05-02-2019, 10:10 PM | #1 |
Lieutenant
223
Rep 598
Posts |
Did I get ripped off?
First time ordering a custom built BMW.
I went in negotating with the dealer for 11% off MSRP. I showed them an offer from a dealership nearby for close to that. They asked me what the terms were and I said 36/12. Residual/MF/Fees all BMW standard. They came back and they gave me a monthly price that would be close to 11.7% off MSRP. I did the credit application and I put the first month payment down. They said the first month payment is not refundable since the car is close to 100K. The only thing I signed off on is the monthly payment. I never got anything that shows I am locked in at 36/12. Shouldn't they have given me the lease agreement? I am just trying to figure out what the dealer pulled so I can figure out my options. |
05-03-2019, 04:41 AM | #2 |
Enlisted Member
25
Rep 46
Posts
Drives: 2020 BMW X3 M40i
Join Date: Mar 2019
Location: Charlotte
|
We need more information. What’s the price of the car, first payment cost, etc?
|
Appreciate
0
|
05-03-2019, 06:10 AM | #3 | |
Lieutenant
223
Rep 598
Posts |
Quote:
Monthly Payment $1,220. Zero down ..except first month payment which I already gave them When I plug the numbers into leasehacker it comes out to 11.8% off MSRP for 36/12. Awesome deal based on what I've seen posted here. For 36/10 it comes out to 10.8% off MSRP. Good deal but I never discussed 36/10 with them. Shouldn't I have signed a lease agreement or something with financial terms? I have to wait to call the dealership in a few hours to request the breakout of the $1,220 |
|
Appreciate
0
|
05-03-2019, 08:40 AM | #5 |
General
12884
Rep 19,396
Posts |
You are probably fine but they should have have you signed the deal sheet as well as the build sheet. I did all of the negotiations by email so also had that for backup but of course wasn't needed.
Just to make you feel better, email them all of the info you have for the build, selling price, MF, RV, etc. and have them verify it. |
Appreciate
0
|
05-07-2019, 09:37 PM | #6 |
Lieutenant
223
Rep 598
Posts |
I called the finance manager who worked the deal and he said it was for 36/12 and I shouldn't worry about how he came up with the monthly payment because it is exactly what I asked for.
I'm trying to figure out how the dealership is going to benefit from this. I guess I need to take a trip to the dealership because they are not trying to give me the lease breakout. |
Appreciate
0
|
05-07-2019, 09:58 PM | #7 | |
General
12884
Rep 19,396
Posts |
Quote:
No need to go to the dealership, email him back with a copy to the GM telling hi he has one more chance to give you the information you are asking for. If he chooses not to, then forget it and you will go to a more reputable dealer. |
|
Appreciate
0
|
05-07-2019, 11:12 PM | #8 | |
Lieutenant
223
Rep 598
Posts |
Quote:
I do have text message conversations with the salesman that says I want to do 36/12 0% down and only first month payment. I even said I need them to beat a competitor's deal of 11.5% off MSRP. I made sure to save those in case they try to make me put money down which was never discussed. |
|
Appreciate
0
|
05-07-2019, 11:23 PM | #9 |
General
12884
Rep 19,396
Posts |
Your deal may be fine, I just don't like when people hide stuff. It will show on your paperwork when you sign it. My guess is they marked up the MF to make up for the discount but I have not run any numbers.
In many instances there is no such thing as a non-refundable deposit. If you are happy with the final price then don't worry about it since you have the details to back things up. Just relax and enjoy your vehicle once it arrives. |
Appreciate
0
|
Post Reply |
Bookmarks |
Thread Tools | Search this Thread |
|
|