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      08-17-2010, 02:43 PM   #1
Cptn Mo 703
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How do I know if I got a good deal!

I have never leased a car before and this would be my first. Its a 2010 e92 M3 that I picked up in April of this year! MSRP was $73,305.00. We agreed on 6% off of msrp, and BMW had a $2500.00 rebate. I did 10,000 miles a year for 36 months. Sales tax is 3.17%, there was a $925.00 acq fee, and a $349.00 processing fee. I put down $13,742 out of my pocket. So what do you think my monthly payments should be? If im missing any info to figure out my monthly payment, just let me know. Thanks in advance.
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      08-17-2010, 03:28 PM   #2
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Doesn't really matter what you bought the car fro, if you honestly put $13K down on a leased car, then you did not get a good deal.....

Rule of thumb - Put the least amount down when leasing, because once you drive off that lot and something happens to that car, guess what? Your down payment is gone....
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      08-17-2010, 04:13 PM   #3
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Doesn't really matter what you bought the car fro, if you honestly put $13K down on a leased car, then you did not get a good deal.....

Rule of thumb - Put the least amount down when leasing, because once you drive off that lot and something happens to that car, guess what? Your down payment is gone....
Agreed in Spades. Wow 13k down on a lease? I put 0 down on mine. Money now is worth tons more than money later. Always put down the least you can.
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      08-17-2010, 04:22 PM   #4
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Agreed in Spades. Wow 13k down on a lease? I put 0 down on mine. Money now is worth tons more than money later. Always put down the least you can.
maybe he plans to buy it
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      08-17-2010, 04:45 PM   #5
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Agreed. Always put the least you can on a leased car.

I'm putting 20 down but I'm financing @ 60 months.
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      08-17-2010, 05:16 PM   #6
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They told me i had to put that much down in order to lease the car. My payoff at the end of my 3 years is like $35,000 if that helps!
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      08-17-2010, 06:21 PM   #7
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Quote:
Originally Posted by Cptn Mo 703 View Post
I have never leased a car before and this would be my first. Its a 2010 e92 M3 that I picked up in April of this year! MSRP was $73,305.00. We agreed on 6% off of msrp, and BMW had a $2500.00 rebate. I did 10,000 miles a year for 36 months. Sales tax is 3.17%, there was a $925.00 acq fee, and a $349.00 processing fee. I put down $13,742 out of my pocket. So what do you think my monthly payments should be? If im missing any info to figure out my monthly payment, just let me know. Thanks in advance.
Please help me understand you better. You want to know if you got a good deal on a borrowed car putting down 13k after the fact,lmao don't you think its a bit late to ask. Actually let me tell it to you in English you got dicked. Maybe you should have found that out before you got dicked. I hope this never happens to you again. BTW fees at most you should put down on a lease only. Were you approved by BMWFS with no problem or was your credit so bad they wanted so much Down. Is there something you are leaving out. You're dealer knows you putting 13 k on a lease is a terrible idea you can lose it all if car is stolen or totaled. I am lost for words.
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      08-17-2010, 06:23 PM   #8
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How much is your payment including tax?

Did you get 6% off...then another $2500 off?

I'll be picking up my 2011 E92 in two weeks...and I got 6% off as well.

My acquisition fee is $725, and no bogus processing fees.
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      08-18-2010, 12:33 PM   #9
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Which dealership? Let me know so I don't go there
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      08-18-2010, 12:50 PM   #10
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In the uk,

standard lease is 3 (payments) down or 6 (if you wanna reduce your monthly) at the beginning followed by the regular set monthlys. before any negotiation on the cost of the car, that would have been something like

1800GBP (3 payments) deposit
3600GBP (6 payments) deposit

because a lease is essentially a longer term rental, putting down a big deposit isnt a good move, as your not paying into anything really.

I was going to business lease a new m3, but 10 weeks build was too long for me to wait, so i contract purchased an approved used, and threw in 6k GBP, its done all its depreciating (hopefully the worst of it anyway) and my payments are the same as they have been for as long as i can remember on any car i ve had, in 12-18months i ll chop it in for another m3 probably and have some equity to go into the next car.


