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2010 2011 BMW 5 Series Forum F10 BMW 5-Series (F10) Forums General 5-Series Sedan and Wagon (F10 / F11) Forum Need a new car soon!
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      02-23-2014, 12:18 PM   #1
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Need a new car soon!

Hi guys!

I am new to the BMW world. I've been a MB fanboy my whole life until recently where they started throwing AWD in all their new cars.

Back when I used to live in Miami, I had a CL63. I had to get rid of it since it almost reached 100k miles and it started to spend more time in the shop than in my garage. Car was out of warranty so I ended up paying a lot of repairs (and when I say a lot I mean a LOOOOT)

I moved to NYC and I got a silly 14' Lexus IS-350 AWD for the winter. I hate every single inch of this car and I wish I could just wreck it and write it off, but unfortunately I can't!

I'll be moving to California with my girlfriend at the end of April. She will need a car so I thought maybe I should give her the Lexus and get something else for myself.

I'm leasing the Lexus and my monthly payment is insanely high for a 49k car ($785). No one wants to take over the lease so I'm stuck with it for the next 20 months (http://www.swapalease.com/lease/deta...x?salid=819366)

I wanted to get back into an AMG but the only car that I like is the SL63. It's convertible AND rear-wheel drive. Unfortunately I won't be able to afford the monthly payment for that car + $785 for the Lexus. All the other AMGs are AWD (besides the C63).

I decided to give BMW a try since they seem to value the driving experience better than MB.

I first wanted to get a 650i but it looks like they go around $1000 a month for a lease. I'm trying to keep both car payments under $1500 a month.

Do you guys think I'll be able to get a well-optioned 550 M-Sport for around $700-$800 a month?

If yes, when is the best time to buy? I would rather wait until I move to Cali to get the car but if I have to do it here in NYC I'll do it.

Sorry for the long post but I thought I'd explain since I'm new here

Thanks!

PS: I apologize for my bad grammar/syntax, English is my 3rd language. I am originally french.
PS2: I am really bad at negotiating and being patient. I'm more of an impulsive buyer. I am trying really hard not to go to a dealer because I know I will go home with a new car then regret it 48hrs later. (Kinda what happened with the Lexus )
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      02-23-2014, 02:46 PM   #2
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Congrats on the move! There is plenty of pricing info here including my 550ix lease deal. It was my first lease so I didn't make every correct move but I got most of them.

The MF can be reduced by making up to 7 multiple security deposits and I believe by linking a bank account and making the payment automatically (ACH payment.) My buddy did this so I don't have first hand experience on the auto payment.

Figure the residual based on the lease deal listed for every model to make sure you get the highest residual. The fewer the miles the higher the residual, the lower the payment. My buddy also got them to refund the unused miles at the end of the lease. Again not 1st hand experience.

Figure the selling price to be somewhere around 8% under the MSRP and then subtract the incentives.

Then order a car lightly optioned. You pay roughly 40% of every option, plus the interest on them.

My lease is on a 550ix, ~$72,000 MSRP w 12,000 miles and I ended up paying $790/month.
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      02-23-2014, 03:21 PM   #3
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Thanks a lot 3rd party. Useful info.

What kind of incentives should I be looking for and how do I know about them? Will the dealer let me know? Does BMW have any conquest incentive?

What would be the best lease term to choose? I usually get bored of my cars in less than 2 years and like to switch it up.

Thanks!
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      02-23-2014, 07:21 PM   #4
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You can always take mine http://f10.5post.com/forums/showthread.php?t=915268
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      02-23-2014, 07:28 PM   #5
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Look under "special offer" for your particular vehicle 550i on bmwusa.com

"Well equipped including features such as Executive Package (Comfort Access, Heads-Up Display, Satellite Radio and more), Automatic Transmission, Navigation, Rear-view Camera and Destination charges.
$649*/month for 36 months. $500 Drive Credit, $1,000 Option Allowance are included in payment.
• $649 First months payment
• $3,500 Down payment
• $0 Security Deposit
• $725 Acquisition fee
• $4,874 Cash due at signing"

You can get a idea of the correct MF by dividing the APR by 2400 found on the financing offer.

If you want to use the MSD(multiple security deposits) you will have to lease the car in NJ or CT since you can't use MSD in NY by state law. Since you are moving you probably don't want to pay state tax up front.
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      02-23-2014, 07:39 PM   #6
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Quote:
Originally Posted by gtmassive75 View Post
Thanks but I don't want an X-Drive. It needs to be a 550i RWD and Black on Black. I can't take any more AWD. I get really frustrated if I can't get the rear-end to slide
Quote:
Originally Posted by 3rd party View Post
Look under "special offer" for your particular vehicle 550i on bmwusa.com

"Well equipped including features such as Executive Package (Comfort Access, Heads-Up Display, Satellite Radio and more), Automatic Transmission, Navigation, Rear-view Camera and Destination charges.
$649*/month for 36 months. $500 Drive Credit, $1,000 Option Allowance are included in payment.
• $649 First months payment
• $3,500 Down payment
• $0 Security Deposit
• $725 Acquisition fee
• $4,874 Cash due at signing"

You can get a idea of the correct MF by dividing the APR by 2400 found on the financing offer.

