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      07-24-2010, 08:34 AM   #1
zamm3k
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Do these numbers add up?

Ok, so I need someone to enlighten me if I'm wrong with this. I'm purchasing financing an M3 through BMW Select. The total for the car is $76,354.30.

For the sake of calculations, I told my salesman NO DOWNPAYMENT, and we'll take it from there depending on how I see the numbers. He gave me a monthly payment of $986.00 w/ tax included. That sounded too high so I made my own calculations.

$76,354.30 + 7% Sales Tax= 81,699.10

$81,699.10 + $1,500 (Gap Insurance, Tire Insurance, Tag Transfer) = $83,199.10

$83,199.10 + 1.9% APR (I'm currently on a .9%) = $84,779.88

$84,779.88 - 38% Balloon Percentage = $52,563.53

$52,563.53 / 60 months = 876.06.

That's a difference of $110 a month, $1,320 a year, $6,600 in 60 months. Supposing there are some slight fluctuations and maybe a slightly higher APR than 1.9%, there's no way this all adds up. The 38% has been confirmed by the salesman that is the balloon percentage on a 60 month finance.

By the way, I'm considering waiving the tire insurance regardless since I have a new set of wheels coming in.

Please, Discuss
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      07-24-2010, 11:01 AM   #2
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Quote:
$83,199.10 + 1.9% APR (I'm currently on a .9%) = $84,779.88
the most obvious one I see is this one. Did you just add the interest as a one-off amount calculated for one year only? It's an annual rate...
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      07-24-2010, 03:23 PM   #3
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Originally Posted by outie View Post
the most obvious one I see is this one. Did you just add the interest as a one-off amount calculated for one year only? It's an annual rate...
^^^^^^^^^ yea that
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      07-24-2010, 04:41 PM   #4
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Yeah, I re-ran the numbers and it still doesn't add up. I'll have to sit down with their financial adviser so he can try and explain me the discrepancy.
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      07-24-2010, 11:55 PM   #5
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you are not calculating the apr right.

I did the numbers and i got roughly $970 with tax and no down payment
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      07-25-2010, 12:36 AM   #6
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Like the poster above said, your apr calculation is off.

with 1.9% APR over 60 months, the total comes to $87,279.60 or $1454.66/mo. Also, if I'm not mistaken, the ballon payment is taken off MSRP, which does not include tax, title, and license fees, so deduct your 38% off of the $76,354.30 MSRP (which would be $29,014.63).

87,279.60-29014.63 = 58,263.96

58,263.96/60 = $971.06/month

Last edited by piloto; 07-25-2010 at 02:20 AM.
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      07-25-2010, 01:30 AM   #7
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Yeap, APR is off...

Sit down with the financial advisor and have him/her explain to you why your numbers are what they are... It's an $80k purchase...

His numbers are totally accurate.
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      07-25-2010, 10:34 AM   #8
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Ok. Recalculated all the numbers. They're closer to what the saleman is saying so it seems reasonable. I'm going in today to consider sealing the deal. Thanks for the input guys!
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