2010 E90 M3 For <$1000, leased. Possible?

lm1z · 02-28-2010, 08:13 PM

Hey guys,

Looking to trade in my '07 335i which i've come to love.

My lease is up in July, however BMW is offering a 120-day period (prior to lease end) where your residual value is disregarded. Therefore, i'll be looking to trade in early!

The '11 M3's should be hitting the lot around early April, and i'm looking to walk into the dealer to start negotiating in late March for a 2010 model.

What do you think the possibility is of achieving a <$1000 lease payment with minimum down? Anyone had any recent deals go through?

MSRP for the options desired is around $70k, which I assume is around a $62k invoice price.

Thoughts?

Lane

EDIT - Years later, more knowledgable and with more financial experience, I came to realize that the program I was talking about in this thread is simply the "pull ahead" program which BMW Financial occasionally allots dealers in effort to create new leases. It's a max 120-day pull ahead program in which BMW Financial pays your last 4 lease payments to reduce negative equity. When I tried to explain this "deal" to Kelly BMW in Columbus, OH, I was told by the sales rep that I was "lying" and "he had no idea what I was talking about". He pointed to the door and told me "this wasn't the place for me" in front of a few dozen customers and the entire staff. Completely humiliating - I was so angry that I almost switched brands. I was judged from the moment I walked into the dealership, sporting athletic pants, a white tee shirt and a ball cap - Little did the rep know, or care, about what I was driving or how good my credit was. Turns out I was 24 making $80k, driving a 335i with a 775 credit rating. That particular dealership lost a sale and BMW almost lost an entire family of enthusiasts. I will never forget that incident and it has changed my perception of car buying forever.

WCKL · 02-28-2010, 11:20 PM

Quote:

Originally Posted by lm1z

Hey guys,

Looking to trade in my '07 335i which i've come to love.

My lease is up in July, however BMW is offering a 120-day period (prior to lease end) where your residual value is disregarded. Therefore, i'll be looking to trade in early!

The '11 M3's should be hitting the lot around early April, and i'm looking to walk into the dealer to start negotiating in late March for a 2010 model.

What do you think the possibility is of achieving a <$1000 lease payment with minimum down? Anyone had any recent deals go through?

MSRP for the options desired is around $70k, which I assume is around a $62k invoice price.

Thoughts?

Lane

Possible.

lm1z · 03-01-2010, 06:40 AM

Quote:

Originally Posted by WCKL

Possible.

Good to know

Thrumcap · 03-01-2010, 08:47 AM

Yes. 2011 lease rates and residuals will be out tomorrow. I am told to expect the same base rate but that residuals should be better. If you run the numbers through Lease Compare now, you will see worst case scenario for ordering a 2011. The numbers on lease compare right now are almost identical to what dealer is quoting.

lm1z · 03-01-2010, 11:28 AM

Quote:

Originally Posted by Thrumcap

Yes. 2011 lease rates and residuals will be out tomorrow. I am told to expect the same base rate but that residuals should be better. If you run the numbers through Lease Compare now, you will see worst case scenario for ordering a 2011. The numbers on lease compare right now are almost identical to what dealer is quoting.

Great info. Thanks!

M3Bliss · 03-02-2010, 12:32 AM

Quote:

Originally Posted by lm1z

The '11 M3's should be hitting the lot around early April, and i'm looking to walk into the dealer to start negotiating in late March for a 2010 model.

What do you think the possibility is of achieving a <$1000 lease payment with minimum down? Anyone had any recent deals go through?

Guys please speak up if I am incorrect but won't the lowest lease rate be on a 2011 model? Since the 2010 will be 1 model year old won't that negatively the lease rate/residual value? I have leased in the past many times and was told that the best deal was always on the current model year. If you purchase then you could get a better deal on the older car since they will get BMW money and you could split the depreciation hit with the dealer.
Again, check me if I am incorrect.

lm1z · 03-02-2010, 11:16 AM

Quote:

Originally Posted by M3Bliss

Guys please speak up if I am incorrect but won't the lowest lease rate be on a 2011 model? Since the 2010 will be 1 model year old won't that negatively the lease rate/residual value? I have leased in the past many times and was told that the best deal was always on the current model year. If you purchase then you could get a better deal on the older car since they will get BMW money and you could split the depreciation hit with the dealer.
Again, check me if I am incorrect.

