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      04-11-2013, 12:35 PM   #23
alex2364
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Quote:
Originally Posted by pukicabuki View Post
Leases have gap insurance built into them. So if the car is totalled the gap insurance will cover the remainder of the lease. However, any money you put down is lost. So if anything happens to the car kiss you $10k goodbye.

Putting money down on a lease is essencially making the payments up front. You'll likely save a very small amount in interest and a lower monthly payment might look more appealing, but the risk of losing it in the case of an accident is generally too high for most people.
That's why most people put $0 down and use multiple security deposits. Leave your $10k in the bank and use it towards your monthly payment.
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      04-11-2013, 12:48 PM   #24
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Alright, my understanding of lease gap insurance is that it would cover the total cost of the car *after* the lease term. Let me see if I can explain with a nice diagram.

For simplicity's sake, let's say the total cost of the car is $50,000, and I am putting $10,000 down with $10,000 paid over the length of the lease.

Code:
       Down           Monthlies              Remaining Value
|----------------|----------------|----------------------------------|
      $10,000          $10,000                   $30,000
So over the course of the lease, I would pay $20,000. Let's say that day 0, I go to pick up the car, drive off the lot, stop for gas--and bam, a semi truck totals it. Would lease gap insurance cover:
  1. $40,000, the remaining cost of the lease + the remaining value of the car,
  2. $10,000, the remaining cost of the lease,
  3. or $30,000, the remaining value of the car?

Furthermore, what would I, as the lessor, be responsible for in whatever the correct situation is?
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      04-11-2013, 02:40 PM   #25
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You would owe nothing if the car is totalled regardless of the situation. You're basically renting the car from BMW financial (or whoever the lease is through), who owns it. The gap insurance will cover the remaining agreed upon price of the vehicle. So if the remaining value is 40,000 then it will cover the 40,000. If the remaining value is 30,000 (because you put 10,000 down) it will cover that 30,000. The leasing entity has already got that 10,000 from you so the gap insurance is only looking to make the leasing entity whole. Hence why you lose whatever money you put down. Since the leasing entity is covered by the gap insurance, putting money down places undue risk on you.
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      04-11-2013, 02:52 PM   #26
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So consequently, the only reasons to pay a higher down payment are either a) to balance the monthly payments, or b) cover something like bad credit?
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      04-11-2013, 02:55 PM   #27
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Pretty much
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      04-11-2013, 02:57 PM   #28
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Quote:
Originally Posted by pukicabuki View Post
You would owe nothing if the car is totalled regardless of the situation. You're basically renting the car from BMW financial (or whoever the lease is through), who owns it. The gap insurance will cover the remaining agreed upon price of the vehicle. So if the remaining value is 40,000 then it will cover the 40,000. If the remaining value is 30,000 (because you put 10,000 down) it will cover that 30,000. The leasing entity has already got that 10,000 from you so the gap insurance is only looking to make the leasing entity whole. Hence why you lose whatever money you put down. Since the leasing entity is covered by the gap insurance, putting money down places undue risk on you.
This is correct; my 2008 335 was totaled, I put zero down on the car....for some reason they sent me a check for ~$700 bucks (which was more then my monthly payment). Never did figure out exactly what that dollar amount correlated to.
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      04-11-2013, 03:00 PM   #29
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Ah, thank you both--this was very insightful! Fortunately, I have not signed the lease yet (Saturday!), and I have excellent credit, so reducing the down payment shouldn't be an issue.
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      04-11-2013, 08:45 PM   #30
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What dealer are you going with? We just picked up our 335i last weekend from BMW NW. Super easy to work with. Our local Portland dealers lost our business pretty quick.
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      04-12-2013, 07:49 AM   #31
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Quote:
Originally Posted by poosamjam View Post
On ridewithg.com lease rates it says, 62% residual with 0.00129 MF for april.. ??
Yes. Ridethewig also reports the 15k/36 Residuals. The MF I'm using is correct. The base is .00129; however for the ED, there is a markup because BMWFS makes your 2nd payment while your car is in Transit.
Hope that cleared up any confusion you had...
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      04-12-2013, 09:28 AM   #32
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Quote:
Originally Posted by pukicabuki View Post
What dealer are you going with? We just picked up our 335i last weekend from BMW NW. Super easy to work with. Our local Portland dealers lost our business pretty quick.
I'm going with Kuni BMW--they had a much better selection for lease cars.
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      04-12-2013, 11:46 AM   #33
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Quote:
Originally Posted by RedmumbaSeattle View Post
I'm going with Kuni BMW--they had a much better selection for lease cars.
They're actually going to negotiate with you? They acted like they were doing me a favor by taking $800 off the MSRP. When I offered $500 over invoice (just an opening offer) on a car they'd had in stock for 2 months, the salesman actually chuckled thinking I was joking. I overhead the managers in their office laughing and saying "maybe we should just give our cars away." They also tried to mark up the money factor on me, which is just insulting. Both BMW Portland and Kuni have more or less lost my business with their arrogance.

