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320xi Lease Deal
| 09-28-2015, 05:58 PM | #1 |
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320xi Lease Deal
Hi,
Looking for my first 320xi. Got an offer for purchase price of $35,200. I wanted to do the 7x MSD and got an offer for $506.00 per month with a .61 residual and money factor of 0.00081. (residual 23k) #1 Is the residual based on the selling price or the MSRP of the vehicle? #2 Is this a good deal? It seems like my payment is higher than what most people have been getting but this is my first rodeo... Thank you! |
| 09-28-2015, 10:03 PM | #3 |
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Residual is based off MSRP. Each MSD reduces MF by .00007, so you are getting base rate of .0013. What's your tax rate? I used 7% earlier (FL doesn't tax entire purchase), calculated your MSRP using residual at ~$37,704, and came up with ~$413.07/mo assuming no other fees, etc. are rolled into the lease. Have you calculated the invoice price using Edmunds or NADA yet? You seem to be getting 7% off of MSRP currently, need more info to know whether that's good or not. What year is the vehicle? With that residual I am assuming 2015?
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| 09-29-2015, 08:13 AM | #5 | |
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What is MSRP? Have you calculated invoice? Doc fee is set by dealer and you should negotiate additional money off car if they won't reduce it. They'll claim that it's dealer prep, paperwork, blah blah. Acq fee is set by BMW Financial Services and is standard/non-negotiable. |
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| 09-29-2015, 12:16 PM | #6 | |
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Msrp 37895 My calculated invoice is 35195 I am having a hard time understanding by my monthly payment is so high. Also, what is the purpose of the purchase price if lease price is based on msrp? |
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| 09-29-2015, 12:29 PM | #7 |
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The dealer is rolling other stuff into your lease. Based upon the information you're providing, I calculate ~$382.90/mo. The purchase price is important because you need it to calculate your monthly depreciation, monthly leasing fee, and tax. If you haven't done so already, I suggest you check out the Leasing 101 sticky thread. The leasing mathematical equation in that thread will give you your exact monthly payment if you understand it and plug in the correct information.
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| 09-29-2015, 01:38 PM | #9 |
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OK, two things are going on here. First, it appears that you are having to pay tax on the entire purchase price of the vehicle. This in addition to the acq fee and doc fee are being rolled into the lease. Anything under the capitalization section means it's going into the lease. Pay these fees up front if you can. Right now it looks like only the MSDs and your first month payment is due at signing. Ask what cap fee - $90 - is, seems BS. If you pay acq and doc up front, you're looking at ~$457.03/mo. Drop the MSDs and pay tax up front along with fees and you get ~$412.14/mo. Hope this helps.
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| 09-29-2015, 01:50 PM | #10 |
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Also, why are you having to pay tax on the entire purchase price? Per this article, your state law changed on Jan 1, 2015: http://www.bmwblog.com/2015/01/02/il...ease-payments/
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| 09-29-2015, 09:32 PM | #13 |
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Try BMW Grand Blanc near Flint in Michigan. I just got my 428xi Coupe MSRP nearly $50000 but lower to almost $44000. Monthly payment is $455 with 7 MSDs
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| 09-30-2015, 07:12 AM | #14 | |
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