What do you think of this demo lease M3 verte(599/mo)

[Khurram]

went with a different deal

[Goober M]

Originally Posted by Khurram

Here is what I'm being offered.
Executive demo
08 M3 convertible
12k /year 36mo
Jerez black on black with almost fully loaded (tech,premium,iPod enhanced stereo,etc)
3500miles
599/month tax included!
6500 down for the lease assumption.

This a being offered to me by someone I know at bmw. He just leased the car on March 1st before the awesome lease deals expired.
That monthly payment is unheard of but I'm weary about the large down payment.

What do you guys think? Is this a no brainer or should I be careful about this one?

He also has an interlagos blue sedan for 569/month with 4500 down.

Your advice is much appreciated

As a back of the envelope calculation, you should prorate the $6500 you are putting down over the life of the lease -- that's $180 more per month that you're really paying (that doesn't include the implicit interest you are losing on the $6500 by putting it down up front). So basically your lease payment is more like $779, which isn't too bad for that car. What is the purchase price, money factor and residual on the lease -- you need to know these to assess whether you're getting a good deal or not.

[Khurram]

Getting the numbers... Will post as soon as I have them

[someone]

I'm always weary of large cap reductions on leases. You total the car and you'll never see that money again.

[Khurram]

I was mistaken.
It's a 10k /yr lease

54% at 10k
MF .00025
59,400 was the purchase price

[sqweak]

MF is good (thats what the pre 3/2 deals were)

do you know the sticker? 59400 sounds like it's prob about 2k under invoice, which is good, but some of us got around 4ish under on similarly equipped cars

The only red flag to me is the down. On a lease, you always want to avoid a large down.

[Khurram]

75470 is the sticker.
I'm thinking he is pocketing some of the down which is why is selling the lease.
I don't want to put a big down on a lease but in this scenario it might be too good to pass up.

[Khurram]

It's actually 6k down not 6,500 down.
Should I try to bring it down a bit?

[Los Angeles]

Originally Posted by Khurram

It's actually 6k down not 6,500 down.

Should I try to bring it down a bit?

Yes.

[Khurram]

What do you think I can get away with? 5 down?

[fq1]

Originally Posted by Khurram

What do you think I can get away with? 5 down?

No, at the most 1k down. This guy is going to eat the payments on the car until he can unload it. He only bought it for the profit, and in this economy YOU are the one with the leverage. He is going to have a tough time unloading it at such high upfront cost. I would say 1k down and you also pay the BMW lease transfer fee of $450. That's how high I would recommend going. With the total $1450 down, your deal will still not be as good as that of "I_Love_BMWs" ovr at the Bimmerfest board that he got more than 2 months ago.

[Khurram]

Thanks fq1 for your advice. I'lll update you as to how it goes