Congrats on the new ride and thanks for sharing with the community!
how did you get 10500 in rebate?
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did you really give them nearly 18k down on a trade in… or did they cut you a check?
i saw 714/mo sign and drive and it looked like a unicorn until i saw the trade - can you clarify?
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14% off is sweeeet. Congrats!
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I got ~$18k for my trade in, used about 3k for taxes and the remainder as the net trade in allowance. Did I put in the numbers incorrectly?
$9900 by BMW, dealer gave another $1k (not counting the $4k discount off MSRP the dealer provided) I believe it’s line “OL” on the paperwork which I found on this site at Instructions on how to get a BMW OL incentive - Ultimate Drive Events UDE
There’s no way to get it to $714 in that case. I ran the numbers with $8,750 of equity, assuming $500 for doc. and $250 for reg.
The MF was marked up, so it’s really a 12% discount, but if you “used” $3,000 for taxes and the rest of it as applied equity, your discount was far lower.
It matches with 5% off and the marked up MF (really 3% off):
OP what did you trade in?
Where are you getting $8750 of equity?
I had 17868.96 in Net Trade In Allowance of which $3012.19 went towards taxes/fees leaving $14856.77 for the trade in.
How much equity were you being given from outside places?
I plugged in a number to get the numbers to match based on the discount you said you got. I can’t see the contract, because despite paying a broker fee every month, that doesn’t give access to SIGNED!
If you applied all the equity, this is the matching calculator (the second one I posted), and it wasn’t 14% off or even 12% off.
You don’t have that pen function?
Nope, pretty crazy, right? It’s not that often I need to look at signed, but it would be helpful in situations such as this to be able to provide some guidance.
Congrats on the car! Love the IX.
If you actually had $18k in equity from your trade that all went into this deal, you essentially made a down payment of $15k. Which means your discount was way lower than what they told you it was.
To avoid confusion, its always best to treat the trade in and the lease as separate transactions. The dealers like to fudge the numbers, and this gives them more to play with.
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I have seen the contract! It’s 3.91% with 30 points of rate markup or approximately 2.5% with base MF.
Although, it seems like they were very generous on the equity for the X5, so let’s keep that in perspective too…unless there was a massive down payment on that car as well.
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unless a check was cut (which seems unlikely) my man paid MSRP for the car.
Thanks! It’s been great so far.
The discount was off MSRP which was $10900 in rebates from BMW and $4000 from the dealer. Original MSRP $102750 - Price of vehicle $98945 - Total Retail Purchase Price $88045
The total payments is what I look at - doesn’t really matter if I put $0 down or 100% down, it’s just a cashflow + interest question. I used the calculator to run a bunch of scenarios. Using this breakdown I’ll be at $43.5k over 3 years - so ~$1210/month. I could have gotten the total payments lower by using the 7 security deposits or tweaking some other variables but I wanted to be under $45k and this worked.
We’ll see where the values are in 3 years and whether it makes sense to buy/sell or just return.
Let me know if I’m not thinking about this correctly.
Should I change the deal online? I don’t want to misrepresent it or misunderstand it! Did I get a bad deal here?
They would have cut me a check but I used it to lower the total cost since it brings interest down.