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      09-20-2013, 11:10 PM   #1
nyclio
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Just put $500 deposit on MY '14 335xi with..

Here are the options I chose:

M Sport Line
Estoril Blue
19" 403M wheels
Black Dakota Leather / Estoril Matte Accents
Cold Weather
Dynamic Handling
Premium Pkg
Driver's Assistance
Driver's Assistance Plus
Technology Pkg
M Sport Brakes
Harmon Kardon Surround
BMW Apps
Black Kidney Grill
Wheel/Tire Insurance through BMW (5 years)

I did Select (balloon) finance.
NYC 8.875% tax
$0 down

Monthly note works out to be $760. At the end of 60 months, if I decide to keep it (I won't - don't care for a BMW out of warranty), the buyout is somewhere between 25-$26K. I forget the exact figure.

I don't keep my cars longer than 3-4 years and didn't want the suffocating feeling of being trapped into a lease.

I'm debating if I should have gone Audi S4 or the new diesel A6.

Just wandering thoughts..
Delivery won't be for another 6 weeks but I am pretty excited!

Last edited by nyclio; 09-20-2013 at 11:23 PM..
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      09-20-2013, 11:16 PM   #2
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Quote:
Originally Posted by nyclio View Post
Here are the options I chose:

M Sport Line
Estoril Blue
19" 403M wheels
Black Dakota Leather / Estoril Matte Accents
Cold Weather
Dynamic Handling
Premium Pkg
Driver's Assistance
Driver's Assistance Plus
Technology Pkg
M Sport Brakes
Harmon Kardon Surround
Wheel/Tire Insurance through BMW

I did Select (balloon) finance.
NYC 8.875% tax
$0 down

Monthly note works out to be $760.

I don't keep my cars longer than 3-4 years and didn't want the suffocating feeling of being trapped into a lease.

I'm debating if I should have gone Audi S4 or the new diesel A6.

Just wandering thoughts..
Delivery won't be for another 6 weeks but I am pretty excited!

Tire and Wheel insurance may not be residualized (don't know how select works but just for analogy). Make sure to pay it upfront to avoid paying additional interest on it. There is no reason to do that. Rest everything on the car you have to finance anyway.

I imagine you know you got a good deal as an informed buyer, though you seem a tad too excited. Congrats! Great choice and a fully loaded F30.
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      09-21-2013, 12:14 AM   #3
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I don't know all the details of select finance, so correct me if I'm wrong, but from what I've heard it's a lot like a lease with a balloon buyout at the end except that the payment during the first X years is higher than a lease payment but lower than a traditional 5 year finance payment would be (otherwise it would be paid off after five years, couldn't imagine taking a loan for five figures to buy a car I'd already spent the last 5 years paying on).

So since you have no plan to buy it out, it sounds like you are effectively leasing the car for $760 a month? Why not just do a regular lease for ~$500 a month? I think even a high mileage lease would come in well under $760.

To me (again correct me if I'm wrong) it kind of sounds like select finance is a way to get into a car someone can't really afford...pay X for 60 months, then take a loan to finish paying off the other 40% of the car for another X years? Not criticizing, just trying to understand the select finance option.

Either way, congrats on the ride.
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      09-21-2013, 12:37 AM   #4
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Quote:
Originally Posted by puma1552 View Post
I don't know all the details of select finance, so correct me if I'm wrong, but from what I've heard it's a lot like a lease with a balloon buyout at the end except that the payment during the first X years is higher than a lease payment but lower than a traditional 5 year finance payment would be (otherwise it would be paid off after five years, couldn't imagine taking a loan for five figures to buy a car I'd already spent the last 5 years paying on).

So since you have no plan to buy it out, it sounds like you are effectively leasing the car for $760 a month? Why not just do a regular lease for ~$500 a month? I think even a high mileage lease would come in well under $760.

To me (again correct me if I'm wrong) it kind of sounds like select finance is a way to get into a car someone can't really afford...pay X for 60 months, then take a loan to finish paying off the other 40% of the car for another X years? Not criticizing, just trying to understand the select finance option.

Either way, congrats on the ride.
A lease has the following restrictions that I just don't care for:

Mileage restriction - yes I can pay for more miles - but I hate worrying about how many miles I'm driving or paying for too many/too few miles.

