Hi
I don't have a good grasp on concept of lease and trying to see if this is a fair deal for this car:
05 545
premium sound package
sport package
negotiated price is: $59030
36mos lease 1200 miles per year ( I don't drive alot )
62% residual
money factor is .0014
down payment $2000
monthly payment $769
trying to decipher this info....if anybody could help, the advise will be greatly appreciated!!!
Mahalo (thanks in Hawaiian)
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| Reply » NuB Question 545 lease question |
Quote: Hi
I don't have a good grasp on concept of lease and trying to see if this is a fair deal for this car:
05 545
premium sound package
sport package
negotiated price is: $59030
36mos lease 1200 miles per year ( I don't drive alot )
62% residual
money factor is .0014
down payment $2000
monthly payment $769
trying to decipher this info....if anybody could help, the advise will be greatly appreciated!!!
Mahalo (thanks in Hawaiian) | Get the money factor down to .001 which is the buy rate and you will be good on the lease. make sure you are not paying more than $1800 over invoice, including "dealer fees". The dealer needs to print the invoice as it varies if there are MACO and training fees in differnt parts of the country.
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| Reply » NuB Question 545 lease question |
That's a great money factor!! The new 3 series is .032! They likely won't negotiate it though, nor the residual - they're set by the lender. The price of the car is all you can bargain on and with that high a residual, you'll have to get them down 1000 just to save 400 (plus tax and interest), so don't sweat it too much. Save your down payment, with that good a rate, why give them your $? You aren't saving much interest.
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| Reply » NuB Question 545 lease question |
Quote: Hi
I don't have a good grasp on concept of lease and trying to see if this is a fair deal for this car:
05 545
premium sound package
sport package
negotiated price is: $59030
36mos lease 1200 miles per year ( I don't drive alot )
62% residual
money factor is .0014
down payment $2000
monthly payment $769
trying to decipher this info....if anybody could help, the advise will be greatly appreciated!!!
Mahalo (thanks in Hawaiian) | You numbers do not add up. 12K miles residual value should be 61% not 62% (10K mjiles). It is not clear also what $2000 down payment means. Is it a real down payment (a.k.a. cap cost reduction) or we are talking the total drive-off cost. In NYC area the good price for car like yours would be $58,000 but market may be somewhat different in your neighborhood. In any case insist on .00100 MF. They are trying to mark it up 40%.
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| Reply » NuB Question 545 lease question |
Also don't pay more then $625 for the lease acquistion fee. That's the buy rate. The dealer can mark it up $200.
Quote: | You numbers do not add up. 12K miles residual value should be 61% not 62% (10K mjiles). It is not clear also what $2000 down payment means. Is it a real down payment (a.k.a. cap cost reduction) or we are talking the total drive-off cost. In NYC area the good price for car like yours would be $58,000 but market may be somewhat different in your neighborhood. In any case insist on .00100 MF. They are trying to mark it up 40%. |
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| Reply » NuB Question 545 lease question |
Ask for the 0.001 MF. That is the going rate on 545is right now because BMW is trying to move these cars out to make room for the new 550is coming in the fall.
The fact that you are in Hawaii might make things, in general, more expensive for you (and the dealer) so it is tough to say. Numbers we give you here will be based on continental US stuff.
I am attaching a PDF that gives you MSRP and Invoice (wholesale) numbers for your car so you know EXACTLY what the dealer is charging you and you know EXACTLY what the dealer profit is.
$625 should be the acquisition fee as already stated. Any more and it is profit for the dealer. Usually, this fee is included in the CAP COST of the car. CAP COST is the final number used to calculate what your montly lease payment will be.
If you are leasing from BMW for the first time, they will want a $750 deposit.
Also, I believe BMW has a deal going right now where you get one lease payment waived (i.e. BMW will pay for it). Ask about it.
If you are putting very minimal miles on your car, get the lowest mileage allotment you can. I think someone mentioned 10,000 miles? This will increase your residual.
Basically, what you are doing is renting the car for 3 years from BMW. The base price of the car minus the residual is what you pay for the car over the 3 years...plus interest of course.
Good Luck!
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NuB Question 545 lease question