BMW X5
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Post Reply
 
Thread Tools Search this Thread
      05-02-2019, 10:10 PM   #1
Aimster82
Lieutenant
223
Rep
598
Posts

Drives: 2018 X3 M40i 2019 BMW X5 5.0
Join Date: Apr 2018
Location: Virginia

iTrader: (0)

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.
Appreciate 0
      05-03-2019, 04:41 AM   #2
BMWPenPen
Enlisted Member
25
Rep
46
Posts

Drives: 2020 BMW X3 M40i
Join Date: Mar 2019
Location: Charlotte

iTrader: (0)

Garage List
2020 BMW M40i  [0.00]
We need more information. What’s the price of the car, first payment cost, etc?
Appreciate 0
      05-03-2019, 06:10 AM   #3
Aimster82
Lieutenant
223
Rep
598
Posts

Drives: 2018 X3 M40i 2019 BMW X5 5.0
Join Date: Apr 2018
Location: Virginia

iTrader: (0)

Quote:
Originally Posted by BMWPenPen View Post
We need more information. What’s the price of the car, first payment cost, etc?
$99,250 MSRP

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, 06:50 AM   #4
sf2360
Second Lieutenant
316
Rep
238
Posts

Drives: G06-2021,718 GTS 4.0, Raptor
Join Date: Dec 2014
Location: Suffolk, NY

iTrader: (0)

price

You get the lease agreement when you pick up the car. You should have gotten a lease order that show the cost breakdown.
Appreciate 0
      05-03-2019, 08:40 AM   #5
TurtleBoy
General
TurtleBoy's Avatar
12884
Rep
19,396
Posts

Drives: 2019 X5 40i,2021 M340i
Join Date: Jan 2019
Location: Colorado

iTrader: (0)

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
Aimster82
Lieutenant
223
Rep
598
Posts

Drives: 2018 X3 M40i 2019 BMW X5 5.0
Join Date: Apr 2018
Location: Virginia

iTrader: (0)

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
TurtleBoy
General
TurtleBoy's Avatar
12884
Rep
19,396
Posts

Drives: 2019 X5 40i,2021 M340i
Join Date: Jan 2019
Location: Colorado

iTrader: (0)

Quote:
Originally Posted by Aimster82 View Post
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.
I would tell them to forget it, I don't deal with people like that. The way I did my deal was I worked out all of the numbers after agreeing on a price and then made sure they matched mine. The first time they didn't and I told them to rework it. Then once the MSDs were instituted I had them do it all over again. That took a bit longer as no one there was familiar with the calculations but after a few hints from me and redoing it three times our numbers matched.

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
Aimster82
Lieutenant
223
Rep
598
Posts

Drives: 2018 X3 M40i 2019 BMW X5 5.0
Join Date: Apr 2018
Location: Virginia

iTrader: (0)

Quote:
Originally Posted by TurtleBoy View Post
I would tell them to forget it, I don't deal with people like that. The way I did my deal was I worked out all of the numbers after agreeing on a price and then made sure they matched mine. The first time they didn't and I told them to rework it. Then once the MSDs were instituted I had them do it all over again. That took a bit longer as no one there was familiar with the calculations but after a few hints from me and redoing it three times our numbers matched.

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.
I put a non-refundable deposit down. They said it's because 99K MSRP X5 is hard to sell. The car is still waiting for production with no scheduled date.

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
TurtleBoy
General
TurtleBoy's Avatar
12884
Rep
19,396
Posts

Drives: 2019 X5 40i,2021 M340i
Join Date: Jan 2019
Location: Colorado

iTrader: (0)

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
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 06:40 PM.




xbimmers
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST