[ajh77]

So, I went to my local BMW dealer in Beverly Hills on May 23, 2016, not expecting to lease a car. I was not really ready. Here is what happened, though...can you please tell me if this was a bad deal...


So I had a 2010 328i with 79k miles. I owed 14,645.00, the dealer appraised it at 10k, but bumped that to 12,500 (2,154.00 upside down)


The M235i I got was 2016 blk sapphire matallic, blk dakota leather

Options:
Driver Asst Pkg
Tech Pkg
Heated Seats
Enhanced BT
harman sound system

No LSD (just fyi) I only got the options above

MSRP was 51,770.00


With my 2100 of negative equity, I put down 6k and my payment before taxes is 481.00 w/ taxes 525.00

It says on my lease form the "agreed-upon value of the vehicle is 45,283.00, but with the negative 2k, brought this figure to 47,438.00)

Before you let me know your opinion, my credit was bad..not sure how they approved me...617 fico with 98k in debt but well north of 100k income and leased with BMW in past and financed with them....

Was this a horrible deal ?

[M235iguy]

Not a horrible deal. Probably could have been slightly better. Not enough to stress over. You have a nice new car and reasonable monthly payments. I think you should enjoy the new car and be happy. Thats my opinion.

[Mywifes335]

Originally Posted by ajh77

So, I went to my local BMW dealer in Beverly Hills on May 23, 2016, not expecting to lease a car. I was not really ready. Here is what happened, though...can you please tell me if this was a bad deal...


So I had a 2010 328i with 79k miles. I owed 14,645.00, the dealer appraised it at 10k, but bumped that to 12,500 (2,154.00 upside down)


The M235i I got was 2016 blk sapphire matallic, blk dakota leather

Options:
Driver Asst Pkg
Tech Pkg
Heated Seats
Enhanced BT
harman sound system

No LSD (just fyi) I only got the options above

MSRP was 51,770.00


With my 2100 of negative equity, I put down 6k and my payment before taxes is 481.00 w/ taxes 525.00

It says on my lease form the "agreed-upon value of the vehicle is 45,283.00, but with the negative 2k, brought this figure to 47,438.00)

Before you let me know your opinion, my credit was bad..not sure how they approved me...617 fico with 98k in debt but well north of 100k income and leased with BMW in past and financed with them....

Was this a horrible deal ?

you're missing a few things here:

1. What's the annual mileage for the lease?
2. What is the "selling price"?
3. What is the capital cost reduction?
4. Is the $47,438 the "total capitalized cost"? Not sure what agreed upon value means...unless terminology is different in CA.

[ajh77]

Thank you...I love it....

Was it a good or great deal though considering the negative equity ?

[Mywifes335]

Originally Posted by ajh77

Thank you...I love it....

Was it a good or great deal though considering the negative equity ?

Back $60 out of your monthly and you have your answer. But you need to specify if you out $6k total out of pocket or $6k cap cost reduction. There's a big difference.

[ajh77]

1. What's the annual mileage for the lease? 10k a year
2. What is the "selling price"? 45,283.00
3. What is the capital cost reduction? 3,621.00
4. Is the $47,438 the "total capitalized cost"? Not sure what agreed upon value means...unless terminology is different in CA.

47,438 was total with negative equity......

[Mywifes335]

Originally Posted by ajh77

1. What's the annual mileage for the lease? 10k a year
2. What is the "selling price"? 45,283.00
3. What is the capital cost reduction? 3,621.00
4. Is the $47,438 the "total capitalized cost"? Not sure what agreed upon value means...unless terminology is different in CA.

Yes this is the total cost with the negative equity included

You did just fine.

[ajh77]

I sorta felt like 6k for down payment (cap cost reduction was a lot)

So it was a good deal or a great deal ?

[pikcachu]

Originally Posted by ajh77

So, I went to my local BMW dealer in Beverly Hills on May 23, 2016, not expecting to lease a car. I was not really ready. Here is what happened, though...can you please tell me if this was a bad deal...


