Good Lease Deal or Not ( Lease vs Owner's Choice w/ Flex)

[Jaybroonz]

Hey i3 Forums! I'm looking to lease an i3. I'm trying to decide the best route to go with (either a lease or Owner's Choice with Flex). My dealership seems clueless about Owner's Choice with Flex and lease deals aren't as good out here in the Midwest (surprisingly), but I'll give the details below:

Dealer Run Lease:

24mo/10k a year

MSRP: 55,050.00
Selling Price: 47,500.00
Documentation: 70.00
Acquisition: 795.00
Customer Cash (Money Down): 3,500
Rebates: 4,875.00
Total Cap Cost Reduction: 6,507.60
Residual: .63 or 34,681.50
Money Factor: .00125
Tax Rate: 7.75%
Monthly Payment: 391.67
Total Payments: 9,399.97

Seems a bit high to me.

When I do it with Owner's Choice Flex (on my reverse engineered leasing spreadsheet) with first month's payment I get this. (Rolling the 7500 into the residual):

Owner's Choice with Flex

MSRP: 55,050.00
Selling Price: 47,500.00
Customer Cash: 325.34 (First Month's Payment)
Rebates: 0
Total Cap Cost Reduction: 0
Residual: .77 or 42,388.50
Interest Rate: 2.99% (equivalent to the .00125 money factor)
Tax Rate: 7.75%
Monthly Payment: $325.34
Total Payments: 7,808.16

Obviously, in this situation, I'm giving BMW the 7,500 back after the 24 month term. I'm planning on rolling that into a high interest account.

The logic above was based on this page: http://www.bmwusa.com/Standard/Content/FinancialServices/BMWiFinancing/FinancingProducts.aspx

Am I doing something wrong? The dealership said they spent an hour and a half on the deal to do Owner's Choice and got to a 484.13 monthly payment.

 

[websterize]

I get ~$350/month on the OC+$7.5K Flex, with zero down, via Leasematic. Your doc/DMV fee(s) seems low.

Why not ask the dealer rep to calculate how he arrived at $484.13? I would guess they've never done an i3 deal w/Flex.

OC+Flex makes sense if you have at least a $7,500 tax liability. Short of that, you lose out on the difference, and you're probably better off with a traditional lease, which is less paperwork.

 

[Lectro]

just a reminder:
you pay full tax on a OC Deal.
47500 * 0.0775=3681.25

 

[websterize]

Ah, then that probably explains the ~$480 versus ~$350/month difference. In Maryland, we pay 6% excise tax on the full sales price upfront, regardless of lease or finance. We're a special lot.

 

[Jaybroonz]

just a reminder:
you pay full tax on a OC Deal.
47500 * 0.0775=3681.25

Yup. Just found this out yesterday, and that's what was off.

Is this a good deal on the car, otherwise with the first scenario?

 

[websterize]

2014? BEV or REX? If it's a 2014, I would push for closer to 20% off MSRP on the selling price. And putting down $3,500 on a lease is an awful lot to get below $400/month, but that's just my zero-down leasing bias. If you like the car, go for it.

 

[Jaybroonz]

2014 REX fully loaded. Wish it 19s instead of 20s.

Yup, realize that it's a ton of money down on a lease. We will also have to pay 120.00 to park it, and additional insurance money. We live downtown in Minneapolis. I just really hate driving my wife's yellow FIAT 500L after I had to give up my Volt. #FirstWorldProblems

Also, haven't seen a dealer give anything more than 15% off. If you can point me in the direction of a dealership that's a bit more aggressive on pricing, that would be great.

The dealer I was working with is shipping all the i3s out and I feel like they are pressuring me a bit, although I'm sure that's not their intent. And this is besides the point, but my father's in the hospital in MD and I can't buy the car this week anyway, so they'll be getting rid of it.

 

[nodomo]

Jaybroonz - I just picked up my i3 REX tonight. On a $47,050 MSRP car, I got payments under $300/mo with drive-off fees at signing. PM me if you my sales/dealer contact info. They are a large volume Autonation-owned BMW dealer so probably willing to ship out of state. It's the end of the month and they're aggressively unloading i3's. I think they sold/leased around 9 cars in the last 2-3 days.

 

[E90fans]

Jaybroonz - I just picked up my i3 REX tonight. On a $47,050 MSRP car, I got payments under $300/mo with drive-off fees at signing. PM me if you my sales/dealer contact info. They are a large volume Autonation-owned BMW dealer so probably willing to ship out of state. It's the end of the month and they're aggressively unloading i3's. I think they sold/leased around 9 cars in the last 2-3 days.

Hi nodomo - sounds like you are from N. CA from the other post, can you PM me with the deal and dealer info?

Thanks
P

 

[nodomo]

Sure, will PM you