If you want to use the MSD(multiple security deposits) you will have to lease the car in NJ or CT since you can't use MSD in NY by state law. Since you are moving you probably don't want to pay state tax up front.
I still don't understand the MSD thing. Am I prepaying the last few months of the lease or I still have to pay them and then get a refund?

Thanks!
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      02-23-2014, 08:04 PM   #7
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Quote:
Originally Posted by Guilty View Post

I still don't understand the MSD thing. Am I prepaying the last few months of the lease or I still have to pay them and then get a refund?

Thanks!
Yes it's completely refundable.

Each security deposit is equal to your monthly payment rounded up to the nearest $50. You can post up to 7 SD and each one is equal to .0007 reduction in MF. Right now the MF is .00130. The math works like this:

7 x .0007 = .0049

.00130 - .0049 = .00081 MF


.00130 x 2400 = 3.12% APR - ORIGINAL


.0081 x 2400 = 1.94% APR - FINAL
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      02-23-2014, 08:45 PM   #8
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Again, very helpful, thanks a lot.

I feel like I just have to be patient if I want to get the car I want. I'm not sure if I should order or look around for a car already in the lot. Is it harder to negotiate if I order it?

What I'm looking for:

550i
Jet Black
Black Interior
LED Lights
Dark or Anthracite Wood Trim
Bang & Olufsen Sound System
Adaptive Drive
(and blind spot assist if I can get it without the stop and go)

On Bmw website it says it will end up being $892 with $2500 down + $825 acquisition fee + first month.

I'm lost! Damn it. I hate chasing good deals. It's too much headache and I always have the impression that I'm going to mess up anyways. I need to start making serious money so I can stop worrying about these little pennies lol.

Last edited by Guilty; 02-23-2014 at 08:55 PM..
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      02-23-2014, 09:19 PM   #9
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It takes a little while to get used to working the numbers and understanding what leasing is all about. There are some auto lease math web pages that will help you understand how it all "adds" up.

I can pm you a broker's number. I think he charges 1% of the selling price if you're interested. I had a trade so I didn't use him, and I also wanted to fully understand leasing.

So with blind spot(can't get it w/out s and g) and dark trim selling price should be ~ $67247.

Residual ~ $44,400

Depreciation 635/month

Interest w 7 MSD $55/month

Monthly payment w/out taxes $690/month


7MSD $700 x 7 = 4900 + $690 + $825 acq fee + taxes + DMV = due at signing.


Thinking about your situation I would order the car, delivered to CA and have it waiting for you when you arrive.

Call or email David - he's somewhere in SoCal. Mention you're on this board and according to what I read here you'll get a fair deal.


David M Aviles
National Sales Director
Steve Thomas BMW
mobile 202-262-2900
www.BMWDavid.com
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      03-09-2014, 03:10 AM   #10
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Quote:
Originally Posted by Guilty View Post
Again, very helpful, thanks a lot.

I feel like I just have to be patient if I want to get the car I want. I'm not sure if I should order or look around for a car already in the lot. Is it harder to negotiate if I order it?

What I'm looking for:

550i
Jet Black
Black Interior
LED Lights
Dark or Anthracite Wood Trim
Bang & Olufsen Sound System
Adaptive Drive
(and blind spot assist if I can get it without the stop and go)

On Bmw website it says it will end up being $892 with $2500 down + $825 acquisition fee + first month.

I'm lost! Damn it. I hate chasing good deals. It's too much headache and I always have the impression that I'm going to mess up anyways. I need to start making serious money so I can stop worrying about these little pennies lol.
Usually when the new model comes, you can find the good deal on old models because dealers want to get rid of them so you have to wait by around May or June and then start negotiating with them. ask them to give you the invoice price ( which is usually 7% less than MSRP)
and not MSRP and try to reduce the Money Factor. It is doable since even with invoice price, they still make some money. The money factor determines the monthly rent fee and the more you reduce it, the more you reduce your monthly payment. They cannot do anything with residual but they can give you discount on sales price and this is what you have to ask for. the residual is calculated based on MSRP and what you have to pay beside the fees is the difference between sales price and residual + rent fee. it means if you can reduce the sales price of a 70K(MSRP) car to 65K, then your payment is less than a car with 65K MSRP.
also do some research to figure out which dealer has a lot 550i in the lot. the more they have, the more you can get discount.
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      03-09-2014, 01:38 PM   #11
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What dont u like about IS350?
Has pretty good reviews.

You can order any BMW in RWD but dealers dont have them in stock in NYC area.

Thats what i did with my 535i.
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