(Lease)TOTALED E90... Any math guru's out there?

MiAWE90 · 05-01-2008, 08:41 PM

All right guy's, here goes! I was leasing a 2007 BMW 328i. I recently totaled it in car accident. When I started my BMW financial lease, I opted for a 36 months, 12k miles a year lease. I lost a ton of $ on the trade in vehicle, seeing that I owed $6,571.54 more then the vehicle was worth. I put down $8,250.00. Basically I want to know if im intitled to any money from BMW Financial services after Progressive pays the loan off???

MONTHLY PAYMENTS: lease Began 10-23-06

GROSS CAPITALIZED COST = $41,102.50 +Administrative fee = $784.00 =
$41,886.50
CAPITALIZED COST REDUCTION= $6,571.54
ADJUSTED CAPITALIZED COST= $35,314.96
RESIDUAL VALUE=$21,857.85
DEPRECIATION AND AMORTIZED AMOUNT=13,457.11
RENT CHRAGE=$6688.85
TOTAL OF BASE MONTHLY PAYMENTS=$20,145.96
TOTAL MONEHTLY PAYMENT= $590.95

**The car as of right now is assessed by progressive at being worth $32,000 and I owe $29,658.15

***RENT CHRAGE? $8,250 down payment, any of it security deposite?

justinnum1 · 05-01-2008, 08:57 PM

Your insurance company will cover what you owe to BMWNA. If your car is worth more than you owe, you get the difference which in this case sounds like $2,341.85. Unfortunately you wont get any money back from the down payment. You should never put more down for a car than you have to. Good Luck.

328i · 05-01-2008, 08:59 PM

Sorry to hear that, but that is why you should never put money down on a lease. You are better off putting the money in a seperate bank account and using it to make up the difference in payments.

hotsand5 · 05-01-2008, 10:06 PM

I will guarantee you that you will only get back the difference between what you owe on the car and what it is worth (assuming it is positive as stated)...kiss your down payment and lease payments goodbye. It sucks.

05-01-2008, 08:41 PM	#1
MiAWE90 Roundel 420 3 Rep 17 Posts Drives: 2007 328i AW Join Date: Jul 2007 Location: Milwaukee, Wi iTrader: (0) Garage List 2007 328i [0.00]	(Lease)TOTALED E90... Any math guru's out there? All right guy's, here goes! I was leasing a 2007 BMW 328i. I recently totaled it in car accident. When I started my BMW financial lease, I opted for a 36 months, 12k miles a year lease. I lost a ton of $ on the trade in vehicle, seeing that I owed $6,571.54 more then the vehicle was worth. I put down $8,250.00. Basically I want to know if im intitled to any money from BMW Financial services after Progressive pays the loan off??? MONTHLY PAYMENTS: lease Began 10-23-06 GROSS CAPITALIZED COST = $41,102.50 +Administrative fee = $784.00 = $41,886.50 CAPITALIZED COST REDUCTION= $6,571.54 ADJUSTED CAPITALIZED COST= $35,314.96 RESIDUAL VALUE=$21,857.85 DEPRECIATION AND AMORTIZED AMOUNT=13,457.11 RENT CHRAGE=$6688.85 TOTAL OF BASE MONTHLY PAYMENTS=$20,145.96 TOTAL MONEHTLY PAYMENT= $590.95 The car as of right now is assessed by progressive at being worth $32,000 and I owe $29,658.15 *RENT CHRAGE? $8,250 down payment, any of it security deposite? __________________
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05-01-2008, 08:57 PM	#2
justinnum1 Major General 656 Rep 5,803 Posts Drives: 2018 330i Msport 6mt Join Date: Nov 2006 Location: South Florida iTrader: (0)	Your insurance company will cover what you owe to BMWNA. If your car is worth more than you owe, you get the difference which in this case sounds like $2,341.85. Unfortunately you wont get any money back from the down payment. You should never put more down for a car than you have to. Good Luck. __________________ F30 330i Alpine white/Coral red Msport 6MT
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05-01-2008, 08:59 PM	#3
328i Colonel 151 Rep 2,934 Posts Drives: E46 ///M Join Date: Jan 2007 Location: central NJ iTrader: (15)	Sorry to hear that, but that is why you should never put money down on a lease. You are better off putting the money in a seperate bank account and using it to make up the difference in payments. __________________
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05-01-2008, 10:06 PM	#4
hotsand5 hotsand5 50 Rep 806 Posts Drives: 2006 BMW 330i 6spd Join Date: Nov 2005 Location: chicago iTrader: (0) Garage List 2006 330i [0.00]	I will guarantee you that you will only get back the difference between what you owe on the car and what it is worth (assuming it is positive as stated)...kiss your down payment and lease payments goodbye. It sucks. __________________ -2006 BMW 330i-Sapphire Black- Tera Leather-Aluminum trim- 6spd manual- Sport- Premium- Cold- Navigation- Euro. delivery -2005 Yamaha Warrior 1700 102cu"
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