Automotive

BMW questions and answers

  • Last Updated:
  • May 27th, 2017 8:16 am
Newbie
Mar 11, 2017
10 posts
1 upvote
Looking to lease takeover an M235i with about a year left. $760/month (tax incl).
20 years old, 2 years of credit history. Score about 620 (due to about 50% utilization on credit cards I think, total CL $25,000. No actual negative marks). Have had a car financed for about 13 months.

Would anybody be able to chime in on whether I could even qualify for this? I can pay the entire lease balance up front ($760 * 12 so about $9120).

Edit: Forgot to mention, income $130,000/year. I read that lease takeovers are easier to qualify for than a standard lease, can anybody speak to that?
Last edited by devred on Mar 12th, 2017 9:35 pm, edited 2 times in total.
Jr. Member
Jun 20, 2004
162 posts
18 upvotes
Toronto
How hard is it to get service records for a BMW? Looking at a used one and hoping to take a look at it's history before pulling the trigger. Going to call BMW NA today, but hoping to get some insight. :)
Deal Expert
User avatar
Jul 30, 2007
17420 posts
3162 upvotes
Toronto
submit a leasetakeover application to BMWFS and find out. Nobody here can tell you whether you qualify or not.

As for lease takeover. I sure hope the current owner is giving some incentive for you to do the takeover. You will have to sort out who is going to pay the inspection cost, bmwfs lease admin fee as well.

devred wrote:
Mar 12th, 2017 9:35 pm
Looking to lease takeover an M235i with about a year left. $760/month (tax incl).
20 years old, 2 years of credit history. Score about 620 (due to about 50% utilization on credit cards I think, total CL $25,000. No actual negative marks). Have had a car financed for about 13 months.

Would anybody be able to chime in on whether I could even qualify for this? I can pay the entire lease balance up front ($760 * 12 so about $9120).

Edit: Forgot to mention, income $130,000/year. I read that lease takeovers are easier to qualify for than a standard lease, can anybody speak to that?
Last edited by booblehead on Mar 13th, 2017 8:26 am, edited 1 time in total.
Deal Expert
User avatar
Jul 30, 2007
17420 posts
3162 upvotes
Toronto
if buying from bmw dealer, you can ask them what kind of major or minor issues the car in question had in the past and whether they had been corrected since. An actual copy of the printout will not be given to you for keep for sure.

HappyDude wrote:
Mar 13th, 2017 7:52 am
How hard is it to get service records for a BMW? Looking at a used one and hoping to take a look at it's history before pulling the trigger. Going to call BMW NA today, but hoping to get some insight. :)
Jr. Member
Jun 20, 2004
162 posts
18 upvotes
Toronto
booblehead wrote:
Mar 13th, 2017 8:31 am
if buying from bmw dealer, you can ask them what kind of major or minor issues the car in question had in the past and whether they had been corrected since. An actual copy of the printout will not be given to you for keep for sure.
Thanks Booblehead. Yeah, I'm mainly looking for making sure service is up to date and TSBs have been addressed. The sale is not through a dealership, but as part of the sale agreement, I've asked them to take the car to a BMW dealership for inspection. This is just added comfort.
Newbie
Mar 11, 2017
10 posts
1 upvote
booblehead wrote:
Mar 13th, 2017 8:26 am
submit a leasetakeover application to BMWFS and find out. Nobody here can tell you whether you qualify or not.

As for lease takeover. I sure hope the current owner is giving some incentive for you to do the takeover. You will have to sort out who is going to pay the inspection cost, bmwfs lease admin fee as well.
The incentive for me is that there is approx 4500km/month left because the guy barely used it, and I'm going to drive the hell out of it Smiling Face With Open Mouth And Smiling Eyes Thanks for your insight
Deal Addict
Nov 2, 2013
4164 posts
596 upvotes
Edmonton, AB
devred wrote:
Mar 12th, 2017 9:35 pm
Looking to lease takeover an M235i with about a year left. $760/month (tax incl).
20 years old, 2 years of credit history. Score about 620 (due to about 50% utilization on credit cards I think, total CL $25,000. No actual negative marks). Have had a car financed for about 13 months.

Would anybody be able to chime in on whether I could even qualify for this? I can pay the entire lease balance up front ($760 * 12 so about $9120).

Edit: Forgot to mention, income $130,000/year. I read that lease takeovers are easier to qualify for than a standard lease, can anybody speak to that?
It'll most likely fall on whether the payment fits in your debt to income ratios. At first glance yes as you never mentioned a mortgage. The CC debt is hurting you though in case you do want a mortgage later.
Newbie
Mar 11, 2017
10 posts
1 upvote
Thanks! Yeah my debt to income is pretty good. No mortgage, just cheap Windsor rent Smiling Face With Open Mouth.
Newbie
User avatar
Feb 16, 2017
77 posts
26 upvotes
I have the car for about 10 months now and it has 14,300 km on it. It said i need to do the oil change when it hits 15,000 km. I am just wondering when can i call them and arrange the oil change? How long does it take to change it usually? Because there was one time my friend try to contact them and they said it is too early to schedule an appointment, wait till you getting closer to 15,000, they will call you. So anyone know are they gonna contact me if i am almost 15,000? or i have to call them? Also, i can only go to do the oil change on certain day. Let said i go over 15,000, is it ok? will they still change it for me?
Eat and sleep
Deal Expert
User avatar
Jul 30, 2007
17420 posts
3162 upvotes
Toronto
call dealer now and book (dealer will not call you as they have no idea what mileage you are at). +/- 500km is acceptable, but dealer may prefer you to do it slightly over 15,000km (so they will have no issue getting reimbursed from BMW Canada). No worry if you are even at 16,000km. Saturday is usually the quick service maintenance day for dealer because there are no warranty work done and although the dealer may only staff a few mechanics, you should be out fairly quickly too.

