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      09-19-2012, 08:00 PM   #1
zsx_m
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Help with BMW Select / Financing Offer

Hey All, I'm hoping someone can help me determine whether the deal I am being offered on the BMW Select program makes sense or not. I am not one to really haggle prices, I just wanted to be sure everything here looks accurate and not outrageous. I showed this information to my accountant briefly and he was having a hard time understanding how the sales tax was being calculated.

So, here's my offer with BMW Select and order as it stands (not yet placed):



$10,000 Down Payment

$766/MO for 60 Months

$27,961 Balloon Payment at end of 60 month term
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      09-19-2012, 08:34 PM   #2
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Don't! I was just explaining to one of the members about the select financing. It is an awful deal.
If you really have 10k, go with the lease, and put some of that down into security deposits. 7 is the maximum allowable deposits. Then pay for the drive off and tax. Your payment should be around 750 (ball figure) with 12k miles. Those security deposits are yours to keep at the end of the lease.
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      09-19-2012, 08:37 PM   #3
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The deals just suck right now. If that's what you have to do to get into THIS car then it's fine. Not great but OK. I bought in 2011 when they were throwing in the kitchen sink but this economy stinks. 2 things I don't care for right off the bat, the term and the balloon amount. The payment is acceptable for a $71k car but if your gonna have this car 5 years and still owe $28k, well that's just not ideal. Again, I understand this to be the best one can probably do right now. It's unfortunate. As long as your comfortable.
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      09-19-2012, 08:40 PM   #4
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I think the select is a ripoff personally.. your better off leasing for 3 years then financing a buyout on the lease if you want it or leasing a new one
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      09-19-2012, 09:02 PM   #5
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I actually think the price sucks, especially considering some of the deals I'm seeing some of the other members on the forum getting. I'm just not sure how to negotiate it, as the dealer makes it seem as if there's no room, they're making nothing, etc.

I know the select program is hit or miss for a lot of people, but I usually keep my cars for a very long time, and as a small business owner I like to have the smallest payments possible, which is why I'm considering the BMW Select program.
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      09-20-2012, 05:59 AM   #6
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It's hard to comment without knowing the final selling price and the interest rate. BMWFS is offering 3.79 right now. Is that what you are getting?

I agree I am not crazy about owing $27K after five years of payments but the monthly payment is low. Since you are a small business owner wouldn't it make more sense to lease? Can't you deduct some of the expenses through the business?
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      09-20-2012, 08:42 AM   #7
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Seems like a terrible deal. You would be paying about $84k for that car.

No offense, but you seem a little naive if you need to ask your accountant how car financing works and dont want to haggle for a better price (likely saving thousands of $).
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      09-20-2012, 08:58 AM   #8
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      09-20-2012, 09:12 AM   #9
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I did the BMW select as it made sense to me. My payment is $258.00 with a 26k buyout at the end. My interest rate is 1.9% as well. I personally could not resist this deal. Just note I put down a lot more than 10k to get to my price point.

I think 700+ for any car is high but if you can afford it and feel comfortable do what you think is right.
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      09-20-2012, 11:08 AM   #10
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DO NOT use BMW Select. As was stated earlier in the thread, go with a lease instead and use MSD's to buy-down your money factor. If at the end of the lease, you still want the car, then just finance the balance. The economy stinks right now in general so, it seems to me that banks are getting more-and-more aggressive with financing rates to offset their profit deficits.
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      09-20-2012, 02:13 PM   #11
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Quote:
Originally Posted by M3 Esq. View Post
It's hard to comment without knowing the final selling price and the interest rate. BMWFS is offering 3.79 right now. Is that what you are getting?

I agree I am not crazy about owing $27K after five years of payments but the monthly payment is low. Since you are a small business owner wouldn't it make more sense to lease? Can't you deduct some of the expenses through the business?
The offer is at 3.79%

I can't lease the vehicle through my business for a few reasons that would bore everyone.

Quote:
Originally Posted by gatorfast View Post
Seems like a terrible deal. You would be paying about $84k for that car.

No offense, but you seem a little naive if you need to ask your accountant how car financing works and dont want to haggle for a better price (likely saving thousands of $).
I realize that I seem naive, although I understand how car financing works I was still trying to get my head around the BMW Select program as it was just introduced to me.

I should have been more clear with my initial post, I am not planning to pay MSRP on the car, I'm just making sure the numbers are lining up on the BMW Select program, beyond the overall purchase price.
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      09-20-2012, 02:58 PM   #12
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Quote:
Originally Posted by zsx_m View Post
The offer is at 3.79%
I realize that I seem naive, although I understand how car financing works I was still trying to get my head around the BMW Select program as it was just introduced to me.

I should have been more clear with my initial post, I am not planning to pay MSRP on the car, I'm just making sure the numbers are lining up on the BMW Select program, beyond the overall purchase price.
Got it. Well in that case you have the answer...dont do select!
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      10-08-2012, 11:16 PM   #13
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if you were to lease and buyout at the end of the lease dont you pay taxes twice? First when you lease it and then when you buy it again? I am trying to understand it myself but i am being told that in IL it is like this and the bmw select does not sound so bad. that way you dont have to pay taxes twice.

someone please correct me if i am wrong please.

i am in IL and want to take over a leased car that is in new jersey and i really dont want to pay taxes twice.
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      11-19-2012, 09:48 PM   #14
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Quote:
Originally Posted by racsos View Post
if you were to lease and buyout at the end of the lease dont you pay taxes twice? First when you lease it and then when you buy it again? I am trying to understand it myself but i am being told that in IL it is like this and the bmw select does not sound so bad. that way you dont have to pay taxes twice.

someone please correct me if i am wrong please.

i am in IL and want to take over a leased car that is in new jersey and i really dont want to pay taxes twice.
This is correct,
I just started negotiating a deal for a '13 m3 coupe.

I was initially going to do the lease, but then found out you pay tax at the end of the lease on the buyout.

With select, yeah, you have a 25k balloon, but it was explained that with select you own title to the car, as with financing.

Lease you cant modify your car in anyway, Select you can.

So many $$ opinions though, its hard to choose between pros/cons, even for myself.
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      11-19-2012, 09:58 PM   #15
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Quote:
Originally Posted by heartcolorgrey View Post
This is correct,
I just started negotiating a deal for a '13 m3 coupe.

I was initially going to do the lease, but then found out you pay tax at the end of the lease on the buyout.

With select, yeah, you have a 25k balloon, but it was explained that with select you own title to the car, as with financing.

Lease you cant modify your car in anyway, Select you can.

So many $$ opinions though, its hard to choose between pros/cons, even for myself.
you can modify the car if you want and then return it to stock... technically your not supposed to do that but i have seen many people do i t
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