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Old 06-27-2013, 09:20 PM
Darrena Darrena is offline
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A couple of lease questions

We ordered BMW's for myself and my wife. Hers arrived today and since her mileage is lower we leased hers (Using MSD's to lower the Money factor as people have pointed out here, thank you!) and I began to wonder if I should lease mine. Since everyone here has been so knowledgeable I figured I would ask here before engaging my CA.

1) I am putting down about 16,000 in trade-in and cash when I finance. Is there a way to put this down on a lease at all without risking losing it all if the car is totaled? I would buy the max MSD's but that would still leave me with ~$5k in equity in my car. I guess I could just cash out the equity in my car and use that for the payments every month and accomplish the same thing as pre-paying it but maybe there is a better way?

2) I drove 61,000 miles in the last 49 months (~1245 miles a month) so I am borderline on the mileage. Does anyone know the going rate if I buy the miles at purchase versus doing so near the end?

3) I locked in a straight financing rate of .9/36 or 1.9/60 do I need to submit a new app to lock in the lease rates?

The reasons I am considering leasing are:
1) We have typically gotten new cars every 3-4 years. We always say we will pay the cars off but we never do so we may as well lease..
2) I love the cars but I am nervous about the maintenance costs on a BMW after 4 years and a lease seems to cover that.

Are there downsides that I am missing?
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Old 06-27-2013, 09:43 PM
E92Carrera E92Carrera is offline
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Outside of the MSD's any down payment you make on the car will be lost if its totaled, so it's best to place in an account and make payments from it.

If you buy miles before the lease ends they are 16cents each vs. 20cents.
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Old 06-27-2013, 10:45 PM
ard ard is offline
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Quote:
Originally Posted by Darrena View Post

The reasons I am considering leasing are:
1) We have typically gotten new cars every 3-4 years. We always say we will pay the cars off but we never do so we may as well lease..
2) I love the cars but I am nervous about the maintenance costs on a BMW after 4 years and a lease seems to cover that.

Are there downsides that I am missing?
If you make enough money that you can have two car payments forever, and buy everything else you want, then that's cool.


Ive found that 'collecting' cars/trucks/suvs over the years gives me a garage that allows options. If you can shed a car payment (or two) you could swing a vacation place with the added cash flow. Drive a car that is 5 years old out till it is 10-12 years, it will become 'the airport car' or 'the ski beater' or 'the kids car'. Or the car you drive while you repair the other- and you are not stuck renting a car or using a dealer becuase they have the loaner!

Or the wife drives it when she stops working to have kids....

IMO having at least ONE paid for car is essential for everyone except the 1%.

my 2 cents
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Alignment here: The Definitive Alignment Thread

OE is Original Equipment aka 'BMW Original Parts' aka 'What you buy at the BMW dealer with a BMW label'

OEM is Original Equipment Manufacturer... EITHER the company that made the OE part or.... A part this is identical to the OE part, but is sold by the OEM under their own label


OEM is not what BMW sells


http://www.bimmerzone.com/category/T...ricks_OEM.html

https://www.turnermotorsport.com/t-OEvsOEM
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Old 06-28-2013, 06:56 PM
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mclaren mclaren is offline
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Quote:
Originally Posted by Darrena View Post
We ordered BMW's for myself and my wife. Hers arrived today and since her mileage is lower we leased hers (Using MSD's to lower the Money factor as people have pointed out here, thank you!) and I began to wonder if I should lease mine. Since everyone here has been so knowledgeable I figured I would ask here before engaging my CA.

1) I am putting down about 16,000 in trade-in and cash when I finance. Is there a way to put this down on a lease at all without risking losing it all if the car is totaled? I would buy the max MSD's but that would still leave me with ~$5k in equity in my car. I guess I could just cash out the equity in my car and use that for the payments every month and accomplish the same thing as pre-paying it but maybe there is a better way?

2) I drove 61,000 miles in the last 49 months (~1245 miles a month) so I am borderline on the mileage. Does anyone know the going rate if I buy the miles at purchase versus doing so near the end?

3) I locked in a straight financing rate of .9/36 or 1.9/60 do I need to submit a new app to lock in the lease rates?

The reasons I am considering leasing are:
1) We have typically gotten new cars every 3-4 years. We always say we will pay the cars off but we never do so we may as well lease..
2) I love the cars but I am nervous about the maintenance costs on a BMW after 4 years and a lease seems to cover that.

Are there downsides that I am missing?
1) Just use your equity for drive off and MSDs and get a check for the rest.
2) At the beginning of the lease miles are $.15 and refundable if you don't use them. During the lease they are $.16 and not refundable. At lease end they are $.20. I think they are more on the 7 series.
3) I think so but not certain.
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