E90Post
 


Coby Wheel
 
BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > Canada > BMW Lease in Dec/Jan



Reply
 
Thread Tools Search this Thread
      08-24-2010, 09:34 AM   #1
PBureno
Second Lieutenant
22
Rep
235
Posts

Drives: BMW
Join Date: Sep 2007
Location: Earth

iTrader: (0)

BMW Lease in Dec/Jan

My friend is looking into leasing a BMW in the very near future and I told him to head to the dealership to see but he wants to see what he can expect before he heads down there.

Hes planning on leasing a 2010 E90(E92 preferred though) 335i, AT with Sports Package. Definitely not a fully loaded car. Hes fine with a demo since it's just a lease(or should he STILL stay away from a demo?) and hes planning on only leasing it for a year(3yr term) or so since he wants the new 3er when it comes out but hes itching for a new car to drive now. What do you guys think and is it financially wise for him to do that or will he lose a crap load of money? And how hard is it to get someone to take over your lease? Approximately how much would his payments be, since I told him not to put anything down on a lease(is that true?) since he doesn't get it back and rather use that money on multiple security deposits.

What discounts can he expect off a 2010 model in December - February?

Thanks E90Post!
Appreciate 0
      08-24-2010, 11:18 AM   #2
jasonintoronto
Captain
Canada
33
Rep
703
Posts

Drives: 2007 335i coupe (sold)
Join Date: Mar 2008
Location: toronto

iTrader: (0)

if he commits to a 3 year lease, how does he expect to only be leasing it for a year?

he's going to have a very hard time dumping his lease.
__________________
2007 Porsche Carrera 4
2007 BMW 335i Coupe (SOLD)
Appreciate 0
      08-24-2010, 11:59 AM   #3
t7n7
CYNOSURE
t7n7's Avatar
Canada
11
Rep
216
Posts

Drives: Tesla ModelS - waiting...
Join Date: Jul 2010
Location: DT Toronto/Markham/Ajax

iTrader: (0)

not to mention, he might be ok with a "demo" car... but will the next buyer agree with that? i don't know if its on the records or not...

also.. ppl who lease usually pick up the latest and greatest since they are basically renting the car... why would someone rent an older model with less options?


just my 2 cents.
__________________
09' X650i loaded hud/comfort/sports/premium/audio/coldweather/power - the beast / 03' G35c electrochromic tints - www.youtube.com/wisht7n7 - the baby / 02' TL internet/satTV/massage seats - the entertainer / 10' TSX - currently modding - Go kart / TESLA MODEL S - Signature Edition #73 2012
Appreciate 0
      08-24-2010, 11:59 AM   #4
CHCCubs
Colonel
CHCCubs's Avatar
Latvia
97
Rep
2,101
Posts

Drives: 2013 BMW 328i xDrive Sport
Join Date: Apr 2009
Location: Toronto, ON, Canada

iTrader: (0)

If he only plans on keeping it for a year, I'd say he's better off waiting instead of getting something now, especially if he already has a car at the moment.

That said, depending on the monthly payment and mileage it can be pretty easy to transfer a lease using leasebusters.com or something similar. I managed to get rid of a previous lease within a week of posting the ad, but that car had really low mileage and a low monthly payment.
__________________

2013 BMW 328i xDrive Sport Line
Mineral Grey on Everest Grey
Appreciate 0
      08-24-2010, 12:07 PM   #5
Astroboy
Second Lieutenant
5
Rep
272
Posts

Drives: 2013 328i
Join Date: Jun 2008
Location: Toronto, ON

iTrader: (1)

If he only wants it for a year, he may want to consider taking over someone's lease. Leasing for 24 months or less is $$$$.
Appreciate 0
      08-24-2010, 01:14 PM   #6
PBureno
Second Lieutenant
22
Rep
235
Posts

Drives: BMW
Join Date: Sep 2007
Location: Earth

iTrader: (0)

Well that's the thing, I can get him a really good deal(although I don't know how good) since one of my really good friends family member has part-ownership of a dealership. So hes thinking he can get a really good deal(+low payments on a new one) instead of taking over a lease or would that be false?

He expects to lease it for 3years but after the first year, he'll put it on leasebusters or craigslist for someone else to take it over.

