Leasing the i3

[NormPeterson]

Looking for input on a 24 month Owner's Choice w/ Flex offer from a dealer here in Atlanta, GA:

2014 i3 BEV, Giga world with Tech Package

MSRP $47,400
Selling price $41,930 (11.5% off MSRP)
Admin fee $599
Tag/Title fee $110
GA TAVT tax $2864.57 (it sucks, but in GA you pay sales tax on full price of car even on a lease, so no penalty here for doing OC instead)
Residual 63% of MSRP or $29,862
Interest rate of 2.99%
balloon payment of $7,500 (equal to federal tax rebate)

Is this a good deal? I'm thinking it is, but has anyone done better?

 

[NormPeterson]

Looking for input on a 24 month Owner's Choice w/ Flex offer from a dealer here in Atlanta, GA:

2014 i3 BEV, Giga world with Tech Package

MSRP $47,400
Selling price $41,080 (13.3% off MSRP)
Admin fee $599
Tag/Title fee $110
GA TAVT tax $2864.57 (it sucks, but in GA you pay sales tax on full price of car even on a lease, so no penalty here for doing OC instead)
Residual 63% of MSRP or $29,862
Interest rate of 2.99%
balloon payment of $7,500 (equal to federal tax rebate)

Is this a good deal? I'm thinking it is, but has anyone done better?

So I pulled the trigger and bought it, after getting the selling price down to 41,080. I'm thinking that's a pretty good deal. If anyone else has done better, don't tell me about it. :lol: Dimitri Gossieaux at United BMW Roswell was my CA. I recommend him highly.

 

[tiburonh]

Looking for input on a 24 month Owner's Choice w/ Flex offer from a dealer here in Atlanta, GA:

2014 i3 BEV, Giga world with Tech Package

MSRP $47,400
Selling price $41,080 (13.3% off MSRP)
Admin fee $599
Tag/Title fee $110
GA TAVT tax $2864.57 (it sucks, but in GA you pay sales tax on full price of car even on a lease, so no penalty here for doing OC instead)
Residual 63% of MSRP or $29,862
Interest rate of 2.99%
balloon payment of $7,500 (equal to federal tax rebate)



Is this a good deal? I'm thinking it is, but has anyone done better?

So I pulled the trigger and bought it, after getting the selling price down to 41,080. I'm thinking that's a pretty good deal. If anyone else has done better, don't tell me about it. :lol: Dimitri Gossieaux at United BMW Roswell was my CA. I recommend him highly.

Norm- I'm reading this and responding after a couple of glasses of wine, so I could well be totally wrong. But if you went with OC with flex, the way I understand that program (I bought mine on straight OC, not OC with flex), your selling price should have been reduced by $7,500 off of whatever discount you had already negotiated off of the MSRP. This is because the flex program is in essence BMW loaning you the $7,500 that you will eventually get in credit on your federal tax return - on the condition that you will repay this "loan" at the end of your term. And of course, these days you should have been able to get a reduction of several thousand dollars off the MSRP even before getting the flex reduction. So, to me, at least the way you have described the deal here, you actually got taken and you need to go back to your dealer and raise the roof with them. It is well documented on this forum and elsewhere that many BMW dealers have been totally confused about how the OC programs work, and many purchasers (myself included) have had to go back to the dealer post-purchase and get things corrected and new paperwork issued.

 

[NormPeterson]

I think what I wrote about the "balloon payment" above was incorrect. The balloon payment is actually equal to the residual, so when I turn the car in I'm done. I guess that means I have OC, not OC with flex. I'm not borrowing the $7,500 federal tax credit from BMW, if that's what flex means. Sorry for the confusion, and thanks for your input.

Also worth noting is that here in GA we get a $5,000 state tax credit in addition to the federal tax credit. I'm putting $12,500 down - basically loaning myself the tax credit money, which I will pay myself back when I get my taxes done next year. Doing it this way is saving me a little over $25/month in finance charges, since I'm not financing that 12,500 at 2.99%. Just a thought for those considering the car in GA.

 

[JSmith]

I think you got a good deal. I was looking at the same ad trying to adjust my thinking from the conventional lease...

<<< $139 Per Month For 24 Months! (Includes BMW Level 2 Home Charger ($1,080 Value))
$0 Down After Applying Ga State And Federal Tax Credit!
$12,500 Down
up to $7,500 Fed Tax Credit
up to $5,000 Ga State Tax Credit >>>

So essentially you're buying down the rate as we used to do with refundable multiple security deposits - right? It's a $12,500 "loan" from BMW that must be paid back sometime by lease end. Assuming all $12,500 truly does come back to you in tax credits, is there any other catch I'm missing?

