[Gfit]

Originally Posted by BIGW0RM

Sorry.

Thank you for explaining that. Sounds like I will not be leasing. I have a tendency of walking away from cars after a year. I would prefer NOT having to float the money just to get into a new car. So BMW lease is no longer an option for me.

I don't think there are any finance companies left that allow 3rd party buyouts. If there are, they will surely be gone soon. I was following a thread over on leasehackr that was keeping track over the last 18 months and the list was long.

[BIGW0RM]

Originally Posted by Gfit

I don't think there are any finance companies left that allow 3rd party buyouts. If there are, they will surely be gone soon. I was following a thread over on leasehackr that was keeping track over the last 18 months and the list was long.

Then my lease days are over.

[///Motivated]

Originally Posted by Gfit

I don't think there are any finance companies left that allow 3rd party buyouts. If there are, they will surely be gone soon. I was following a thread over on leasehackr that was keeping track over the last 18 months and the list was long.

Doesn't have to be 3rd party. The dealership can handle the paperwork and collect money from a buyer to buy out the lease. I almost went down that route with my F80. The dealer also offered me exactly what the buyout was when trying to get me into another car. I told them I thought I had equity since used values were higher. Salesperson played dumb but then bumped the offer to $49k. I bet if I tried today I'd get $55k 😳

[Draper]

Originally Posted by BIGW0RM

Then my lease days are over.

BMW leases have gotten a lot less sexy in the last few years.

I remember residuals were at 66% when I got my F80. Good times.

[BIGW0RM]

Originally Posted by Draper

BMW leases have gotten a lot less sexy in the last few years.

I remember residuals were at 66% when I got my F80. Good times.

Originally Posted by Draper

BMW leases have gotten a lot less sexy in the last few years.

I remember residuals were at 66% when I got my F80. Good times.

My thoughts exactly! F80 was a hell of a lease. Lol.

[M3PGH]

I believe that this will be a temporary measure
to help their dealer get inventory in unusual times
BMW is a leasing company and in the old days they were losing money on lease returns and this is why they allowed third party buyouts and their dealers refused a lot of cars
so if a third party buy the car it was a win for BMWFS as they don't have to deal with these lease returns and give their dealers huge incentives to take these cars
what this means in real life at this time , is customer has less negotiating power as the buyer pool has shrunk from any party to only BMW dealers and they know that, so they will lower their offers as there is less competition
you can also buy your lease out and sell it to a third party , but in most states you have to pay taxes on payoff amount , so essentially negates any or most of the equity that you have in the car

[sinisterlink]

I have a question if anyone can help me out. I’m trying to finance a 2021 used m3 with BMW select but the sales manager said I wasn’t approved for select but was approved through regular financing. My credit score is in the 640’s but I have a co-signer with 730. I was told the co-signer didn’t really help much and he gave me 2 options that were 72 months. 15000 down with 3.99-4.99 apr or 5000 down with 9.7 apr.
Msrp of the vehicle is around 99k

[SintAFM]

Originally Posted by sinisterlink

I have a question if anyone can help me out. I'm trying to finance a 2021 used m3 with BMW select but the sales manager said I wasn't approved for select but was approved through regular financing. My credit score is in the 640's but I have a co-signer with 730. I was told the co-signer didn't really help much and he gave me 2 options that were 72 months. 15000 down with 3.99-4.99 apr or 5000 down with 9.7 apr.
Msrp of the vehicle is around 99k

Go shop around at local credit unions and banks for their rates. Based on limited info provided I don't think $15k down for 3.99% is terrible... but I don't know the nuances of your situation (salary, DTI, liquid cash on hand, etc.).

[FITM3NT]

Originally Posted by sinisterlink

I have a question if anyone can help me out. I’m trying to finance a 2021 used m3 with BMW select but the sales manager said I wasn’t approved for select but was approved through regular financing. My credit score is in the 640’s but I have a co-signer with 730. I was told the co-signer didn’t really help much and he gave me 2 options that were 72 months. 15000 down with 3.99-4.99 apr or 5000 down with 9.7 apr.
Msrp of the vehicle is around 99k

PENFED has a ballon loan called payment saver. I'm sure the rate will be better than BMWFS

[sinisterlink]

I will try with pended. I don’t understand though how I was approved for select financing when I applied alone but with a co-signer I’m not. Sorry I have little experience purchasing a vehicle. They are just telling me I need 15k down but for regular financing in order to get approved.

[LuvMyE92]

Originally Posted by M3PGH

I believe that this will be a temporary measure
to help their dealer get inventory in unusual times
...
but in most states you have to pay taxes on payoff amount , so essentially negates any or most of the equity that you have in the car

a) I hope you're right (temporary measure)
b) this happened to me twice, getting out of a BMW lease. The first time, I was caught unaware, and had to spend over $1000 to the state to do the title transfer, the second time I was aware, but fortunately the buyer had a friend in a family-owned dealership that handled the transaction for us, saving me the cost.

