05-31-2015, 07:13 AM | #266 | |
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1- Order placed (Earliest is usually within 6 months of desired pickup date) 2- Credit app (as explained above) 3- Final financing (from 2 weeks out to the day before, but usually a week before) 1 & 2 may flip if there is concern about credit.
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06-09-2015, 09:50 AM | #267 |
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Are there any negatives/downsides to doing the MSDs to lower the MF? I understand the benefits, but are there any drawbacks? One of the dealers in Texas actually suggested against doing them, he said
"And yes they do give you the money back at the end, but they also have a lot of leverage over lease-end charges like excessive wear-and-tear for example. They are holding several thousand of your dollars hostage, and can use that against you to pay for any damage to the car." Should I be worried about the above statement? I understand if the car needs a lot of repairs and i don't get them done then they would take the MSDs but do they abuse the fact that I have MSDs and take advantage of them? This is my first lease, so I want to make sure I know what i'm doing. |
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06-09-2015, 12:24 PM | #268 | |
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If you take care of your car and ensure you don't go in with tires below the minimum tread, stay under the mileage limit, and keep your car until lease end, I wouldn't worry. It's better financially than putting money towards the cap cost, which also has it's own risk during the lease if your car is totaled. IMO, the best bet is as little down as possible, roll as much into the lease as possible, and maximum MSDs, assuming you keep it the entire time, stay under the mileage, and in general just take care of it.
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06-09-2015, 02:26 PM | #269 | |
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In addition to guarnibl 's correct statement, BMW is fairly straight forward with their lease end expectations. They have a video on BMWUSA.com going over what's covered and what's not. I also rarely see many complaints about lease turn in conflicts. The biggest issue is usually about putting the right tires on the car. Many times a car comes with RFTs and are turned in with non-RFLTs. You just have to pay attention to the OEM tire.
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06-09-2015, 04:23 PM | #270 | |
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I did have 1 question, you say that MSDs are a problem if i try to swaplease, does the same difficulty arise if i want to sell my car back to the dealer? I know I can swap my lease, but i can also get out of my lease early if the dealer offers a decent value for my car that covers my remaining lease balance right? Would the MSDs get in my way of that option as well? |
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06-09-2015, 05:07 PM | #271 | |
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06-09-2015, 07:04 PM | #272 | |
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06-10-2015, 11:24 AM | #273 | |
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So why would anyone want to put down toward the cap cost? I imagine lowering the monthly payment is the only reason? |
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06-10-2015, 12:11 PM | #274 | |
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It does reduce the interest paid slightly, but it's immaterial and it's all about balancing risk for people. Depending on when the accident occurs in the lease period, you're at risk losing any money you put down towards the cap cost. Swapping the lease is the same risk, as you would have a tough time getting someone to give you (some of) that cash back.
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06-12-2015, 05:39 AM | #275 | |
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I leased a 535xi with no money down once. The rest of the deal on that car was good. Good discount off of MSRP and BMW MF with no markup. When I lost my job a while back, I tried to get rid of it on swap-a-lease, but my monthly payment was about $100 higher than every other 535xi available so I got no takers and kept it till lease end since I did not want to pay for additional incentive to another party. My advice based on that experience is only lease a car if you are certain you are going to keep it for the lease period. If you think you want to get rid of it in a short timeframe, financing is probably a better way to go. |
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06-12-2015, 10:18 AM | #276 | ||
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06-12-2015, 10:58 AM | #277 | |
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06-16-2015, 11:13 PM | #278 |
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I have a question about California which I didn't see answered in this thread.
My lease deal pretty much ends up like being described in the initial post, but I have 2 more line items for initial and annual title cost. That pretty much seems to match the registration fees I'd have to pay for that car annually. As it isn't mentioned in the original thread, is it normal that these are included in the lease? (It's $420 yearly and it's added post financing, cap cost around $47.5k) |
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06-17-2015, 12:12 AM | #279 | |
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06-18-2015, 12:50 AM | #280 |
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Excellent post thread. About this time next year I am planning on leasing a M4, I am interested in doing the 7 MSD's it seems like a decent way to reduce the payment and since you get your money back at the end I figure that is not a bad deal. My wife has a psychological thing about a lease payment over 800 per month so I have to do what I can to get it below to keep the piece. I am pretty sure that at the end of the 36 months I will turn the car in but I suspect my car will be under the mileage by perhaps 10- 15k so I may want to buy it at the end of the lease and sell it or perhaps keep it. I assume if I buy out the lease I get the MSD's refunded, is that correct?? For those curious on the mileage situation I have a company car that I now use for commute and work so that is why I think my mileage will be significantly lower than the 10k per year. In the past my 24k per year of commute miles kept me from even considering a lease.
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06-18-2015, 06:43 AM | #281 | |
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Yes you would get the MSD money back if you buy the car. The only times your money is in jeopardy is if the car has damages on lease turn in, you swap the lease to another party, or if you default on payments.
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06-19-2015, 07:38 AM | #282 | |
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This thread is extremely helpful so thanks for putting it together OneRib ! Quick question on the above. Is there any difference between the 60-day or 90-day lock period? Why not just make it a 90-day lock? Dont get why there are two lock in periods. Thanks f.
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06-19-2015, 09:05 AM | #283 |
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Glad you are finding the thread helpful. BMWFS gives a longer lock period for west coast deliveries. It's just due to the longer transport time. I just don't know how they divide it up for the middle of the country. My educated guess is where your car comes into port. Anything shipping from CA or Washington gets 90 days. East coast ports get 60.
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06-19-2015, 09:13 AM | #284 | |
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Thanks! f.
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06-25-2015, 01:55 PM | #285 | |
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Leasematic is finally available for Android on Google Play store! https://play.google.com/store/apps/d...com.leasematic PS: Thanks everyone here for the recommendations and support!!
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06-25-2015, 02:48 PM | #286 | |
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Will download today. It's perfect timing because I go to sign paperwork on my car next week.
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