 

[NormPeterson]

Keep in mind that the advertised price of $139/month is after federal/state deductions are taken into account, and before GA TAVT tax is applied. TAVT will be about $2800, so another $117 per month over two years. That comes out to $256/month after accounting for tax rebates, which is a great deal - but I think you can do a little better.

Also, when United made their first offer to me it included some charges for activating a pre-installed LoJack system (something like $695) and charges for a gap insurance premium (another $800). Step 1 was to ask them to remove those services/charges, which they did immediately and without any push back. I was later told by my CA that they have to include these in their offers since they are owned by Penske. Anyway, beware of those being put into your offer.

 

[tiburonh]

I think what I wrote about the "balloon payment" above was incorrect. The balloon payment is actually equal to the residual, so when I turn the car in I'm done. I guess that means I have OC, not OC with flex. I'm not borrowing the $7,500 federal tax credit from BMW, if that's what flex means. Sorry for the confusion, and thanks for your input.

Also worth noting is that here in GA we get a $5,000 state tax credit in addition to the federal tax credit. I'm putting $12,500 down - basically loaning myself the tax credit money, which I will pay myself back when I get my taxes done next year. Doing it this way is saving me a little over $25/month in finance charges, since I'm not financing that 12,500 at 2.99%. Just a thought for those considering the car in GA.

Ah, that makes sense. Now that I see you did the straight OC, not the OC with flex, yes, you got a GREAT deal. Enjoy!

 

[NormPeterson]

Looking for input on a 24 month Owner's Choice w/ Flex offer from a dealer here in Atlanta, GA:

2014 i3 BEV, Giga world with Tech Package

MSRP $47,400
Selling price $41,080 (13.3% off MSRP)
Admin fee $599
Tag/Title fee $110
GA TAVT tax $2864.57 (it sucks, but in GA you pay sales tax on full price of car even on a lease, so no penalty here for doing OC instead)
Residual 63% of MSRP or $29,862
Interest rate of 2.99%
balloon payment of $7,500 (equal to federal tax rebate)

Is this a good deal? I'm thinking it is, but has anyone done better?

So I pulled the trigger and bought it, after getting the selling price down to 41,080. I'm thinking that's a pretty good deal. If anyone else has done better, don't tell me about it. :lol: Dimitri Gossieaux at United BMW Roswell was my CA. I recommend him highly.

UPDATE: I received a notice in the mail yesterday from BMW Financial Services indicating that a mistake had been made in my paperwork by the dealer. Instead of 2.99%, the financing rate is actually 2.77%. I have no idea what went "wrong" or why they are fixing it, but it goes in my favor so to the tune of about another $6 per month or $144 total over the life of the lease. Good news, right? Anyone else receive such a letter?

 

[i3Alan]

UPDATE: I received a notice in the mail yesterday from BMW Financial Services indicating that a mistake had been made in my paperwork by the dealer. Instead of 2.99%, the financing rate is actually 2.77%. I have no idea what went "wrong" or why they are fixing it, but it goes in my favor so to the tune of about another $6 per month or $144 total over the life of the lease. Good news, right? Anyone else receive such a letter?

I'm guessing that you meant 2.74% rather than 2.77%. There is a 0.25% rate reduction when 15% or more is put down. Did you put down at least 15% of the total purchase price?

 

[NormPeterson]

I'm guessing that you meant 2.74% rather than 2.77%. There is a 0.25% rate reduction when 15% or more is put down. Did you put down at least 15% of the total purchase price?

My letter says 2.771%, so I called BMW Financial Services. They said the letter should say 2.74%, and it is for the reason you note - I put more than 15% down. Still trying to determine if they used the correct APR in calculating my rate or not.

FWIW, this newest rate cut means the i3 is costing me about $21/month more than the Leaf SV with QC/LED package I was previously looking at. I think the i3 is worth the extra money, huh?

 

[Auburni3]

Norm, looks like you got yours at United BMW Roswell I assume? They look like they are running some good specials right now. Your deal looks even better than the advertised one @ $139/month (plus GA TAVT) with $12.5K down. Care to share what your final payment numbers looked like? I'm looking at maybe doing OC early Dec. I'm thinking about paying off my Leaf lease early and getting an i3 before the end of the year to guarantee I get the state tax credit before it's likely cancelled by the state legislature early next year.

 

[NormPeterson]

Norm, looks like you got yours at United BMW Roswell I assume?

