[Roowah]

Hi Everyone - I don't typically post new threads, but the times that I have in the past were usually calls for help, and you folks have always been fantastic and come to my rescue. So here I am again. Here's the situation...

My 2006 E90's lease is terminating on 5/31/09, and I would really like to purchase it. However, the residual was a little over $26,000 which I think is quite high compared to current actual value. After speaking with my local dealership, the best they are willing to do is $24,750 not including any expense needed for it to be a CPO vehicle. From what I've researched, the actual value is significantly lower.

From what I've read through other member's posts, I really hoped that I would be able to purchase the vehicle for around $21,000, not necessarily including any costs needed to make it a CPO. I'd prefer to have it as a CPO to take advantage of any special financing options and the included extended warranty.

Am I right to assume that I can work with any dealership to assist in this transaction? If I can, would anyone be able to recommend anyone in the general Boston or NYC area that I could contact that may be more interested in assisting me with this transaction? I'll be visiting family in NYC in 2 weeks, so I can certainly make a side trip. I would think that if I wanted my vehicle to be a CPO, they would need to inspect it as well.

Sorry for the long post and thank you in advance for all your help!

[p4junk]

How many miles?

[chrisE92]

If your usual dealer gives you a price you're not satisfied with, go to another. You can go through any dealer for your lease buyout

[Roowah]

Originally Posted by p4junk

How many miles?

Thanks for replying! I just ticked over 24,000 miles.

[Roowah]

Originally Posted by chrisE92

If your usual dealer gives you a price you're not satisfied with, go to another. You can go through any dealer for your lease buyout

That's what I was thinking. I'm hoping that someone could possibly recommend either a CA or sales manager that would be easier to work with as compared to my experience so far.

[Roy@vqmotoring.com]

I will definitely go to another dealership, every place will adjust their prices to their convenience, just bargain hard and let them know what you want to pay for it, so they know from the get go what you looking for.

[JackMac]

It also depends on how much $$ BMW Financial Services wants from the dealership for the car. Then the dealership adds any CPO costs plus X profit on top of that.

I'm guessing there won't be too much variation between dealers on the final cost, but you can certainly shop around to get the best deal.

[Roowah]

Originally Posted by Roy@vqmotoring.com

I will definitely go to another dealership, every place will adjust their prices to their convenience, just bargain hard and let them know what you want to pay for it, so they know from the get go what you looking for.

I've definitely tried with this dealer. It's too bad, since the CA that I originally leased my car from was fantastic and very easy to do business with is no longer with the company. The person I was currently working with is very abrupt and is not interested in budging. I wonder if just walking in and trying to work directly with the sales manager would be any different.

[David 12]

Take a look at the Dealer Review thread on this forum for some potential dealers.

Don't physically go to your dealer to try and haggle - Continue negotiations over the phone or even better via email. Maintain some semblance of control over the situation!

[GreenThree]

My question would be how much profit can the dealer make? And still offer you a good deal for your lease buy out + CPO. I recommend Herb Chambers Boston. My SA was Nick L., and was the best to deal with. Good luck, and let us know how it goes

[Roowah]

Thanks everyone for the advice so far!

Originally Posted by JackMac

It also depends on how much $$ BMW Financial Services wants from the dealership for the car. Then the dealership adds any CPO costs plus X profit on top of that.

I'm guessing there won't be too much variation between dealers on the final cost, but you can certainly shop around to get the best deal.

Do you think that there is a "floor" to what BMW will accept for the car, or does that fluctuate? Does 1 dealership have more pull than another?

Originally Posted by Railgun

The top 300 or so of the 450 2006 E90s I saw are going for at least $26k, but if you can get them down, best o luck.

I hope that I can get lower than what they originally quoted. After doing Edmunds.com (most probably not the most accurate way), it said that it would be worth between $21,000 and $22,000.

Originally Posted by David 12

Take a look at the Dealer Review thread on this forum for some potential dealers.

Don't physically go to your dealer to try and haggle - Continue negotiations over the phone or even better via email. Maintain some semblance of control over the situation!

I've primarily been working with my current dealer exclusively through phone calls and emails, but with limited and so far disappointing results. I thought that if I just showed up, they would possibly take me more seriously?

Originally Posted by GreenThree

My question would be how much profit can the dealer make? And still offer you a good deal for your lease buy out + CPO. I recommend Herb Chambers Boston. My SA was Nick L., and was the best to deal with. Good luck, and let us know how it goes

Good question. I have no problem with them making some profit on the transaction, but since it's mostly a paperwork transaction, and not working with a car that's in their inventory, I was hoping it would be minimal. Also, if they wanted to make some money off of me to do the CPO, I would certainly understand that. I thought that it could be cheaper to pay for the work to make my vehicle a CPO vs. paying outright for the extended warranty. I'll definitely keep your SA in mind though.