Last edited by PBureno; 08-24-2010 at 08:12 PM..
Appreciate 0
      08-24-2010, 01:42 PM   #7
dpwr
Captain
No_Country
35
Rep
852
Posts

Drives: a good one
Join Date: Oct 2008
Location: Toronto

iTrader: (0)

how much is a lease transfer fee ?
Appreciate 0
      08-24-2010, 08:11 PM   #8
PBureno
Second Lieutenant
22
Rep
235
Posts

Drives: BMW
Join Date: Sep 2007
Location: Earth

iTrader: (0)

I believe it's $1000? Please correct me if I'm wrong
Appreciate 0
      08-24-2010, 08:57 PM   #9
kgb1637
Lieutenant Colonel
kgb1637's Avatar
United_States
21
Rep
1,519
Posts

Drives: RS5
Join Date: Sep 2008
Location: Baltimore, MD

iTrader: (0)

The only problem is if the deal isn't good enough to other people he'll have to throw in a lot more money to get rid of the lease. I would never get into a lease planning on not having it for the full 3 years but thats just me. Since he wants a 2010 it'll basically be whats left and he won't have the best choices to pick his own car, but then again, it'll be cheaper.
__________________
Retired - '08 E90 335i Sparkling Graphite/Gray Dakota Leather, ZSP, ZCW, ZPP, Navi, ipod, Sat
Appreciate 0
      08-25-2010, 09:57 AM   #10
Astroboy
Second Lieutenant
5
Rep
272
Posts

Drives: 2013 328i
Join Date: Jun 2008
Location: Toronto, ON

iTrader: (1)

Lease Transfer free is $1500 (at least mine is).

I wouldn't get a 3 year lease with the intention of attempting to transfer it 1 year later unless you payment is smoking hot. If it is just what an average person can get with really good bargaining, then there is no guarantee he will find someone to takeover the lease. And if you friends family owns a dealership, go find out pricing and post it up. No point guessing on the forum.
Appreciate 0
      08-25-2010, 12:49 PM   #11
335BBS
Brigadier General
Canada
55
Rep
3,606
Posts

Drives: 2009 335 coupe.
Join Date: Jan 2010
Location: Toronto, Ontario

iTrader: (0)

Quote:
Originally Posted by Astroboy View Post
Lease Transfer free is $1500 (at least mine is).

I wouldn't get a 3 year lease with the intention of attempting to transfer it 1 year later unless you payment is smoking hot. If it is just what an average person can get with really good bargaining, then there is no guarantee he will find someone to takeover the lease. And if you friends family owns a dealership, go find out pricing and post it up. No point guessing on the forum.
I got mine last Jan and every dealer was taking $5-$9000 off on 335.
Appreciate 0
      08-25-2010, 01:32 PM   #12
BenTrovato
Driver
BenTrovato's Avatar
Canada
37
Rep
1,577
Posts

Drives: e92 335i
Join Date: Aug 2010
Location: Toronto

iTrader: (4)

Leases are only good if you have a business to write it off against, otherwise your payments are completely lost. The next best bet is to buy 2-3 year old used vehicle with low mileage, when you sell it a year later, the money you've spent on the vehicle subtracted by what you sell it for is a significant savings over the sum of your leasing payments.
Appreciate 0
      08-25-2010, 10:02 PM   #13
aspiring335
Lieutenant Colonel
aspiring335's Avatar
Canada
95
Rep
1,614
Posts

Drives: 2019 G05 40i
Join Date: May 2006
Location: Toronto, Canada

iTrader: (0)

Garage List
2006 330i  [0.00]
Quote:
Originally Posted by BenTrovato View Post
Leases are only good if you have a business to write it off against, otherwise your payments are completely lost. The next best bet is to buy 2-3 year old used vehicle with low mileage, when you sell it a year later, the money you've spent on the vehicle subtracted by what you sell it for is a significant savings over the sum of your leasing payments.
I still think it's better to pay yourself a mileage allowance rather than write off the lease payment. You can pay yourself $0.55 / km for the first 5,000 km of business use and $0.45 km thereafter for legitimate business use. That money is 100% tax free and 100% deductible for the business. You can in fact pay yourself any amount per km, but the business can only deduct up to these amounts.

It's nice because even if you have a beater that you own outright you can still pay yourself the mileage allowance.
__________________
2019 G05 40i (premium excellence, m-sport, 2VR), Tesla Model S 100D, Nissan Leaf SL
Volvo XC90 T8, Subaru Outback, E84 X1 28i, E91 328i xdrive, 6MT, VW Touareg TDI, E90 330i, E46 325iT, MINI Cooper S (all retired)
Appreciate 0
      08-27-2010, 01:33 AM   #14
PBureno
Second Lieutenant
22
Rep
235
Posts

Drives: BMW
Join Date: Sep 2007
Location: Earth

iTrader: (0)

All valid points!