So I had a 2010 328i with 79k miles. I owed 14,645.00, the dealer appraised it at 10k, but bumped that to 12,500 (2,154.00 upside down)


The M235i I got was 2016 blk sapphire matallic, blk dakota leather

Options:
Driver Asst Pkg
Tech Pkg
Heated Seats
Enhanced BT
harman sound system

No LSD (just fyi) I only got the options above

MSRP was 51,770.00


With my 2100 of negative equity, I put down 6k and my payment before taxes is 481.00 w/ taxes 525.00

It says on my lease form the "agreed-upon value of the vehicle is 45,283.00, but with the negative 2k, brought this figure to 47,438.00)

Before you let me know your opinion, my credit was bad..not sure how they approved me...617 fico with 98k in debt but well north of 100k income and leased with BMW in past and financed with them....

Was this a horrible deal ?

just dont get why would you spend $525/month on a car when you owe 98k....

regardless of what your income is, its probably not high enough if you owe 98k but its pretty common in the US for people to spend what they don't have

just my honest opinion....at least do enjoy it

[Mywifes335]

Originally Posted by ajh77

So it was a good deal or a great deal ?

If the selling price was $45k and the sticker was $51k, I'd say that's a pretty good deal.

[Mywifes335]

Originally Posted by pikcachu

just dont get why would you spend $525/month on a car when you owe 98k....

regardless of what your income is, its probably not high enough if you owe 98k but its pretty common in the US for people to spend what they don't have

just my honest opinion....at least do enjoy it

Stop bring philosophical and answer my spark plug query Master Pickachu...

[ajh77]

Not that it is any of your business, pikcachu, but my 98k in debt was from a failed business and I am getting a check in two weeks for the sale of property for 86k...so I would not have purchased the car if that check had not been on its way

Thank you for the info whether my lease deal was good

[pikcachu]

Originally Posted by Mywifes335

Stop bring philosophical and answer my spark plug query Master Pickachu...

lol i have no answer for that lol

i thought the S55 plugs were the way to go but seems like some people were having issues.... i still have the stock plugs with no issues so far

[pikcachu]

Originally Posted by ajh77

Not that it is any of your business, pikcachu, but my 98k in debt was from a failed business and I am getting a check in two weeks for the sale of property for 86k...so I would not have purchased the car if that check had not been on its way

Thank you for the info whether my lease deal was good

ok then you are not really 98k in debt....

6k off msrp seems like a good deal....don't know much about lease details as I never lease cars

sorry if i offended you

[ajh77]

pikcachu, no worries, you didn't.. I do agree with you though...MANY in the US live beyond their means. Most live on plastic and its not good. I had been guilty in the past.

[Mywifes335]

Originally Posted by pikcachu

lol i have no answer for that lol

i thought the S55 plugs were the way to go but seems like some people were having issues.... i still have the stock plugs with no issues so far

Oh...hahaha. Dammit. Never anything definitive. You run meth and FBO on stock turbo, right?

Sorry for the hijack.

[Cyberdemon]

Without scanning your lease agreement to see how they broke this down, the amount sounds a bit high - better than an MSRP deal but trade-ins always hide some value in the trade in.

If you did a $3600 cap cost reduction and I'm assuming the rest went to paying all of your fees (acq, DMV, etc) then with those numbers it looks like your payment should have been around $477 after tax. So either they bumped up the money factor because of your credit score (not sure if CA prints the money factor on your lease agreement) or they shuffled something around.

[rjd598]

i would say putting $6k down is your only downfall. not the worst in the world i guess. whatever you are okay with

[Transfer]

I think you got a great deal given the cards you played.

[Anthony235]

Originally Posted by pikcachu

ok then you are not really 98k in debt....

6k off msrp seems like a good deal....don't know much about lease details as I never lease cars

sorry if i offended you

So $12k in debt and used $6k for a down payment on a new car.

Could have instead cut his remaining $12k debt in half and improved his credit score.

Also don't forget your new car is considered debt

YOLO!

[angelbones]

My main question is what kind of residual did you get?

[aerostar]

10k miles that deal seems pretty poor IMO. Especially since you put a hefty cap cost reduction.