New to Leasing
I'm thinking of leasing a 2104 X3 m-sport carbon black and have never leased before. I've done some research and had some questions.
1. As far as numbers are concerned, the cap cost, msrp, money factor, and residual, what other numbers should be considered? I know the residual and to some degree the money factor are non negotiable are there any other numbers to watch out for? The dealer is selling me the a custom order X3 for $250 over invoice.
2. What happens in the case of an accident? Do I need to inform bmw or just get it fixed? Is gap insurance included in the bmw finance lease?
3. Are they picky on returning the vehicle or is it ok to have some wear and tear?
4. Are there samples of a lease contract? I'm not sure what document will look like and what numbers will be shown.
5. Planning on either a 12K per year mile lease or 15k is it cheaper to get the 15k from the beginning or wait and adjust the milage later?
Leasing can be a risk/reward challenge. There are some issues you need to be careful, as the Program could cost you.
Wear and Tear would be considered covered, but you must maintain all servicing, keys and return with original or comparable equipment. Common mistakes are tires and dents. You have to maintain a certain tread level, not a problem if using snow tires. Dents or stone chips must be under a certain size.
Car accident (had one with less than 6 months remaining on lease). You have to notifying the mfg. and repaired at their authorized repair shop or dealership. You are not responsible for extras on your contract. Avoid heavy pressure from towing companies offering you a better repair deal elsewhere, this will cost you if they are not authorized.
The vehicle has to be relatively clean an all parts in working order. You would get an advance notice about 6 months prior to return offering a free inspection to fix any problems. If they are not fixed, BMW can charge an average market price which is likely higher than normal.
Overall the experience is quite good. You get a new vehicle and can change into something better without concerns about depreciation or in my case lost value due to an accident.
Don't worry about the Lease Rates, they would adjust the length or Depreciation % you eventually pay the same anyways. Good luck!
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