The complete automotive resource for buyers, sellers, and owners like you.
Car, Truck and SUV Forums at Roadfly
+ Bentley Forums
+ BMW Forums
+ Cadillac Forums
+ Chevrolet Forums
+ Ferrari Forums
+ Jaguar Forums
+ Lamborghini Forums
+ Lotus Forums
+ Mercedes-Benz Forums
+ Maserati Forums
+ MINI Forums
+ Porsche Forums
+ General Discussion
+ Marketplace Forums
I was in similar place as you: graduated in (archive)
[ Follow Ups ] [ 3-series (E46) Message Board ] [ Msg. Board FAQ ]
Posted by June 2000 (m) Brian on November 27, 2000 at 01:18:23:

In Reply to: Lease plan for a new college grad posted by Benjamin on November 26, 2000 at 22:19:18:

I'm 22 and just graduated from undergrad in June.

I ended up getting a 330Ci via EuroDelivery for 560/mo (incl tax) on a loaded 330Ci with US MSRP of 41k. Downpayment was only $700 plus fees so total drive off was less than 2k.

I would not have been able to get the car at all if not for BMW's College Grad program -- all credit unions and online loan providers denied me for lack of prior credit.

I also did the 10k/year based on the same logic that you mentioned: if I buy the car at the end of the lease (which I am planning to), than the fact that I exceeded their 10k/yr limit is a moot point.

Conventional wisdom is that leasing is not that great of a deal but it let me get the car of my dreams, at a reasonable price. Leasing the car at 560/mo will let me accumulate a large enough downpayment to make the 26k residual payoff a 3 year lease at ~600-650/mo ... making it in essence a 6 year loan for 560/mo the first 3 years, and 650 the next 3 ... not bad at all, IMHO.


I can afford $600 a month for a car payment.

If I finance the $40K 330Ci I want, it will be way over the $600 as I have decided to give my sister my '99 Civic coupe.

Basically, what I'm saying is I'm starting with nothing.

If I lease, going thru bmwusa.com's lease calculator (I hope it's pretty accurate in its estimates), I would pay around $550-$600 a month for 36 months, 10K miles which is pretty much perfect for me. That is if I put down around $3000 which I will do by working at a fancy restaurant until I start my real job sometime during the summer.

I will most likely drive more than 10K miles a year. Probably around 15K+. But realistically, the more I travel as a business consultant the less I will be driving, but I'm not going to count on that.

Now I know I will be paying a hefty price for going over the 10K limit. So you ask, why am I setting the terms of the lease to 10K? Well, to keep the payments low!

So to avoid the wear and tear charge, I am hoping BMW allows me to buy the car at the end of three years at the residual value and disregard the overage in miles.

My question to you guys is... does BMW in fact allow this?

Any other pieces of a soon-to-be BMW driver would be greatly appreciated. You guys are a great resource.

Thanks!




Follow Ups:


[ Follow Ups ] [ 3-series (E46) Message Board ] [ Msg. Board FAQ ]
Questions, comments, or problems, please visit the Roadfly help desk.
Roadfly.com Logo © 1997 - 2008 Jump Internet Inc. All rights reserved.