Is this a good lease?

[jaijai]

2009 X5, 4.8i (12K miles a year)

Car has the following packages:

-Cold weather package (heated seats and steering wheel, etc.)
-Technology package (backup camera and sensors, nav., bluetooth, ipod or iphone hook-up)
-Premium sound package
-Rear climate package (heated seats in back and separate climate control)

MSRP = 66,975.00
My down payment is $1750.00 and the net cap cost is $61,726.00
Money factor - 0.00155
Monthly payment - 801 per month pre tax.

Comments and opinions are welcome.

[PasPar2]

FYI - you can get an 2011 for about the same money... not sure where you can even lease a 2009 still these days

[jaijai]

This is a used car that was leased about 12 months ago and above are the conditions for a lease transfer. Currently, 23 months left on lease and no downpayment for me.

I already have a 2008 X5 which is going back shortly so trying to see if I can aquire someones lease.

[PasPar2]

did you know that a lease transfer for NY will require tax at registration time. if the entire payment is 801 on the agreement then you will need to pay up $1650 or so at registration time.

with 2.2k in inception fees you can easily lease a 2011 for under 800/month AND BMWFS will let you extend your lease till the 2011 is ready

[jaijai]

wow that sucks, this is my 1st time trying this so I was not aware. Thanks for that. I can however, register the car in CT if required. Do you have any idea how this might work out in CT?

[PasPar2]

you will need to call BMWFS and ask them... I did a transfer into NY so I know the deal here but not into CT

[Thunder22]

You should call NY DMV and see if there really is double tax or not. I know that there is a double tax hit if you move a lease from 1 state to another (NY to NJ for example) but I'm not so sure that they collect it again if the car stays in state. Also, you need to confirm with BMWFS that the original lease did or didn't have the sales tax rolled into the lease payments, if it did, I would walk away, you shouldn't have to pay the other guy's sales tax, if he paid the sales tax up front, then you should get the free ride unless he hits you up for the sales tax.

Regardless, you say in the original post that you're putting $1750 down then say that you don't have to put anything down.

[PasPar2]

I went through all this already last time I transferred... good luck getting anyone in taxation to answer. BMWFS will collect this from you or you wont be able to reg the car. the fact that this makes no sense doesn't matter.

[jaijai]

the original owner had put $1750 down (sorry about the confusion). The original owner is willing to take care of the credit check as well. The car is currently not registered in NY.

[Thunder22]

I don't think it's common practice for the person who assumes the lease to make good on the down payment for the original lease holder. That's the benefit of taking over the lease, you don't have to deal with that stuff. The original lease holder should pay the lease assumption fee too.

NY is going to whack you for the sales tax on the remaining monthly payments.

Did you ask if the original lease holder paid the sales tax up front or if he put it in the lease? If he rolled it in, you're paying the sales tax twice and making good on his down payment. I wouldn't do it if I were you.