02-13-2016, 06:22 PM | #23 |
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Thanks guys for the input. I just applied at PenFed and they offered $590/month with @$20k down. This is a purchase based on a balloon payment program and is NOT a lease.
Seems like a much better deal. I'll give the ex-wife the 335i just to get it off my credit report. She has agreed in writing the M is mine. Win! Win! |
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02-13-2016, 07:02 PM | #24 |
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Omg
They should be kissing your feet with that much cash down. Only buy the car with that much down. I always get nervous when dealers manipulate the MF. Find another dealer it's not worth it.
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02-13-2016, 07:07 PM | #25 | |
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02-16-2016, 08:33 PM | #26 | |
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Thought there was a program out I didn't know about. |
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02-16-2016, 09:29 PM | #27 |
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The money factor seems explainable.. BMW can add upto 0.00060 to the sales support rate of 0.00132 depending on how bad your credit is. If they mark it up it should be 0.00232 plus 0.00015 for the security deposit waiver so 0.00247. I would imagine the dealer is using something called "regional rates" instead which would be 0.00245.
The cash down may be a requirement from BMW - depends a lot on your history of loan payments... this may not be all down the dealer - BMW FS may have had a lot of input and the dealer is just giving you what they had... without seeing the actual approval its hard to say. #devilsadvocate |
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02-17-2016, 12:03 AM | #28 |
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$25k is way too much for a lease. I would just finance it or just prepay the lease with that $25k. Why pay $25k and still have a lease payment?
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02-17-2016, 07:32 AM | #29 |
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I dont understand this?
MSRP $84,695.00 Negotiated for $2k over us invoice: @$71,500.00 $1000 build allowance $2000 BMW loyalty check If they are selling you the car for this price, you are no doubt getting the best discount ever on it. $13k off?? maybe I am not reading correctly.
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02-17-2016, 07:45 AM | #30 | |
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02-17-2016, 10:26 AM | #31 |
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A lot of people are saying no money down is this true to even on tax, tags, etc?
Ex. I am in VA - sales tax is on entire purchase price for a lease so would it be recommended to roll that into the cap or pay it down with taxes, tags, etc? Only thing I can think of is if a total loss were to occur - assuming I wouldn't be reimbursed that amount vs lower monthly and not paying interest on those amounts. I have a pretty basic build about 70k negotiated price and looking at about 2900 in tax added. |
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02-20-2016, 12:56 PM | #32 | |
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02-20-2016, 01:03 PM | #33 |
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If you put $25,000 down, god forbid you get into and accident and total the car there goes all your $25,000. BMW will thank you and you will get $0 out of it. Never never put that much down.
As people mentioned, you only put money down on financing the car. |
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02-20-2016, 02:44 PM | #34 | |
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That being said, I agree with not putting a lot of money down on a lease because people do that mainly to get to a monthly payment they want, which IMO is not a very good approach to leasing a car even though it is widely done. Ultimately, if concerned about losing money after an accident, it would be best to put as little down as possible (combined with GAP insurance) whether leasing or buying.
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02-21-2016, 09:10 PM | #35 | |
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I agree that $25K is A LOT to put down for a lease, but it doesn't just go up in smoke if the car is totaled. Insurance will pay out the fair value of the car, the only time this becomes an issue is if you wreck the car very early into ownership. Because the depreciation curve is so steep at the beginning of ownership, it's possible to for the car to be worth quite a bit less than what you paid for it and still have a substantial payoff left on the lease. Putting money down just means that you assume this risk (with 0 down this isn't an issue as no one assumes the risk and the included gap insurance would make BMW whole). Last edited by bigsid05; 02-21-2016 at 09:48 PM.. |
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02-22-2016, 04:20 PM | #36 | |
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If you had kept the cash and gone with whatever the normal payment is, or done MSD's, then the money isn't tied up in the car if it's totaled. You're absolutely right that if you put a bunch of money down and have the car through the life of the lease, it doesn't matter. You're going to pay BMW the money one way or another. |
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02-22-2016, 04:42 PM | #37 | |
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Let's say the MSRP is 70K and residual will be 42K in 36 months. If you total the car in a month or two it won't be valued at 45k. Whatever the insurance will value it, after BMW gets their pay off, you get the rest. Again i'm not encouraging him to put down 25K. I agree that he shouldn't put any money down.
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02-23-2016, 04:46 PM | #38 |
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Update:
Sticker $85,145.00 It's $81,500.00 ($2k over invoice) before discounts After discounts and loyalty credit I pay $78,500.00 includes: $1000 build credit, $2000 loyalty credit |
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02-23-2016, 05:16 PM | #40 | |
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02-23-2016, 05:19 PM | #41 |
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Loyalty credit is 2000??? I thought it was 500 x 2? Anyone else know about this?
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02-23-2016, 06:49 PM | #42 |
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02-24-2016, 09:08 AM | #43 |
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Not a bad deal if they can get you a production number. Just make sure you aren't getting screwed on any of the other details on the deal.
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02-24-2016, 09:36 AM | #44 |
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