if you are booked first thing in the morning, then you should be looking at about 1 hr max time, meaning, you should be out of the dealer by 9am.
Deal Addict
User avatar
Jan 21, 2009
2148 posts
206 upvotes
TO
Anyone know what finance rates are for a used 2016 M4 (from a BMW dealer)? Debating whether to pay cash + my trade or to finance + my trade. If it's over 5% or something, forget it.
Newbie
Mar 27, 2012
77 posts
29 upvotes
martinliu0322 wrote:
Mar 14th, 2017 5:38 pm
I have the car for about 10 months now and it has 14,300 km on it. It said i need to do the oil change when it hits 15,000 km. I am just wondering when can i call them and arrange the oil change? How long does it take to change it usually? Because there was one time my friend try to contact them and they said it is too early to schedule an appointment, wait till you getting closer to 15,000, they will call you. So anyone know are they gonna contact me if i am almost 15,000? or i have to call them? Also, i can only go to do the oil change on certain day. Let said i go over 15,000, is it ok? will they still change it for me?
As long as you're within 5k its fine. I've gotten mine changed at 10k when it said to service at 15k.
Member
Feb 25, 2009
489 posts
31 upvotes
I'm interested in a used 2014 335i M Performance Edition, RWD, manual, with 16k on it. Trying to figure out a fair price but it's a bit tough considering the very low KMs and the fact that the MPE is a rare car (particularly the RWD one). Black Book value for a loaded 335i is $34,500 on the high end but doesn't account for the fact that it is an MPE. It's a lease return and the 36 month residual would probably have been $35k at best. The car was mistakenly listed for $42k but is now $46k. The dealer also quoted me $700 in fees and $2499 for the CPO warranty. How much room for negotiation do you think there is?
Deal Expert
User avatar
Jul 30, 2007
17420 posts
3162 upvotes
Toronto
For $46k, you would and should be looking at 2015.

http://www.bemaautosport.com/used/BMW/2 ... 563959.htm

MPE car is bolted on parts car. If dealer wants ultra premium price for it, better look elsewhere

As for dealer wanting $2500 cpo warranty, that's much much more than it should be, even if its +3 yrs /+ 80k km

You better call bmwfs to find out what is the real msrp

http://www.torontoautomall.ca/certified ... 0f10ba.htm

If you want to negotiate with the dealer, this one (above link) is at least asking somewhat in the reasonable ball park figure such that this can still be negotiated furthermore from $43K down to probably $40 - $41K range as being fair.
Member
Feb 25, 2009
489 posts
31 upvotes
booblehead wrote:
Mar 19th, 2017 7:43 pm
For $46k, you would and should be looking at 2015.

http://www.bemaautosport.com/used/BMW/2 ... 563959.htm

MPE car is bolted on parts car. If dealer wants ultra premium price for it, better look elsewhere

As for dealer wanting $2500 cpo warranty, that's much much more than it should be, even if its +3 yrs /+ 80k km

You better call bmwfs to find out what is the real msrp

http://www.torontoautomall.ca/certified ... 0f10ba.htm

If you want to negotiate with the dealer, this one (above link) is at least asking somewhat in the reasonable ball park figure such that this can still be negotiated furthermore from $43K down to probably $40 - $41K range as being fair.
Keep in mind that if I specifically want a 2015 RWD manual 335i, there are literally only 4 in the country. There are 16 2014s and 24 2013s. So unfortunately I am not spoiled for choice in that area.

I realize the MPE is largely a parts car. However, it is also a loaded car and there aren't many 335s around that have the equivalent equipment. So the package appeals to me on that level.

Because RWD + manual is literally the least wanted configuration (there's only 10 RWD ones in the country out of the 200 MPEs that were built in 2014) that may be an advantage for me. I'm guessing there's not a huge pool of buyers for this car. But it's only been on the lot for a week so the dealer won't be desperate to get rid of it.

I don't mind paying a bit of a premium for the exact car that I want, if it's in perfect condition with very low KMs. I just need to figure out what a fair price target is inclusive of fees and CPO warranty.

The best comp I have seen was another 2014 MPE, also RWD and manual, identical except for the color. It had 30k and the asking price was $39k. I would have bought that one but a salesperson at the dealer bought it. I'm sad I missed out on that one as it was literally the only Valencia Orange RWD manual MPE that was built.
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