Need Clarification on BMW Select

[kiloil]

Fellas, I have found a brand new 09 Coupe MT with all bells and whistles, but my question are the following:

1) If going thru BMW Select program, does money factor play into the equation or is that for a typical lease?

2) What other expenses am I looking at if I go to BMW Select program? I understand about the tier rating, but that is about it.

3) Does this sound right.

09 Space grey metalic
Silver Novillo Leather
Manual Trans
Premium Package
Tech package
19's
Enhanced Premium Sound
Lumbar
BMW Teleservices

$67,325

Any help would be great, and yes I have searched.

[SUB-ZERO]

Originally Posted by kiloil

Fellas, I have found a brand new 09 Coupe MT with all bells and whistles, but my question are the following:

1) If going thru BMW Select program, does money factor play into the equation or is that for a typical lease?

2) What other expenses am I looking at if I go to BMW Select program? I understand about the tier rating, but that is about it.

3) Does this sound right.

09 Space grey metalic
Silver Novillo Leather
Manual Trans
Premium Package
Tech package
19's
Enhanced Premium Sound
Lumbar
BMW Teleservices

$67,325

Any help would be great, and yes I have searched.

BMW select is just like regular financing except that you have to pay a balloon payment of $xx,000 amount on your last payment.

What this does, is lower your monthly payment by $200-$400 per month and then the money that you saved up front will be due on the last payment.

If you finance $67,325 at 2.9% for 4 years, your monthly payments will be around $1487. With BMW select, you pay around $1000 per month and then a balloon payment of around $24k-$25k on the 48th month.

-SZ

[kiloil]

Thanks for the quick response SZ.

I understand the fundamentals of select but what other expenses am I looking at (I know TTI) when I set down at the table?

[isugoo]

Consider it as: you're leasing for 24-48 mo. but you're buying it right after that.
Because you're obligated buying it, BMW gives you a better rate than regular lease that the owner may or may not buy at the end of the lease.

I don't know anyone in our forum knows going rate or not but to me, if you're going to buy it, just buy it up front. And if you can't afford it yet, just wait till you can instead of paying a lot more for lease + buy concept. you save some money up front but you'll end up paying a lot more.

[kiloil]

Thanks--I am getting 1.9APR on a select program, but there has to be a catch to it. I have the money to pay out right, but I can invest that money in a mutual fund that yields me the same amount of money at the end.

So my question still lingers, what other cost are assoicated with the select program?

[SUB-ZERO]

Originally Posted by kiloil

Thanks--I am getting 1.9APR on a select program, but there has to be a catch to it. I have the money to pay out right, but I can invest that money in a mutual fund that yields me the same amount of money at the end.

So my question still lingers, what other cost are assoicated with the select program?

There are no costs other than the standard taxes and title. I think you must put a DP on at least $3k; I put in about $10k because I had negative equity.

[Technic]

Originally Posted by kiloil

Thanks--I am getting 1.9APR on a select program, but there has to be a catch to it. I have the money to pay out right, but I can invest that money in a mutual fund that yields me the same amount of money at the end.

So my question still lingers, what other cost are assoicated with the select program?

The Select Program is like regular financing but with the downpayment at the end.

No special fees, no money factors, no trick or threat. Nothing else.

[OckEME3]

+1

The only thing that will determine how much you pay at the end is your credit score but even then the difference is not too broad if you have axcellent or good credit.

[kiloil]

Does my price look correct?

[OckEME3]

I'd say you could get better deal than that, I got my 09 coupe with metallic paint, 19" wheels, 6MT, Tech & Premium pkg, pdc HD radio for less than what you got quoted, so basically no DCT, cold weather pkg or premium sound. Try to negotiate some more.

edit: I picked it up July 7th.

[SpencerM3]

You should be able to get that car for $500 or so over invoice.

[kiloil]

Originally Posted by SpencerM3

You should be able to get that car for $500 or so over invoice.

I don't mind spending more than invoice on this car. In fact I value salemanship and will pay more to receive better service from the dealer. So I will more than likely pay 1500-2000 over invoice to insure this. In addition my saleslady has been steller so I can justify it.