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Re: '00 lease - help please (archive)

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Posted by ]]]]dallas on June 08, 1999 at 18:18:20:

In Reply to: '00 lease - help please posted by Chris on June 08, 1999 at 17:08:58:

Depending on your state's taxes, etc. you may do better with BMW's Owner's Choice Program. This is simply a lowered payment for a fixed amount of time with a big balloon payment at the end, or an option to pay a small amount and walk away, or the option to refinance the balloon. As you can see, it works very much like a lease. The difference is, the car is titled to you and you don't have to deal with all the cap cost stuff in leasing to get certain rates. The dealers treat it just like a standard financing deal, which it really is. The rates are negotiable. You can put as much or little down as you like. Mileage is typically 15000 per year to ensure the buyback value. Even that's negotiable, if you want more.

All in all, it seems like a good deal. I'd definitely go for the 2.3. It's got the same performance as the 2.8 for lots less money. Outfitted for comfort and style, a '00 2.3 costs about $33,000-$35,000. You're probably still not going to get too much over $1500 off the sticker, as they're still kind of new. If you put down about $3000 with the Owner's Choice deal, your payments would probably come in under $500 for 3 years! Not bad.

Don't be fooled by the dealers running $399 leases. You have to put almost $5,000 down and they only give you 10,000 miles per year. That's usually on '99s, too. I haven't seen any "price leader" deals advertised on the 2000s yet.

One more thing -- I don't know why, but leasing and Owner's Choice credit is harder to get than regular credit. If you're not doing a co-signer thing, your income will have to stand up to higher scrutiny than regular financing. I know you've said you're making money on the Internet. That sounds like you're self employed. That could present a slight problem. Talk to either the business manager at the dealership, or your person at your bank to avoid confusion and BS later.

Happy hunting,

'00 2.3 Hot, sweet and black

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