CS Deals, Steals, and Three-yulls on Wheels!

[Clark_Kent]

Originally Posted by paliknight

I have an SMB M3CS if you're interested. 7k miles on odometer

Unless the monthly payment is $550 they won't be interested. Post it on Swapalease if you're really trying to unload it. Don't waste your time here.

[vitaly]

Originally Posted by Clark_Kent

Unless the monthly payment is $550 they won't be interested. Post it on Swapalease if you're really trying to unload it. Don't waste your time here.

I think you forgot a period: $5.50

Jokes aside, people should be interested if the deal is better than they can get elsewhere, all things considered. Nothing wrong with that - that's how markets work. There're people trying to make a profit on swapalease as well, being they negotiated a great deal. Again, nothing wrong with that: as a buyer, if that's still better than alternatives, it might be worthwhile.

[Andrae26]

Originally Posted by Clark_Kent

Unless the monthly payment is $550 they won't be interested. Post it on Swapalease if you're really trying to unload it. Don't waste your time here.

I agree with you. People on here are looking for too much.

[paliknight]

Originally Posted by Clark_Kent

Unless the monthly payment is $550 they won't be interested. Post it on Swapalease if you're really trying to unload it. Don't waste your time here.

Lol it was just an idea. Not really trying to offload it. It's 924 a month including Texas tax but it was leased at the beginning of the year before deals got even better.

I was just wondering because he was interested in buying. I have a TTS for the weekends that I'd just start dailying if I'd have transferred the CS.

[jmg]

Originally Posted by paliknight

Lol it was just an idea. Not really trying to offload it. It's 924 a month including Texas tax but it was leased at the beginning of the year before deals got even better.

I was just wondering because he was interested in buying. I have a TTS for the weekends that I'd just start dailying if I'd have transferred the CS.

$924 is a good deal considering you can't lease an M3 CS any longer. People will be hungering for these insane $700/mo deals the last few months brought in, but they gotta remember: that time is over. Swapalease shows only 1 M3 CS under $1k/mo with nothing down in the country.

[Clark_Kent]

Originally Posted by jmg

$924 is a good deal considering you can't lease an M3 CS any longer. People will be hungering for these insane $700/mo deals the last few months brought in, but they gotta remember: that time is over. Swapalease shows only 1 M3 CS under $1k/mo with nothing down in the country.

While this is true, the deals that can be had on the M4 CS are pushing folks into the coupe who otherwise wouldn't be interested.

[Andrae26]

Originally Posted by Clark_Kent

While this is true, the deals that can be had on the M4 CS are pushing folks into the coupe who otherwise wouldn't be interested.

I need the hips. No hips no go.

[paliknight]

Originally Posted by Clark_Kent

Unless the monthly payment is $550 they won't be interested. Post it on Swapalease if you're really trying to unload it. Don't waste your time here.

Lol it was just an idea. Not really trying to offload it. It's 924 a month including Texas tax but it was leased at the beginning of the year before deals got even better.

I was just wondering because he was interested in buying. I have a TTS for the weekends that I'd just start dailying if I'd have transferred the CS.

[paliknight]

Originally Posted by jmg

$924 is a good deal considering you can't lease an M3 CS any longer. People will be hungering for these insane $700/mo deals the last few months brought in, but they gotta remember: that time is over. Swapalease shows only 1 M3 CS under $1k/mo with nothing down in the country.

It would have been 800s but Texas likes to tax leases on full MSRP.

Lol I remember the good old days where forum members killed for base stripper M3s in the 700s

[Kief]

Originally Posted by jmg

$924 is a good deal considering you can't lease an M3 CS any longer. People will be hungering for these insane $700/mo deals the last few months brought in, but they gotta remember: that time is over. Swapalease shows only 1 M3 CS under $1k/mo with nothing down in the country.

You ever get my PM?

[Laostuh]

Anybody familiar with "BMW Select Loan" ? Salesperson said it was kind of a lease and purchase mixed in the same transaction.

Sounds like a bad idea to me. Any insight would be appreciated.

Was offered a BMW Select Loan from BMW San Luis Obispo on their Lime Rock Grey M3CS.

[jmg]

Originally Posted by Laostuh

Anybody familiar with "BMW Select Loan" ? Salesperson said it was kind of a lease and purchase mixed in the same transaction.

Sounds like a bad idea to me. Any insight would be appreciated.

It's basically a open-ended lease. A balloon payment will be due at term. IMHO bad idea based on the depreciation we are already seeing because the CS was overpriced to begin with. I've never priced one out however, do they discount the residual as well or is it based on MSRP? If the balloon payment is less than the RV could be worth it.

Originally Posted by Laostuh

Was offered a BMW Select Loan from BMW San Luis Obispo on their Lime Rock Grey M3CS.

Of course they did. The lease programs are done for the M3CS and this is a way to entice customers who are baited by a low monthly payment but don't have the foresight so see how much they are going to owe at term.

[vitaly]

I’ve never used Select Financing but it sounds like a lease except you carry the residual value risk, not the lender; you carry the upside as well but it’s unlikely you’ll be in the money on it (but I don’t know specifics to really say). But you carry the same upside on conventional lease.

It’d be a huge gamble on the CS. If you can negotiate a healthy discount off the car, you can at least minimize your exposure. But I’d work out the math and make sure you’re comfortable with the balloon at the end in case you need to exercise that.

[gatorfast]

As far as I know, the select thing is simply a loan with a longer amortization profile and a balloon payment partway through. Aside from perhaps the payments being similar, it's nothing like a lease. It's probably the worst way to finance a vehicle as you pay a ton of interest, will likely be upside down through the duration, and then have a large balloon payment which will need to be refinanced (and may even be more money than the car is worth at the time).

