
Net Cap = 49,178.31 - 7500 = 41,678.31
The payment is…
0.00227 x (41,678.31 + 27,750.10) + (41,678.31 - 27,750.10)/36 = 544.49
Cash due upfront is…
544.49 + 341.25 = 885.74
There seems to be something missing in the 341.25 figure which is…
150 (Doc fee) + 118.25 (license) + 73 (???) = 341.25
Can’t account for the additional 73 charge. The only other thing missing is the sales tax rate which is somewhere between 6.25% and 8.25%. Texas, as far as I know, still levies sales tax on the selling price. As far as I can tell, the 2,396.56 seems to include the application of a tax credit as the tax would be at least 0.0625 x 45,845 = 2,865.31
There’s no credit they are just rolling it in, @dlatx calculator looks right. It just doesn’t match up because is set to zero drive offs and the dealers deal has him coming up with $885
Yes, the 2,396.56 taxes is capped in the lease. I know that. However, Texas levies tax on the sell price which means the tax should be at lease 6.25% x 45,845 = 2,865.31. This tells me that there must be some kind of tax credit that the dealer made available to the customer. I think Texas allows dealers so many tax credits. See my calculations above… they are correct.
Well regardless it’s not a good deal. I thought BMW kept those, again crap deal
I agree… it’s not a good deal at all.
