[DocB]

I am curious how much M2 owners paid for their vehicles. Lease vs. Buy. I was told the residuals on a lease are very low therefore it is better to buy yet at $60K for 5 years with a favorable interest I was quoted $1300/month. Nearly $500 more than my loaded$65K 435 GC. I was minutes away from signing for a MG M2 LCI that I could pick up in October when they hit me with the numbers.

[J3STER]

What was the interest rate on that loan? The numbers seem way off. No money down the m2 out the door should be hovering in the $900's to 1K.

[HPIA4v2]

with sales tax, registration, dealer doc fee and maybe gap insurance (w/o money down bank may want this), I imagine $65000 out the door @60 month car payment would be around $1150 easy; assuming 2.49% rate. higher rate will push it higher of course.

That's what my CA told me, though the waiting list is like 20 people at the end many will drop out after learning lease/finance numbers when the car production number becomes available.

[PGHM2]

Originally Posted by DocB

I am curious how much M2 owners paid for their vehicles. Lease vs. Buy. I was told the residuals on a lease are very low therefore it is better to buy yet at $60K for 5 years with a favorable interest I was quoted $1300/month. Nearly $500 more than my loaded$65K 435 GC. I was minutes away from signing for a MG M2 LCI that I could pick up in October when they hit me with the numbers.

If you go to BMWUSA.com it allows you to build and price out your car with payments. As you can see in the picture (hopefully it shows up as I am on my phone) there are 3 options:

1. Finance - $0 down, 3.29% (what they added in when I put PA)

2. Finance - $10,000 down, 3.29%

3. Lease - 12k/yr miles and $0 down

[Tumbleweeds78]

Shop around for your own financing. BMW Financial couldn't come close to what my credit union offered.

[JustChris]

UK so not $ but a £53k spec car (if it were LCI which it's not it's pre LCI but to put my options onto it now)

£46k as a Pre Reg car 8 miles on the Odo.

Very very happy ? with that deal.

[M2LA]

Originally Posted by DocB

I am curious how much M2 owners paid for their vehicles. Lease vs. Buy. I was told the residuals on a lease are very low therefore it is better to buy yet at $60K for 5 years with a favorable interest I was quoted $1300/month. Nearly $500 more than my loaded$65K 435 GC. I was minutes away from signing for a MG M2 LCI that I could pick up in October when they hit me with the numbers.

my normal answer is always penfed @ 1.99 but it seems the 60 month @ $61K (m2, exex, tax, license) is 2.99 now. if you can qualify for nfcu they are @ 2.39 now. I have not kept up on this for the past year but it would appear loans have gone up. if you can get a ~2.49 from bmw at this point it would be right in there. payment should be a touch over $1k. pretty cheap for having a fun car to step into each day imo

[blackholescion]

How bad is your credit?

[bobert]

Paying ED MSRP for my car (BSM + Exec), which comes to $53,920. Add 6% MD tax, $150 doc fee, and $255 for MVA fees, and the out-the-door total is just over $57,500. My credit union is offering 1.99% for up to 72 months.

[DocB]

Originally Posted by blackholescion

How bad is your credit?

My credit? How is 832 out of 850. Not bad, right.

[akkando]

Originally Posted by DocB

My credit? How is 832 out of 850. Not bad, right.

The numbers are not really making sense though? How did it get to 1300 a month?

[hoyasaxa]

Originally Posted by akkando

The numbers are not really making sense though? How did it get to 1300 a month?

Because the base rate, no markup, from BMWFS is 3.29%.

He's like... $150-$200 high. Something doesn't add up, but he's not way off

[doug_999]

Here is all you need to know

http://f87.bimmerpost.com/forums/sho...hlight=leasing

[Transfer]

Originally Posted by hoyasaxa

Because the base rate, no markup, from BMWFS is 3.29%.

He's like... $150-$200 high. Something doesn't add up, but he's not way off

$200/month over 60 months would meet my definition of WAY f@#*ing off.

OP, you may have been given a 4 year quote?

[zenmaster]

If you are getting it for MSRP, why do you need anyone to quote numbers?

[ModestV8]

Originally Posted by blackholescion

How bad is your credit?

They got him good

[hoyasaxa]

Originally Posted by Transfer

$200/month over 60 months would meet my definition of WAY f@#*ing off.

OP, you may have been given a 4 year quote?

You're right. I think I assumed he was ballparking the sale price.

[pruettfan]

I suggest Penfed or your preferred credit union for car loans when the factory is not offering a promotional interest rate. You can get a 72 month loan under 3% pretty easily. I think most are paying MSRP for their cars and with rare exceptions guys are buying versus leasing because the lease residuals are terrible in the M2. Not surprising because the factories are getting nervous about residuals with the flood of cars coming off lease, in the case of the M2 they don't need to take on that risk to move them.

[zenmaster]

Why not simply choose a bank offering the lowest interest rate for the desired loan term? Why would you treat a bank like a charity and give them more money than a competitor? I really don't get this "I recommend bank X" without comparison shopping. Penfed ain't the lowest, so exactly why do they deserve more money?

[thaalrasha]

Leasing here (PCP as it is called locally) car guaranteed value is roughly 40k€ after 4 years. MSRP is 88k tho so that a bit less than 50%.

[patbrass]

Somehow, I got 1% for 72 months, no cash down from the dealer

I was actually going to pay cash but this was obviously an offer I couldn't resist. I asked for my $5k deposit to be refunded so I could finance every single penny possible. My payment is like $898 for a $62k out of the door price.

[Aronis]

$56845. cash.

Mike