08-21-2012, 01:25 PM | #23 | |
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Have you found a bank/credit union that is willing to finance at 1.99% for the entire amount? > 100k? If so, please share! |
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08-21-2012, 02:50 PM | #24 |
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Navy Federal will do the total amount at 1.79% for 60 months.
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08-21-2012, 03:29 PM | #25 |
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Penfed is doing at 1.49% but the max amount is $70 K. Navy fed is doing full amount at 1.79%. Good luck !
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08-21-2012, 11:56 PM | #26 | |
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What are ED guys doing with financing?
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08-22-2012, 04:35 AM | #27 | |
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When you boil it down, a car is just a depreciation and interest expense. You can define the depreciation rate using a lease, but you sacrifice some flexibility, but not as much as you may think- read my last paragraph. The "put" has economic value- year 1 model, easily crashable, etc... With a 100K car, the Interest expense is material. For me, this will be the primary factor in buy vs lease. Its also possible to negotiate your buyout at the end of the lease. I leased my 550 back in '06, good rate and 58% residual which came ot to 37K. At the end of the lease I wanted to keep it, but didn't want to pay 37K. Used car values had dropped- little thing we call the global economic crisis... Anyway, called BMW, and they sold it to me for 32K w/CPO and %0.9 for 60 months.
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08-22-2012, 07:43 AM | #28 | |
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Leases in general get a bad rap, but I think it's because many people really don't understand them and the benefits they provide. I've heard many people say "... but you don't own anything at the end." That's exactly why they are so great - the "free" put option. If you want to own the car at the end you can, but you don't have to. If the car depreciates faster then expected (as in lllwlf's example), you can give it back no questions asked OR negotiate a market deal to buy it - a win/win situation for the customer. On the other hand, if the car is worth more than the residual value you still have a number of options: 1. Turn it in and move on to your next vehicle, or 2. Buy it out at the below market price, or 3. If the market's strong enough negotiate a payout of the equity with a dealer. When used Acura MDX's were in short supply last year, a buddy of mine had two dealers bidding for him to turn his leased MDX in at their store. In the end, one of the dealers cut him a check for $5,300 JUST TO TURN THE CAR INTO HIS STORE!!! What a deal! The only downside to leases, assuming the money factor is roughly consistent with prevailing financing rates which is generally the case, is the limited flexibility to get rid of the car during the lease period. As I've said before, they may not be right for everyone but they should always be considered and analyzed as one option.
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08-22-2012, 08:04 AM | #29 | |
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08-22-2012, 08:11 AM | #30 |
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Agreed, a lot of tire kickers out there. Unforetunately it's the worst with high end cars. You get people who have no intent of buying and just want a to go for a test drive because it's likely the only way they'll ever drive an M5.
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08-22-2012, 07:56 PM | #32 |
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I purchased. Told the dealer I was offered 2.49% from a lender and BMW Finance matched the offer. Not a bad rate with no paperwork necessary.
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08-22-2012, 10:21 PM | #33 |
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what did you agree to put down? I'm going back if they came off the rate that quick. Does BMW FS regularly come off advertised specials? just for future reference...
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08-22-2012, 10:41 PM | #34 |
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I didn't know they come off the percentage rate either. I didn't even try to haggle. I just tried to find a better deal and they came after me to match when I told them
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09-04-2012, 08:56 AM | #35 | |
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09-04-2012, 09:08 AM | #36 | |
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Each MSD reduces your MF by 0.00007 Maximum of 7 MSD per lease. You determine how many just based on how much you want to put forward / tie up for the term of the lease, for what rate reduction, within the maximum confines above. So for a $1000 monthly payment lease, you can reduce your MF by 0.00049 by putting $7000 (7 MSD @ $1000 each). Edit: To get normal human interest rate percentage from the money factor (MF), just multiply by 2400. So your maximum rate reduction is 1.176% ( this is the reduction of interest rate for the life of the lease, it really is a great deal! ) Last edited by ddk632; 09-04-2012 at 09:13 AM.. Reason: Added more info |
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09-04-2012, 09:10 AM | #37 | |
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The amount of each deposit is your lease payment rounded up to the nearest $50.
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09-04-2012, 10:19 AM | #38 |
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got it. thank you- hope you're recovering from your trip!
would you know if the lease payment is the initial lease payment or final-- i'm probably going to do a cap cost reduction.
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09-04-2012, 12:28 PM | #39 | |
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Regarding cap cost reductions, take a look at posts 8, 9, and 11 in this thread: http://f10.m5post.com/forums/showthread.php?t=739770 Cap cost reductions are generally not a good idea because in most cases your insurance will not reimburse you if the car is totaled during the lease. All you are doing is prepaying a portion of your scheduled payments, so the earlier in the lease the loss happens, the bigger the financial hit you take. As cpiguy pointed out in post #9, the exception to the rule is if the loss happens very early in the lease, but even this is dependant on your insurance carrier's rules. You are better off putting the money in a savings account and transferring in a portion each month as you make the lease payments. You achieve the same effect of lowering your net payment, but the cash remains in your control.
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09-05-2012, 06:32 AM | #40 |
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thanks-
get it on the cap costs. just hitting a specific number that's easy for the "kitchen congress" to digest.
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