09-23-2015, 10:36 PM | #1 |
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New Lease - Looking for Guidance
Hi Everyone, great forum we have here.
My lease end is steadily approaching (mid December) and I'm roughly 7000 miles over on my lease. I was able to get into this lease with a pretty decent deal a couple years ago when they were offering incentives. I have a 2014 320i xDrive with premium package and sat radio. $4000 down and I am paying $220 a month. I am looking into 328/320i xDrive again this time with more options (front splitter bumper, sport package, lighting etc). This time the quotes I'm getting from the local dealer are awful at $3500 down and roughly $460 a month for a 320i with these options. What are my best bets? Try to find a dealer offering a pull ahead program to get me out of mine with limited mileage hit? My car is in MINT condition no marks. I would also look at another manufacturer, but BMW leases are very good and I've been very happy with my 320i. I'm not winning any land speed records but I have a 1100HP GT-R if i need to go fast. This is my daily driver/work car. We do have a baby on the way, so I will need something with a decent back seat. Do not like the X3/X5. 4 series gran sport is too expensive. Trying to get payment under $350 a month. Audi's lease terrible. I'm not a huge Merc. fan either. Can someone guide me to a good dealer or what I should be paying for a good optioned 320i |
09-24-2015, 12:16 AM | #2 |
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I don't know if this is a valid option for you, but Audi leases are often not bad if you go for a single-payment lease. Similar payment to the total payments of a regular 7 MSD lease on a similarly-priced BMW car.
Current residuals on the 3 and 4 series are quite bad... |
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09-24-2015, 09:33 AM | #3 | |
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09-24-2015, 12:50 PM | #4 |
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09-24-2015, 01:54 PM | #5 | |
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They have better lease numbers than 2016's and there is BMW money, which makes the deal even better. Shop now while they are still out there. With the 7K excess miles you can still get the dealer to get you out of the lease with no mileage penalty if you negotiate a new lease. If need be you can buy miles now at .16 cents per mile, or even split the miles with the dealer as you're getting a new lease. Dealers want a new sale and often they will overlook extra miles if the car is in really good shape. If you drive more than 15K miles per year, then a lease may not be for you, so consider that. 2016 residuals aren't that great at 59% for a 15k MPY lease. It moves up to 61% for 12K, and 62% for 10K. The money factor is .00130. With maximum of security deposits, which is 7, you can lower that MF to .00081. It's a very favorable program, as you would have to do much much better than the typical less than 1% on a common savings account. You get a greater return on your money by letting BMW use it during your lease. I wouldn't use investment money, where you're doing 5% or better, but if you have savings money that's sitting at 1% or less in an account, consider the multiple security deposits/MSD program. Also, to keep the monthly payment lower pay all fees, taxes, and first payment up front. This is NOT the same as putting money down on the lease, which is a "cap cost" reduction, which is mostly NOT recommended. What I am suggesting is to pay the fees, taxes, etc... up front and not roll those charges into your lease. If you roll the acquisition fee, doc fee, title fee, tire fee, and 1st payment into your lease, then you will be paying interest on those things. It doesn't make sense to me to pay interest on those costs. I pay those items up front by cash, check, or may favorite a 0% interest for 12 mths new credit card. That's what I just did again when I picked up my 2016 340i last night. If you can provide an MSRP of the car you want, some of us can do the calculations for your. Give the year of the car, model, MSRP, and whether or not you pay tax on the full price of the car for a lease in your state. It sounds like you don't, but it makes a big difference. |
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