View Full Version : Question for Mystic1 and anyone else who's purchased after a lease.
02-19-2008, 09:44 AM
Mystic1, sorry for the new thread with your name in it but I saw no other way of contcting you. You replied to a an older thread I started a few weeks ago stating that as your X3 lease was coming to a close you somehow got your last 3 payments waived and purchased your X3 off the lease. Can you elaborate on that? I have approx 3 months left also and I'm leaning towards keeping my X3 and would love to know how you pulled that one off.
As you stated in the previous thread, are there better deals out there than the cost stated on the lease? Perhaps. But I know every bit of history on this car since it had single digit miles and it's been outstanding for me. Sure the X3 is far from perfect, has squeeky seats and a squeeky arm rest and has plenty of cheap plastic on the dash but the X3 is built for the type of environment I live in. I took a 328xi for about a day this weekend and I could totaly get used to driving one but I can't say I was blown over by it and if I'm going to end up with the same payments then I don't see the point.
Any other thoughts out there? Can anyone share their experiences in going to another Beemer or keeping theirs off lease? I would love some input. Thanks!!!
02-19-2008, 11:19 AM
Mystic1, sorry for the new thread with your name in it but I saw no other way of contcting you.
There's a new feature in the forums...it's called Private Messaging (PM)......:rolleyes:
But, back on topic. Be mindful that if you purchase a car off lease, you will only have the balance of the original warranty and not enjoy the benefit of the warranty that comes with a CPO vehicle.
02-19-2008, 11:23 AM
LOL!!! I'm very well aware of that. But for some reason the "Send a Private Message" option wasn't coming up for me. That's the first thing I tried but since the option wasn't coming up I figured perhaps he had that option turned off in his profile.
02-19-2008, 05:26 PM
No problem with the title. lol.
Unfortunately, I may be no help for you on this. I contacted the saleswoman who initially leased the vehicle to us and had her check into the options of purchasing the '05 off lease, or leasing a new '08. Her offer on the '05 was waiving the last 3 months of payments and purchasing it for the lease residual plus certification.
My suggestion to you is ask your originating dealer for the same thing. Being a repeat customer should mean something. Since there is a precedent, I don't see why they couldn't do it if other dealers can. We got the 2.9% financing too so that made the decision a little easier since payments basically remained the same as the lease term. Check your buyout price to going prices on edmunds.com, nada.com and kbb.com to see if the residual is even worth it. Mine was dead on, plus we had the aero kit that wasn't an option on those websites to get an appraisal so I figured we would be coming out ahead on it.
If you need anything else, just ask.
02-19-2008, 05:35 PM
We got the 2.9% financing
That's a great rate! :thumbup:
Is that thru BMWNA FS?
02-20-2008, 12:04 PM
That's a great rate! :thumbup:
Is that thru BMWNA FS?
Yes. They were running a special APR on a CPO purchase in January. Possibly still going on, but I have had no need to check.
02-20-2008, 12:50 PM
What Mystic did was turn the car in early and then bought it back as a CPO.
He paid Residual + $1,500.
For this price the dealer picked up the last three lease payments and added the CPO coverage. Since Mystic1 purchased the car as a CPO he was eligible for the current finance program.
In all a fair deal as the CPO coverage adds significant value. Both the dealer and Mystic1 came out ahead.
January was a terribly slow month for BMW NA. They are currently offering all sorts of incentives to help dealers move cars. Incentives vary all the time. Worth checking over in the Ask a Dealer forum. There may be something running that makes purchasing a new BMW to good to pass up. There may also be a good CPO incentive on right now. :dunno:
In part buying back your X3 depends on the local market. If the demand for a used X3 is high, your dealer may not be interested in cutting you a deal.
02-21-2008, 09:05 AM
Thanks for tha info Mystic (and others). I called BMWFS and they said the current rate is 6% and on top of that the monthly payment they estimated based on that percentage rate is more than $20 higher than my bank running the same loan at 6%. Not sure where the discrepancy is. I don't know..I absolutely love my car but it doesn't look like I can keep it or lease a new one for the same price as I pay now. As wonderful as it's been this may be the end of my BMW experience. I just can't justify paying more than $500/mo for a car no matter how much money I have.
02-21-2008, 09:45 AM
. I just can't justify paying more than $500/mo for a car no matter how much money I have.
Yeah. With the current lease rates, the only way to get a new X3 under $500/month is to take Munich delivery. If we leased our X3 with today's rates, the payments would be about $70/month more than they are now.
Have you talked to a dealer about buying your car back as a CPO?
The 328i sedan still has a big incentive on a lease. You could do that and be well under 500, but you have to want the seda.
If you are ready to buy right now, BMW NA is running a short term incentive to move inventory. Details:
Program applies to ON HAND 3 Series coupes/convertibles, 5 Series and X5s ONLY.
3 Series coupes/convertibles lease/finance subsidy @ $1,500.00
5 Series and X5 lease/finance subsidy @ $2,500.00
Start on Feb 15 to Feb 29th.
02-21-2008, 12:30 PM
Rob, try talking to another dealer to see if they could deal on the buyout of the lease. There is no need to go to the originating dealer to complete the buyout of a lease unless they value repeat business and will work things out for you. Dealers can get very creative if they need to sell a vehicle.
As far as the $20 more, they are trying to get more out of you IMO. That equates to an additional $1000 financed. Time for another dealer!!
02-26-2008, 04:31 PM
CPO financing on 2004 is 2.9 right now and 2005 is 3.9.
I dont see any reason you can't buy it out as a CPO now.
We traded in the wifes A4 in for the X3 and there were still 6mos left on the Audi Lease agreement.
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