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      05-12-2016, 12:59 PM   #1
adnan
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340i - is this a good lease deal?

This is at BMW of Alexandria.

Allowance: 10k miles, 36 mo
Down: 2,500
MSRP: 53,950
Sell Price: 49,150
MF: .0018 (seems high to me, but they won't lower it)

Monthly payment: $639.00/mo
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      05-12-2016, 01:40 PM   #2
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They are jamming you on the Money Factor for starters. Assuming this is for a 2016 model, the money factor should be .00138 and I am seeing a $1,000 purchase credit (which is probably part of the discount). That selling price seems roughly in line with various quotes I was getting about a month ago, but I know i was leaving a little bit on the table.

Is the $2,500 cash down inclusive of your first months payment or is that in addition to?

Last month the residual was 64% and MF was .00135 (versus 63% and .00138 this month) and one of the possible configurations I had looked like this:

MSRP: $53,545
Sale Price: $50,500
$ down: $3,013

Monthly: $581 (including 9% PA tax)

If that $2,500 is the total amount due at delivery I'm coming up with your lease payments being around $562/month, again including 9% PA tax. If I change the MF to .0018 the monthly payment jumps to $600.

Now all of the above numbers were for PA and from a quick google it looks like in Virginia you may have to pay tax on the entire price of the car which would probably increase the cap cost and therefore the monthly payment - they are still definitely trying to pull a fast one on the MF and possibly somewhere else.

Can someone weigh on on how the tax works on a lease in Virginia?
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      05-12-2016, 01:40 PM   #3
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BTW, this is an extremely helpful thread for lease deals: http://f30.bimmerpost.com/forums/sho...842749&page=53
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      05-12-2016, 01:48 PM   #4
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Quote:
Originally Posted by R12ax7 View Post
They are jamming you on the Money Factor for starters. Assuming this is for a 2016 model, the money factor should be .00138 and I am seeing a $1,000 purchase credit (which is probably part of the discount). That selling price seems roughly in line with various quotes I was getting about a month ago, but I know i was leaving a little bit on the table.

Is the $2,500 cash down inclusive of your first months payment or is that in addition to?

Last month the residual was 64% and MF was .00135 (versus 63% and .00138 this month) and one of the possible configurations I had looked like this:

MSRP: $53,545
Sale Price: $50,500
$ down: $3,013

Monthly: $581 (including 9% PA tax)

If that $2,500 is the total amount due at delivery I'm coming up with your lease payments being around $562/month, again including 9% PA tax. If I change the MF to .0018 the monthly payment jumps to $600.

Now all of the above numbers were for PA and from a quick google it looks like in Virginia you may have to pay tax on the entire price of the car which would probably increase the cap cost and therefore the monthly payment - they are still definitely trying to pull a fast one on the MF and possibly somewhere else.

Can someone weigh on on how the tax works on a lease in Virginia?
I agree that the MF is way too high. What is the $1,000 purchase credit you are referring to?

$2,500 is not including the 1st month or fees. Acqusition is $900 and MACO/Training fees are $585. Also, there is a unknown shipping fee (car is at another dealer). I was told that all the fees and taxes are reflected in the monthly payment, but I will double check what the drive off price is.
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      05-12-2016, 01:57 PM   #5
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Wow so you are looking at approximately another $2K due at delivery. The $1,000 is just one of the incentives. They probably didnt tell you about it because it looks like they are giving you the discount but in reality BMWNA is paying that to them.

They also probably arent as motivated since the car is at another dealer - but that deal definitely needs work.
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      05-12-2016, 02:00 PM   #6
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Quote:
Originally Posted by R12ax7 View Post
Wow so you are looking at approximately another $2K due at delivery. The $1,000 is just one of the incentives. They probably didnt tell you about it because it looks like they are giving you the discount but in reality BMWNA is paying that to them.

They also probably arent as motivated since the car is at another dealer - but that deal definitely needs work.
Glad I asked. Seems like they won't budge on the price...so onto to the next. I wish they would have provided me the VIN of the car so I could deal with the dealership directly...blah.

Are there any other incentives which are pretty easy to obtain? I'm graduating from medical school tomorrow and just found out that there is a $1,000 credit program.
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      05-12-2016, 05:50 PM   #7
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      05-16-2016, 08:59 AM   #8
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Quote:
Originally Posted by adnan View Post
Glad I asked. Seems like they won't budge on the price...so onto to the next. I wish they would have provided me the VIN of the car so I could deal with the dealership directly...blah.

Are there any other incentives which are pretty easy to obtain? I'm graduating from medical school tomorrow and just found out that there is a $1,000 credit program.
Yeah there is a college grad program and I know at least in 2008 it applied to graduate schools (law school anyway) - not sure if things have changed since then. If you know the general location of the car I'm sure you can narrow it down to one or two dealers and browse their inventory online and find it.

The thread I posed a couple posts up is updated regularly and each month the current incentives and rebates are posted so that is probably your best bet for keeping current.

Another dealer to consider is BMW of Silver Spring. While I havent dealt with their car sales department, their parts department is a mainstay here on the forum (getbmwparts.com).
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      05-27-2016, 06:38 AM   #9
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