06-04-2015, 08:11 PM | #133 | |
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1- I don't have a succinct answer, but this is what I have found. The money factor is used because it's a more accurate way of assessing the monthly payment on an asset of fluctuating value. I think they like using it, because it's confusing to most people. 2- Financing companies set residuals with different goals in mind. Auto manufacturers can subsidize their leases by increasing the residual a little more than the car may be worth. They could also encourage buying by doing the reverse. So you can buy and beat the lease residual or you may lose. It's all a guess into the future and can be influenced by a number of factors. Generally the better the lease residual the better of you are taking up a lease because the chance of beating that rate 3 years from now is less likely. 3- You can try and get a residual for lower miles, but at some point used is used and the price difference between a car with 15k vs 30k may not be enough for the finance company to give a separate rate for. I you drive that little, buying may be better.
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06-05-2015, 02:21 PM | #134 |
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I received the following email from my dealer this morning about a 6-month lease pull-ahead opportunity. I'm confused, however, as I currently have 8 or 9 payments remaining (lease is up 2/12/16) and yet the email says they are targeting lessees with leases terminating up until 3/31/16.
If I were to take advantage of this, wouldn't I have to pay 2 or 3 payments out of pocket in order for the other 6 payments to be forgiven? I've got an email back to them asking for clarification, but wondering if anyone else has experience with this? Here is the text from the email... "Morning! We have some great news this morning from BMW Financial Services. We are currently running a 6 payment Pull Ahead Program that covers up to 6 remaining payments on your current lease if you are planning on going into a new BMW. They have just extended the range of eligible drivers to maturities ending by March 31st 2016 – that means YOU! This incentive is only available through the end of the month, June 30th, 2015. So if you have been thinking about your next BMW or are just ready for a new one please contact me or your salesperson to discuss. If you haven’t already, don’t make your June payment until you speak with us!!! Any questions or to set a convenient time to come in and find you next BMW feel free to contact me. I look forward to hearing back from you." Last edited by Monaco; 06-05-2015 at 02:40 PM.. |
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06-05-2015, 02:43 PM | #135 | |
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06-05-2015, 02:47 PM | #136 |
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06-05-2015, 02:54 PM | #137 |
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Yes. If your lease is ending 7-8 payments out, only ordering will prevent double payments. I'd start the negotiations now and get a deal done.
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06-09-2015, 06:01 PM | #139 |
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Yes, it's the same.
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06-12-2015, 12:19 PM | #140 |
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I'm really confused on the money factor. Can someone explain?
e.g. on my workpaper, I see Interest rate/APR noted at 1.15%/1.42%. If I divide 1.15% by 2400, does that mean the money factor is 0.000479? |
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06-12-2015, 12:25 PM | #141 | |
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Did they make a mistake and treat it as financing instead of a lease?
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06-12-2015, 12:38 PM | #142 | |
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you may use the iphone app leasematic to help check everything |
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06-14-2015, 09:46 PM | #143 |
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Question about tires: I have a 3 year lease. Is it a good idea to change the tires in the 2nd year itself even if they are not completely worn out? That way I will get to drive with new pair of tires for the length of the term. Interested in hearing some ideas from folks here.
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06-15-2015, 04:29 PM | #144 | |
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If you don't like the OEM tires, then take them off and replace with something else. Then save them for the lease return.
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07-01-2015, 02:04 AM | #145 |
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Thank you OP and everyone...such a great thread.
Quick questions I haven't seen covered: 1) Which of the three credit bureaus (or scoring model) does BMWFS use to pull reports and scores? 2) A score of 675 isn't that high in the range. Some financial companies have a Tier 0 credit rating. Does BMWFS have a Tier 0? 3) If they do, what score is required to get it? |
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07-01-2015, 08:41 AM | #146 | |
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1) BMW uses Experian last I checked. 2) BMW only has Tier 1
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08-20-2015, 10:40 AM | #147 |
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Hi ... I just found about this excellent thread just 5 days after I signed my lease !!!
So now I want to see if I did ok , My main Question is ...If the car is CPO do you still calculate the lease based on The original MSRP of the car ? Or the new "used car" price ? In my situation I leased a 2015 535i GT CPO with 3500 miles , according to the Packages on the car the MSRP is 70k . The sale price was 58895 And the purchased price is 62080 ( include easy care and Cilajet ) Which I am considering canceling. My out of pocket ( first month and dealer fee and MV Fee ) 1661 My monthly payment is 765 for 35 month and 12k miles The residual value is 42282 Is this math correct or should the dealer calculated the lease term based on the original MSRP Thank s |
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08-20-2015, 11:07 AM | #148 |
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Nice write up. Thanks
That is the reason I try the buy the car used with few miles. I don't take the first depreciation. Recently I bought 2013 328 xdrive with all package possible. I have two year more in service and warranty . Plus it's certified car= more warranty Off course new car is new car |
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08-20-2015, 11:29 AM | #149 | |
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I don't know what easy care or Cilajet is, and can't comment on either. Also would need the money factor to really know all the details.
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08-20-2015, 11:31 AM | #150 | |
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08-20-2015, 08:55 PM | #151 |
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i live in Florida tax rate is 6.5% the tax is included in the monthly payment 765
Easy care is an insurance package that include Tire and wheel damage coverage , paintless dent repair ,key replacment , windshield repair, road side assistance , for 1810 ( is that too much for such coverage for 3 year ) Cilajet is Exterior & interior Sealant and Rip Tear & burn coverage. cost 450. money Factor 0.0017 |
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08-20-2015, 09:25 PM | #152 | |
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Cilajet also is a pass. Unless you are a smoker or transport animals/small children; you will never damage the interior to any significant degree. I doubt the exterior sealant is anything special. Go to a detailer and use their stuff and it will be better. As for the deal, it looks like you should be getting a better MF. Right now the base rate is 0.0013, you should not be paying anymore than the base rate. 0.0017 is marked up. Post your deal on this thread so more people can evaluate it http://f30.bimmerpost.com/forums/sho...842749&page=35
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08-20-2015, 09:46 PM | #153 | ||
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08-20-2015, 11:00 PM | #154 |
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Thank you OneRib
the Easy Care does cover cosmetic damages for the rims and cover the tires as well . but for 1800 that is bit too much so i will cancel it I have 60 Day for a full refund. The Cilajet is not cancelable so i have to to keep it. good thing there is a bunch of car owner that used it and they happy with the result. so i will either replace the easy care with The BMW wheel and tire insurance if it is cheaper , or I will just replace the RFT that came with the car with a regular tire and save the OEM till i return the car in end of the lease , I hope that won't void the warranty on the car. and for the MF it's late now to change the deal .... lesson learned... next time i will do my home work before i go to the dealer. but my original Question for future deals . on a CPO do they calculate the lease based on the Original MSRP or the new price listed for the Car being used Last edited by abouzaki; 08-20-2015 at 11:27 PM.. |
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