That's correct.

They look like they are running some good specials right now. Your deal looks even better than the advertised one @ $139/month (plus GA TAVT) with $12.5K down.

I think I did better than the advertised special, but then again I did not get a charging station.

Care to share what your final payment numbers looked like?

My final payment is just over $163/month.

I'm looking at maybe doing OC early Dec. I'm thinking about paying off my Leaf lease early and getting an i3 before the end of the year to guarantee I get the state tax credit before it's likely cancelled by the state legislature early next year.

I'm loving mine.

 

[lupend88]

Looking at leasing in Oregon, and my local BMW is offering $199 a month (for 24 months) with $3,000 due at signing. Is this a good deal? Thanks in advance!

 

[merbella]

Norm,

I am also in Atlanta and looking at owners choice. Looks like you put down 12,500. What is your lease (or payment) per month over the two years?

Thanks!

 

[andytseng]

I was wondering if anyone could share thoughts on this deal I was offered today. I don't have the breakdown from the fees and whatnot, but just the numbers that I was promised.

i3 REX w/ MSRP of $48,450
out the door: $3,000 (includes fees)
monthly payment of $329 (includes taxes)

I'm not sure how to do the reverse calculations, so I don't know what the final price of the car would be.

 

[lupend88]

Looking at leasing in Oregon, and my local BMW is offering $199 a month (for 24 months) with $3,000 due at signing. Is this a good deal? Thanks in advance!

Anyone have an idea about this? If some further details help, it's a BEV, 10K miles/year, and comes pretty well equipped.

 

[andytseng]

I was wondering if anyone could share thoughts on this deal I was offered today. I don't have the breakdown from the fees and whatnot, but just the numbers that I was promised.

i3 REX w/ MSRP of $48,450
out the door: $3,000 (includes fees)
monthly payment of $329 (includes taxes)

I'm not sure how to do the reverse calculations, so I don't know what the final price of the car would be.

How many months is the lease ,how many miles per year?

I ended up closing a similar deal at BMW of Beverly Hills. Laurel Grey REX w/ 20" wheels, parking assist package, heated seats, DC Charging. MSRP of $50,500.
The deal was originally the same numbers as above: Drive off: $3,000. Monthly payment of $329 (includes tax). 24 month lease. 10k miles/year.

But then I got talked into the Tire and Wheel Protection, so my final w/ that was $3,500 drive off and $352 monthly payment (including tax). At this point, I'm just sharing the data with other potential buyers. Don't really need to know whether this was a great deal or not, but feel free to chime in!

Here's some more data, most of which I have no idea what it actually means:
Agreed upon value of vehicle: $41,984.68
Gross Capitalized Cost: $43,422.68
Capitalized Cost Reduction: $6553.72
Adjusted Capitalized Cost: $36,868.96
Residual Value: $31531.50
Total of Base Monthly Payments: $7750.56

Let me know if anyone needs any more info than this for your own shopping adventures! This board was a great help to me.

 

[nsps]

Looking at leasing in Oregon, and my local BMW is offering $199 a month (for 24 months) with $3,000 due at signing. Is this a good deal? Thanks in advance!

Anyone have an idea about this? If some further details help, it's a BEV, 10K miles/year, and comes pretty well equipped.

Looks like an impressive deal to me. Maybe because Oregon has good incentives that are rolled into the lease? If I were offered that, I'd jump on it, unless there are details that make it less appealing. Is this an advertised price, or what they offered you?

 

[Leafdriver90]

Got quoted the following at a St. Louis area dealership:

2014 BMW i3 BEV (non-REX)
Giga World
Park Assist
Tech and Driver Assist
Head Seats
DC Fast Charge
Harmon Kardon Audio

Total MSRP $51,175

Not sure how useful these numbers are without context and the final price:

24 month lease
10k miles/year
$1000 down payment
$399/month plus tax

Payments Total: $9,576 (pre-tax)




Good deal or not? I'm thinking I can do better, sat at the dealership for over an hour and initially they weren't even finding all the current incentives so I feel I may be leaving money on the table.

 

[spoovy]

Got quoted the following at a St. Louis area dealership:

2014 BMW i3 BEV (non-REX)
Giga World
Park Assist
Tech and Driver Assist
Head Seats
DC Fast Charge
Harmon Kardon Audio

Total MSRP $51,175

The MSRP on this seems higher than I would expect. Based on the 2014 pricing guide, it should be $49,350 (+550 is you have premium paint). Did you get the 20" wheels as well?