I was thinking if the payments were really good then he'd have no trouble letting the lease go but if its just average-good or just good then he might have some trouble with getting someone to take it over.

I would tell my friend to ask his parents to see what deal he can get him first but they're quite busy and they'd have to sit down and work out some numbers cause they don't have it memorized lol, so just wanted to see what E90Post's $0.02 were.

I guess it'd be 10-15% off MSRP or I'd guess AT LEAST 10%~ Should he just take over a lease(but it's hard to find one with low-payments and under 15 months and the car that he wants) or should he try his luck with a brand new lease?
Appreciate 0
      08-27-2010, 10:25 AM   #15
BavFan_08
Dreamer
BavFan_08's Avatar
Canada
34
Rep
837
Posts

Drives: '12 E88 6MT | Ret '08 E90 335i
Join Date: Aug 2009
Location: T.O. Canada

iTrader: (2)

Quote:
Originally Posted by BenTrovato View Post
Leases are only good if you have a business to write it off against, otherwise your payments are completely lost. The next best bet is to buy 2-3 year old used vehicle with low mileage, when you sell it a year later, the money you've spent on the vehicle subtracted by what you sell it for is a significant savings over the sum of your leasing payments.
I agree with you - however it also depends on your financial situation and what you really want.

Just my 2 cents:

Some people say leasing is a waste of time...well if you want a 335i and you dont want to worry about re-selling it later (when the warranty is expired) leasing may be the right thing to do....you'll save a lot of time - you just have to make sure your car is up to par when returning.

Sure you're paying the depreciation (when you lease), but you probably paid some depreciation anyways when you re-sell your purchased car...

remember your car will not sell quickly if it has a history of true or potential issues. Especially if the warranty has run out! A smart person would go CPO...instead of private sale.
Appreciate 0
      08-27-2010, 05:55 PM   #16
2kaccordocoupe
Brigadier General
2kaccordocoupe's Avatar
Canada
1270
Rep
4,703
Posts

Drives: Former ///M Driver
Join Date: Nov 2008
Location: The 6ix

iTrader: (2)

Quote:
Originally Posted by aspiring335 View Post
I still think it's better to pay yourself a mileage allowance rather than write off the lease payment. You can pay yourself $0.55 / km for the first 5,000 km of business use and $0.45 km thereafter for legitimate business use. That money is 100% tax free and 100% deductible for the business. You can in fact pay yourself any amount per km, but the business can only deduct up to these amounts.

It's nice because even if you have a beater that you own outright you can still pay yourself the mileage allowance.
+1
Knowing a good accountant also helps here
Appreciate 0
      08-30-2010, 10:48 PM   #17
PBureno
Second Lieutenant
22
Rep
235
Posts

Drives: BMW
Join Date: Sep 2007
Location: Earth

iTrader: (0)

Very interesting points! hmm...
Appreciate 0
      08-31-2010, 06:50 AM   #18
MaximusJ
Colonel
MaximusJ's Avatar
Canada
300
Rep
2,485
Posts

Drives: 340Xi MG 2017
Join Date: Jul 2010
Location: Quebec, Canada

iTrader: (21)

Garage List
Quote:
Originally Posted by BavFan_08 View Post
A smart person would go CPO...instead of private sale.

The same car was 22k at the used car lot and 32k CPO'ed at BMW. I did not think about it more then a minute.
__________________
Mineral Grey '17 F30 340XI
[Garage] // [Build Journal]

Jet Black '06 E90 325I
[Garage]
Appreciate 0
      08-31-2010, 10:14 AM   #19
335BBS
Brigadier General
Canada
55
Rep
3,606
Posts

Drives: 2009 335 coupe.
Join Date: Jan 2010
Location: Toronto, Ontario

iTrader: (0)

Quote:
Originally Posted by BavFan_08 View Post
I agree with you - however it also depends on your financial situation and what you really want.

Just my 2 cents:

Some people say leasing is a waste of time...well if you want a 335i and you dont want to worry about re-selling it later (when the warranty is expired) leasing may be the right thing to do....you'll save a lot of time - you just have to make sure your car is up to par when returning.

Sure you're paying the depreciation (when you lease), but you probably paid some depreciation anyways when you re-sell your purchased car...

remember your car will not sell quickly if it has a history of true or potential issues. Especially if the warranty has run out! A smart person would go CPO...instead of private sale.
With leasing your costs are all fixed for the term of your lease. Easy way to get in and out of cars regularly if thats your thing.
Appreciate 0
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 05:04 PM.




e90post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST