Deal or no deal: About to pull the trigger on this M3 lease, opinions?

[sampelligrino]

Hey guys,

Really appreciate the input I've received so far. I'm inches away from giving my dealership a $1k non-refundable deposit for an incoming AW 2015 M3, but before I do I just want to solicit your feedback on if I'm getting fleeced or not. I am willing to bet that I won't have the BEST deal, but for a car spec'd as I want coming in in 3 weeks and as they are the only dealership within 2500 miles (here in Hawaii), I'm somewhat ok with that.

With $5k down on a lease (I know it's a cardinal sin but I'm willing to accept the risk of losing the $5k and knowing my monthly payment will be lower to free up cash flow), the monthly payments were $875.86 with a .63 residual, 39mo lease, 10k miles, 1.7 rate, MSRP $73.6k.

I qualify for a $1000 off rebate for the recent grad program, and my SA said the best he could do was $500 off MSRP for the car. So with $1500 off, the monthly payment was reduced to $833.03.

I'm thinking of giving an offer of $825/mo take it or leave it with $5k down and call that fair and be happy with my dream car. What do you guys think?

[vip]

You should never put money down on a lease....

[Rick955]

Sam, I'm guessing that being in Hawaii (must be nice ), you don't have too many options. I just ordered my M3 yesterday... it has an almost identical MSRP as yours... 36 months, $500 deposit, $1500 at delivery (includes first payment), 10k miles/year, $812/mo. But I'm in the Northeast US so lot's of dealers here and I've been using my guy for many years. Anyway, just as a comparison. G/L!

[MRCUR]

My guess is you disagree with what I said in the pricing thread, but I'll repeat it for the sake of others -

I would never put money down on a lease. If you want to buy down the payment, do MSD's to lower the MF.

Between the jacked up fees, MF and no discount, I still believe you'd be better off getting a car shipped from CA.

[Rick955]

MRCUR and VIP are correct, Sam. Don't put that kind of money down. I should also have noted that the extra money I am dropping is for the black grilles and the carbon fiber rear spoiler... so actual cash down is very minimal.

[Roadkiller]

Originally Posted by sampelligrino

Hey guys,

Really appreciate the input I've received so far. I'm inches away from giving my dealership a $1k non-refundable deposit for an incoming AW 2015 M3, but before I do I just want to solicit your feedback on if I'm getting fleeced or not. I am willing to bet that I won't have the BEST deal, but for a car spec'd as I want coming in in 3 weeks and as they are the only dealership within 2500 miles (here in Hawaii), I'm somewhat ok with that.

With $5k down on a lease (I know it's a cardinal sin but I'm willing to accept the risk of losing the $5k and knowing my monthly payment will be lower to free up cash flow), the monthly payments were $875.86 with a .63 residual, 39mo lease, 10k miles, 1.7 rate, MSRP $73.6k.

I qualify for a $1000 off rebate for the recent grad program, and my SA said the best he could do was $500 off MSRP for the car. So with $1500 off, the monthly payment was reduced to $833.03.

I'm thinking of giving an offer of $825/mo take it or leave it with $5k down and call that fair and be happy with my dream car. What do you guys think?

I just posted a similar "deal" in this thread where they're asking for $2000 down. Its not that much but I'll likely push back like others have said here and use that money for MSDs. Have you considered that as a way to lower your M/F and monthly payment?

[OneRib]

The 5k down really doesn't make sense. You're better off taking that 5k and put in a separate bank account and just auto transfer the same small amount every month. Still frees up your cash flow an d protects you if the car gets wrecked or you swap the lease.


Also what is 1.7 rate mean? What is the money factor?

[Roadkiller]

Originally Posted by OneRib

Also what is 1.7 rate mean? What is the money factor?

Good question -- M/F is .0013 (times 24 = 3.1%). Not sure about the 1.7 rate.

[MRCUR]

Originally Posted by OneRib

The 5k down really doesn't make sense. You're better off taking that 5k and put in a separate bank account and just auto transfer the same small amount every month. Still frees up your cash flow an d protects you if the car gets wrecked or you swap the lease.


Also what is 1.7 rate mean? What is the money factor?

I think their software is putting the decimal in the wrong spot, so it's .00170 formatted as if it were a % (even though it hasn't been converted to a %).

[GlobalScientist]

Too much!!!!

[2SNAILS]

Originally Posted by GlobalScientist

Too much!!!!

+1 payment should be lower with 5k down

[OneRib]

Originally Posted by MRCUR

I think their software is putting the decimal in the wrong spot, so it's .00170 formatted as if it were a % (even though it hasn't been converted to a %).

Ok, makes sense now. Not a great deal but with one dealer on an island your options are limited.

How much does it cost to ship from CA? May be better dealing with a left coast dealer.

[dclowd9901]

Jesus, it's a lease. Three years of your life, tops. Do it or don't do it. No one here's going to wipe your ass for you.

[Rick955]

Lol. He's right! You live in Hawaii, and, like you said, everything there is a premium. You're looking to buy an M3, and be driving it around in one of the most fab place around. You already know that dropping 5K on a lease is not smart, and $500 off MSRP sucks too... but I guess that's the price for living in paradise... and driving an M3 there too! Do what makes you happy!! If you can afford the 5K and not put yourself in financial harm, then do it and >>

[sampelligrino]

Thanks for all the input fellas, especially dclowd lol. Went with $0 down, $940/mo payment. Car should be here in 1 month, pretty excited for my first BMW/M Car

[Stage1]

I was quoted 794/mo with 5k down. Orig msrp of 75,175. Discounted msrp 70,144. I am planning to put less down however and do 7MSDS. But yours definitely sounds high. Maybe due to the MF of .0017

[MRCUR]

Originally Posted by Stage1

I was quoted 794/mo with 5k down. Orig msrp of 75,175. Discounted msrp 70,144. I am planning to put less down however and do 7MSDS. But yours definitely sounds high. Maybe due to the MF of .0017

You should not be paying a MF of .00170 in CT.

OP - Glad you pulled the trigger. You'll be happy with the car no matter the payment or how much you're paying for only a single dealer.

[igom3]

Originally Posted by vip

You should never put money down on a lease....

+1000