lease terms: how do I lock them in for a car in production?!

[joebruin44]

Hi guys -- i'm a bit confused by my dealer and would appreciate your help on this lease!

I ordered a 2011 M3 convertible (jerez black w extended bamboo), MSRP $83,550 with a sales price of $78,000 at the end of June/beginning of July -- I was given a production # and put a $1000 deposit down.

I was told by my dealer that we needed to place the order in June to lock-in the rates (67% and .0022). He also said the residuals would go down each month, BUT if for some reason the deal terms improved (residual or money factor) I would receive the better of the two.

The car won't arrive until end of August/possibly beginning of Sept. I haven't signed one piece of paperwork -- how do I ensure that he honors the deal?

I had a feeling he was padding the money factor initially, but when I sent the new #'s to .002/.0018, he said "no problem".

How does this really work?? Should I trust the process?? Please advise.
Many thanks!
JJ

[///M Rakete]

Originally Posted by joebruin44

Hi guys -- i'm a bit confused by my dealer and would appreciate your help on this lease!

I ordered a 2011 M3 convertible (jerez black w extended bamboo), MSRP $83,550 with a sales price of $78,000 at the end of June/beginning of July -- I was given a production # and put a $1000 deposit down.

I was told by my dealer that we needed to place the order in June to lock-in the rates (67% and .0022). He also said the residuals would go down each month, BUT if for some reason the deal terms improved (residual or money factor) I would receive the better of the two.

The car won't arrive until end of August/possibly beginning of Sept. I haven't signed one piece of paperwork -- how do I ensure that he honors the deal?

I had a feeling he was padding the money factor initially, but when I sent the new #'s to .002/.0018, he said "no problem".

How does this really work?? Should I trust the process?? Please advise.
Many thanks!
JJ

A credit application with BMWFS will lock you for the current program rates and up to 60 days after that program terminates (as I recall). In any even if the numbers get better, and the money factor has been dropping, you should get the benefit of those reductions.

[chili cheese]

+1. Make sure you don't pay over the base MF rates that are posted on this forum. Anything over is a dealer mark-up.