11-18-2014, 02:27 PM | #1 |
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Please Double Check My Lease Before Order Place
Can you guys look at my lease deal below to see if monthly payment ok with respect to other numbers before i order.
Thank you MSRP $64225 Selling price $60725 MF .000129 Residual %59 36 months/10k Sales tax $2217.91 Acquisition $925 With 7 MSD's Drive off $1200 No money down @$811 a month |
11-18-2014, 03:54 PM | #2 | |
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- whats your sales tax rate? It looks to be somewhere around 7.6% - what's the invoice price on your build? - besides the selling price and acq fee, what else is being rolled in? - are you sure MF is 0.00129? That was the october MF, this month it is 0.00130 and after 7 deposits that puts it at 0.00081 When I put in the selling price and acq fee for the cap cost at 0.00081 MF and 7.6% tax rate, I'm getting a payment of around $796/mo. I'm assuming some other fees are being rolled into the lease but I need to know what those are and your exact tax rate to verify. My comments: - where is your selling price relative to the invoice? I would aim for no more thank 1K over invoice if possible. - acquisition fee is marked up by $200; try to get it down to $725 - check the MF Overall it looks like a solid deal but if you're in a competitive market, I think you can do a little better.
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11-18-2014, 05:25 PM | #4 | |
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Total capital cost is 60,725+925+2,217.91 tax=$63,867.91 Your right, they said MF is .00130 But MF after 7 MSD's is .00088 does not match up. I put a total down payment of $1,196.08, included first payment and T+T+doc fee. |
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11-18-2014, 07:11 PM | #6 |
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Base MF = 0.00130
7 msd = 0.00049 reduction Final MF = 0.00130-0.00049 = 0.00081 Anything above 0.00081 with your deposits means they are marking it up.
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11-18-2014, 07:12 PM | #7 | |
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11-18-2014, 07:16 PM | #8 |
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Does Haris' app include MSD option? If so, please get his app, it's extremely valuable and the information it provides is very clear and easy to follow. Get a copy of your invoice (advertised invoice) price from various sources and compare against edmunds or truecar. I cannot comment on MSD since it is not possible in my state, but others have more experience. All I wanted to say is, get the leaseomatic app!
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11-18-2014, 07:19 PM | #9 | |
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Ok I got it, even though you are putting 7 MSDs they are only giving you credit for six. 0.00007 x 6 = 0.00042. Taking that off the base MF gives you 0.00088. This means that they are counting one of your security deposits as a real deposit. This is usually waived if you have bought/leased from bmw before. Also the advertised lease specials waive the mandatory security deposit. I would bring this up with them, say that 7 MSDS should reduce it by 0.00049, not 0.00042, and if they say 1 deposit is required then point out the advertised lease deal which does not require a sec deposit.
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11-20-2014, 02:36 PM | #10 | |
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11-20-2014, 02:42 PM | #11 |
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Nice, $324 back in your pocket .
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11-20-2014, 02:49 PM | #12 |
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"Mistake" lol.
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11-24-2014, 08:48 PM | #15 |
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MSD = Multiple Security Deposits
This applies to leasing. There is a primary security deposit which is often waived in advertised lease specials or if you are a returning bmw customer. Beyond that, bmw and several other car companies allow you to pay some more security deposits which will help lower the interest rate. A security deposit equals your payment rounded up to $50. For bmw, each one reduces your APR by about 0.17% and bmw allows up to 7 deposits, so you can reduce your interest by up to 1.2%. All security deposits will be returned upon lease end less any excessive wear and tear. MSDs can help lower the payment by a good amount and is a great option to consider if you have the extra cash and can wait 36 months to get it back.
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12-01-2014, 09:58 AM | #16 | |
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