08-20-2019, 08:13 PM | #1 |
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1st time leasing, recommendations?
I am going to be leasing for the first time ever, it will be a 550.
Will appreciate any recommendations, do and donts specifically to BMW leases and condition of the car expected at lease end. Do I need to get insurances for rims or other parts? Will BMW penalize for rim damage (from parking and such)? How is BMW looking at scratches, front end and door dings? What about breaks and tires? What else to consider?
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08-20-2019, 08:46 PM | #2 |
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-Don't give any cap cost reduction (up front payment) - other than taxes, first payment, security and if you choose bank/dealer fees. Roll everything you can into monthly payment.
Check for incentives and make sure those are applied to reduce your capitalized cost. Use www.leasehakr.com lease calculator to keep dealer honest. This calculator is not always 100% accurate but it will get you within 5% of your payment. Consider multiple security deposits to buy down the money factor. Always ask for the money factor being used as well as the residual value. These two figures along with the negotiated price, fees/taxes is what makes up your payment. Don't be afraid to ask questions. Note, some dealers mark up the money factor by 20-60 basis points. -Get maintenance upgrade for $700. BMW Ultimate Care+. https://bmwusaservice.com/ultimatecare -As far as dealer level insurances go, such as tire/wheel protection and/or excess wear and tear policies..... This all depends on you, how you treat your car, etc... Excess wear and tear policies can be useful if you aren't the most careful. Most of these policies can also be used for tires that are under 3/32" tread on lease return. So, for many drivers I'd recommend this. However, note, they typically cannot be used if you avoid scheduled maintenance such as required brake work.... Tire/wheel policies typically don't cover cosmetic wheel damage. Most only cover a wheel if it's out of round /won't balance, or if the tire won't hold air. Be careful with these policies. Read the fine print. For most drivers these policies are only useful if you get tire damage. Most of the other stuff dealers sell is crap. Save your $.
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08-21-2019, 12:38 AM | #3 |
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Yep , don't bother with gap insurance from them, you can get it cheaper elsewhere. Same goes for any paint protection products, if you want to go that route gets. Detailer to do it as they will do a better job and potentially cheaper.
These are just methods they use to bolster their profits, people get caught up in the moment whilst they are there , they prey on your good mood! Would just say to look after car as they will penalise you on anything that is more than fair wear and tear. (Even if it is not your fault) If you lease from them again at the end of the term they might appear to overlook any damage but it will come off the next deal you get as they have to get their money back somehow. Also you should not modify the car as they will expect it back in the same stock condition. |
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08-21-2019, 06:03 AM | #4 |
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What about rim damage from touching the curb when parking? This is the most probable damage I can expect to happen. Otherwise I m careful with cars. Will they charge me for new rims at lease return?
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08-21-2019, 06:45 AM | #5 |
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I'm sure if if it's not too bad they may overlook it. They may not say anything at all but as mentioned above, if you are leasing again those costs would be factored in to the new lease.
At the end of the day they will probably sell the car and the new owner is going to expect a car in excellent condition so they will need to do some work on it. I would get too hung up on something like this as they are cheap to repair and to be honest if you look at a lot of cars, most have some damage of some kind to the wheels! Bodywork damage or anything mechanical would obviously be more of a concern and any modifications most definelty a no no. |
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08-21-2019, 07:52 AM | #6 | |
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If you're worried get an excess wear and tear policy. These are typically much cheaper than wheel/tire coverage. And unlike wheel /tire coverage, excess wear and tear will cover the cost of wheels that need replacing due to excessive damage. Someone above mentioned gap insurance. Many states, it's included in your lease by law. Check that.
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08-21-2019, 09:50 AM | #7 |
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Claykin is correct on the GAP insurance. In Illinois it is included by state law in leases (but not loans). --Bob
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08-21-2019, 12:31 PM | #8 |
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If worried get lease end protection like mentioned earlier. You probably won't go through a set of brakes in 3 years. You definitely will go through a set or two of tires and you need to return it with BMW Star labeled tires with at least 4/32 depth left so plan accordingly. One way is to take off the original tires when they wear down to almost 4/32, save them then put them back on right before lease return. Sometimes a dealer will overlook damages and tires if you lease again but that's a gamble.
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08-21-2019, 02:45 PM | #9 | |
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08-21-2019, 05:03 PM | #10 | ||
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08-23-2019, 09:31 AM | #11 |
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In regards to vehicle damage at the end of the lease, the general rule of thumb is that if it can be hidden behind a credit card, it will usually be considered normal wear and tear. If you decide to lease another BMW after the first, they will often waive excess wear and tear altogether.
I will second the use of the Leasehackr calculator. It is the most precise lease calculator I have found that let you easily input all the necessary parameters. I like to use the Edmunds lease forums to get accurate money factor and residuals for your specific vehicle and location, then plug that info in the calculator on Leashackr. I got what I feel is a great deal on an M550i lease earlier this year. If you are willing to travel a state or two away and relentlessly negotiate, you can get some pretty good pricing. PM if you would like to hear more about my specific methodology. |
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