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
      06-23-2012, 04:32 AM   #23
New Member

Drives: Honda Accord
Join Date: Nov 2011
Location: Old Bridge, NJ

iTrader: (0)

Send a message via AIM to jakc
Originally Posted by kdphan View Post
why not just buy a used m3?

You can use that $15k downpayment and buy an '08 for under 40k?

That $15k down payment leaves about $25k to be financed.
New ones are shinier

Originally Posted by JulieDriving View Post
Does your Mom have good credit and make enough to cover entirely the lease should you not be able to pay a cent?

Banks are willing to lend too much usually. I'd be cautious about trying to get a new M if you've already been turned down under those conditions. Even if you could come up with a substantial increase to the downpayment, I think you'd be living too close to the edge.

An Audi RS isn't much less, is it?
She has good credit but doesn't make enough to cover the lease which was one of the reasons they couldn't approve it. Payments for the M3 + insurance would be far from the edges financially. I just have a difficult way to prove it until the year runs out for my next tax return salary refresh.

RS5s start at around $70K last time I checked. Priced around the same but I was hoping Audi would evaluate the lessee differently than BMW.

How is the process for taking over someone's lease? I found a particular M3 here that matched almost exactly what I wanted. Would the chances of me taking over his lease be better than getting to lease a new one?
Appreciate 0
      06-23-2012, 08:46 AM   #24
Female driving enthusiast :P
JulieDriving's Avatar

Drives: Bimmer
Join Date: Nov 2009
Location: Ontario, Canada

iTrader: (0)

Garage List
^ Taking over someone's lease. It would depend how new the car is I suspect. The newer the car, the more you're on the hook for a total amount of debt, in addition to the ability to pay per month.

I don't think any of the factors would change, except the older the car, the lower the total amount of debt.
2013 M3 coupe (Azurite Black, Black, Piano Black)
+ miata nut (2 miatas) + Mk6 GTI 5-door hatch (our mini-SUV )
Appreciate 0
      06-23-2012, 07:40 PM   #25

Drives: 2015 4GC M-sport EBII
Join Date: Apr 2012
Location: NorthEast

iTrader: (0)

Originally Posted by jakc View Post
New ones are shinier

RS5s start at around $70K last time I checked. Priced around the same but I was hoping Audi would evaluate the lessee differently than BMW.
The issue with an RS5 is that most (if not all) will be sold at MSRP. With limited allocations and first year release to the USA, it's a sellers market. In addition, historically, Audi Financial does not have the best lease rates. You need to have a combination of a low money factor and high residual.

Another poster mentioned going with a used M3. This is a good idea. Assuming that you have the $15k cash for a down payment, this would be (roughly) 30% toward an M3 with a sell price of $45k. This would lower the risk from the bank's point-of-view and could provide you with the payment history to support a future lease.

You would still have a great car just with some miles on the odometer. Just be sure to get one that has been maintained.

Aside from the FICO, also look at your DTI. A bank will look at both values for loan approval.
Appreciate 0
      06-23-2012, 11:58 PM   #26
Enlisted Member

Drives: 2004 330i ZHP
Join Date: Nov 2011
Location: Boston, MA

iTrader: (0)

Honestly dude it sounds like you can't afford it just yet.
Appreciate 0
Post Reply


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 -4. The time now is 03:27 PM.

Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.,,,,,,,,, logo and trademark are properties of BIMMERPOST