Time restriction - if I decide I don't want the car after any amount of time, I can get rid of it; yes perhaps at a bit of a loss, but I am not cemented into a contract.

Mod restriction - Car has to be returned exactly how I took it; run-flat tires, can't mod the car without having to worry about which mods can be done.

Affordability will always be an issue. If money weren't an issue at all, I would be driving a fully loaded/paid off M5 or a Porsche Panamera Turbo Executive or hell a Veyron.

Besides, who says I would have to finance the remainder at the end of the 5 years? Also, would a lease with $0 down and NYC tax built in cost in the $5xx range with all of those options? I don't know for sure but I doubt it.

Last edited by nyclio; 09-24-2013 at 11:44 PM..
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      09-21-2013, 01:57 AM   #5
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Quote:
Originally Posted by nyclio View Post
A lease has the following restrictions that I just don't care for:

Mileage restriction - yes I can pay for more miles - but I hate worrying about how many miles I'm driving or paying for too many/too few miles.

Time restriction - if I decide I don't want the car after any amount of time, I can get rid of it; yes perhaps at a bit of a loss, but I am not cemented into a contract.

Mod restriction - Car has to be returned exactly how I took it; run-flat tires, can't mod the car without having to worry about which mods can be done.

Affordability will always be an issue. If money weren't an issue at all, I would be driving a fully loaded/paid off M5 or a Porsche Panamera Executive Turbo or hell a Veyron.

Besides, who says I would have to finance the remainder at the end of the 5 years? Also, would a lease with $0 down and NYC tax built in cost in the $5xx range with all of those options? I don't know for sure but I doubt it.
Most of what you mentioned, to some degree, would also negatively reflect on your car's value anyway, except for some factory upgrades and non-RFTs

Quote:
Time restriction - if I decide I don't want the car after any amount of time, I can get rid of it; yes perhaps at a bit of a loss, but I am not cemented into a contract.
I don't know about your state, but typically you can sale, trade-in or buy-out your car from a lease. Lease contract's term restrictions are one the biggest misunderstood parts of a lease agreement.
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      09-21-2013, 08:34 AM   #6
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Quote:
Originally Posted by Carlos_Danger
Quote:
Originally Posted by nyclio
Here are the options I chose:

M Sport Line
Estoril Blue
19" 403M wheels
Black Dakota Leather / Estoril Matte Accents
Cold Weather
Dynamic Handling
Premium Pkg
Driver's Assistance
Driver's Assistance Plus
Technology Pkg
M Sport Brakes
Harmon Kardon Surround
BMW Apps
Black Kidney Grill
Wheel/Tire Insurance through BMW (5 years)

I did Select (balloon) finance.
NYC 8.875% tax
$0 down

Monthly note works out to be $760. At the end of 60 months, if I decide to keep it (I won't - don't care for a BMW out of warranty), the buyout is somewhere between 25-$26K. I forget the exact figure.

I don't keep my cars longer than 3-4 years and didn't want the suffocating feeling of being trapped into a lease.

I'm debating if I should have gone Audi S4 or the new diesel A6.

Just wandering thoughts..
Delivery won't be for another 6 weeks but I am pretty excited!
How much did That add up to? 50k?
Mine is optioned similar to his with only the HK and DAP missing from mine, should be around 62 for his car MSRP
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      09-21-2013, 10:45 AM   #7
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I woke up this morning debating if I should have gone w/ the 435xi instead. I imagine it would only cost 50-60 bucks a month more similarly equipped..
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      09-21-2013, 11:02 AM   #8
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Quote:
Originally Posted by nyclio View Post
A lease has the following restrictions that I just don't care for:

Mileage restriction - yes I can pay for more miles - but I hate worrying about how many miles I'm driving or paying for too many/too few miles.

Time restriction - if I decide I don't want the car after any amount of time, I can get rid of it; yes perhaps at a bit of a loss, but I am not cemented into a contract.

Mod restriction - Car has to be returned exactly how I took it; run-flat tires, can't mod the car without having to worry about which mods can be done.

Affordability will always be an issue. If money weren't an issue at all, I would be driving a fully loaded/paid off M5 or a Porsche Panamera Executive Turbo or hell a Veyron.