That's usually incorrect in the many cases I have inquired about rates.
To my knowledge, at least in the case of BMW financial, there is little to NO lease support on new/upcoming models that hit the floor.

We saw this with the new 7 series and will see this on the new 3 and 5.
Once the next year models are introduced you will start to see improved discounts.

Dealers start getting really aggressive with their pricing (when new product is about to hit the floor) in order to clear out the "old" inventory.

chili cheese · 03-02-2010, 03:09 PM

I'm nearly in the same boat....getting M3 ASAP, however my lease is up a month later (august) and I want the E92. Can you please expand on this 120-day period where the residual is disregarded and specifically how that allows you to trade in early? If you trade in early aren't you still on the hook for the remaining monthly payments? I guess I don't understand. I'm also considering the 2010 with a heavy discount if available. Thanks!

lm1z · 03-02-2010, 05:48 PM

Quote:

Originally Posted by chili cheese

I'm nearly in the same boat....getting M3 ASAP, however my lease is up a month later (august) and I want the E92. Can you please expand on this 120-day period where the residual is disregarded and specifically how that allows you to trade in early? If you trade in early aren't you still on the hook for the remaining monthly payments? I guess I don't understand. I'm also considering the 2010 with a heavy discount if available. Thanks!

No problem. I hope we both end up with what we want.
So, in basic car financing terms, you are considered "upsidedown" in your lease if you OWE more than the car is currently WORTH - or essentially what you have left to pay. This is why you have a lease end term, or maturity date, in order to pay down to the locked in residual value of the car (the amount your car WILL be worth when turned in - determined at lease signing).

BMW is offering a 120 day (or 4 month) program where the CURRENT residual value of the car is disregarded. In my situation, I have driven 10k over my total allowed mileage of 36k throughout the lease term - more miles on the car means more depreciation, which means a lower residual value. Instead of having to the pay difference in mileage (which can vary from pennies to dollars), I can trade the car in free of charge, and also without paying any remaining payments if I am still upsidedown in my lease. Make sense?

This is all an effort to retain business and keep us driving their cars.

Hopefully that was to the point and clearly explained.
Anyone else feel free to chime in and/or correct anything I've written.

chili cheese · 03-02-2010, 07:14 PM

Holy smokes. Did BMW contact you with this offer, or did it come to you via e-mail once you got close to the 120 day marker? I'm 174 days out and haven't heard of this deal.

lm1z · 03-02-2010, 07:37 PM

Quote:

Originally Posted by chili cheese

Holy smokes. Did BMW contact you with this offer, or did it come to you via e-mail once you got close to the 120 day marker? I'm 174 days out and haven't heard of this deal.

Well, now I'm starting to feel that it's at the dealer level - not corporate level.
We were quoted this deal face-to-face with our sales rep.

I'm wondering if they are trying to boost the USED car market. Used cars are harder to come by since people have been holding onto their larger assets. I'm assuming that their losses will actually be offset in used car sales.

Although I could be jumping ahead of myself...

Thoughts? Anyone else heard of what I was quoted?

MIMINO · 03-03-2010, 01:40 PM

My lease will be up in May and I also wanted to turn the vehicle in early. i took my car to the dealer and they said the early start into new lease program has been discontinued. They had that last fall. Thats what the finance manager told me.

lm1z · 03-03-2010, 03:28 PM

Quote:

Originally Posted by MIMINO

My lease will be up in May and I also wanted to turn the vehicle in early. i took my car to the dealer and they said the early start into new lease program has been discontinued. They had that last fall. Thats what the finance manager told me.

If you make it into the dealer soon ask them if this promo is at the dealer level only.

