Ill pull the lease agreement in the morning. and post it up. 7k down 3 years 10K miles a year, 450 a month and well see how much **** youll talk then

 

You sure seem to be going to a lot of trouble to convince people to change opinions that "have no impact on your life anyway".

 

Lets chill out here and have a serious discussion.

Whether or not that is the true lease ageement on your new car isn't as interesting as the fact that you say that your Mini dealer forgave the mods and the mileage. THAT'S hard for anyone to believe!

Anyway, in the end you've put down a lot of money on a couple of cars and some bux into the mods... That money is now GONE and what is there to show for it? That's why I don't understand leasing.

Also, I put down around 10% on my MINI that clocked in at around 24 grand after tax and all charges and my payment is ~ $410... To lease this car wouldn't have changed the payments much plus i would have had to worry about nicks and dents and mileage. Where's the value in that?

 

yea well like i did in my math anyway, i still didnt loose the money, mods or no mods blue book is blue book unless your car is fuxed up. Im just gonna sit and laugh, cause i know how much i paid ... lol

 

Well, to be fair, "blue book is blue book" if you have a buyer who doesn't mind what you've done to the car. Same goes for the dealer.

 

hmm, seems pretty close to what i pay (-) a few dollars... 46K almost...





Let me guess, umm BMWUSA.com is stupid they dont know anything about their cars or there progams and the numbers are off? lets see what you idiots make up next.

 

Im gonna go enjoy my new wheels now.. cya guys..

 

This whole thread went from being sad to hilarious. The pit just keeps getting deeper. Anyone interested in how leases work should check out the "Ask the Dealer" forum on bimmerfest. They have tables there and several financiers who give advice and explanations. One of their axioms is to never put money down on a lease. Take it out with only the minimum requirements, any money put down on a lease is thrown out the window as soon as you leave the dealer.

 

Let's see the "deal" sheet you signed with the dealer sans your name and address. The BMWUSA quotes are just rough estimates.

 

+ 1.

 

i think the 900 something was the eq. out of the mini. Enjoy.

 

ohh and just for kicks, heres my moms 330 agreement, bought same time.

 

wow, if i had 550 a month to spend on a car payment, id be driving that Ferrari 308 ive had my eye on!

 

lol

 

Like I said before you started posting immature, defensive and pathetic responses.... You've put down a bunch of money up front (8 grand on the bmw and how much on the Mini?) plus your payments are over 500 bucks. Plus all the money u spent on mods. How is that a good deal? Seems you are taking it up the butt to me. My cousin leased a 330xi for 3 years, put something like 2 grand down and has payments just over 500 bucks. Sorry but I can't post his lease agreement... you'll have to take my word on it. It's ok that you got a bad deal. I'm not attacking you!

Denial is not just a river in Egypt.

BTW... I have a bridge in Brooklyn that I'd like to sell you... the lease payments are low and you can mod it all you want.

 

YEAH, it costs him $25,798 over 3 years to end up still owing close to 30K on a car that cost new of 46K. It's a 72% residual on the adjusted capitalized cost of 40K. So divide the 25, 798 by 36 and he is paying over 700 a month for a car and still HAS to trade, dig up 30K, or eat the mileage charges, depreciation and damage ,etc. But HECK, he still is not BORED...

Get a hobby that can give you something back, or maybe even an education, it's another cure for BOREDOM.

I forgot he lost $5100 on his year old trade, when a lot of folks here are selling the cars for just a bit less than they paid for them.

That's what's wrong with a LEASE.

I don't even have a great interest rate with BMW, but with my $2400 trade and $2500 down, I already have equity in the car, I only have a loan for 18K and change. With simple interest, that drops every month and if I pay on it for 3 years even, I'll probably be able to pay it off with something less than what it retails for, probably around 10 or 11K.

The key is not trading a car you owe money on. You always end up "upside down" with what the dealer gives you on trade. Been there, done that...

OH, and the "paid around $450/mo" for the new BMWer also became $515, was that "puffing" or how he got MOM to write the check...?

This isn't a flame, the answer to his original question, you WILL lose money on a lease, especially if you break the contract and MOD the car and/or exceed the alloted mileage. The DEALER is very happy to take your 7K to reduce the capitalized lease amount, his first profit is right there. He knows he will get a good car back in 3 years for his used BMW lot, and he will have a lot less than 30K in it, remember the extra 10K above you paid in financing the BMW over the 3 years, that's probably what he'll have in the car about 20K. Then he puts it on the lot for 30K, sells it for 25 or 26, and now he makes another 5 or 6K.