[chicagolab]

I would come up with a price you could live with (i.e. $24000including CPO). Then send it out to different dealers via email.

Maybe you read this already but it sums up my deal from a few weeks ago.

Here is how my 330i ended up. My Owners Choice financing (like a lease in IL) was ending this month. My car is similar to yours 330i , step, PDC, Nav, heated seats, sunshades (higher miles 44K. My residual was $27k. BMFS did not want to negotiate and directed me to dealer. It took me a month to get the dealer to bring it down to a price I was happy with. But I wanted to also CPO the car and get the extended maintenance. I was able to bring the price for the car down to $22.5K then I paid $1300 for CPO and $1600 for extended maintenance. Total was $25.4 with CPO and extended maintenance, this was a much better deal for me, but the clincher was I was able to get it with 0.9% financing as a CPO.

I did all of this within the last month. I am sure you can knock off about $4-5 off your buyout. I got it CPO for peace of mind but it will be easier to sell if I needed to in the next year or two.

visit several dealers or see if sponsors from here can help you, like mentioned tell them that you would like to know what buyout the dealer is willing to offer you. View it as you are doing them a favor from having another car on their lot that may not sell quickly.

With a CPO the options, miles and condition of your car....grrr....I really would have jumped on your car had it been available about a month ago.

If you keep it you will be happy, its a great car.

[Roowah]

Originally Posted by chicagolab

I would come up with a price you could live with (i.e. $24000including CPO). Then send it out to different dealers via email.

Maybe you read this already but it sums up my deal from a few weeks ago.

Here is how my 330i ended up. My Owners Choice financing (like a lease in IL) was ending this month. My car is similar to yours 330i , step, PDC, Nav, heated seats, sunshades (higher miles 44K. My residual was $27k. BMFS did not want to negotiate and directed me to dealer. It took me a month to get the dealer to bring it down to a price I was happy with. But I wanted to also CPO the car and get the extended maintenance. I was able to bring the price for the car down to $22.5K then I paid $1300 for CPO and $1600 for extended maintenance. Total was $25.4 with CPO and extended maintenance, this was a much better deal for me, but the clincher was I was able to get it with 0.9% financing as a CPO.

I did all of this within the last month. I am sure you can knock off about $4-5 off your buyout. I got it CPO for peace of mind but it will be easier to sell if I needed to in the next year or two.

visit several dealers or see if sponsors from here can help you, like mentioned tell them that you would like to know what buyout the dealer is willing to offer you. View it as you are doing them a favor from having another car on their lot that may not sell quickly.

With a CPO the options, miles and condition of your car....grrr....I really would have jumped on your car had it been available about a month ago.

If you keep it you will be happy, its a great car.

I think I remember reading your comments before, which is one of the reasons I thought that I could hopefully get $4-$5,000 off the residual, which would bring it to around $21-$22,000. From what I've read here, the average for the extended warranty (non-CPO) is about $2500. I thought that if I can get my car CPO'd for less than that total, it would be a very good idea. Otherwise, I would probably buy the car at the base price and then buy the warranty a little later before the original warranty expired.

I'm definitely leaning strongly on going somewhere that will CPO my car (Greater Boston, Southern N.H., NYC, and even possibly R.I.), since I'd really like to take advantage of not only having the warranty, but also any special financing options. I just wish my dealership here was as easy to work with as yours.

[chicagolab]

Originally Posted by Roowah

I just wish my dealership here was as easy to work with as yours.

It took some work on my end. Actually I made a few trips to the dealer and initially they would not budge. BMWFS refused to work with me and referred me back to the dealer. Each time as the date approached the deal became slightly better. I was actually ready to turn the car in if the deal didn't improve more and then things got more interesting and feasible.

I literally was walking into an Audi dealership to look at the new A4 and Q5 when my BMW CA called with their final offer and it was good. The next day I went and signed papers. Keep trying and as time passes you may get better offers and try other dealers. Let them know you are serious about walking away.

[GreenThree]

Originally Posted by chicagolab

It took some work on my end. Actually I made a few trips to the dealer and initially they would not budge. BMWFS refused to work with me and referred me back to the dealer. Each time as the date approached the deal became slightly better. I was actually ready to turn the car in if the deal didn't improve more and then things got more interesting and feasible.