Besides, who says I would have to finance the remainder at the end of the 5 years? Also, would a lease with $0 down and NYC tax built in cost in the $5xx range with all of those options? I don't know for sure but I doubt it.
My total lease amount including VA tax and tags is 63,590(I have everything you have minus the 19s and m sport brakes)...with 0 down and 15k a year 658/mo...So OP you get to return the car at any point or is there a minimum amount of time you have to keep it? Also there is no milage restriction at all?
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      09-21-2013, 12:01 PM   #9
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Sounds like a really, really shitty deal.
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      09-21-2013, 12:21 PM   #10
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Originally Posted by F32 View Post
Sounds like a really, really shitty deal.
Would not say that without hearing the complete numbers, but it looks like the car is ordered in a fit of excitement and not much research. Now I am assuming the OP is not very experienced with pricing etc. but I could be totally wrong.

The numbers did look off to me the first time I saw.
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      09-21-2013, 12:23 PM   #11
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Quote:
Originally Posted by btbossman View Post
My total lease amount including VA tax and tags is 63,590(I have everything you have minus the 19s and m sport brakes)...with 0 down and 15k a year 658/mo...So OP you get to return the car at any point or is there a minimum amount of time you have to keep it? Also there is no milage restriction at all?
5.3% tax vs. 8.875% (this can be a real killer)
M-Sport brakes + 19"s
Wheel/tire insurance

No mileage restrictions. No contract.
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      09-21-2013, 12:27 PM   #12
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Quote:
Originally Posted by bavarianboar View Post
Would not say that without hearing the complete numbers, but it looks like the car is ordered in a fit of excitement and not much research. Now I am assuming the OP is not very experienced with pricing etc. but I could be totally wrong.

The numbers did look off to me the first time I saw.
It's true; I didn't do much research. I wouldn't call it a "fit of excitement." I've had my years where I would nickel and dime on the cost of my past cars (G35, TL-S, 550i, 550xi, 335D, and 335xi (435xi?))

However, there are other things I took into account that weren't just cut and dry numbers; I took into account the overall experience at the dealership, how responsive my CA was, dealership service experience, overall convenience etc.

I COULD probably get a better deal based on numbers alone I don't deny, but there is more to it.
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      09-21-2013, 12:58 PM   #13
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Quote:
Originally Posted by nyclio View Post
A lease has the following restrictions that I just don't care for:

Mileage restriction - yes I can pay for more miles - but I hate worrying about how many miles I'm driving or paying for too many/too few miles.

Time restriction - if I decide I don't want the car after any amount of time, I can get rid of it; yes perhaps at a bit of a loss, but I am not cemented into a contract.

Mod restriction - Car has to be returned exactly how I took it; run-flat tires, can't mod the car without having to worry about which mods can be done.

Affordability will always be an issue. If money weren't an issue at all, I would be driving a fully loaded/paid off M5 or a Porsche Panamera Executive Turbo or hell a Veyron.

Besides, who says I would have to finance the remainder at the end of the 5 years? Also, would a lease with $0 down and NYC tax built in cost in the $5xx range with all of those options? I don't know for sure but I doubt it.
Like someone else said, the above stated will affect you whether you choose to lease or purchase.
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      09-21-2013, 01:02 PM   #14
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Quote:
Originally Posted by nyclio View Post

I don't keep my cars longer than 3-4 years and didn't want the suffocating feeling of being trapped into a lease.

I'm debating if I should have gone Audi S4 or the new diesel A6.

Just wandering thoughts..
Delivery won't be for another 6 weeks but I am pretty excited!

You're not making any sense. You readily admit that you don't keep your cars long, yet you chose NOT to lease? You don't come across as being the most financially prudent buyer. Leases aren't suffocating. The only TRUE drawback to leasing is the mileage restriction (..10, 12 or 15k), but I've never been dinged for mileage overages in a lease because I've always moved into another BMW. The balloon leaves you in a worse predicament than the lease would have (....and I have PLENTY of experience with BMW's Select Financing, and I'm actually glad that they offer it).


Quote:
Originally Posted by nyclio View Post
5.3% tax vs. 8.875% (this can be a real killer)
M-Sport brakes + 19"s
Wheel/tire insurance

No mileage restrictions. No contract.

