third party lease company/bank

[geoff2010]

I have started shopping around for a third party lease company... so far I am unable to find anyone who does it.

Anyone have any ideas about where I should be calling?

thanks.

[!Xoible]

im trying a whole bunch of them. leasecompare.com seems the most legit so far. there's a few local ones, but for the M3 banks have not released residuals as of last week, so no one was able to give me an accurate quote yet.

they should be able to compete with BMWFS despite their low residual (good for opting to buy the car at the end).

Wells Fargo, US Bank, Bank of America offer leases, but you have to call them and see what they come up with. Wachovia in east coast too.

also this person is helping me out too
Abel Tenorio
Signature Auto Leasing
Operations Manager
800-213-7971 X19
512-563-3189 Cell
512-467-8186 Fax
www.signatureautoleasing.com

another person is:
Brad Butler

Fairlease

972 664-1088

and definitely leasecompare.com

[geoff2010]

hmm... looks like i may be taking delivery before banks release residuals. that sucks.

[gadget]

Are there any estimates as to when the residuals will be released?

[!Xoible]

Originally Posted by geoff2010

hmm... looks like i may be taking delivery before banks release residuals. that sucks.

Originally Posted by gadget

Are there any estimates as to when the residuals will be released?

well the word was that before the car is released there will be no #'s from banks. the car's been out for over a week. i have been promised #'s "next week" for 2 weeks now. so i dont know.

[!Xoible]

just FYI if you do not have enough time to wait on indie companies. make sure when you are going to pick up your car to get rates from other lenders.

it's the finance manager's job to provide you with options such as US Bank for instance, and Wells Fargo. it's their job to do it, they might get lazy or refuse to do it, but pressure them. they have to do it.

[asif163]

Do you guys think that the lease rates from third parties will be much lower? I can't see how that would happen if all variables are the same. How much lower a payment would you get from a third party theoritically? Any guesses?

[!Xoible]

Originally Posted by asif163

Do you guys think that the lease rates from third parties will be much lower? I can't see how that would happen if all variables are the same. How much lower a payment would you get from a third party theoritically? Any guesses?

variables are not the same. first of all the interest rate (or money factor) is set at a standard, and doesnt not go up just coz the car is nicer. banks also have different residuals, and they do not care to make money on the car. they buy the cars at a special rate from the dealer. all they care about is make money on the money they're lending you.

how much different, that's what i need to know. i dont expect something like waaay crazy. but like for my 335 i got a quote from BMWFS for 775, the lease company quoted me like 675.

[asif163]

By variables I meant- cash out of pocket, gg tax etc. I understand that the MF/residual will probably be different but, is it meaningful enough to provide a substantial reduction in monthly payment?

[!Xoible]

Originally Posted by asif163

By variables I meant- cash out of pocket, gg tax etc. I understand that the MF/residual will probably be different but, is it meaningful enough to provide a substantial reduction in monthly payment?

i had this discussion with them, they were like why do you care about those variables as long as you have a lower payment having down payment fixed. so im just holding that off until i hear real numbers.

[asif163]

Originally Posted by mantis

i had this discussion with them, they were like why do you care about those variables as long as you have a lower payment having down payment fixed. so im just holding that off until i hear real numbers.

Gotchya- for a $65k car I think $900-1000 is reasonable with $4k total out of pocket- I don't think we'll be able to get the car below that whether it's from a third party now or from BMWFS a couple of years from now if they change the MF/RV. What do u think?

[Smoltz]

Originally Posted by asif163

Gotchya- for a $65k car I think $900-1000 is reasonable with $4k total out of pocket- I don't think we'll be able to get the car below that whether it's from a third party now or from BMWFS a couple of years from now if they change the MF/RV. What do u think?

FWIW, my dealer offered me ~$1000/mo w/ $2k out of pocket on a $61k car. 36 months, 10k miles.

Adam

[geoff2010]

that's not too bad... i'll probably go 5k out of pocket on a 63k car, 24 months 12k miles. hopefully i'll be in the 900 range.

[LittleRocket]

Adam was that on a M3 or another vehicle ?

[!Xoible]

this is what my dealer offered me on a 66k M3 coupe

The following scenarios are with $3k due at lease signing:

36 months, 12k miles, $1087 + tax
36 months, 15k miles, $1121 + tax

42 months, 12k miles, $1044 + tax
42 months, 15k miles, $1073 + tax

[geoff2010]

just got some third party quotes. This is what I have been offered:

36/12k .00228 money factor 53% residual
24/12k .00284 money factor 63% residual

this is compared to the BMWFS offer of:
36/12k .00275 money factor 53% residual
24/12k .00275 money factor 64% residual


Looks like i may be going third party here. The residual is the same on 36k, but the money factor is much better.

[!Xoible]

at least u got lower MF than BMWFS... that's like 40 bucks a month or so?

[geoff2010]

i actually think i misquoted the residual from BMWFS, i believe those numbers are for 15K/mo. Can someone confirm that? If so, they should both be +2% which would make it:

36/12k .00275 money factor 55% residual
24/12k .00275 money factor 66% residual

and if that is the case it may very well negate the better money factor.

[!Xoible]

? i dont understand what you're saying.

BMWFS for 12k miles 36 month is 0.00276 and 53% residual

[geoff2010]

I think that the 53% residual is for 15K miles, so you are supposed to add 2% to that for 12K and 4% for 10K...

i could be wrong.

[!Xoible]

Originally Posted by geoff2010

I think that the 53% residual is for 15K miles, so you are supposed to add 2% to that for 12K and 4% for 10K...

i could be wrong.

according to that lease rates thread it's for 12k miles. add 1% on residual for less mileage for the M3

[asif163]

So it looks like 12k/24mo on a 65k E92 M3 from a 3rd party could be in the $900-1000 range w/3-4k out of pocket. That's good news! Also- 200th post!