[M3GymNut]

Originally Posted by Laostuh

Anybody familiar with "BMW Select Loan" ? Salesperson said it was kind of a lease and purchase mixed in the same transaction.

Sounds like a bad idea to me. Any insight would be appreciated.

Was offered a BMW Select Loan from BMW San Luis Obispo on their Lime Rock Grey M3CS.

I inquired about that car. Funny how they offered you that program because when I called I asked them for that option and more than 2 people had no idea what that was and both were salesmen. That dealership for a lack of a better word is a joke. I don't know what price they offered you but they would not move a penny less than $99k. All I said was good luck selling it because it's just gonna sit there.

[M3GymNut]

Originally Posted by gatorfast

As far as I know, the select thing is simply a loan with a longer amortization profile and a balloon payment partway through. Aside from perhaps the payments being similar, it's nothing like a lease. It's probably the worst way to finance a vehicle as you pay a ton of interest, will likely be upside down through the duration, and then have a large balloon payment which will need to be refinanced (and may even be more money than the car is worth at the time).

I have a 4yr select on my M3 and the interest rate is at 2.49%. So it is not a ton of interest. I think it's a great financing option and at the end of my 4yrs my balloon will be less than the value of the vehicle so I will be in the positive. I can sell it whenever I want as well so it has many benefits over a lease...on top of a lower monthly payment.

[Clark_Kent]

Originally Posted by gatorfast

As far as I know, the select thing is simply a loan with a longer amortization profile and a balloon payment partway through. Aside from perhaps the payments being similar, it's nothing like a lease. It's probably the worst way to finance a vehicle as you pay a ton of interest, will likely be upside down through the duration, and then have a large balloon payment which will need to be refinanced (and may even be more money than the car is worth at the time).

Simply put: BMW Select is a standard balloon loan product. A portion of the loan's principal balance is amortized over a period of time. In other words, it's not a fully amortizing loan. The balloon payment is due at the end of the term, not partway through. The residual value is predetermined based on the term selected and the vehicle.

BMW Select is very similar to the PenFed Payment Saver auto loan product. I used it to finance my first M3 and when I traded it in on my second M3, the value of the car was in excess of the principal balance on the loan. It worked for me at the time because lease laws in the state of Georgia at the time were not favorable and I had no intention of paying off the loan. It's not a terrible product depending on your situation and the vehicle you're financing.

[gatorfast]

Originally Posted by Clark_Kent

Simply put: BMW Select is a standard balloon loan product. A portion of the loan's principal balance is amortized over a period of time. In other words, it's not a fully amortizing loan. The balloon payment is due at the end of the term, not partway through. The residual value is predetermined based on the term selected and the vehicle.

BMW Select is very similar to the PenFed Payment Saver auto loan product. I used it to finance my first M3 and when I traded it in on my second M3, the value of the car was in excess of the principal balance on the loan. It worked for me at the time because lease laws in the state of Georgia at the time were not favorable and I had no intention of paying off the loan. It's not a terrible product depending on your situation and the vehicle you're financing.

By end of the term I meant the same thing you are saying, the amortization profile is over a longer period than when the balloon is due (ie amortization profile of 10 years but balloon payment due in 5 years).

[gatorfast]

Originally Posted by M3GymNut

I have a 4yr select on my M3 and the interest rate is at 2.49%. So it is not a ton of interest. I think it's a great financing option and at the end of my 4yrs my balloon will be less than the value of the vehicle so I will be in the positive. I can sell it whenever I want as well so it has many benefits over a lease...on top of a lower monthly payment.

Yea 2.49% is not a bad rate. By ton of interest I meant that if you compared the interest you are paying on your 4 year select loan to a traditional 48mo loan it will be much higher as your principal balance will be considerably higher throughout the duration.

[Laostuh]

Originally Posted by M3GymNut

I inquired about that car. Funny how they offered you that program because when I called I asked them for that option and more than 2 people had no idea what that was and both were salesmen. That dealership for a lack of a better word is a joke. I don't know what price they offered you but they would not move a penny less than $99k. All I said was good luck selling it because it's just gonna sit there.

Yeah they wouldn't move on the price either. Not even on their used M3 in Testio. They want $55k

[Maitre_Absolut]

Originally Posted by M3GymNut

I have a 4yr select on my M3 and the interest rate is at 2.49%. So it is not a ton of interest. I think it's a great financing option and at the end of my 4yrs my balloon will be less than the value of the vehicle so I will be in the positive. I can sell it whenever I want as well so it has many benefits over a lease...on top of a lower monthly payment.

So why didnt you actually buy the car with a regular amortization. Imagine how positive you will be after 48 months!

This select financing is just creating the illiusion of affordability with artificially low payments. Like someone said above its the equivalent of a 10 year loan. Thats a shit ton of interest and a bad financial decision.

[M3GymNut]

Originally Posted by Maitre_Absolut

So why didnt you actually buy the car with a regular amortization. Imagine how positive you will be after 48 months!

This select financing is just creating the illiusion of affordability with artificially low payments. Like someone said above its the equivalent of a 10 year loan. Thats a shit ton of interest and a bad financial decision.

No its not. I'm only paying interest on the amount I owe not including the residual at the end of the 4yr loan. Which in the end is peanuts. I'm currently in the positive so when it comes to the end of the 4yrs I can decide to refinance for 2 yrs if I want to keep it or sell it and get a new vehicle. It's not a 10 yr loan by any means which I do not know where you got that random number. It's a type of option not for everyone because not too many people are diligent and consistent. You have lower monthly payments and can easily pay more to principal when you see fit.