Need All The Advice I Can Get!

Sam Da Man · 07-20-2007, 01:00 AM

Ok,

well i am new here on E90post and its been great, im kind of addicted..lots of intresting threads, COOL PICS, and great information that has helped me alot.. I am currently awaiting transport of an 328i Coupe. But after speaking with some guys on the forums and comparing lease payments, im not sure if i have a deal or not.

Ok heres the story.. i have been to 5 dealerships in NJ with my father, all charging me over sticker price and just plain ripping me off. Finally talked with a place in Long Island New york and they where offering that i put $5100 total down including fee's/taxes and my payment will be $499 a month,,by the way its 36 months..10k/ayear...msrp is 44,675......after being to all the diff dealerships and getting ripped this actually sounded pretty good, so i was like ok, but heres the catch i never signed anypaper work to seal the deal..so i just need some help on wether you guys think im getting ripped or not....I know 5100 is alot for a downpayment, some where saying i can put 4k down and still have it at 499 a month..What do ya thinK? i also havent done any calculations with money facor and residual.. Thanks for all the helP!

flush01 · 07-20-2007, 01:04 AM

Quote:

Originally Posted by Sam Da Man

Ok,

well i am new here on E90post and its been great, im kind of addicted..lots of intresting threads, COOL PICS, and great information that has helped me alot.. I am currently awaiting transport of an 328i Coupe. But after speaking with some guys on the forums and comparing lease payments, im not sure if i have a deal or not.

Ok heres the story.. i have been to 5 dealerships in NJ with my father, all charging me over sticker price and just plain ripping me off. Finally talked with a place in Long Island New york and they where offering that i put $5100 total down including taxes and my payment will be $499 a month,,by the way its 36 months..10k/ayear...after being to all the diff dealerships and getting ripped this actually sounded pretty good, so i was like ok, but heres the catch i never signed anypaper work to seal the deal..so i just need some help on wether you guys think im getting ripped or not....I know 5100 is alot for a downpayment, some where saying i can put 4k down and still have it at 499 a month..What do ya thinK? i also havent done any calculations with money facor and residual.. Thanks for all the helP!

does that 5.1k include all the fees (pdi,freighn,first month payment, security deposit) ?

Sam Da Man · 07-20-2007, 01:06 AM

Quote:

Originally Posted by flush01

does that 5.1k include all the fees (pdi,freighn,first month payment, security deposit) ?

Yes sorry thats 5100 total down..all taxes and fees

Sam Da Man · 07-20-2007, 01:42 AM

any1!?

NPDAN · 07-20-2007, 01:45 AM

Whats the total price of the car?

SunnyvaleCA · 07-20-2007, 02:23 AM

You're paying $0.64 per mile not counting insurance or fuel. According to edmunds.com, the 5-year cost of a 335i coupe at 15k miles per year is $0.58/mile (also not counting insurance or fuel). I sure would prefer the 335i to the 328i while still paying less money. I suppose it depends on if you want to drive a car for 75k miles or not.

Sam Da Man · 07-20-2007, 11:40 AM

Quote:

Originally Posted by NPDAN

Whats the total price of the car?

msrp is 44,675

STE92VE · 07-20-2007, 11:59 AM

Quote:

Originally Posted by Sam Da Man

im not sure if i have a deal or not.

but heres the catch i never signed anypaper work to seal the deal..

No paperwork, no deal. You're dealing with a car dealer, not you're local pizza delivery that takes your order and will deliver it when they say they will.

Sam Da Man · 07-20-2007, 12:01 PM

Quote:

Originally Posted by STE92VE

No paperwork, no deal. You're dealing with a car dealer, not you're local pizza delivery that takes your order and will deliver it when they say it will.

Alright so i have a chance to get a better quote then they gave me, but do you think what i got now is good?

nusevad · 07-20-2007, 12:16 PM

Quote:

Originally Posted by Sam Da Man

I know 5100 is alot for a downpayment,

wuts the average on down payments? Im planning to put down 20K for my next car and i thought thats alot...

----------------------------
n/m he ment for lease =P.

STE92VE · 07-20-2007, 12:29 PM

Quote:

Originally Posted by Sam Da Man

Alright so i have a chance to get a better quote then they gave me, but do you think what i got now is good?

It's never a good deal if you have to put down more than taxes and fees. The game the dealers play is you put $$$ towards reducing the cap cost and that lowers your payments. Good for them, bad for you.

STE92VE · 07-20-2007, 12:31 PM

Quote:

Originally Posted by FifthStreetz

wuts the average on down payments? Im planning to put down 20K for my next car and i thought thats alot...

That's a hell of a down payment.

Is that $$$ sitting in a sock draw somewhere or is it working for you?

nusevad · 07-20-2007, 12:34 PM

Quote:

Originally Posted by STE92VE

That's a hell of a down payment.

Is that $$$ sitting in a sock draw somewhere or is it working for you?

yea its sitting in a money market acc. right now, im planning on getting the new E92 M3 next year, i figure i put down a big down payment so my monthly payments wont be that high...

Quote:

Originally Posted by STE92VE

It's never a good deal if you have to put down more than taxes and fees. The game the dealers play is you put $$$ towards reducing the cap cost and that lowers your payments. Good for them, bad for you.

Please educate me for i am ignorant in dealing with dealers, wouldnt it be better if i can pay more upfront? So instead of a 20K downpayment i should maybe put down...5-10K? What makes it good for them and bad for me?

sgc335c · 07-20-2007, 02:24 PM

a) Please read everything you possibly can about leases on www.edmunds.com before leasing a car.

b) Don't focus on the monthly payment. Dealers who know you're focusing on that will pull a slight of hand and rip you off.

c) If you can't afford a lease with the minimum down payment (Security deposit, license, 1st month), you probably shouldn't lease the car.

BMW F22 · 07-20-2007, 03:00 PM

DO NOT SIGN THE PAPERWORK ON THAT DEAL!!

I just ran some quick calculation for you. Basically they're selling you the car for MSRP and make you put down $5100 (this doesnt even include the bank fee) in order to get the $500/month payment.

The only thing that they did good was to give you a base rate on the money factor (or at least that's what I think). Regardless, go to another dealership. That's ridiculous man.

Sam Da Man · 07-20-2007, 03:06 PM

Quote:

Originally Posted by BMWE90

DO NOT SIGN THE PAPERWORK ON THAT DEAL!!

I just ran some quick calculation for you. Basically they're selling you the car for MSRP and make you put down $5100 (this doesnt even include the bank fee) in order to get the $500/month payment.

The only thing that they did good was to give you a base rate on the money factor (or at least that's what I think). Regardless, go to another dealership. That's ridiculous man.

I cant go to another dealership..thats cars already ordered and its at port..and i already gave them 1000 for the deposit..onlything i can do is negotiate when it gets heres..so any advice on that part...basically tell them to sell me the car for a little above invoice right..not by msrp...

BMW F22 · 07-20-2007, 03:15 PM

Quote:

Originally Posted by Sam Da Man

I cant go to another dealership..thats cars already ordered and its at port..and i already gave them 1000 for the deposit..onlything i can do is negotiate when it gets heres..so any advice on that part...basically tell them to sell me the car for a little above invoice right..not by msrp...

I dont know about Jersey's law but here in CA you dont have to buy the car if you dont want to. You can always get the deposit back (even if the car's already been ordered). ANY NEW JERSEY MEMBER WANNA CHIME IN HERE???

Let me just put it this way: you are paying about $7k too much for the car.

Sam Da Man · 07-20-2007, 03:19 PM

Quote:

Originally Posted by BMWE90

I dont know about Jersey's law but here in CA you dont have to buy the car if you dont want to. You can always get the deposit back (even if the car's already been ordered). ANY NEW JERSEY MEMBER WANNA CHIME IN HERE???

Let me just put it this way: you are paying about $7k too much for the car.

WELL i deff dont wanna go to a diff dealership cuz then i wont have a car till october....so im gunna have to negotiate...i cked emunds.com and there true market value..ill just tell my ca to sell it to me for that price and since its an 07 and 08s are on there way i think i shoul be good..TMV for this vehicle is showing at $42,459

BMW F22 · 07-20-2007, 03:29 PM

what about the money down?? It's been suggested over and over that you should not put any money down and if you must, put the least amount possible.

If you want to lower the monthly payments then put that money into MSD (multiple security deposits). But whatever it's up to you man, I just dont want your dad to have to pay more than he has to.

Sam Da Man · 07-20-2007, 03:32 PM

Quote:

Originally Posted by BMWE90

what about the money down?? It's been suggested over and over that you should not put any money down and if you must, put the least amount possible.

If you want to lower the monthly payments then put that money into MSD (multiple security deposits). But whatever it's up to you man, I just dont want your dad to have to pay more than he has to.

well im paying the down payment and the monthly payments..all my dad is paying is the Insurance...

And explain to me what are secuirty deposits

BMW F22 · 07-20-2007, 03:46 PM

when you lease a car for the first time you need to put down a security deposit (just like how you put down a deposit when you rent an apartment for example). We'll call it SD from now on.

BMW allows you to put up to 7 additional SD when you lease a car. Each SD lowers your MF (money factor) by .00007. If you put all 7 additional SD down then the MF will be lowered by .00049. This may not sound that big of a deal but it will lower your monthly payment quite a bit (probably around $50-60 or so). BUt here's the beauty of it: after the lease you will get all of it back (less the $350 lease turn-in fee).

So basically you get to lower your payments and not lose any of that money if you were to total your car during the lease (with down payment you will).

Here's what I got for you:

Cap cost (price you're paying for the car) - Edmund's TMV- $42,459
MF- .00131 (Im sure they will raise the MF to at least .0018 if they were to sell you the car at TMV. So I took .0018 - .00049 from the 7 SDs to get .00131).
At 7% tax your payment comes out to $549/month WITH NO MONEY DOWN!!!

You will need to pay for the bank fee up front instead of rolling it into the lease.

Sam Da Man · 07-20-2007, 03:52 PM

Quote:

Originally Posted by BMWE90

when you lease a car for the first time you need to put down a security deposit (just like how you put down a deposit when you rent an apartment for example). We'll call it SD from now on.

BMW allows you to put up to 7 additional SD when you lease a car. Each SD lowers your MF (money factor) by .00007. If you put all 7 additional SD down then the MF will be lowered by .00049. This may not sound that big of a deal but it will lower your monthly payment quite a bit (probably around $50-60 or so). BUt here's the beauty of it: after the lease you will get all of it back (less the $350 lease turn-in fee).

So basically you get to lower your payments and not lose any of that money if you were to total your car during the lease (with down payment you will).

Here's what I got for you:

Cap cost (price you're paying for the car) - Edmund's TMV- $42,459
MF- .00131 (Im sure they will raise the MF to at least .0018 if they were to sell you the car at TMV. So I took .0018 - .00049 from the 7 SDs to get .00131).
At 7% tax your payment comes out to $549/month WITH NO MONEY DOWN!!!

You will need to pay for the bank fee up front instead of rolling it into the lease.

Wow,

so i should deff pay 7 sds than a down payment...whats a typical price for one sd?

Thanks alot

07-20-2007, 01:00 AM	#1
Sam Da Man Lieutenant Colonel 78 Rep 1,688 Posts Drives: SPACE GRAY '07 328i Coupe Join Date: Jul 2007 Location: Central NJ iTrader: (3)	Need All The Advice I Can Get! Ok, well i am new here on E90post and its been great, im kind of addicted..lots of intresting threads, COOL PICS, and great information that has helped me alot.. I am currently awaiting transport of an 328i Coupe. But after speaking with some guys on the forums and comparing lease payments, im not sure if i have a deal or not. Ok heres the story.. i have been to 5 dealerships in NJ with my father, all charging me over sticker price and just plain ripping me off. Finally talked with a place in Long Island New york and they where offering that i put $5100 total down including fee's/taxes and my payment will be $499 a month,,by the way its 36 months..10k/ayear...msrp is 44,675......after being to all the diff dealerships and getting ripped this actually sounded pretty good, so i was like ok, but heres the catch i never signed anypaper work to seal the deal..so i just need some help on wether you guys think im getting ripped or not....I know 5100 is alot for a downpayment, some where saying i can put 4k down and still have it at 499 a month..What do ya thinK? i also havent done any calculations with money facor and residual.. Thanks for all the helP! Last edited by Sam Da Man; 07-20-2007 at 11:39 AM..
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07-20-2007, 01:42 AM	#4
Sam Da Man Lieutenant Colonel 78 Rep 1,688 Posts Drives: SPACE GRAY '07 328i Coupe Join Date: Jul 2007 Location: Central NJ iTrader: (3)	any1!?
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07-20-2007, 01:45 AM	#5
NPDAN Colonel 103 Rep 2,572 Posts Drives: AW DCT M3 Join Date: Feb 2007 Location: So.Cal iTrader: (7) Garage List 2008 E92 M3 [8.00] 07' E92 335i [0.00]	Whats the total price of the car? __________________
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07-20-2007, 02:23 AM	#6
SunnyvaleCA Enlisted Member 0 Rep 36 Posts Drives: 1998 C43 AMG Join Date: Jun 2007 Location: Bay Area iTrader: (0)	You're paying $0.64 per mile not counting insurance or fuel. According to edmunds.com, the 5-year cost of a 335i coupe at 15k miles per year is $0.58/mile (also not counting insurance or fuel). I sure would prefer the 335i to the 328i while still paying less money. I suppose it depends on if you want to drive a car for 75k miles or not.
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07-20-2007, 02:24 PM	#14
sgc335c BMW Rookie 0 Rep 8 Posts Drives: '07 335i Coupe - On its way Join Date: May 2007 Location: SF Bay Area, CA iTrader: (0)	a) Please read everything you possibly can about leases on www.edmunds.com before leasing a car. b) Don't focus on the monthly payment. Dealers who know you're focusing on that will pull a slight of hand and rip you off. c) If you can't afford a lease with the minimum down payment (Security deposit, license, 1st month), you probably shouldn't lease the car. __________________ '07 335i 6MT Coupe -On Order- Sparkling Graphite/Coral/Aluminum/Sport/Premium/Nav/Comfort Access Looking for a good condition Ducati Monster in the $4-5k range, any size except 620, prefer black
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07-20-2007, 03:00 PM	#15
BMW F22 Major General 3724 Rep 9,783 Posts Drives: ///M235i Join Date: Nov 2005 Location: Bay Area iTrader: (8)	DO NOT SIGN THE PAPERWORK ON THAT DEAL!! I just ran some quick calculation for you. Basically they're selling you the car for MSRP and make you put down $5100 (this doesnt even include the bank fee) in order to get the $500/month payment. The only thing that they did good was to give you a base rate on the money factor (or at least that's what I think). Regardless, go to another dealership. That's ridiculous man.
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07-20-2007, 03:29 PM	#19
BMW F22 Major General 3724 Rep 9,783 Posts Drives: ///M235i Join Date: Nov 2005 Location: Bay Area iTrader: (8)	what about the money down?? It's been suggested over and over that you should not put any money down and if you must, put the least amount possible. If you want to lower the monthly payments then put that money into MSD (multiple security deposits). But whatever it's up to you man, I just dont want your dad to have to pay more than he has to.
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07-20-2007, 03:46 PM	#21
BMW F22 Major General 3724 Rep 9,783 Posts Drives: ///M235i Join Date: Nov 2005 Location: Bay Area iTrader: (8)	when you lease a car for the first time you need to put down a security deposit (just like how you put down a deposit when you rent an apartment for example). We'll call it SD from now on. BMW allows you to put up to 7 additional SD when you lease a car. Each SD lowers your MF (money factor) by .00007. If you put all 7 additional SD down then the MF will be lowered by .00049. This may not sound that big of a deal but it will lower your monthly payment quite a bit (probably around $50-60 or so). BUt here's the beauty of it: after the lease you will get all of it back (less the $350 lease turn-in fee). So basically you get to lower your payments and not lose any of that money if you were to total your car during the lease (with down payment you will). Here's what I got for you: Cap cost (price you're paying for the car) - Edmund's TMV- $42,459 MF- .00131 (Im sure they will raise the MF to at least .0018 if they were to sell you the car at TMV. So I took .0018 - .00049 from the 7 SDs to get .00131). At 7% tax your payment comes out to $549/month WITH NO MONEY DOWN!!! You will need to pay for the bank fee up front instead of rolling it into the lease.
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