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      08-18-2010, 12:51 PM   #11
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Wow...$13K on a lease. Messed up!
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      08-18-2010, 01:37 PM   #12
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Quote:
Originally Posted by Leonardo629 View Post
How much is your payment including tax?

Did you get 6% off...then another $2500 off?

I'll be picking up my 2011 E92 in two weeks...and I got 6% off as well.

My acquisition fee is $725, and no bogus processing fees.
yea 6% off of msrp then bmw was giving 2500 off... im paying 730 a month, with a payoff of like 35000


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Which dealership? Let me know so I don't go there
fairfax


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Wow...$13K on a lease. Messed up!
they said i had no other choice.
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      08-18-2010, 01:43 PM   #13
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Sorry buddy, that deal is terrible. As everyone else said, when I lease I put down as little as possible. To put down that kind of money you should have just bought and your payments would be lower than your lease. At least then you can do what you want with the car since you bought it. Now, you are stuck for the term of the lease.
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      08-18-2010, 01:54 PM   #14
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13k down on a lease is unheard of.
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      08-18-2010, 02:37 PM   #15
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Quote:
Originally Posted by Cptn Mo 703 View Post
yea 6% off of msrp then bmw was giving 2500 off... im paying 730 a month, with a payoff of like 35000




fairfax




they said i had no other choice.

Once again fairfax bmw messing with people. I knew from the instant they told me that they couldn't budge from MSRP/Sticker price that I would never have business with them. Their reasoning was that since it's an M3 there are no negotiations. I would avoid Fairfax BMW like the plague.

Oh I forgot to mention that they had NO idea about the September production changes until I pointed it out to the manger. I asked almost 3 weeks after BMW annouced the changes.
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      08-18-2010, 02:44 PM   #16
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Quote:
Originally Posted by Cptn Mo 703 View Post
yea 6% off of msrp then bmw was giving 2500 off... im paying 730 a month, with a payoff of like 35000




fairfax




they said i had no other choice.
Remember you always have a ch oice. You are the one that decided to give them 13k on a borrowed car. In most states you can give (multiple security deposits ) MSD which lowers your money factor and you get that back are end of lease. What was the MF you got from your dealer? Why did you not tell them you will buy the car if they wanted 13 k on a lease.

Why did you not find all this out before giving them all that money. What is the name of these crooks.
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      08-18-2010, 03:11 PM   #17
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Quote:
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maybe he plans to buy it
Sure hope not.

Purchase price: $66,406

$730 x 36 months = 26,280

plus $13,742 down.

Total after 36 months is $40,022 spent (actually more since i think i forgot to add in tax)

Plus $35,000 buy out. At the end he paid over $75k for a $66k car. Will be more factoring interest if he takes a loan out to pay the $35k off. So if hes planning to buy this car then hes spending a lot more in the long run.
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      08-18-2010, 03:58 PM   #18
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stay away from fairfax man, bunch of shady people working there
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      08-18-2010, 04:24 PM   #19
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pretty much what you should be doing after a deal like that.
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      08-18-2010, 04:30 PM   #20
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Your deal was not that good. However, a large part of it has to do with the lease program of the month. The residual for 2010 M3 back in April of this year was only 50%.

If you were to lease a 2011 with a MSRP of $72k and selling price of $67k in July/August and instead of down payment you put down 7 refundable MSDs, the monthly payment is ~$800/mo + tax.

It's kind of too late to ask if you got a good deal. However, you can probably have someone assume your lease if you really want to get out of it.
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      08-18-2010, 04:45 PM   #21
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Quote:
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Your deal was not that good. However, a large part of it has to do with the lease program of the month. The residual for 2010 M3 back in April of this year was only 50%.

If you were to lease a 2011 with a MSRP of $72k and selling price of $67k in July/August and instead of down payment you put down 7 refundable MSDs, the monthly payment is ~$800/mo + tax.

It's kind of too late to ask if you got a good deal. However, you can probably have someone assume your lease if you really want to get out of it.
If he does that he loses 13k right off the bat. I don't think anyone is going to give home his 13 k. Too bad the dealer us allowed to f%&k people like that.

BTW how is your credit and what MF did you get? Either way 13k us just nuts.
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      08-18-2010, 04:59 PM   #22
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maybe this will help!!






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