They have a great inventory and they're just down the street. But I refuse to deal with their sale department.
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      04-12-2013, 11:53 AM   #34
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Hmm, all my communication with them has been over email (like my username says, I'm in Seattle!), and they have been very accomodating and friendly. It could be the medium--i.e., I know car dealers are typically more likely to give discounts to online contacts because they have a tendency to have done more research--or it could be the people. I'm taking the bus down there with a friend (first time in Portland too!) to sign the lease and drive it back up, so... I'll have to report back.
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      04-12-2013, 12:02 PM   #35
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2013 335i xdrive
Packages: M Sport, Cold Weather, Premium, Tech Package, Paddle Shifters, HK Sound
Exterior: Estoril Blue
Interior: Black Dakota Leather
MSRP: $57,420
Sale Price: $52,173
Rebate: $1000 Grad, $750 Loyalty, $500 Turn Key
Total out of pocket: $3,626 (tax,title,license, aquisition & 1st payment)
36 mos at 10,000 miles per year
$529 Per Month
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      04-13-2013, 10:52 AM   #36
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My build is a 2013 335i RWD

-Sport Line
-Premium Pkg
-H/K
-Cold Weather Pkg
-Alpine White/Dakota Black Leather
-Dynamic Handling Pkg

Total MSRP: $50,770

Dealer is giving me about $2,200 off the ordered car. Total fees due at signing ~ $1,461.

10,000 mi/year x 36months. I have January's lease program locked in at the moment with a residual of 63% and money factor of .00130

This equates to approx. $480/month with CT sales tax and $4,000 down against the car. Total due at signing is $5,461

Could I have gotten a little more off...probably, but my CA at New Country in Hartford, CT (John Cone) was awesome and I was happy with the deal on an ordered car EXACTLY the way I wanted it being guaranteed their very next 335i allocation.

Since then I've added the PPK to be installed at port as that can be residualized and I won't be charged labor for it. So that adds $1,100 into the lease changing the monthly payment roughly $10/month.

April programs are .00129 money factor buy rate (which I'm getting) and residual for 36 months @ 10,000 mi/yr is 65%!!!! Can't believe the lease programs keep getting better! So, haven't done the exact math yet with the new programs but this should drop my roughly into the $440-$450/month range with same or slightly more money down. Really a fantastic time to lease a new 3'er if you don't need a ton of miles. I only drive about 7,000-8,000mi/year. I'm actually going to have to work to get her past the 2,000 mile break-in. Summer road trips!!
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      04-13-2013, 04:59 PM   #37
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I am going to be leasing a new 335 here in the next few months, my question is what is yall's credit that rewards you with these lease rates. I want a roughly $50k built car, plan on a 3yr/15k mile lease. My budget is $550. I can afford 7 MSD as the "down payment" My credit is a 713, is this too low for what I am after?

