BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > New and Preowned M3 Pricing, Ordering, Tracking / European Delivery / Dealer Reviews
 
Post Reply
 
Thread Tools Search this Thread
      05-20-2010, 04:46 PM   #1
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

more or less on downpayment?

i can do either 15 or 20k down, my monthly payment will be $912 if 15k $800 if 20k on a 5 yrs loan at 3.9%

i will save 500 on interest if i do 20k.

what would you guys recommend on doing?
richardbb85 is offline  
0
Reply With Quote
      05-20-2010, 05:07 PM   #2
kaykay
Lieutenant Colonel
 
kaykay's Avatar
 
Drives: 2011 E92 M3 ZCP
Join Date: Apr 2010
Location: SoCal

Posts: 1,770
iTrader: (0)

Garage List
3.9% financing - ewwwwww, disgusting.

It's 0.9% financing (at least here in the U.S. it is)

Maybe find another lender that will give you a better deal.

I personally don't buy cars because buying cars is just a terrible investment and I like a new car every 2 years or so.
__________________
'12 CLS550 Palladium Silver - loaded
'11 E92 M3 ZCP - SG/B-EXT/CF, M-DCT, loaded
'11 E93 328i, BSM over Saddle Brown, sport, loaded
'08 550i M-Sport, Carbon Black (Gone but not forgotten), '06 W211 E55 AMG (Gone, miss this animal),'01 E39 540i Sport
kaykay is offline   United_States
0
Reply With Quote
      05-20-2010, 05:20 PM   #3
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

this is for a 2011 coupe, and 3.9 is the best rate my parent is qualified for.

and i do plan on keeping the car for quite a long time.
richardbb85 is offline  
0
Reply With Quote
      05-20-2010, 07:00 PM   #4
mclarenmaniac
First Lieutenant
 
mclarenmaniac's Avatar
 
Drives: 2011 E92 M3,DCT, Jerez/Ext.Fox
Join Date: Mar 2010
Location: NOVA

Posts: 307
iTrader: (0)

Quote:
Originally Posted by richardbb85 View Post
this is for a 2011 coupe, and 3.9 is the best rate my parent is qualified for.

and i do plan on keeping the car for quite a long time.
Ask your parents to go with Bank of America as i got 2.9 for 60 months for 2011 thru BMW finance!
mclarenmaniac is offline   United_States
0
Reply With Quote
      05-20-2010, 07:32 PM   #5
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

my dad doesn't want to go thru a bank (he said it require more paper work), and 3.9 isn't the problem.
richardbb85 is offline  
0
Reply With Quote
      05-20-2010, 07:44 PM   #6
Slpnbyu
First Lieutenant
 
Drives: 2011 E90 M3 (ED)
Join Date: Mar 2010
Location: CO

Posts: 301
iTrader: (2)

Garage List
2011 M3 Sedan  [0.00]
Put down as much as you can, cars depreciate very quickly so you want to get it paid off as early as possible with as little interest as possible.
__________________
STOCK /// ED '11 E90 M3 : Space Grey/Fox Red/4MY : 2MT : ZPP : ZTP : 6NF : 6FL : 465 : 494 : 5AC : 639 : 655 : 752 ///
MODS /// Painted Reflectors : OEM Gloss Black Kidneys : VentureShield : 18" Winter Pkg ///
Slpnbyu is offline   United_States
0
Reply With Quote
      05-21-2010, 08:27 AM   #7
chumpion
Private
 
Drives: 2009 M3 Coupe; DCT
Join Date: Sep 2009
Location: NY, NY

Posts: 72
iTrader: (0)

Put down as much as you can. You will be glad you did in three years when you are trying to sell/trade the car in for something else.
chumpion is offline  
0
Reply With Quote
      05-21-2010, 09:24 AM   #8
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

that's what i was hoping to hear

thank you, 20k it is
richardbb85 is offline  
0
Reply With Quote
      05-21-2010, 09:46 AM   #9
oldmanstyle
Private
 
Drives: M3
Join Date: Feb 2010
Location: USA

Posts: 89
iTrader: (0)

Quote:
Originally Posted by kaykay View Post
I personally don't buy cars because buying cars is just a terrible investment and I like a new car every 2 years or so.
that is quite the paradox
oldmanstyle is offline  
0
Reply With Quote
      05-21-2010, 10:46 AM   #10
bonedoctor
Dreamer
 
Drives: 2011 E90 M3 SG
Join Date: Mar 2010
Location: Yorba Linda, California

Posts: 77
iTrader: (0)

Wait a sec!

Think about things again. Forget all this talk about I want to have higher or lower payments. Forget about when you are going to sell the car and whether you want to pay off your loan early or late or not at all. Forget all that. It really isn't all that relevant. Forget about whether to lease or to buy unless it benefits your individual position.

The question is, if you put down $20k downpayment, you are essentially putting $20k into a money market account that pays 3.9% and you are fixed into that account for 5 years, with no withdrawals or options.

At 3.9%, why not take the $20k, and invest it somewhere else. At 3.9%, it would even be better to put it into your parents' mortgage (unless they are paying lower than 3.9% on their mortgage (less than 1% of people are paying less than 3.9% on their mortgage).

Talk to a competent accountant and don't leave this to gut feeling "my payments are going to lower", or "I can get this thing paid off", or "what if I want to sell the car?". Makes no difference.

And the 0.9% is only available for 2010, as far as I know.
bonedoctor is offline   United_States
0
Reply With Quote
      05-21-2010, 12:02 PM   #11
chumpion
Private
 
Drives: 2009 M3 Coupe; DCT
Join Date: Sep 2009
Location: NY, NY

Posts: 72
iTrader: (0)

Quote:
Originally Posted by bonedoctor View Post
Wait a sec!

Think about things again. Forget all this talk about I want to have higher or lower payments. Forget about when you are going to sell the car and whether you want to pay off your loan early or late or not at all. Forget all that. It really isn't all that relevant. Forget about whether to lease or to buy unless it benefits your individual position.

The question is, if you put down $20k downpayment, you are essentially putting $20k into a money market account that pays 3.9% and you are fixed into that account for 5 years, with no withdrawals or options.

At 3.9%, why not take the $20k, and invest it somewhere else. At 3.9%, it would even be better to put it into your parents' mortgage (unless they are paying lower than 3.9% on their mortgage (less than 1% of people are paying less than 3.9% on their mortgage).

Talk to a competent accountant and don't leave this to gut feeling "my payments are going to lower", or "I can get this thing paid off", or "what if I want to sell the car?". Makes no difference.

And the 0.9% is only available for 2010, as far as I know.
Sound advice for sure. But something tells me that a guy who needs his parent's credit to get the car is not going to be able to afford the payments with zero down.
chumpion is offline  
0
Reply With Quote
      05-21-2010, 01:06 PM   #12
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

well....my parent's house is paid off

i do plan on buying an apt/townhouse this summer though, but that shouldn't be a problem.
richardbb85 is offline  
0
Reply With Quote
      05-21-2010, 01:24 PM   #13
kaykay
Lieutenant Colonel
 
kaykay's Avatar
 
Drives: 2011 E92 M3 ZCP
Join Date: Apr 2010
Location: SoCal

Posts: 1,770
iTrader: (0)

Garage List
Quote:
Originally Posted by chumpion View Post
Sound advice for sure. But something tells me that a guy who needs his parent's credit to get the car is not going to be able to afford the payments with zero down.

Why would the OP make a 5-year commitment to a loan that he might not even be able to pay off?

5 years in a LONG TIME, throwing $20k into a car for 5-year that you might get sick of on year 3 or might not even be able to sell for 30% of its value in year 5 is just stupid finance.

I never understood threads like these...

If you can put $20k down, don't buy a brand new MSRP 2011, find a used M3, save money on both the car and interest... Thread makes no sense.

If you're fine paying 3.9%, I'll give you the money and you pay me the 3.9 - I'll even charge you 3.75% because you're an M3 Post member...

Buy some gold, when you can afford an M3, and a new one at that since that's what you want, buy it outright, lease it, or finance it with good terms.

__________________
'12 CLS550 Palladium Silver - loaded
'11 E92 M3 ZCP - SG/B-EXT/CF, M-DCT, loaded
'11 E93 328i, BSM over Saddle Brown, sport, loaded
'08 550i M-Sport, Carbon Black (Gone but not forgotten), '06 W211 E55 AMG (Gone, miss this animal),'01 E39 540i Sport
kaykay is offline   United_States
0
Reply With Quote
      05-21-2010, 01:51 PM   #14
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

thank you kaykay for the info

i will look into leasing as an option also
__________________
2011 E92 Space Grey/black + Tech + Premi + Heated Seats
richardbb85 is offline  
0
Reply With Quote
      05-21-2010, 02:05 PM   #15
kaykay
Lieutenant Colonel
 
kaykay's Avatar
 
Drives: 2011 E92 M3 ZCP
Join Date: Apr 2010
Location: SoCal

Posts: 1,770
iTrader: (0)

Garage List
Richard, I would honestly lease the car and buy $15k worth of gold. Trust me.

The market is too volatile and times are not stable to commit to a car for 5-years. Not to mention it might be worth a lot less than what "they" are predicting it will be worth.
__________________
'12 CLS550 Palladium Silver - loaded
'11 E92 M3 ZCP - SG/B-EXT/CF, M-DCT, loaded
'11 E93 328i, BSM over Saddle Brown, sport, loaded
'08 550i M-Sport, Carbon Black (Gone but not forgotten), '06 W211 E55 AMG (Gone, miss this animal),'01 E39 540i Sport
kaykay is offline   United_States
0
Reply With Quote
      05-21-2010, 02:39 PM   #16
chumpion
Private
 
Drives: 2009 M3 Coupe; DCT
Join Date: Sep 2009
Location: NY, NY

Posts: 72
iTrader: (0)

I understand the crushing urge to get the car right away. But the house and some breathing room with your finances is one of the smartest things you can do. Enjoy the hell out of it if you get it, but don't buy a toy that you can barely afford, especially if you are not even on your own two feet yet.
chumpion is offline  
0
Reply With Quote
      05-21-2010, 02:42 PM   #17
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

payment isn't a problem

i just want to make the best choice with the money so i don't feel so dumb later on.
__________________
2011 E92 Space Grey/black + Tech + Premi + Heated Seats
richardbb85 is offline  
0
Reply With Quote
      05-21-2010, 04:46 PM   #18
Leonardo629
Major
 
Drives: 2013 M3 Coupe
Join Date: Sep 2006
Location: Walnut, CA

Posts: 1,204
iTrader: (9)

I'm with kaykay, it's not a good idea to put down 15~20k on a depreciating item...

Why not buy some energy ETFs? oil price is low, and it's definitely a good time to enter the market....and use the gain later on to offset the gas guzzling M3.
Leonardo629 is offline   United_States
0
Reply With Quote
      05-21-2010, 05:20 PM   #19
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

anyone have an idea what the payment/# will be with a 36months 12000/15000miles lease?

just did a bunch of reading

so should my # look like this?

$64000 - 57% = $27520/36 = $764

$64000 + 57% = $100480 * .00230 = $231

764 + 231 = roughly $995/month + tax?
__________________
2011 E92 Space Grey/black + Tech + Premi + Heated Seats

Last edited by richardbb85; 05-21-2010 at 05:50 PM.
richardbb85 is offline  
0
Reply With Quote
      05-21-2010, 06:40 PM   #20
Leonardo629
Major
 
Drives: 2013 M3 Coupe
Join Date: Sep 2006
Location: Walnut, CA

Posts: 1,204
iTrader: (9)

the deal I just got, ordered the car last Sunday.

http://www.m3post.com/forums/showpos...&postcount=171
Leonardo629 is offline   United_States
0
Reply With Quote
      05-21-2010, 06:53 PM   #21
corrupt23jj
Private First Class
 
corrupt23jj's Avatar
 
Drives: E92 M3
Join Date: Jun 2008
Location: Porn Valley

Posts: 148
iTrader: (0)

Yes, looks correct. Did you include the $1300 gas guzzler tax? Also, if you want to lower the money factor, 7 MSD will bring it down by .00049 which is around -1.2% and add 2% to the residual if 12k and 3% (or 1% more) for 10k.

Quote:
Originally Posted by richardbb85 View Post
anyone have an idea what the payment/# will be with a 36months 12000/15000miles lease?

just did a bunch of reading

so should my # look like this?

$64000 - 57% = $27520/36 = $764

$64000 + 57% = $100480 * .00230 = $231

764 + 231 = roughly $995/month + tax?
__________________
corrupt23jj is offline   Peru
0
Reply With Quote
      05-21-2010, 06:59 PM   #22
richardbb85
Major
 
Drives: e92 m3
Join Date: Apr 2010
Location: annandale, va

Posts: 1,466
iTrader: (0)

Quote:
Originally Posted by Leonardo629 View Post
the deal I just got, ordered the car last Sunday.

http://www.m3post.com/forums/showpos...&postcount=171
i have a MSRP of $66875, Invoice of $62040
Quote:
Originally Posted by corrupt23jj View Post
Yes, looks correct. Did you include the $1300 gas guzzler tax? Also, if you want to lower the money factor, 7 MSD will bring it down by .00049 which is around -1.2% and add 2% to the residual if 12k and 3% (or 1% more) for 10k.
the gas tax is included in the $62000 price, thanks
__________________
2011 E92 Space Grey/black + Tech + Premi + Heated Seats
richardbb85 is offline  
0
Reply With Quote
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 03:48 AM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST