10-10-2013, 01:58 PM | #23 | |
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The rates are standard though (from dealer to dealer, not when comparing to other manufacturers or models), so the biggest way to tell if you got a good deal is the discount. Did you get 5k off with no other credits? You said it's your first BMW, so I'm assuming that 5k is straight negotiated discount, correct? Did you find the invoice price? I'm guessing 71k is right around or right under invoice. If you got that with no credits from BMW NA, I'd say you got a good deal, especially for a brand new model not yet at dealerships. |
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10-10-2013, 02:01 PM | #24 |
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Anyone have the October lease rates for the 2014 X5? I believe from a quote my CA gave me they are still at 61% residual (for 10k miles per year) and .00125, but he has been a little off lately.. Can someone confirm?
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10-10-2013, 06:26 PM | #25 | |
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10-10-2013, 06:59 PM | #26 | |
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The 7k down you mentioned should break down something like this: $832 first month $832 security deposit (unless they waived this for you) 1946 tax - 6.5% on 832 * 36 825 acquisition (bank) fee 300 (ish) dmv and title fees, etc so that leaves around 2 - 3000 (depending on the security deposit) that would be Capital Cost Reduction (down payment). Each $1000 cap cost reduction should lower your payment by around $30 - 35. So, if the rates I've read are correct, 61% residual for 10k miles per year, 59% for 12k, and 58% for 15k with a .00125 money factor, the deal looks about right if you are getting 15k miles per year, and with 5k off the sticker you should be right about invoice or maybe below it with no credits our coupons from BMW. That's a good deal for sure. If you're not getting 15k miles though, something seems off to me. One other thing you should look into if you haven't already is multiple security deposits to lower your rate. I am told they're illegal in NY, but I know people in other states tend to save a lot this way. But again, I would first think about how long you intend to keep the car. Big picture, it doesn't make sense to lease unless want a new car in 3 years. To buy it out after the lease means you'll pay more overall for the car than buying it now. EDIT: I just re-read your original post and what you said about your trade in and I see you already said 12k per year. So my question now is about the 47k trade you mentioned. Are you saying you're trading in a car that they're giving you 47k for? How does that factor in here, do you owe money on that car, if so, how much more or less than 47k? |
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10-10-2013, 07:43 PM | #27 |
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Thanks for the help guys.
12K mile lease I paid $71,739 trade in was 47K even. I owed $41,465.45 on trade which was $5534.55 in beginning equity. (not 7K as I thought) I also paid a $925.00 acquisition fee taxes were $1547.29 Im sure they plugged in title and licensing fees as I bought out of state, but my first payment and whatever they hit me for the day I bought it was $1233.15 The way the paperwork is structured make it difficult to pinpoint everything. |
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10-10-2013, 09:53 PM | #28 |
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are you sure you got the $5k as a discount, or was that the positive equity you had from the trade-in that reduced it to 71,739? something isn't tying out when I try to get to your $832 lease payment. What was the exact MSRP?
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10-11-2013, 02:07 PM | #29 |
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Hey you go guys. It seems I got hit on the first payment twice since they added it to the amount owed even though I paid it on the day I purchased, but maybe not. Also, the rent charge fee seems high. I cant make it all out, but something doesnt add up. Hopefully you guys in the know on leases can figure this out. Its almost like the equity I had in the beginning vanished. A friggin annuity is easier to understand than the structuring on this page. I also noticed there is no BMW letterhead or anything like thses docs were BMW certified, if that even matters.
Once again, thank you guys for your experience on these things [IMG][/IMG] Last edited by Hammmerhead; 10-11-2013 at 02:15 PM.. |
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10-12-2013, 04:39 PM | #30 |
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A friend of mine just did a 3 year lease on a 2014 ML 350 Bluetec. The 3 year residual with 15k miles was
64% No, not kidding. 3 years. 15k miles per year. |
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10-12-2013, 06:49 PM | #31 |
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10-14-2013, 12:59 PM | #33 |
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No. Use www.tinypic.com.
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10-14-2013, 04:21 PM | #35 |
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While I have no dog in this fight, must say I appreciate all the time chrisny is putting in to help you out with this. Its people like him who add real value to the forum.
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10-14-2013, 11:06 PM | #36 |
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thanks darksilkx1.
Ok, Hammmerhead, so now that I'm on my computer, I can see the attachment, must just not have loaded on my phone.. The one thing I don't see is your MSRP. You said 76k+? Did you take delivery already? I'm assuming no since the cars were supposedly just released? The reason I ask is because the current residual for 12k miles per year should have been 60% as I know it, and if I take the residual on the sheet you posted and divide by .60, I get 74,556. If that is about the right sticker price, looks like they gave you a discount of about $2800. If the sticker was 76k+ like you originally said, the discount is more like 4200 including the $750 rebate they have in there. By the way, what was that rebate for? I would say you did ok either way, obviously better if the MSRP was 76k. BUT, if you haven't already taken delivery, make sure they re-run those numbers with the new rates. If your MSRP was 76k, your residual should be higher and the payment should be lower. EDIT: are you leasing through someone besides BMW? The money factor also looks wrong to me. Even ignoring the residual being lower than I would expect (again, based on what we know to be the current rates from BMW), the "Rent Charge" on line F looks too high to me, by about $1700. Last edited by chrisny; 10-14-2013 at 11:28 PM.. |
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10-15-2013, 03:02 PM | #37 |
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Sorry Chrisny. This was a 2013 that I bought this summer, not a '14. I had another "Car" friend check out the numbers and said it all looked good, but the rental charge looked a little high. He did add that sometimes the rental rates are higher with models that are higher optioned. I still dont know if I got a deal or not. One way to look at it is that with everything included (taxes, title, aquisition fee and bank fee and docs fee) this model will cost me just a hair under a grand a month. BUT....with all these BS charges included if I follow through the buyout in 2.5 years the thing will end up costing me just under 80K with all totaled. I wonder if this rig will be worth more than the buyout in 2016????
Thanks again for chiming in Chrisny |
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10-15-2013, 07:59 PM | #38 | |
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10-16-2013, 04:44 PM | #39 | |
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10-17-2013, 01:49 PM | #40 |
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Quick question on Leases and 2014 X5s... would it generally be dumb to put down $15-20k? I hate the idea of large monthly payments (I hate monthly payments in general) so I'd rather put more money down for a lower payment but don't wanna be dumb about it. On our 2011 F10 we leased (ended up just paying it off) we only put like $5k down but the sticker was good so monthly was low.
Thanks for any response... My head hurts when it comes to numbers. |
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10-17-2013, 06:05 PM | #41 |
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The whole purpose of lease IMO, is to put down least amount of money so that your capital is not tied up. The ole finance teacher used to say, "A dollar today is worth than a dollar tomorrow". My two pennies.
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10-17-2013, 06:43 PM | #42 | |
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10-17-2013, 07:48 PM | #44 | |
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If something happens to the car You pretty much losing your downpayment |
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