First time lease here.

Thanks!
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      04-13-2013, 07:13 PM   #38
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Quote:
Originally Posted by arctic330i View Post
I am going to be leasing a new 335 here in the next few months, my question is what is yall's credit that rewards you with these lease rates. I want a roughly $50k built car, plan on a 3yr/15k mile lease. My budget is $550. I can afford 7 MSD as the "down payment" My credit is a 713, is this too low for what I am after?

First time lease here.

Thanks!
you will be right where you want to
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      04-15-2013, 08:07 AM   #39
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Quote:
Originally Posted by arctic330i View Post
I am going to be leasing a new 335 here in the next few months, my question is what is yall's credit that rewards you with these lease rates. I want a roughly $50k built car, plan on a 3yr/15k mile lease. My budget is $550. I can afford 7 MSD as the "down payment" My credit is a 713, is this too low for what I am after?

First time lease here.

Thanks!

Your credit should be fine for what you want!
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      04-15-2013, 09:33 AM   #40
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Quote:
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you will be right where you want to
Quote:
Originally Posted by ssedha View Post
Your credit should be fine for what you want!
Much appreciated, thanks!
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      04-15-2013, 03:37 PM   #41
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Quote:
Originally Posted by cGodin View Post
My build is a 2013 335i RWD

-Sport Line
-Premium Pkg
-H/K
-Cold Weather Pkg
-Alpine White/Dakota Black Leather
-Dynamic Handling Pkg

Total MSRP: $50,770

Dealer is giving me about $2,200 off the ordered car. Total fees due at signing ~ $1,461.

10,000 mi/year x 36months. I have January's lease program locked in at the moment with a residual of 63% and money factor of .00130

This equates to approx. $480/month with CT sales tax and $4,000 down against the car. Total due at signing is $5,461

Could I have gotten a little more off...probably, but my CA at New Country in Hartford, CT (John Cone) was awesome and I was happy with the deal on an ordered car EXACTLY the way I wanted it being guaranteed their very next 335i allocation.

Since then I've added the PPK to be installed at port as that can be residualized and I won't be charged labor for it. So that adds $1,100 into the lease changing the monthly payment roughly $10/month.

April programs are .00129 money factor buy rate (which I'm getting) and residual for 36 months @ 10,000 mi/yr is 65%!!!! Can't believe the lease programs keep getting better! So, haven't done the exact math yet with the new programs but this should drop my roughly into the $440-$450/month range with same or slightly more money down. Really a fantastic time to lease a new 3'er if you don't need a ton of miles. I only drive about 7,000-8,000mi/year. I'm actually going to have to work to get her past the 2,000 mile break-in. Summer road trips!!
Man, that is $22,780.00

I got the same car for 42K (after rebates) EURO delivery, at the end of the lease you could have this car for 19K, at the end of the lease what is the payoff on it?
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      04-17-2013, 06:42 AM   #42
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msrp 53,120
-da - 1,900
-m sport - 3,200
-tech - 3,100
- hk premium - 875
- 12 k per year 36 months

1k down
1k loyalty

3xx$ per month






apply here
bmw.com
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      04-17-2013, 07:01 AM   #43
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Quote:
Originally Posted by SandysABtch View Post
msrp 53,120
-da - 1,900
-m sport - 3,200
-tech - 3,100
- hk premium - 875
- 12 k per year 36 months

1k down
1k loyalty

3xx$ per month






apply here
bmw.com

how'd you get 1k loyalty?
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      04-17-2013, 07:40 AM   #44
ssedha
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Quote:
Originally Posted by SandysABtch View Post
msrp 53,120
-da - 1,900
-m sport - 3,200
-tech - 3,100
- hk premium - 875
- 12 k per year 36 months

1k down
1k loyalty

3xx$ per month







apply here
bmw.com
$3xx per month for a 53k car? What was your purchase price? Was this a 328 or a 335? And is that $3xx excluding taxes?
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