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X5 E70 (2007 - 2013)
E70 BMW X5 produced between 2007 and 2013. Discuss the E70 X5 with other BMW owners here.

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  #1  
Old 12-01-2011, 07:22 PM
The Greek The Greek is offline
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Location: Tampa
 
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Mein Auto: Porsche GT3
Problems on lease deal with local dealer. Need help!

Hey guys,

I found this forum from a fellow bmw friend. Need help, as I believe my local dealer is giving me a lame deal. Dealer is located in Tampa, FL.

2012 X5d Black/cinnamon brown (They have 8 diesels on lot)
Sticker is $61k
Negotiated price: $55k

3 years, 15k miles per year, $5k down = $860 per month (Seems kind of high)


Any help would be much appreciated. Did some research, and Adrian Avila from Atlanta seems to be highly recommened. Thanks again guys....
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  #2  
Old 12-01-2011, 07:53 PM
Suraj Suraj is offline
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I was in the same boat about a month ago wherein a) I was new to leasing mechanics b) negotiating with local dealers

I would strongly advice to do a search on this forum, including 2 threads I started a month ago to make yourself familiar with the process and what to expect. For eg, you are planning to put 5K down, that's a non-starter. You should be negotiating deals with ZERO down.

You will do yourself a lot of service by becoming intimately familiar with lease mechanics. Fortunately, there is tons of useful information and helpful people in this forum
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  #3  
Old 12-01-2011, 08:01 PM
Matt_UKTX Matt_UKTX is offline
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Mein Auto: 2012 X5 35d
I agree 100% with Suraj. Look at his two threads. Bottom line, you should be at $500 to $1000 over invoice before any rebates/incentives are applied. You can calculate the invoice price on www.bmwconfig.com.
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  #4  
Old 12-01-2011, 08:36 PM
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quackbury quackbury is offline
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Go to the "Ask a Dealer" forum on Bimmerfest, and start with the "New to Leasing?" thread.

Leasing is a black art, and you are very, very likely to get ripped off if you don't understand how it works.

And if you don't absolutely, positively need to take delivery in Tampa, contact Adrian Avila at BMW of South Atlanta. He is a 'Fest sponsor, a straight shooter, and an all-around good guy.

Personally, if I lived in FL the only place I would take delivery is at the Performance Center in SC. (IIRC there is a Performance Center Delivery thread on the Ask-a-Dealer forum, too). And if you are willing to do that, you can buy from ANY dealer, anywhere inthe country.
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  #5  
Old 12-02-2011, 10:08 AM
UncleJ UncleJ is offline
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+1 also check in with our fest founder and good guy Jon Shafer if Adrian can't help you (but I am sure he will). In any event lose that Tampa dealer, there are too many out there who will give you a fair deal.

Last edited by UncleJ; 12-02-2011 at 10:10 AM.
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  #6  
Old 12-02-2011, 10:35 AM
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Emission Emission is offline
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Also, 15,000 miles/year is a bit high for a lease... you will be paying a premium for that.

- Mike
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  #7  
Old 12-02-2011, 10:47 AM
The Greek The Greek is offline
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Guys,

Cant thank you enough for taking the time to help me out. I will post a thread in the "Ask a Dealer" section, and reach out to Jon.

Im pretty decent with lease understanding, aka money factor and residual. Hopefully everything works out!

Nicholas
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  #8  
Old 12-02-2011, 12:44 PM
ard ard is offline
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Also, don't dealers in Florida tack on a $495 fee? Buy from a dealer out of state, go do the PCD, save 500.

A
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  #9  
Old 12-02-2011, 05:56 PM
xofruitcake xofruitcake is offline
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Is it a raw deal?

"2012 X5d Black/cinnamon brown (They have 8 diesels on lot)
Sticker is $61k
Negotiated price: $55k

3 years, 15k miles per year, $5k down = $860 per month (Seems kind of high)"

We have 3 cars in our household and we nomarlly do 3 years lease for each of them. That mean I do a lease every year and I can speak with certainty that lease is not a black art. It takes quite a bit of time to get to a poin that you know how to figure out the lease amount. I builded an excel spreadsheet that calculate car lease. But there is a lot of free car lease calculator on the net. Just google "car lease calculator"

You miss a lot of information before anyone can figure out whether you get hosted or not. Check your lease document that you signed, it itemized every single dollars that your dealer charge you. You cannot determine if you get hosted by your dealer simply because you payment and drive off is high. Some car is very expensive to own (those with high money factor (aka interest that you pay to BMW) and low residual (the car depreciate a lot and BMW does not susidize the lease)). Here is the information for Nov for X5d. Look like the money factor for X5d is 0.00195 (or roughly 4.68% which is not bad). The residual is 51% (which is very bad for a luxury car/suv) of MSRP for 3 year 15k mi (your lease). So for a 61K MSRP car, your residual value of the suv is 61k*51%=31.11K, so you are paying 55K - 5k - 31.11K=18.89K during the next 36 months you own the suv or $524.72 a month for depreciation only. And we are not counting the DMV tag, acquisition fee, dealer document fee and sales tax.

Most folks get hosted by dealer when dealer charge a lot of extra fees and pad their money factor (i.e putting a mark up on top of what BMW charge them for your lease). You should be able to figure it out using your lease document and a good car lease calculator.. Good luck.

http://www.ridewithg.com/index.php/2...november-2011/

2012 BMW X5 xDrive35d Diesel SUV
36 Month – Residual 51% of MSRP – .00195 Base Rate
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  #10  
Old 12-02-2011, 09:18 PM
ZuerstBMW ZuerstBMW is offline
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Location: Tampa, Fl.
 
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Mein Auto: 12 X5/ 08 335i
That is alot especially with 5k down. You must be referring to Reeves. I go to them for service only. They couldnt even touch Ryans deal. I did the PCD delivery and leased through Ryan at Steve Thomas BMW in Ca.
Got a great deal 750 a month for a 61k X5 for 10k miles a year , all down was fees, 1st months payment, ect ect.
T.805.482.8878 ask for Ryan Amico
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  #11  
Old 12-04-2011, 12:20 PM
The Greek The Greek is offline
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Location: Tampa
 
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Zuerst,

You would be very correct. I had a great buying experience from Reeves back in 2006, but my god, ever since then, every single time i step foot in that dealer, I walk out shaking my head. I am currently talking to Adrian @ Atlanta whose is offering a very good deal. My only decision now is whether to lease vs. buy. I prefer to lease, since I change cars every 3 years. I would be doing a lease to write off this car as it would be uses primarily for business.

So, whats the opinion of the board. What is better for tax write off purposes? Lease or buy? (I have my own businesses, and a second car that is financed)

Nick
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