I think the dealer is trying to get rid of one of his many CPO vehicles - in most places there is no problem without getting a lease on a new X5.

Today I just ordered well equipped ($14k in options) X5 on a 36 month/15k miles a year lease - I had 7 dealerships fighting for the deal on the phone and via email in the PA/NJ area. The residual is 53% as you mentioned.

BTW there is a $2505 Premium Package Option Credit until September 2nd - make sure they know that you know about that - the Premium Package is 'free' to the dealer and should mean $2500 off for you too (before negotiations even begin - I ended up finally getting my vehicle for about $1500 below invoice because of this).

Also the Money Factor through end of August is 0.0020 for existing BMW Financial Service customers (i.e. have current BMW leases) and 0.0024 for people new to BMW like myself. Your number seems high. Send me a PM if you want more info...

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Current daily driver: '13 BMW 335i M Sport in EBII with Premium/Tech/Cold Weather/Driver Assist/HK Audio/Sport Auto
Other current cars: '12 BMW X5 xDrive35i Sport Activity with Convenience/Tech/Cold Weather, '99 Mazda Miata
Previous cars: '99 Lexus RX300, '01 Lexus IS300, '02 Acura MDX, '04 Mazda RX-8, '04 Infiniti G35 Sedan, '06 Lexus GX470, '07 Lexus IS350, '08 BMW X5, '10 BMW 535i