We were quoted this last week.

chili cheese · 03-04-2010, 07:46 PM

Any news fellas?

lm1z · 03-05-2010, 08:54 AM

havent made it up there yet.
will be out of town until late march.

shakan · 03-05-2010, 01:54 PM

The new lease rates took a dive, MF 0.00125.
It might be possible now to get under 1000 per month if the right discount off MSRP is offered and perhaps putting a few MSDs down.

chili cheese · 03-05-2010, 02:45 PM

Residual dropped too though. For the 36 month calc it seems that there is an overal savings, or the lease rates are better for March.

shakan · 03-05-2010, 02:54 PM

They did but I think the MF drop more than offset that. I kind of assumed 36 mo if 1000 is the target, you'd need Dec 08 rates and high residuals to come anywhere near that on a 24 mo lease but that may be a pipe dream these days.

The Audi S4 has similar MF and residuals but I wouldn't call it a direct competitor to M3. I wonder what prompted this sudden drop.

chili cheese · 03-05-2010, 03:03 PM

Maybe BMW knows we're coming! I'm going to try and negotiate hard on getting out of my lease clean and into a 2010 if the numbers are good.

shakan · 03-05-2010, 03:30 PM

I still have a few months remaining not sure whether it would be possible to get out and upgrade but maybe it's worth a try.

lm1z · 03-05-2010, 03:43 PM

Quote:

Originally Posted by shakan

I still have a few months remaining not sure whether it would be possible to get out and upgrade but maybe it's worth a try.

give it a shot!

they know we're coming

the rates dropped due to '11 production going into effect this month. let's see what we can negotiate. my goal is ~$950 with minimum down. other option is to buy used with low mileage, but i can't see myself in a car for more than 5 years.

chili cheese · 03-05-2010, 04:28 PM

If you peer pressure me into it, I'll peer pressure you into it. Deal.