I literally was walking into an Audi dealership to look at the new A4 and Q5 when my BMW CA called with their final offer and it was good. The next day I went and signed papers. Keep trying and as time passes you may get better offers and try other dealers. Let them know you are serious about walking away.

THis is a good story with good info and a great ending

If you dont mind me asking how much did your monthly payments change? And what is your financing term? For example in my lease I pay 500 / mon. Should I expect this to go up, down, about the same if I did what you did? Thanks

[Roowah]

Originally Posted by chicagolab

It took some work on my end. Actually I made a few trips to the dealer and initially they would not budge. BMWFS refused to work with me and referred me back to the dealer. Each time as the date approached the deal became slightly better. I was actually ready to turn the car in if the deal didn't improve more and then things got more interesting and feasible.

I literally was walking into an Audi dealership to look at the new A4 and Q5 when my BMW CA called with their final offer and it was good. The next day I went and signed papers. Keep trying and as time passes you may get better offers and try other dealers. Let them know you are serious about walking away.

That's great advice. It definitely makes me nervous to keep waiting as time ticks closer to my expiration date though. I'm also motivated to possibly do it this month, as if I can get my car CPO'd, there is 0.9% financing available.

[DenverJayhawk]

I doubt you'll get it for $21k. 330s are somewhat rare and well kept samples are still selling for $28-29k here in Denver. If you can get it for mid $24k, I would jump on that all day. Especially since you've been the only owner and know how it's been cared for.

[Roowah]

Originally Posted by DenverJayhawk

I doubt you'll get it for $21k. 330s are somewhat rare and well kept samples are still selling for $28-29k here in Denver. If you can get it for mid $24k, I would jump on that all day. Especially since you've been the only owner and know how it's been cared for.

$28-$29K seems awfully high these days, although there's always a difference between the retail price, and what I'm hoping to get which is closer to wholesale or trade-in value. They wouldn't have to do any reconditioning, and I would be willing to contribute towards the CPO process.

From the stories I've read from other people here, I have to think it may be possible somewhere around $21-$22K not including CPO costs. I'm hoping someone in my general New England area or NYC had a very positive experience with this type of transaction and can recommend a CA.

[chicagolab]

Originally Posted by GreenThree

THis is a good story with good info and a great ending

If you dont mind me asking how much did your monthly payments change? And what is your financing term? For example in my lease I pay 500 / mon. Should I expect this to go up, down, about the same if I did what you did? Thanks

My payments changed slightly but mostly because i put quite a bit down (around $6000) three years ago. It was a mistake because I should have went with multiple security deposits.

My previous payments were $404/mo (term 36/mo 15k year). My current payments are $460 with 0.9% for 60 months. (financed $27K including taxes , fees, CPO, and extended maintenance).

[italia4]

Originally Posted by DenverJayhawk

I doubt you'll get it for $21k. 330s are somewhat rare and well kept samples are still selling for $28-29k here in Denver. If you can get it for mid $24k, I would jump on that all day. Especially since you've been the only owner and know how it's been cared for.

I tend to agree here, $21K seems rediculously low for a low mileage CPO'd 330. You really can't compare the 330's from non BMW dealers because they can't offer 0.9% (that's some serious savings) AND you'd get CPO.

I would be very happy with $24K CPO, I think that's a great deal.

good luck

[chicagolab]

Originally Posted by DenverJayhawk

I doubt you'll get it for $21k. 330s are somewhat rare and well kept samples are still selling for $28-29k here in Denver. If you can get it for mid $24k, I would jump on that all day. Especially since you've been the only owner and know how it's been cared for.

Are the cars advertised at $28-29K? or selling at that price? My dealer had various 330s advertised in that price range. I told him i was possibly open to getting a car that was CPO and not mine and he told me those prices are very negotiable.
When I was deciding whether to turn in my car or keep it, I negotiated on some of the 330s on the lot because they had less miles than mine and to gauge the market. It was clear that they were able to cut about $3000 off some of the 330s on the lot and advertised at $27-29K.

Do not forget, it definitely is a buyers market/ Keep looking around and push for your best deal.

[Roowah]

Originally Posted by italia4

I tend to agree here, $21K seems rediculously low for a low mileage CPO'd 330. You really can't compare the 330's from non BMW dealers because they can't offer 0.9% (that's some serious savings) AND you'd get CPO.

I would be very happy with $24K CPO, I think that's a great deal.

good luck

You may be right, and I'm willing to be a bit flexible. If I could get my car for around $23K CPO'd, I'd probably jump on it. Especially since it would include the warranty (approx a $2500 value) and the 0.9% financing.