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08-17-2010, 02:43 PM | #1 |
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How do I know if I got a good deal!
I have never leased a car before and this would be my first. Its a 2010 e92 M3 that I picked up in April of this year! MSRP was $73,305.00. We agreed on 6% off of msrp, and BMW had a $2500.00 rebate. I did 10,000 miles a year for 36 months. Sales tax is 3.17%, there was a $925.00 acq fee, and a $349.00 processing fee. I put down $13,742 out of my pocket. So what do you think my monthly payments should be? If im missing any info to figure out my monthly payment, just let me know. Thanks in advance.
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08-17-2010, 03:28 PM | #2 |
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Doesn't really matter what you bought the car fro, if you honestly put $13K down on a leased car, then you did not get a good deal.....
Rule of thumb - Put the least amount down when leasing, because once you drive off that lot and something happens to that car, guess what? Your down payment is gone.... |
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08-17-2010, 04:13 PM | #3 | |
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08-17-2010, 04:22 PM | #4 |
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08-17-2010, 04:45 PM | #5 |
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Agreed. Always put the least you can on a leased car.
I'm putting 20 down but I'm financing @ 60 months.
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08-17-2010, 05:16 PM | #6 |
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They told me i had to put that much down in order to lease the car. My payoff at the end of my 3 years is like $35,000 if that helps!
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08-17-2010, 06:21 PM | #7 | |
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08-17-2010, 06:23 PM | #8 |
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How much is your payment including tax?
Did you get 6% off...then another $2500 off? I'll be picking up my 2011 E92 in two weeks...and I got 6% off as well. My acquisition fee is $725, and no bogus processing fees. |
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08-18-2010, 12:50 PM | #10 |
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In the uk,
standard lease is 3 (payments) down or 6 (if you wanna reduce your monthly) at the beginning followed by the regular set monthlys. before any negotiation on the cost of the car, that would have been something like 1800GBP (3 payments) deposit 3600GBP (6 payments) deposit because a lease is essentially a longer term rental, putting down a big deposit isnt a good move, as your not paying into anything really. I was going to business lease a new m3, but 10 weeks build was too long for me to wait, so i contract purchased an approved used, and threw in 6k GBP, its done all its depreciating (hopefully the worst of it anyway) and my payments are the same as they have been for as long as i can remember on any car i ve had, in 12-18months i ll chop it in for another m3 probably and have some equity to go into the next car. j. |
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08-18-2010, 01:37 PM | #12 | |
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fairfax they said i had no other choice.
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08-18-2010, 01:43 PM | #13 |
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Sorry buddy, that deal is terrible. As everyone else said, when I lease I put down as little as possible. To put down that kind of money you should have just bought and your payments would be lower than your lease. At least then you can do what you want with the car since you bought it. Now, you are stuck for the term of the lease.
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08-18-2010, 02:37 PM | #15 | |
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Once again fairfax bmw messing with people. I knew from the instant they told me that they couldn't budge from MSRP/Sticker price that I would never have business with them. Their reasoning was that since it's an M3 there are no negotiations. I would avoid Fairfax BMW like the plague. Oh I forgot to mention that they had NO idea about the September production changes until I pointed it out to the manger. I asked almost 3 weeks after BMW annouced the changes.
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08-18-2010, 02:44 PM | #16 | |
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Why did you not find all this out before giving them all that money. What is the name of these crooks. |
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08-18-2010, 03:11 PM | #17 |
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Sure hope not.
Purchase price: $66,406 $730 x 36 months = 26,280 plus $13,742 down. Total after 36 months is $40,022 spent (actually more since i think i forgot to add in tax) Plus $35,000 buy out. At the end he paid over $75k for a $66k car. Will be more factoring interest if he takes a loan out to pay the $35k off. So if hes planning to buy this car then hes spending a lot more in the long run.
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08-18-2010, 04:24 PM | #19 |
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pretty much what you should be doing after a deal like that.
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08-18-2010, 04:30 PM | #20 |
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Your deal was not that good. However, a large part of it has to do with the lease program of the month. The residual for 2010 M3 back in April of this year was only 50%.
If you were to lease a 2011 with a MSRP of $72k and selling price of $67k in July/August and instead of down payment you put down 7 refundable MSDs, the monthly payment is ~$800/mo + tax. It's kind of too late to ask if you got a good deal. However, you can probably have someone assume your lease if you really want to get out of it. |
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08-18-2010, 04:45 PM | #21 | |
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BTW how is your credit and what MF did you get? Either way 13k us just nuts. |
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08-18-2010, 04:59 PM | #22 |
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