Help with Lease

[Havok1327]

I've been considering an EV purchase for a few months now, and the i3 seems a good fit of me. I went the other day to one of the local BMW dealers in the St. Louis area and took it for a test drive. I drove a REX and the car really exceeded my expectations. I have a friend with a Tesla, and other than the size of the i3 I felt just as comfortable in it as the Tesla.

I want to lease the car and talked to the salesman about it and he of course had to "talk to his manager". Which really started to turn me off since I don't like to play this game with salesmen. When he came back he just had a print out with basic information fora 2 yr lease.

Price: $52,500 (sticker is 54,800)
Rebates : $7500
Adv payment: $646.53
Upfront Charles:$282.00
total Cap Reduction $7500
Due on Delivery $928.53

For a monthly payment of $603

After reading through many of the post this seems really high, now granted this is our 1st past at the deal. But I know I can do better. I've sent him an email asking for the missing pieces from the lease equation. But haven't heard back from him. I do have 2 more dealers in my area, but their selection is limited to 1 i3 at each and neither have many options on them.

I'm not tied to a dealer and would consider traveling to get a good deal on a car.

Did any of you shop around your area and beyond just through email and if so did you have good luck getting responses and negotiating?
Any recommendation on a dealer in the Midwest to contact?
This would be my first time leasing a vehicle so what questions should I be asking that I may not be aware of?

Thanks in advance for the help.

 

[asnes]

Bad deal.

I just came from the dealership this evening and signed a 24 month lease...

$7,000 dealer discount off msrp
$7,500 federal credit
---
$14,500 capital cost reduction...

0.00131 money factor (from bmw financial services / super elite credit)

10k miles / year and $0.16/ mile for overage.

Keep shopping. ~$2k discount off msrp is not nearly enough given current i3 market conditions. Don't be shy - know what the car is worth and tell the dealer what you are willing to pay.

And my deal was On a car recently delivered to the dealer within the last few weeks. (2015 tera btw / $54k msrp)... Not one that has been sitting in the lot for 8 months.

The i3 is an incredible vehicle - state of the art ... But don't let a dealer tell you how to spend your money - you are the customer and if the numbers are not where they need to be walk away. Leasing is the way to go on these - within 3-4 years the range will be doubled based on Samsung lithium ion battery advancements.

 

[Havok1327]

Thanks for the advice.

I plan on visiting the other dealerships this weekend see what deal we can work out.

 

[asnes]

Another forum member just posted that he got $7400 off msrp

 

[websterize]

Aim for 15%-20% off MSRP before incentives on the 2015s. Deals heat up in November and December.

 

[Havok1327]

Thanks for the great advice, the sales guy just sent me over the lease workup sheets. Other than working on MSRP and money factor where would you suggest I negotiate?

This 1st one is no money down, the second is 6K down.

http://imgur.com/a/ExtqQ

Thanks

 

[asnes]

money factor is too high... BMW Financial services are offering 0.00131 for super elite credit (credit score above 760)

You should also negotiate $/mile for overage. They are trying to get $0.20 / mile over your limit... You should see that down in the $0.15-$0.16 range.

Also - your selling price is way too high for an MSRP of $54,800 at this time of year for the 2015 i3

Your selling price should be no more than $47,800 + 925 = $48,725.... this is MSRP - $7k discount.... keep negotiating...

 

[Havok1327]

I went back yesterday and spoke with them more, they are just not willing to negotiate on price. I came in asked for $8000 off MSRP and they acted all insulted that I would offer such a price and how they aren't making any money at that price. And said they could come down another $500.. So I said thank you and walked away.

I went to another dealership and they were much more willing to Negotiate. They here's what they are offering.

MSRP PRICE $ 55,345.00
DISCOUNT $ 13,000.00($5500+$7500 rebate)
DIFFERNCE $ 42,345.00
TAX $ 364.75
TAG, TITLE FEE'S $ 96.00
PROCESSING FEE $ 195.00

TOTAL $43,000.75

PAYMENT WITH $5000 DOWN $318.00

I've dragged my feet on this one and they called back today and said they could throw in another $1000 off and get the cost around $295.

My only issue with this car is that its not a color my wife likes, its the white color and it has the 20" wheels. Which I like but in the Midwest I don't think it would do well in the cold and snow.

 

[jhu321]

You should look at the 2014 used market too. There are a few loaded ones here in Chicago going for 29k asking. At 2.15 a gallon there is zero demand for the i3 in the Chicago area

That being said. I got 8k off plus the 7500 back in May. That dealer is being stupid walk away.

 

[gt1]

Aim for 15%-20% off MSRP before incentives on the 2015s. Deals heat up in November and December.

