08-21-2023, 10:22 PM | #1 |
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Lease Rates for 2024 M3 Base
Hey guys im going to be getting a 24 m3 base with an MSRP of 106k (and there is no mark up)
Now whats weird is when I do the bmw customer the monthly payments for 36 months 10k miles a year with 4k down show about 1462 plus tax But this dealer is saying they need to do "in house leasing" and my payments are going to be 4k down 1590 plus taxes 36 months 7500 miles they dont give me money factor break down nor residual values anyone know what the actual rates are right now for bmw financial? just want to make sure im not getting taken for a fool thank you! |
08-21-2023, 10:28 PM | #2 |
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No money down on a lease, ever.
And they should definitely be giving you a MF, but you won't get a truly accurate one until they run your credit. BMWFS MF for leases is .00267 (~6.4%). If it's higher, dealer is marking it up. |
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08-21-2023, 10:39 PM | #3 |
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If you don't mind me asking what is wrong with doing more money down?
Ill try to get a break down, also to order the car I had to put a non refundable deposit down of 2k I originally thought I had to put more to 4k but they allowed the order without putting more down...so ill let them know I want to stick to only 2k down when the car arrives Do you know where I can get the monthly money factor? car should arrive to the dealer in November so the money factor might change My credit is over 800 Bmw financial approved me at tier one |
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08-21-2023, 10:54 PM | #4 | |
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I wouldn't have gone through the approval process if you're that far out. The approvals are only good for 60 days and they'll have to do another pull. Your deposit is also fully refundable until the car goes into production (150). If you're 112 or earlier, you definitely should be able to get your deposit back, just as an FYI. As for why no money down, two big reasons: 1) The main reason to put money down is to lower your capitalization/principal so that your interest accrues slower or at a lesser amount. In a lease, your interest over the life of the lease is already calculated into the lease payments at the start, so you're just putting money "down" onto a fully interest-realized loan, which doesn't help you. Better to invest or keep the money in a high-yield savings account at a good return percentage instead. 2) If you end up totaling the car, you lose that money as part of the calculated "total value" due to the aforementioned total lease + interest payment calculation. If you put $1000 down, you've reduced the "value" of the car (the lease) by $1000 when it comes time to submit the "total lease value" to insurance. Leases work slightly differently to financing, it's a bit confusing so hope that explains it. |
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08-25-2023, 07:41 PM | #5 |
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They are bumping the original money factor on you to make more back end money (money off you leasing/financing) i work at a dealership this is done all throughout
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08-26-2023, 01:25 AM | #6 |
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Hey! how much of a payment difference would it be, at normal rates with no mark up on the money factor what would the payments be on a 106k msrp car with 4k down (includes the first payment and fees)
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08-26-2023, 01:28 AM | #7 |
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Hey! I was thinking about waiting for the car to be at the dealer before getting in to that, I worry if I give them a hard time now, they may cancel the order
Is it legal to bump up the money factor when the customer is a tier 1 customer? I was thinking of waiting to the day the car gets there then asking for the breakdown of all the numbers Oooh that explains the no down thing, I can ask if I could change it to 0 down, but do I still need to pay the first months payment and the title reg and dealer fees? the 4k includes all that |
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08-26-2023, 08:27 AM | #9 |
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64% and yes they can bump up MF
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08-26-2023, 12:19 PM | #10 |
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08-26-2023, 01:29 PM | #11 |
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08-26-2023, 02:16 PM | #12 |
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08-26-2023, 03:24 PM | #13 |
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Can confirm this is accurate.
BMW's just playing funny with the numbers, higher residual, but also higher MF on the 2024, while the 2023 carries a lower residual but also a lower MF + some loyalty cash.
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08-26-2023, 04:43 PM | #14 | |
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62% Comp RWD 64% Base
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08-26-2023, 06:30 PM | #15 | |
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You need to know what the MF they are using on the lease quote. When does you car go into production? Did you rate lock |
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08-26-2023, 06:33 PM | #16 | |
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Your better to have the discussion now. Lock in a MF. A good dealership will explain and quote things and show you the hard numbers so you have a reasonable ballpark. You can do a zero drive off or just pay the first month. You need the written numbers... Also does your state do taxes up front or on the monthly. |
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08-27-2023, 08:02 PM | #17 |
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08-27-2023, 08:03 PM | #18 |
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08-27-2023, 08:04 PM | #19 | |
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Leases, boiled down to their simplest terms, are basically paying the difference between the selling price you negotiated and what the bank thinks the car will be worth in 3 years, or whatever the term is. The higher the residual, the lower the payments will be if all other factors are the same.
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08-27-2023, 08:05 PM | #20 | |
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08-28-2023, 11:48 AM | #21 | |
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I'd say bring it up now, me thinks when the car arrives they have a bit more leverage .And I think in-house financing is a bunch of BS , not a 100% sure tho. They have to go through BMW FS unless you bring in outside financing .
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09-03-2023, 12:03 PM | #22 |
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If you think the car will be worth more than 64 percent of its value in 3 years you should just purchase it. Hard to imagine even this very expensive base order would be worth less than 64%.
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