I think you can go both ways here depending on your situation. For my most recent lease return, I had a terrible experience with MB. It seemed like MB uses MB financial (versus dealership) to do all the returns and they?re not as forgiving?? I previously returned cars to various BMW dealers and they never cared about anything - Even without getting into another BMW. Anyone have similar experiences?
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irvinehomeowner
Well-known member
qwerty said:
I know. USC buys exotic sports cars like baseball cards and I?m the one who is frivolous.
Yep. That?s my 401kwerty!!!
J
jmoney74
Guest
bones said:
Bmw is pretty easy. Did a walkthrough on my car which had some scratches on the bumper. Didn't care about it at all.
Ready2Downsize
Well-known member
eyephone said:irvinehomeowner said:I'm assuming you bought it (breaking your used car rule) because leasing is like throwing money in the toilet.
IHO - I hope your dont have expenses up the wazoo. It?s none of my business, but I hope you don?t live paycheck to paycheck.
The key is saving. My neighbor that is renting always have new cars. Maybe he should saved kept his previous decent car and save for a down payment for a house.
It?s the drive nice car, but don?t have nothing to show scenario.
I know you have your own place, but many people do not handle their finances.
Maybe your neighbor works for a dealer and that is why they always have new cars. My ex bro in law works for Mitzubishi (IT dept, not sales or for the actual dealerships) and they have four new cars per family, lease, gas and insurance paid for by Mitsu (along with insurance). He does have to claim some income for it tho so not totally free. We have people in our neighborhood and they always have new cars. Before they get plates they got another new car and the reason is they work for car dealers.
usctrojancpa
Well-known member
lnc said:
Good guess, it's Golf Blue.
usctrojancpa
Well-known member
irvinehomeowner said:qwerty said:
I know. USC buys exotic sports cars like baseball cards and I?m the one who is frivolous.
Yep. That?s my 401kwerty!!!
Not quite....was able to get it for MSRP (trading over MSRP) and because it's hard to get it'll retain it's value very well so I probably won't lose much by the time that I sell it.
id_rather_be_racing
New member
USCTrojanCPA said:
Congrats dude! can't go wrong with any PTS blue.
irvinehomeowner
Well-known member
USCTrojanCPA said:
Still violates the eyephone rule of saving. You need to keep it forever and save your money.
If you're leasing, does it matter whether you negotiate by either 1) just focusing on two numbers, your total upfront payment and total monthly payment OR, 2) negotiating all the details like purchase price, money factor, residual, etc. The latter seems more complicated, but it sounds like that is what some of the pros here do. If you want to buy the car later at the end-of-lease, you can renegotiate the purchase price so does it matter what residual or other details they use initially?
Never do finance or lease just focus on monthly payment, always negotiating on purchase price e and keep an eye on the money factor that dealer offers.
The money factor and residual are set by the bank, no room for negotiating but buyer can cross shop different bank/lenders for better terms. And do watch out for dealer jack up the money factor to make extra buck. For example, if BMW financial service offer money factor 0.00166, dealer can offer buyer a slightly higher money factor of 0.00200 and make extra money.
The money factor and residual are set by the bank, no room for negotiating but buyer can cross shop different bank/lenders for better terms. And do watch out for dealer jack up the money factor to make extra buck. For example, if BMW financial service offer money factor 0.00166, dealer can offer buyer a slightly higher money factor of 0.00200 and make extra money.
qwerty
Well-known member
i1 said:
You should never put anything down on lease. And for drive-offs try to get those to zero as well, at most pay the the first month. You definitely want to negotiate the purchase price first. That will be the starting point for your lease payment. You should check the forums on edmunds to get the money factor. Many dealers will mark up the money factor. The residual is set by the bank. I didnt think you could negotiate the end of lease price when your lease is up. For example, with bmw, bmw financial owns the car at the end of the lease. If you don?t buy it for the residual, bmw financial will auction off the car to bmw dealers for the car to be sold as a used car.
i would also recommend adding 3 months to your lease if you plan on leasing again with the same manufacturer. my last 3 leases have been 27 month leases, turning in right before the end of 24 months. most manufacturers will cover the last 3 months for free if you lease with them again, so you're amortizing the cost of the lease over 27 months but really only leasing for 24. that way you're also avoiding the next registration fee due in the 24th month.
id_rather_be_racing
New member
not sure if it's been mentioned in this thread already, but good lease deals can be had on leasehackr. For example, you could have leased a dodge charger hellcat for 500/mo. or a fiat 500 EV for practically free.
There's also a great calculator there where you can input the MF, purchase price, residual, etc. to determine if you're getting a good lease deal.
There's also a great calculator there where you can input the MF, purchase price, residual, etc. to determine if you're getting a good lease deal.
inv0ke-epipen
New member
id_rather_be_racing said:
I did the fiat 500 thing in 2015 and am glad i did! Car has saved me money, and is like having a golf cart you can take on the freeway. Kept the miles off my WRX. Sadly will be returning it in a few months.
Only thing that can kill you on the Fiat EV is insurance. Even though you get it for 0 down under 100 per month, the msrp is 32something, and apparently the car gets totaled with any minor hit, so high insurance with many providers.
id_rather_be_racing
New member
inv0ke-epipen said:
Good to hear someone on here took advantage of that deal! I missed out since I was in the middle of my Nissan Leaf EV lease, but I ended up going with a Chevy Spark EV for 68/mo NET after rebates 0 down including no first month payment. Love the instant 320 ft/lb of torque in a tiny city car.
My insurance on the Spark is the highest even though my other cars are worth more. Must be an EV premium.