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Excellent 2015 BMW X1 February Lease Program

muniala 792 1,544 February 19, 2015 at 11:41 PM in Autos (5)
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Last Edited by muniala March 6, 2015 at 11:07 PM
------- Begin Added March 6----------
Update : Lease Rates for March 2015

For March the lease on the X1 got a bit worse. The residual is knocked down by 2 percentage pints so the 36 month 10K/12K/15K residuals are 66%/65%/63% respectively. The Money Factor is 0.00129.
Still a good deal but not as great as last month. For reference, the example car below with the new program, the monthly payments would be higher by $20


------- End Added March 6----------

BMW has a really great lease program on the 2015 X1 SAV this month i.e. February 2015. All trims (sDrive28, xDrive28 and xDrive35) are included. xDrive is the all wheel drive version and sDrive is the rear wheel drive version. 28 represents the 240 horsepower 2.0-liter, TwinPower Turbo, inline 4-cylinder engine. 35 represents the 300 horsepower 3.0-liter, TwinPower Turbo, inline 6-cylinder engine.

This leasing program is valid until Mar 2. The next month program starts on Mar 3 and I will update this post to indicate if the lease program was extended. With BMW you also have the option of locking in the lease programs for 60 to 90 days by filling in a credit application online with BMW FS. The link is on bmwusa.com. When you fill in the credit app, you have to select a dealer and you have to subsequently buy/lease from that dealer to avail the locked program. You have the option of choosing the locked program or the current month's program which ever is better.

The X1 is a fantastic car with excellent driving and handling dynamics (equivalent to the acclaimed 3 series), yet incredibly practical.

The key to this great lease program is that BMW is offering a heavily subsidized 68% residual on a 36 month,10K miles/year lease (67% residual for 12K miles/yr and 65% residual for 15K miles/year)


Money factor on the lease is a competitive 0.00130. As with BMW leases, the money factor can be bought down by putting down up to 7 refundable security deposits. Each security deposit is equal to your monthly payment rounded up to the nearest $50 and each deposit reduces the money factor by 0.00007. So the money factor can be reduced to 0.00081 by putting down 7 refundable security deposits.

To sweeten the deal for current BMW lessees, BMW has a 6 month pull-ahead program available. A pull-ahead program allows BMW lessees who have leases terminating in the next 6 months to return their vehicle early without incurring the additional payments as long as they lease another BMW.

Here are some payment examples on actual cars

2015 BMW X1 xDrive28i MSRP 38,300 (includes Premium Package $3,950, Cold Weather Package $700)
Selling Price : $34,000

Monthly Payment (Zero cap cost reduction, bank fee of $795 is capitalized into the payment)

$292 + tax for 10K miles/yr
$302 + tax for 12K miles/yr
$323 + tax for 15K miles/yr

Drive Off: First Months Payment + Registration/DMV Fees + $80 doc Fee = around $700 in CA
Refundable Security Deposit = $2450

If you qualify for BMWs recent college graduate rebate ($1000), the lease payments will decrease by another $25.

I will add additional examples lease examples on actual cars here

Please read my earlier threads which have valuable information that will help you to understand leasing including calculating your own lease payments.


http://slickdeals.net/f/2611065-january-february-auto-leases-infiniti-g-m3-convertible-hyundai-genesis-honda-civic?

http://slickdeals.net/f/2187679-2011-bmw-335-sedan-3yr-36k-lease-well-equipped-w-premium-package-automatic-468-tax-month-zero-down-4000-refundable-security-deposit?

http://slickdeals.net/f/2173432-2011-bmw-328-sedan-lease-well-equipped-399-tax-zero-down

http://slickdeals.net/f/2176180-2010-infiniti-g37-lease-from-262-ttl-for-3yr-30k-with-zero-down

http://slickdeals.net/f/7450882-2015-bmw-7-series-sedan-nov-dec-lease-program?v=1




A note about using TRUECAR pricing.

