Just signed a BMW 330i loaner with 4300 miles. Without my negative equity, here is roughly the numbers.
Selling Price w/o Incentives: $36510 (18.4%)
Monthly Payment: $338
Drive-Off Amount: $1250 + $1800 MSD
Annual Mileage: 12000
MF: .00128 before 4 MSDs
Incentives: $1000 lease credit + $750 conquest + $1000 college grad
Leasehackr Score: ~11.4
Leasehackr Calculator Link: leasehackr.com/calculator?make=BMW&miles=12000&msd=4&msrp=44760&sales_price=36510&months=36&mf=0.00128&dp=0&dealer_fee=85&acq_fee=925&taxed_inc=2750&untaxed_inc=0&rebate=0&resP=60®_fee=500&sales_tax=9.25&demo_mileage=4300&memo=&monthlyTax_radio=true
With my negative equity, $3600, my actual payment is $449 (for the 1% folks - still right there) - sure not great but still very good IMO (LH score 8.7):
To add more perspective to the deal. They gave me $1200 more for my car than Carvana offered. The registration for it was due in a month ($530), and it needed new tires within 4 months. So, you can think of my effective DAS as $0 (besides MSDs) if you consider I was about to have to pay out $750 for tires and $530 for the registration. I only did 4 MSDs because I wanted to stay at $3000 out of pocket. Also 4 MSD offered a slightly higher ROI of 28% vs 27.4% with 7 .