Settlement for totaled BMW X1 and shopping for new one

Ask the Hackrs
1

Two related questions conflated to one.

6 month-old leased 2017 BMW X1 got totaled in not-at-fault accident (3800 miles, premium package, leather seats, etc). MSRP was $45,145 and sale price $43,200. Lease payoff amount according to BMWFS is $37,304 and the net payment amount to lienholder from auto insurance is suggested at $38,594. Guess it leaves me with $1290. Doesn’t cover the down payment of $3k I made, but it was unwise of me to put down cash to begin with. Lesson learned. My question is, is this a good amount or can I aim higher for the settlement amount? I researched on KBB and Edmunds for comparable SUVs but cannot figure out which number to use (dealer, private party, certified owned, etc)

I’m also shopping for a new 2018 X1 and waiting for some estimates from dealers. Looking for same price range as above, but this time with zero down. What’s a good MF to go with it? I read keeping < 1% from MSRP for monthly+tax is desirable. Is this realistic with zero down?

Thanks in advance.

2

You can probably snag a leftover 2017, especially a loaner, for under 1% w/0 down. As far as MF is concerned…buy rate today is .00156 (3.744). You’re not going lower than that, but dealers could try to raise for additional profit.

3

Thank you, mp11477. I’ll look into loaners too.

4

Any feedback on the insurance settlement? Am I right to assume the excess difference between lease payoff amount and net settlement amount is cash for me? Thanks.

5

Well, it’s good that you know not to put any money down. I would assume you would get the difference in money, and I would also consider speaking to an adjuster if I were you. He or she will give you a professional opinion on if it’s worth hiring them to try and get more money out of the insurance agency. I’d try to find an X3 or X1 loaner and get a nice sign and drive lease!

1 Like
6

Thank you, BoardWalkNJ. Will consider an adjuster.

7

Were are you located?

8

Salt Lake City, Utah