In these earlier threads crica 2011/2012, I used to recommend using Truecar pricing to get an idea of the selling price to use as a baseline to negotiate below.. I no longer recommend using Truecar. They have become very "dealer friendly" and their pricing is now way inflated. So do not use them as a reference at all.
For example the car example in the OP, the MSRP 38,300 , I know for a fact I can get it at 34000, the True car price is 36,565 which is ridiculously high.. I have been seeing this kind of inflation across the board.
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Last Edited by muniala February 21, 2015 at 04:43 PM
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Several people repeatedly bring up the advertised lease deals from the BMW website and say that the deal posted here does not apply. The deals on the website are just like MSRP deals. They use the promotional leasing program i.e. the residual and the money factor but with the Selling Price = MSRP. and with a huge down payment. Just like you will negotiate the selling price when you buy a car, you need to do the same when you lease.. Also you have the option of putting down any amount you desire and I advise to put zero down and instead put up multiple security deposits to lower the interest rate. Since I replied to an SDer about advertised deals, I'm pposting my reply here so that it is available in the wiki

Quote from BrodeurSD View Post :
i cant replicate this deal maniala in NC! this is the closest deal i see on the website and i went in today to speak with a salesman.

$3,834 Cash due at signing
o $289 First months payment
o $2,750 Down payment
o $0 Security Deposit
o $795 Acquisition fee
Quote from muniala View Post :
Since you are the Nth person who brings this up I will explain it again inspite of doing this in the earlier threads

The advertised deal on the web site is based on a selling price = MSRP. If you work the numbers backwards you will see that.

You need to negotiate the selling price lower just as you would when buying a car. And then ensure that you do not pay more than the buy rate on the money factor and bank fee.


Here is the small print to that lease on the BMW site

Monthly lease payments of $289.00 for 36 months based on MSRP of $35,550.00. $3,834.00 cash due at signing is based on $2,750.00 down payment, $289.00 first month payment, $795.00 acquisition fee, and $.00 security deposit (not all customers will qualify for security deposit waiver). Tax, title, license, registration and dealer fees are additional fees due at signing. Program available from participating BMW dealers to eligible, qualified customers with excellent credit history who meet BMW Financial Services credit requirements. Payments do not include applicable taxes. All figures presented are examples only. Actual MSRP may vary. Lessee responsible for insurance during the lease term and any excess wear and tear as defined in the lease contract, $0.20/mile over 10,000 miles per year and a disposition fee of $350 at lease end. Purchase option at lease end (excluding tax, title, and other government fees) is $24,174.00.

So that payment of $289 is arrived as follows

MSRP = 35,550
Selling Price = 35,550
Down Payment = $2,750
Money Factor = 0.00130
Bank Fee = $795
Net Cap Cost = 35,550 - 2750 - 795 = $32,005
Term = 36 month /12K /yr
Residual = 68% of 35,550 = $24,174
Monthly Payment = $289 + tax
Drive off = $3834 (Down Payment of 2750 + Bank Fee of $795 + 289 First Month Payment)


If you read my earlier threads where I explain how to lease, I advise on how to negotiate the selling price and why it is a bad idea to make a down payment and instead put up multiple security deposits that lower the interest rate with the benefit that you get the deposit back at the end of the lease.

So for that car in the ad, I would look at negotiating the selling price to 33,000 (I think I can do even better than that but lets go with 33,000) and I will not make any down payment, i will capitalize the 795 bank fee so that my driveoff be just the first month payment and dmv fees. I will also put down multile security deposits to lower the money factor to 0.00081

MSRP = 35,550
Selling Price = 33,000
Down Payment = 0
Money Factor = 0.00130 - 0.00049 = 0.00081 (After 7 MSDs)
Bank Fee = $795 ( I will to roll this into my payment, i.e. I'm not going to pay it in my drive off))
Net Cap Cost = 33,000 + 795 = $33,795 (This is the total amount I am financing i.e. what my lease payment is based on)
Term = 36 month /12K /yr
Residual = 68% of 35,550 = $24,174
Monthly Payment = $262.89 + tax
Drive off = $2100 Refundable Security Deposit + DMV fees + First Month Payment = 2100 + 320 + 286 = $2,706. Keep in mind this driveoff includes 2100 security deposit which I will get back at the end of the lease.