02-28-2010, 08:13 PM	#1
lm1z Major 194 Rep 1,278 Posts Drives: 2017 GT350 Join Date: Aug 2007 Location: Frisco, TX iTrader: (22)	2010 E90 M3 For <$1000, leased. Possible? YES!! READ WITH DETAILS! Hey guys, Looking to trade in my '07 335i which i've come to love. My lease is up in July, however BMW is offering a 120-day period (prior to lease end) where your residual value is disregarded. Therefore, i'll be looking to trade in early! The '11 M3's should be hitting the lot around early April, and i'm looking to walk into the dealer to start negotiating in late March for a 2010 model. What do you think the possibility is of achieving a <$1000 lease payment with minimum down? Anyone had any recent deals go through? MSRP for the options desired is around $70k, which I assume is around a $62k invoice price. Thoughts? Lane EDIT - Years later, more knowledgable and with more financial experience, I came to realize that the program I was talking about in this thread is simply the "pull ahead" program which BMW Financial occasionally allots dealers in effort to create new leases. It's a max 120-day pull ahead program in which BMW Financial pays your last 4 lease payments to reduce negative equity. When I tried to explain this "deal" to Kelly BMW in Columbus, OH, I was told by the sales rep that I was "lying" and "he had no idea what I was talking about". He pointed to the door and told me "this wasn't the place for me" in front of a few dozen customers and the entire staff. Completely humiliating - I was so angry that I almost switched brands. I was judged from the moment I walked into the dealership, sporting athletic pants, a white tee shirt and a ball cap - Little did the rep know, or care, about what I was driving or how good my credit was. Turns out I was 24 making $80k, driving a 335i with a 775 credit rating. That particular dealership lost a sale and BMW almost lost an entire family of enthusiasts. I will never forget that incident and it has changed my perception of car buying forever. __________________ PAST 2007 Black Sapphire E90 335i, 2010 Jerez Black E92 M3, 2012 Mineral White E92 M3, 2013 Singapore Grey F10 M5, 2016 Azurite Black F80 M3, CURRENT 2017 Oxford White GT350 Last edited by lm1z; 01-12-2015 at 02:49 PM..
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03-01-2010, 08:47 AM	#4
Thrumcap Second Lieutenant 56 Rep 257 Posts Drives: 2019 Audi Q7 Join Date: Mar 2007 Location: MA iTrader: (0)	Yes. 2011 lease rates and residuals will be out tomorrow. I am told to expect the same base rate but that residuals should be better. If you run the numbers through Lease Compare now, you will see worst case scenario for ordering a 2011. The numbers on lease compare right now are almost identical to what dealer is quoting.
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03-02-2010, 03:09 PM	#8
chili cheese Major 101 Rep 1,086 Posts Drives: '16 Corvette Z06 Join Date: Jul 2007 Location: Southern CA iTrader: (6)	Same Boat I'm nearly in the same boat....getting M3 ASAP, however my lease is up a month later (august) and I want the E92. Can you please expand on this 120-day period where the residual is disregarded and specifically how that allows you to trade in early? If you trade in early aren't you still on the hook for the remaining monthly payments? I guess I don't understand. I'm also considering the 2010 with a heavy discount if available. Thanks!
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03-02-2010, 07:14 PM	#10
chili cheese Major 101 Rep 1,086 Posts Drives: '16 Corvette Z06 Join Date: Jul 2007 Location: Southern CA iTrader: (6)	Holy smokes. Did BMW contact you with this offer, or did it come to you via e-mail once you got close to the 120 day marker? I'm 174 days out and haven't heard of this deal.
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03-03-2010, 01:40 PM	#12
MIMINO New Member 4 Rep 29 Posts Drives: e46 M3, e90 335i, e70 x5d Join Date: Dec 2007 Location: Burbank, CA iTrader: (0)	My lease will be up in May and I also wanted to turn the vehicle in early. i took my car to the dealer and they said the early start into new lease program has been discontinued. They had that last fall. Thats what the finance manager told me.
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03-04-2010, 07:46 PM	#14
chili cheese Major 101 Rep 1,086 Posts Drives: '16 Corvette Z06 Join Date: Jul 2007 Location: Southern CA iTrader: (6)	Any news fellas?
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03-05-2010, 08:54 AM	#15
lm1z Major 194 Rep 1,278 Posts Drives: 2017 GT350 Join Date: Aug 2007 Location: Frisco, TX iTrader: (22)	havent made it up there yet. will be out of town until late march. __________________ PAST 2007 Black Sapphire E90 335i, 2010 Jerez Black E92 M3, 2012 Mineral White E92 M3, 2013 Singapore Grey F10 M5, 2016 Azurite Black F80 M3, CURRENT 2017 Oxford White GT350
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03-05-2010, 01:54 PM	#16
shakan Private First Class 1 Rep 116 Posts Drives: 335 Join Date: Oct 2008 Location: SC iTrader: (0)	The new lease rates took a dive, MF 0.00125. It might be possible now to get under 1000 per month if the right discount off MSRP is offered and perhaps putting a few MSDs down.
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03-05-2010, 02:45 PM	#17
chili cheese Major 101 Rep 1,086 Posts Drives: '16 Corvette Z06 Join Date: Jul 2007 Location: Southern CA iTrader: (6)	Residual dropped too though. For the 36 month calc it seems that there is an overal savings, or the lease rates are better for March.
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03-05-2010, 02:54 PM	#18
shakan Private First Class 1 Rep 116 Posts Drives: 335 Join Date: Oct 2008 Location: SC iTrader: (0)	They did but I think the MF drop more than offset that. I kind of assumed 36 mo if 1000 is the target, you'd need Dec 08 rates and high residuals to come anywhere near that on a 24 mo lease but that may be a pipe dream these days. The Audi S4 has similar MF and residuals but I wouldn't call it a direct competitor to M3. I wonder what prompted this sudden drop.
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03-05-2010, 03:03 PM	#19
chili cheese Major 101 Rep 1,086 Posts Drives: '16 Corvette Z06 Join Date: Jul 2007 Location: Southern CA iTrader: (6)	Maybe BMW knows we're coming! I'm going to try and negotiate hard on getting out of my lease clean and into a 2010 if the numbers are good.
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03-05-2010, 03:30 PM	#20
shakan Private First Class 1 Rep 116 Posts Drives: 335 Join Date: Oct 2008 Location: SC iTrader: (0)	I still have a few months remaining not sure whether it would be possible to get out and upgrade but maybe it's worth a try.
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03-05-2010, 04:28 PM	#22
chili cheese Major 101 Rep 1,086 Posts Drives: '16 Corvette Z06 Join Date: Jul 2007 Location: Southern CA iTrader: (6)	If you peer pressure me into it, I'll peer pressure you into it. Deal.
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