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Law Enforcer
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1,344 Posts
Discussion Starter · #1 ·
OK all, here's the deal. My PY M3 is less than 10 days from delivery at the dealer. It's slated to hit the port between today and 12/14. The time is drawing near. I have a question for you all, here is my financing terms:

.0032 money factor
9k down
$898.00 a month
5 years

....with BMW financial Services. I do plan on refinancing in a year because I will have a co-signer for the car. Does this seem pretty fair? I got the car at $1000.00 over invoice, so approx. $54-55k, and this is also factoring in that I'm trading in my 02' 330ci w/ 22,600 miles on it (after only 1 year :D ). Give me some feedback guys.

Days until I'm an M3 owner! Brings nothing but smiles!
 

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Head-In-Sand Dumbass
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2,192 Posts
Are you seriously going to lease for 5 years? Don't you think that in 5 years you'd like to OWN the car outright? I could see leasing it for 3 years, or even 4 if you really wanted to stretch it. BTW .0032 is pretty high, that's like 7.7%! :eek:

$898 * 60mo = $53,800
+ $9,000
---------------------------
$62,880

Are you prepared to pay almost $63k for an M3?

Personally I'd work on that money factor. How much do you owe on the 330? Are you going to get more than what you owe, or less, from the trade in? Break down all the numbers for us here.
 

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A sudden sense of liberty
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3,939 Posts
This can't be a lease. It has to be traditional financing, with the interest rate expressed as a "money factor." The numbers are just too high to be a lease; it would be the worst lease terms I'd ever seen by a factor of about 10.

50K is a lot of money to spend on a car, no matter how you pay for it. If I couldn't get an interest rate better than 7.8 percent these days, I'd definitely rethink spending that kind of coin on a car; someone with good credit should be able to get money in the 5-6 percent range.

I'd also rethink spending that kind of coin if I needed to go to a five year term. The total interest expense is just too high. I'm even a little uncomfortable with 4 year notes, though, so color me overly anal.
 

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OMGWTFBBQ
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11,262 Posts
webguy330i said:
Are you seriously going to lease for 5 years? Don't you think that in 5 years you'd like to OWN the car outright? I could see leasing it for 3 years, or even 4 if you really wanted to stretch it. BTW .0032 is pretty high, that's like 7.7%! :eek:

$898 * 60mo = $53,800
+ $9,000
---------------------------
$62,880

Are you prepared to pay almost $63k for an M3?

Personally I'd work on that money factor. How much do you owe on the 330? Are you going to get more than what you owe, or less, from the trade in? Break down all the numbers for us here.
He said that those terms had factored in his 330 trade in so it's more like

$62,800 figures above, plus
$26,000 trade in (to make the final tally look less ugly)
-----------------------
$88,800 to lease an M3 for 5 years is what he's telling us. Even if it's not a lease, but financing a purchase, that's still a hell of a lot of money for that car.
 
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