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General BMW Model Discussion
All non E46 BMW model questions in here. Look below for E36, E90 and F30 specific forum. For additional model specific forums check out bimmerfest.com!

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Old 07-13-2008, 02:40 PM   #1
ZimZimma24
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Lease of Finance: 2008 BMW X5 3.0si

I am the type of person that LOOOOOOOOOVES to change cars every couple of years. Leasing would be great but there are two things that are stopping me:

1. There are 2 things I would do to my car to make it more "me": 5% tints and some nice shoes. I don't want a lease to stop me from doing this.

2. I LOOOOOOOOOOOVE to drive and I hate the thought of having to count my miles so as not to go over the lease agreement.

I just bought my 2006 325Ci last September and now I want to get the new X5 but I don't know if I want to finance or lease. I'm talking to a dealer now that says I can finance through BMW @ 0.9% for the 2008 X5 with the options I've speced out via "Build Your Own" with a 7% mark off MSRP. So, theoretically I'm paying 1% off MSRP because sales tax is 6% where I'm from. I've never leased before so I really don't know how to negotiate terms as well as I can when financing (I simply talk "out the door" prices).

If there are any experts in this area please chime in. TIA.


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Old 07-13-2008, 02:58 PM   #2
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Nice choice! If you'll be "over it" in 3 years, just lease it and give it back
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Old 07-13-2008, 04:46 PM   #3
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I agree, I too go thru cars and am interested in leasing eventually once I get done with my Range. I suggest leasing as well.
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Old 07-13-2008, 08:37 PM   #4
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Id do a lease, but I drive too much (~20k a year).
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Old 07-13-2008, 09:08 PM   #5
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If I had the option to lease my X5, I would've done so.

1. I would fully load a leased vehicle. Because you won't be able to modify it, it's best to have all the factory doo-dads. Possibly upgrade to the 4.8i (grab the Sports Package and 20" rims). Most dealers will allow tint (since it can be removed.

2. Unless you *KNOW* that you're going to exceed the lease mileage restrictions, the limits should be more than enough. See how much they're willing to work with you. Most dealers will allow you more miles than what they initially advertise with a slight increase in your rates. Besides, if you go over the limit, it doesn't cost much to pay the "over mileage".
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Old 07-13-2008, 09:24 PM   #6
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Quote:
Originally Posted by E46_SoKOR_328I View Post
Besides, if you go over the limit, it doesn't cost much to pay the "over mileage".
Interesting you say this. My research has told me that this is what causes most leasers to become the dealer's bitsh. But I'm sure each manufacturer has their own terms so it's definately something to look in to.
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Old 07-15-2008, 06:37 PM   #7
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Originally Posted by E46_SoKOR_328I View Post
If I had the option to lease my X5, I would've done so.

1. I would fully load a leased vehicle. Because you won't be able to modify it, it's best to have all the factory doo-dads. Possibly upgrade to the 4.8i (grab the Sports Package and 20" rims). Most dealers will allow tint (since it can be removed.

2. Unless you *KNOW* that you're going to exceed the lease mileage restrictions, the limits should be more than enough. See how much they're willing to work with you. Most dealers will allow you more miles than what they initially advertise with a slight increase in your rates. Besides, if you go over the limit, it doesn't cost much to pay the "over mileage".
Says who...? Of course you can modify it, just keep the stock parts.

With this being said, l wouldn't lease a car without corporate benefits.

Good luck, X5s are pretty nice!
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Old 07-16-2008, 02:23 PM   #8
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my sister just got one. She was gonna lease again, but they had 2.0 or 2.9 apr so she decided to buy it an trade it in later
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Old 07-16-2008, 04:27 PM   #9
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If you don't know or like the mileage restriction then you should buy. You don't really have to know exact what you're going drive per year though as long as you stay within a range. For example, if you've owned your current car for 3 years and it now has 36,000 miles then you probably drove 12k a year. You can sign up for a 12k miles per year lease and buy more miles if you need them. Other than that you should buy. Keep in mind that you might end up losing more depreciation if the market values drop on the car.
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Old 07-16-2008, 04:39 PM   #10
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my dad just got a 08 X5, its a great car! I would just lease it 3 yrs and if you like it afterwards you can aways buy off your lease.

As for aftermarket wheels, you can always sell them back for used.
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Old 07-16-2008, 07:14 PM   #11
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my dad just got a 08 X5, its a great car! I would just lease it 3 yrs and if you like it afterwards you can aways buy off your lease.

As for aftermarket wheels, you can always sell them back for used.
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Old 07-16-2008, 08:49 PM   #12
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[This is the first time actually writing the following numbers down...disturbing to say the least]

Yeah, well, I bought my 2006 325Ci in September 2007 with only 8,000 miles on her. Two 2,600 mile trips from FL to Albany, NY and one trip from FL to Knoxville, TN and I just reached 24,000 miles...16,000 in ten months! Damn!

But they were 16,000 AWESOME miles driven!

I drive to the office 5 times a week. It is 15 miles one way so that's 30 miles per day averaging 150 miles per week or 7,800 miles per year JUST TO DRIVE TO THE OFFICE! On the weekends, I normally drive around some place so let's say I put on another 100 miles leaving me with a grand total of 13,000 miles annually.

Looking at it this way, that doesn't leave me much time to truly take advantage of my driving experience and it surely doesn't look like I'd be a good candidate to lease.

Uggggghhhhh...I just don't know! I'll have to see what the difference is between a 12,000 and 15,000 mile lease, etc.

Thanks all for your thoughts.
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Old 07-16-2008, 09:00 PM   #13
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Some lease returns are very casual. Others, they look for door dings, curb rash, etc... a friend got dinged for not having enough tread remaining on the tires.

So with that in mind, lease the rig and add aftermarket rims. Keep the stock rims put away and put them on before you drop off the car.

Also -- tint shops can remove tint just as easily as installing it.

With the economy as it is, I'd be leery of going anywhere near an SUV. My SUV year and model sells for $10k under KBB "good" right now.
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Old 07-16-2008, 10:29 PM   #14
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I actually used to work for a Toyota Dealer. I used to do leasing. Leasing is good idea for you because if you like to switch cars every couple of years there is no point in taking a hit with depreciation also dealers will kill you on trade in for SUVs (personal experience). The key behind leasing is more car for less payment. Check out the money factor and the residual value. These two numbers are the most important. The money factor will determine the interest rate on the loan, while the residual value will state the value of the car at the end of the lease. The higher the residual and lower the money factor, the lower the payment. To determine the interest rate w/ a money factor, take the money factor and multiply it by 24. In your situation I would also take a look at financing because that is a great rate, but if you are going to get rid of it in a couple of years do not expect anything for resale. Mileage wise you should be fine, the difference b/w 12K and 15K on Toyotas is $7/month on BMWs it should be $15-20 max. If you feel you might go over buy more miles, the extra miles are expensive. Modding wise be careful, sometime you can get screwed if the dealership is gay.

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Old 07-16-2008, 11:32 PM   #15
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I have been leasing for the past 8 years, its been great especially if you dont have the cash to buy the car outright. My zhp went back, but with 0 down and paying neary 600 a month I did not complain
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