There's ALWAYS a contract when financing!
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      09-21-2013, 01:10 PM   #15
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I think if you drive more than 15k a year on the car, the lease wont make sense for you. I do love the car, but honestly, I would never spend 60k on a 3 series...The car is great under warranty, but after that a potential headache. Plus I really like to drive something new every 2 years. OP it sounds like your deal is pretty reasonable if you have all that flexibility. Say, how much was the tire and wheel ins? The wheels are like 900, the brakes 500 right? If iso thats already almost 40 more per month.

edit: and I have MY13
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      09-21-2013, 01:16 PM   #16
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Quote:
Originally Posted by btbossman View Post
I think if you drive more than 15k a year on the car, the lease wont make sense for you. I do love the car, but honestly, I would never spend 60k on a 3 series...The car is great under warranty, but after that a potential headache. Plus I really like to drive something new every 2 years. OP it sounds like your deal is pretty reasonable if you have all that flexibility. Say, how much was the tire and wheel ins? The wheels are like 900, the brakes 500 right? If iso thats already almost 40 more per month.

edit: and I have MY13
I agree. I don't keep my cars out of warranty.

I do drive a lot. In addition to the daily commute, I make frequent trips to PA and MA. The extra insurance for 5 years was $1599+tax. Pricey? Definitely. But it does help a little with resale since it's transferable.

Also, going through all of those pothole states with 19s would be too risky without the insurance. When I had my 550, I went through 7 tires in 4 months.
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      09-21-2013, 01:19 PM   #17
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Quote:
Originally Posted by Sedan_Clan View Post
You're not making any sense. You readily admit that you don't keep your cars long, yet you chose NOT to lease? You don't come across as being the most financially prudent buyer. Leases aren't suffocating. The only TRUE drawback to leasing is the mileage restriction (..10, 12 or 15k), but I've never been dinged for mileage overages in a lease because I've always moved into another BMW. The balloon leaves you in a worse predicament than the lease would have (....and I have PLENTY of experience with BMW's Select Financing, and I'm actually glad that they offer it).
Financial prudence schmudence. That's what sugar mammas are for. Besides, the best things in life are free. The second best are too expensive for me to be able to afford. (yet)

Quote:
Originally Posted by Sedan_Clan View Post
There's ALWAYS a contract when financing!
Touche.
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      09-21-2013, 01:41 PM   #18
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      09-21-2013, 03:23 PM   #19
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Well, it sounds like a done deal as OP stated from the get go. All opinions expressed here are for the posters' own consumption

Enjoy!
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      09-21-2013, 03:49 PM   #20
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Quote:
Originally Posted by nyclio View Post
It's true; I didn't do much research. I wouldn't call it a "fit of excitement." I've had my years where I would nickel and dime on the cost of my past cars (G35, TL-S, 550i, 550xi, 335D, and 335xi (435xi?))

However, there are other things I took into account that weren't just cut and dry numbers; I took into account the overall experience at the dealership, how responsive my CA was, dealership service experience, overall convenience etc.

I COULD probably get a better deal based on numbers alone I don't deny, but there is more to it.
It's quite sad that you have to 'knowingly' pay more to get a decent customer service and buying experience. Not everywhere of course. Have heard a lot of that from dealerships, especially MB. 'There will always be someone who will give you a better deal, but I am offering a great, unmatched customer service'. And the moment you walk in to make deals, you find out lot of BS and same old crap.

I would be bummed if I realize I could have got a couple of small M performance parts for the same price i paid for a factory ordered car. I guess its just how you see any savings.

To each his own, as long as it makes you happy! It is your money after all and you may value your time spent a lot more than saving a few hundred/thousand bucks. Totally cool!

Congrats again!
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      09-21-2013, 04:22 PM   #21
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Quote:
Originally Posted by bavarianboar View Post
It's quite sad that you have to 'knowingly' pay more to get a decent customer service and buying experience. Not everywhere of course. Have heard a lot of that from dealerships, especially MB. 'There will always be someone who will give you a better deal, but I am offering a great, unmatched customer service'. And the moment you walk in to make deals, you find out lot of BS and same old crap.
That's what my previous CA keep telling me after I purchased my 1st BMW from him: "I'm your BMW guy for life" ,
That was until he gave me a load crap when I tried to trade-in the same car about dealer's expenses and how much he should be allowed to make.
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