Car business is tough, I am only estimating a lot of this, but EDMUNDS does have a lease/buy calculator, plug in your numbers and it tells you exactly the amount you will save on either leasing or buying.

The problem with "upside down" in either leases or purchases is how do you get "right side up" again, but it's only $$$$...

 

I don't understand how these leases work.

The cost of the vehicle is $46940.
The residual value is $29514.
The difference between the two, $17426, is what's financed.

The downpayment is 7973.
The monthly is 515*36 = 18540.
Those total 26513.
26513-17426=9087 is the financing cost.

If I go to a compound interest calculator, 17426 @ 15% for 3 years is 9076.77.

Is that right? 15%? And what's 'rent' for $5697.34? Is that a synonym for 'added dealer profit'?

 

Sounds like you got it right. His argument is that all cars depreciate faster than you can pay for them. Depends on the car and the resale #, interest rate and the down payment. I'd rather pay a HIGH 6 or 7% interest rate than a 15% LEASE interest rate. Actually with the VW we are preffered at 3.9% but that's the one I was upside down in. I'll probably have to stick it out until the end or pay some principal reduction payments with any extra cash I have, to get "right side" up again.

 

What is the old saying, "figures don't lie, but liars sure do FIGURE"?

The residual in this lease was NOT 22K but 29K ($29, 513.60 to be exact), the payment was NOT $450, but $515 with 7.9K down, OH..., and the 38.990K isn't the same as the capitalized price that was over $40K ($40,825.54 to be exact)...go figure :impatient

P.S. maybe he is using the salesman's abbreviated figures from the "worksheet", not the ones that made it into the LEASE agreement, we know they are LIARS, it goes with the territory, BUYER BEWARE.

 

I agree with CDMINI... Get an education buddy and perhaps get some math/finance courses done at the same time.

No wonder Americans today carry a record $800 BILLION dollars in consumer debt (Up from $275 Billion in 1992). Our friend Red Tomato is part of this embarrasing statistic.

 

Let me correct myself... I talked to my cousin, he put NOTHING but the inception fees ($700) down and his lease payments on a 42,000 dollar 330 xi 2005 is exactly 500 dollars. He traded nothing in! That's alot different than the 7 grand you put down and you still have 550 dollar payments. Sorry to say but like most people have said here, you were screwed. Also my cousin gets 12,000 miles per year.

 

Another old saying, "An ignorant man cannot learn from his own mistakes and is doomed to repeat them, a smart man can learn from his mistakes and not repeat, and the wise man learns from the mistakes of others."

WISE MAN says 3 things, "Generally, DO NOT LEASE", "do NOT be your only counsel on business, seek other's opinions FIRST", and ALWAYS be able to push your chair back from the deal table and WALK AWAY, whether it's deals in the hundreds or the millions of $$...

 

CDMINI... Agreed! Rule 1 with buying a car is you have to go in willing to get up and walk out even if you've got a bunch of time invested. When buying my wife's VW in 1999 I had a deal worked out and after sitting with the sales guy, his boss and their finance guy after what must have been a few hours (it was 3 on 1, geez, talk about pressure!) at the last moment they tried to tack on a few things that amounted to ~500 or 600 dollars. Totally a jerk move on their part. Well, I was only 25 or 26 at the time and these guys were probably mid to late 40s so they thought maybe they could get one over on me i guess. Even though I really needed a car right away, I got up and walked out. Well, before I got to my car the sales guy was right there... suddenly they could make our original deal. I made the deal and we still have that 1999 VW Jetta.

What I learned from that experiance is what everyone has to learn... watch out for unscrupulous people in any industry. Decide what you are buying is worth on your own and don't worry about anything else. Remember sometimes the best deal is no deal at all.

 

Actually, I don't mind them making money off me, that's capitalism, and so far it works OK. But my job in capitalism is to protect my interests.

We all seem to WORK hard or have worked hard, that's just how our system works. Very few, less than 2% of the population have true wealth and can spend foolishly without any repercussions, the rest of us pay thru the nose for our mistakes.

I am still willing to bet that MOM was writing the checks here, or underwriting his living expenses so that all the money he earns from his HARD WORK, he keeps, without paying all the bills, health insurance, rent/mortgage, income taxes, ad infinitum.

My dad in the 70's used to help me out a lot and kept me in a string of cheap cars (wish I had that 1964 split window VW Westfalia Camper, he/we paid $900 for it, they are worth about 20K now), I never took care of any of them like the first ones I bought with my own money, and I still can be hard on them. They're just vehicles to get me from here to there, anyhooowwww...

 

Man, all that condescending attitude earned the guy a verbal beatdown. Ouch.