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      09-07-2014, 12:35 PM   #1
jspdr
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Lease Contract Sign Need Advice Please.

I have been searching but not able to find any similar thread. I will soon be signing a new lease contract on a new x5, but like to make sure to get your expert advice before hand.
Here is my question:

Besides knowing the money factor, residual, selling price, and monthly payment. What's others things that i need to look for in the contract, if any? How do i make sure i won't be trick for something? Please chime in your advice and experiences.
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      09-07-2014, 12:45 PM   #2
brownan
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Quote:
Originally Posted by jspdr View Post
I have been searching but not able to find any similar thread. I will soon be signing a new lease contract on a new x5, but like to make sure to get your expert advice before hand.
Here is my question:

Besides knowing the money factor, residual, selling price, and monthly payment. What's others things that i need to look for in the contract, if any? How do i make sure i won't be trick for something? Please chime in your advice and experiences.
It's a pretty standard contract; I wouldn't worry about being tricked. Just make sure miles per annum, payment and total monies due at signing all are correct. None of the rest matters on a lease.
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      09-07-2014, 01:24 PM   #3
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Watch out for random fees. Make sure Acquisition fee is 725 (Dealers are allowed to mark it up by $200). Your lease contract will not mention money factor anywhere so you have to make sure dealer's monthly payment calculation is correct.
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      09-07-2014, 03:43 PM   #4
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Quote:
Originally Posted by Haris
Watch out for random fees. Make sure Acquisition fee is 725 (Dealers are allowed to mark it up by $200). Your lease contract will not mention money factor anywhere so you have to make sure dealer's monthly payment calculation is correct.
This. And make sure doc fees aren't excessive other. Doc and acquisition fees are the two fees they can mark up.

Check the numbers on the actual lease agreement (that really long piece of paper) carefully. All the rest is boilerplate BMW Finance language, so don't worry about it.
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      09-07-2014, 11:41 PM   #5
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You can double check the money factor like so:

MF = (rent charge/#months) / (adj cap cost + residual)

The rent charge is disclosed on the contract. It is the total interest you will pay over the life of the lease.

Multiply the MF by 2400 to get the approx APR equivalent.

Other than that, just check the acquisition and doc fees as mentioned above.
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