[toyotabimmer]

Hello all,

I am planning on leasing a new M5 competition, and I need some advice if you'd be so kind!

For starters, I am located in Canada, and I am looking to pull the trigger either this year or next year (I figure that 2021 or 2022 will be the last year for the F90, and I'm set on getting one before they go extinct, but if I get one this year or next isn't a huge deal to me, I just want to get the best value for my $).

With that in mind, I have heard that I will get a better lease rate if I take a lease on the outgoing model year (IE if I lease a 2020 M5 in say september 2020, I will get a lower monthly payment and higher residual value). So what would be the best time of the year for me to lease in order to get the lower payments on the outgoing model year?

I am looking at a 2-3 year lease, 16000 km/10000m a year. Any suggestions for mileage limits? Or is this part of the deal just preference?

Downpayment. I would like to make a large downpayment to get my lease payments lower, is this the smart way to go?

Single lease payment. This is an attractive option for me, as I could just make one payment and save on interest. Is this a good deal?

Lease rate. How negotiable are the BMW lease rates? Is it a matter of haggling with the salesman? There is only 1 BMW dealership in my city, but there is another one in my hometown (a 2 hour drive from where I live), so I could see if one will do any better. What do you suggest?

Any other tips that you recommend? Thanks guys!

[Lawguy]

Single payment is a bad idea. If car is stolen or totalled, you’re hosed, I believe.

[240SXFAN]

Few helpful pointers:

1. Do not negotiate based on your monthly payment. Always ask for Money Factor (MF), Residuals and Cap cost.
2. Check in this forum to make sure the MF and Residual numbers are close to the base level for your credit score. Refuse to accept any markups by the dealer on these.
2. Resist offers to use a bank other than BMWFS for leasing. They are unlikely to be competitive as BMWFS subsidises BMW business.
4. Negotiate hard to get your cap cost (MSRP - Discounts) as low as possible. Threads in this forum have a wealth of information on the best deals other members are getting, though your options in Canada may be limited.
5. Do not pay anything upfront to reduce your cap cost as that money will be lost should something happen to your car. Keep your sign off payment to first month lease amount + TTL+misc. fees
6. If Monthly Security Deposits (MSD) are available in Canada you can use that (Max of 7) to reduce your MF (interest rate you pay on your lease amount). MSD is a multiple of your monthly lease payment that you leave as a security deposit with BMW that is fully refundable at the end of the lease.

Not much else I can think of.

[stealth70mde]

Definitely do not put any money down... Better to have this cash in your pocket plus reasons the other posters mentioned.

Did you consider buying a used BMW certified ? Not the same as new for sure but since the M5 depreciate like crazy, there might be good deals.

[MXNSITH]

A great source is leasehackr, I'd check out some of the articles here: https://leasehackr.com/blog/category/Leasing+101

With regard to your mileage question, that is personal preference and how much you will drive it. I believe the penalty is $0.30 a mile over your annual limit with the option to buy more miles later and get a rebate difference between the two.

Prior to leasing, become a BMCCA member so you may get a rebate there. I think you have to be a member for a year but that rebate is $1K at the moment and has to be submitted 60 days from the lease.

[toyotabimmer]

Thanks for tips so far guys, definitely helpful.

Originally Posted by stealth70mde

Definitely do not put any money down... Better to have this cash in your pocket plus reasons the other posters mentioned.

Did you consider buying a used BMW certified ? Not the same as new for sure but since the M5 depreciate like crazy, there might be good deals.

I haven't looked into it, just because I couldn't find much for a used F90 M5 anywhere near me. I am in a smaller part of the midwest, so not a lot of M5 floating around here. Maybe I could see if they can send one in from their dealership network.

[TrevorM3]

rate or "interest" is based on your credit. Make sure you know what that is.

know what the cap cost is, (what they are selling the vehicle to you for)

do not put any money down to reduce your payment.