Really? I thought that 10% off would be a good deal. Can you point me to a MD dealer offering such a discount?

 

[websterize]

In November 2014, Passport BMW in Marlow Heights "sold" (OC+Flex) me a BEV for $8,500 off MSRP before incentives. It was a Mega deal, literally.

But I learned after I signed the paperwork there was an even better deal in Fairfax, Va., so cast a wide net in your search.

 

[gt1]

Yes, it was an incredible deal. Was it 2015? I couldn't find anything close online, I assume you had to do quite a bit of negotiations.

 

[websterize]

All the trunk money from BMWNA is in the 2015s this time of year.

Mine is a 2014 that had been sitting on the lot six months. Base Mega World, but relatively heavily optioned: technology and parking packages and sport wheels/tires (hazardous in mid-Atlantic winters). It's an odd duck because Mega omits some of the BMW comforts — keyless entry, satellite radio and the compass LCD in the rear-view mirror — that some BMW elders can't do without. I can do without all three. Missing the tech. package was the only deal-breaker for me. I suspect either someone ordered this car and backed out, or the dealer employee who filled out the delivery slot was high. That's why I got the Mega deal, not from any negotiating skills.

If I were you, I'd look for a 2015 at the low- or high-option extreme. I'd focus on the BEVs. Those are the cars I see sitting around lots for months. People are still terrified of range anxiety, and that's a good thing for those who aren't. Three DC fastcharge stations are already online, and more will dot the middle and eastern parts of the state by the end of 2016. You don't need a REx here.

 

[gt1]

Yes, the next year sales with the refreshed model coming up will look interesting. I'm seriously considering waiting until the next summer, when many 2014 will come off lease and buy one of them. Prices on the off lease Nissans are very attractive, they are sold far below the residual. Nissan now offers a $5000 bonus for lessees to keep the car, and it still puts the purchase option above the market value.
I also agree that BEV makes a better sense. Initially I wanted to get REX, but realized that even with unusable charging infrastructure in Baltimore, 80 miles is enough for 99% of the daily errands, and i3 is not a good long distance traveler even with the REX. If by some unfortunate coincidence the car can't make it home on its own power, towing should be covered by insurance.

 

[danpatgal]

I just did ran some lease numbers last night here in Pennsylvania for an 2015 i3 Rex with good options (Tech Package + upgraded interior/nav), and the offer was roughly $5500 + $7500 off MRSP (of $53k, I think), (so right around $40k), which worked out to be a 24 month lease of $500/month without any money down. Or, as I liked to think of it, I get to drive the car for two years for $12,000. I'm not a fancy/expensive car person, so I'd have to get this a bit lower, but I really like the i3, the technology, the style, the functionality (with Rex ...) and I want to "reward" BMW for taking risks. But I took a soaking on our first EV, and I really don't want to repeat that experience.

I'm thinking I should aim for $2500 down and $250/month. Am I crazy?

If they came back with $3000 and $275 ... I might do it.

 

[gt1]

There are two variables in the lease cost- the selling price and the money factor. With the current interest rates the money factor is already low and you can't save much trying to get it even lower. You have to work on the price. (I've never leased before, so correct me if I'm wrong). I suspect that as the 2016 model arrives, the 2015s will be discounted even more. Also check with your employer. I recently learned that I can get $1500 off BEV or $1000 off REX on top of the negotiated price. A similar discount can be obtained through a BMW CCA membership (have to be a member for 1 year to qualify).

 

[gt1]

Found this car discounted by 14% http://www.century-bmw.com/new/BMW/2015-BMW-i3-2f1b93be0a0e0ae77554effb616f37ce.htm
Maybe it will motivate your dealer to move a bit lower.

 

[gt1]

I stumbled upon this:

http://www.davewalterbmw.com/i3LeaseOffers

Doesn't make much sense to me, because of only two payment options on the wide range of the cars. And with no money down it looks to good to be true. Maybe someone else can pitch in and explain.

 

[timf]

The deal should be legit. When I leased mine a few months ago, my dealer was offering $399/mo 0 down on all in-stock i3s regardless of equipment. I'm surprised this dealer found room to knock an extra $100/mo off the payment without any extra EV incentives, but either they or BMW must just be trying to clear them out as quick as possible.

 

[i3green]

Just back from the dealer.

They offered me 6k down on 399 lease 24/10k. Making a a total off 15.6k over the 24 month term out off pocket. :lol:

they undervalued my trade in and only 2k discount.
M/F is 0.00171 hahaha. When I told them putting a MSD in order to lower the M/F he told me they can't change it. It is what it is.


I think I go back and offer 399 at no money down for the same, maybe the have a do something on the MSD and trade in.

What do you guys think?