So you can see that if you are informed and know what you are doing you can do much better than the advertised deals

Again all this is explained and discussed in the earlier threads linked in the OP. Several SDers have informed themselves using these threads and leased vehicles at good prices.

388 Comments

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#3
Awesome man. Thanks.
My lease on my 328 is up in April and I have been looking at an X1.
I'm in Chicago though and heard leases are stupid to do here due to the taxes. I'm originally from Cali (where I originally leased my car) though and will move back by June.
If I cross the border to Indiana, I think I will have better tax laws. Do you know if that's true? I don't have either a Indiana or Illinois driver's license though.
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#4
Nice job on the thread OP, good effort!
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#5
Quote from jj970 View Post :
Awesome man. Thanks.
My lease on my 328 is up in April and I have been looking at an X1.
I'm in Chicago though and heard leases are stupid to do here due to the taxes. I'm originally from Cali (where I originally leased my car) though and will move back by June.
If I cross the border to Indiana, I think I will have better tax laws. Do you know if that's true? I don't have either a Indiana or Illinois driver's license though.
I have some great news for you. As of Jan 1 , 2015 Illinois no longer taxes you on the entire price of the car, you pay sales tax only on the lease payment

http://www.chicagotribune.com/cla...story.html

Taxes are based on your residence. If you still claim CA residence and have a CA license, you can get the car from an IL dealer and CA taxes will apply. They will submit your paperwork to CA and the CA DMV will issue you plates
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Last edited by muniala February 20, 2015 at 12:08 AM
#6
Any good price on the X3?
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#7
Great job as usual OP.....but man, these have the style appeal of an AMC Gremlin!
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#8
Quote from muniala View Post :
I have some great news for you. As of Jan 1 , 2015 Illinois no longer taxes you on the entire price of the car, you pay sales tax only on the lease payment

http://www.chicagotribune.com/cla...story.html

Taxes are based on your residence. If you still claim CA residence and have a CA license, you can get the car from an IL dealer and CA taxes will apply. They will submit your paperwork to CA and the CA DMV will issue you plates
Good to see one less state charging stupid full tax on lease, wish Texas could change it soon.
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#9
Quote from hitechgurl View Post :
Any good price on the X3?
No price incentives on the X3. The lease is considerably cheaper than last month because the residual was raised from 53% to 58% (for 36 month/30K). So in relative terms its a better deal but on absolute terms its an average deal - not great like the X1 which has a residual of 10% higher.
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#10
Quote from muniala View Post :
No price incentives on the X3. The lease is considerably cheaper than last month because the residual was raised from 53% to 58% (for 36 month/30K). So in relative terms its a better deal but on absolute terms its an average deal - not great like the X1 which has a residual of 10% higher.
Just sent you a PM...looking at a X1 xdrive35i
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#11
In SoCal and looking for a car
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#12
Any deals on the x5 ??
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#13
Quote from vsk7 View Post :
Any deals on the x5 ??
Similar to X3 - residuals are considerably better than all the previous months - so you will save money compared to before. but on absolute terms leases are average on the X series apart from X1.

The X1 has by far, one of the best lease deals in a very long while.

There are also very good lease deals on 3 series, 4 series and 5 Series cars (not as stellar as the X1 but still excellent deals compared to the competition - i.e. Benz, Audi, Lexus etc)
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#14
In SoCal looking for an X5 if you have any details
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#15
Thankyou !! Can u also help me out understanding a good deal on an x5 . In cleveland Ohio here
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