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      07-22-2010, 01:14 PM   #1
sourcerbmw
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2011 M3 e93 Lease denied, thinking of purchasing now

Hey guys,

I just received a called today from the dealership and they told me I was denied for the lease because I do not have long enough credit history and never took out a loan this size before. They asked if I wanted to ask my parents to cosign but I wouldn't want my parents to get into this situation....

So heres the deal now:

They want $27,000K (UP FRONT, yes 27,000) it will bring my monthly payment down to under 200 a mo.

Or

I can just purchase an 08 vert for $54,000. If I put down 9K and my monthly payment should be around $940 a month.

I really wanted to lease because I thought that it will help me with my tax deduction but I just spoke to my CPA and she said that luxury cars will not count towards your deduction for the type of business I am in.

So now..... 2008 vert financed or 2011 vert lease. I'm so maddddd BMWFS!
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      07-22-2010, 01:18 PM   #2
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if you are going to lease, I would say lease something small in value.
This how I did it; leased a VW Passat, then I was able to lease BMW 330 zhp. When I sold the ZHP, I was qualified for an M3 lease.
You have to understand BMW is looking for a consistent lease without any late payments, and preferably continual leasing history.
If you can afford the purchase of the '11 M3, then do it. You can still deduct mileage and some portion of the payment too.
GL
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      07-22-2010, 04:24 PM   #3
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I got my first lease with BMWFS in '06 for '07 335i (Sale Price $47k). Since it was first lease, BMWFS demanded $10k Cap Cost Reduction... I went for it, and gave them $10k, and my monthly lease payment became $437 a month for 36 months at 12k miles/year. I was late on that lease 6 times. Terminated 335i lease in December '09 in good standing. Applied again 7 months later, July '10 and got approved with flying colors!

Hope this info helps you to make the right decision.
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      07-22-2010, 04:32 PM   #4
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OP

"They want $27,000K (UP FRONT, yes 27,000) it will bring my monthly payment down to under 200 a mo.

Or

I can just purchase an 08 vert for $54,000. If I put down 9K and my monthly payment should be around $940 a month. "

If you have $27k for downpayment and thinking of $54k price range,- you should definitely look into getting an '07 or '08 CPO M6!!! That is how much they priced! From $116k for brand new, $54k for low miles 2 year old M6 is a very good value. That High Rev V10 sound is priceless!

I almost got myself '07 M6 CPO, but last moment decided to go with '11 M3 ZCP lease...
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      07-22-2010, 04:33 PM   #5
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Get a co-signer - what's the big deal?
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      07-22-2010, 05:20 PM   #6
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Hey Dima,

On m6, its a sweeet ride, but I always wanted to get a M3 Vert. I gotta fulfill my fantasy haha,

I went to check out the M3 Vert just right now, 54K 7000 Miles..DCT Tranny, Cold Weather, Tech pack. I think I'm going for this one. BMWFS approved me but need me to put $15K down.
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      07-22-2010, 05:30 PM   #7
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Quote:
Originally Posted by sourcerbmw View Post
Hey Dima,

On m6, its a sweeet ride, but I always wanted to get a M3 Vert. I gotta fulfill my fantasy haha,

I went to check out the M3 Vert just right now, 54K 7000 Miles..DCT Tranny, Cold Weather, Tech pack. I think I'm going for this one. BMWFS approved me but need me to put $15K down.
Wow! Sounds like a sweet deal... I would definitely go for it! It has all you need,- high rev V8, DCT for the blip, and a top down to hear the first two!

You are right M3 is more fun than M6
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      07-22-2010, 08:11 PM   #8
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Quote:
Originally Posted by Ty Vil View Post
Get a co-signer - what's the big deal?
Oh no here we go again with a Co signer : -). The Co signer better have huge auto loans that been paid off like 200u k cars,lol,high purchased credit,revolving credit, 1100 credit score, a unblemished credit report,had BMW LOAN before,put 10 plus k down and then u got a shot, its a joke but I just had too,But they suck.GOOD LUCK
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