This last time, I used swapalease, which worked out great for me (out of my lease early) and the assumer (got a great car for nearly nothing down for a short-term lease).

Because of the economy, and BMW incentives, leasing the M4 was not a good alternative for me, so I bought it.

[Murse85]

What is your opinion on these numbers? M3 is 79K. Trading in my car at 8K plus additional 5K down. I'm doing bmw select financing at 863/months for 60 months at 1.9 APR. The bubble/residual is 29K after the 60 months. All taxes included with no additional fees. These are exact numbers

FYI: Without the bmw select financing the APR is at 4.9 for anything over 60 months.

According to my math it is about a 8-10k markup. I know it is not the best deal but at the same time even if I had all the money I cannot find any unless I build one from scratch.

[Tyga11]

Originally Posted by g80 Portimaoblue

What is your opinion on these numbers? M3 is 79K. Trading in my car at 8K plus additional 5K down. I'm doing bmw select financing at 863/months for 60 months at 1.9 APR. The bubble/residual is 29K after the 60 months. All taxes included with no additional fees. These are exact numbers

FYI: Without the bmw select financing the APR is at 4.9 for anything over 60 months.

I think that extra 1% is screwing you. I put down $14K on mine that was $87K MSRP but I had $4K negative equity. My payment is $950 with Select over 60 months - similar residual after the 60.

[Murse85]

Originally Posted by Tyga11

I think that extra 1% is screwing you. I put down $14K on mine that was $87K MSRP but I had $4K negative equity. My payment is $950 with Select over 60 months - similar residual after the 60.

Can you elaborate on the 4K negative equity. Our numbers seem very similar but you obviously got the better deal with your msrp being 8k higher.

[Tyga11]

Originally Posted by g80 Portimaoblue

Can you elaborate on the 4K negative equity. Our numbers seem very similar but you obviously got the better deal with your msrp being 8k higher.

I had $4K negative equity on an early lease trade in. The dealer bought my lease for $46K and the payoff was $50K.

The total net price of my purchase on the $87K sticker (including the $4K negative equity) was $101k. This includes tax (AZ tax)

I put $14K down and my payment with 60 month select is $950 a month over 60 months. The residual is the same $29K after the 60 months as you were quoted.

Hope this helps.

[Murse85]

Originally Posted by Tyga11

I had $4K negative equity on an early lease trade in. The dealer bought my lease for $46K and the payoff was $50K.

The total net price of my purchase on the $87K sticker (including the $4K negative equity) was $101k. This includes tax (AZ tax)

I put $14K down and my payment with 60 month select is $950 a month over 60 months. The residual is the same $29K after the 60 months as you were quoted.

Hope this helps.

Gotcha! Thanks for the clarification.

[Adcampo]

Originally Posted by FITM3NT

PENFED has a balloon loan called payment saver. I'm sure the rate will be better than BMWFS

I've used both PenFed payment saver and Select on a few cars. Both are good programs, but Select at .9% is a much better rate.

Is the current Select rate .9% on M cars?

[MavRick]

Originally Posted by Adcampo

I've used both PenFed payment saver and Select on a few cars. Both are good programs, but Select at .9% is a much better rate.

Is the current Select rate .9% on M cars?

yup. we're using select on our M4. usually have gone with the PenFed program but it just wasnt competitive this time around

[Adcampo]

Originally Posted by MavRick

yup. we're using select on our M4. usually have gone with the PenFed program but it just wasnt competitive this time around

So it's .9% for 60 months with Select right now? Would you mind sharing the details of your deal? Sorry if you posted already.

[MavRick]

Originally Posted by Adcampo

So it's .9% for 60 months with Select right now? Would you mind sharing the details of your deal? Sorry if you posted already.

$79,245 MSRP
+ State Taxes
- $500 Loyalty
- $500 Penfed
- $2000 Discount
- $1000 Deposit
= $920/mo for 60 months with a balloon of $29.3K

[Adcampo]

Originally Posted by MavRick

$79,245 MSRP
+ State Taxes
- $500 Loyalty
- $500 Penfed
- $2000 Discount
- $1000 Deposit
= $920/mo for 60 months with a balloon of $29.3K

Originally Posted by MavRick

$79,245 MSRP
+ State Taxes
- $500 Loyalty
- $500 Penfed
- $2000 Discount
- $1000 Deposit
= $920/mo for 60 months with a balloon of $29.3K

Not so shabby. Enjoy. Thanks!

[FITM3NT]

Originally Posted by Adcampo

I've used both PenFed payment saver and Select on a few cars. Both are good programs, but Select at .9% is a much better rate.

Is the current Select rate .9% on M cars?

In the OPs situation, due to the lower credit score, I would assume PENFED would have better rates and no need for the substantial down payment.

I was going for select but the Hawaii region doesn't show the 0.9% rate as an option. IIRC the lowest was 1.99%. I opted for leasing as the rate wasn't far off and I have the option to turn in the car if there's any major issue.