[Prissy]

Can someone briefly explain how does BMW SELECT works? I know it has low payments like lease and you can mod the car all you want... Anything else? Can you return the car to bmw when the period of time is up?

[Sal@AUTOcouture]

Its balloon financing.

There's a set balloon % set, so that at the end of your financing (36-60 mo) you have a $x final payment due.

You can either trade in, sell privately, re-fi, or buy out.

Its not like a lease where you can just give the car back at the end.

[Prissy]

Originally Posted by AutoCouture

Its balloon financing.

There's a set balloon % set, so that at the end of your financing (36-60 mo) you have a $x final payment due.

You can either trade in, sell privately, re-fi, or buy out.

Its not like a lease where you can just give the car back at the end.

ballon %? What is that? Is that like residual of the car?
So what would be the best option for me if I decide to keep the car?
1) Finance 5 yrs?
2) Lease 3 years then negotiate buyout price?
3) BMW select?

[Sal@AUTOcouture]

Originally Posted by Prissy

ballon %? What is that? Is that like residual of the car?
So what would be the best option for me if I decide to keep the car?
1) Finance 5 yrs?
2) Lease 3 years then negotiate buyout price?
3) BMW select?

They're set #'s for each car. I can get into that if you'd like

If you plan on keeping the car, just do the finance from the very beginning. Many of the cars have .9% financing, so you're playing with cheap money.

IMO, if you can afford the monthly nut of a straight finance, do that from the beginning. Or if you're like me and tend to get bored of cars easily...lease

[Prissy]

Originally Posted by AutoCouture

They're set #'s for each car. I can get into that if you'd like

If you plan on keeping the car, just do the finance from the very beginning. Many of the cars have .9% financing, so you're playing with cheap money.

IMO, if you can afford the monthly nut of a straight finance, do that from the beginning. Or if you're like me and tend to get bored of cars easily...lease

Cool bro, so there's a set # for each car. I might just have you as my SA for my next car haha so ya I might need you to get me more infos in the near future. I still haven't decide if I'll go for the LCI e92 or an 09 model... still waiting for the LCI pictures if I finance it will be a 5 yr finance.

[rkick08]

Originally Posted by Prissy

Cool bro, so there's a set # for each car. I might just have you as my SA for my next car haha so ya I might need you to get me more infos in the near future. I still haven't decide if I'll go for the LCI e92 or an 09 model... still waiting for the LCI pictures if I finance it will be a 5 yr finance.

BMW select is 5 yrs as well, but at the end you have the ballon payment pending, you can either refinanced what you owe (pay cash) or turn it in and get another car but of course you will be upside down.

I did the BMW select program on my new 09 E90 becuase I was trading in a 09' Lexus IS250. At the end of the 5 yrs I will owe about 12k but I change cars like my underwear.

I will mostlikey wait about 2 years and go with about $3,500 to BMW and do another lease like I usally do...

This year I have already wasted $5k on down payments for cars!!

[Prissy]

Originally Posted by rkick08

I did the BMW select program on my new 09 E90 becuase I was trading in a 09' Lexus IS250. At the end of the 5 yrs I will owe about 12k but I change cars like my underwear.

How you going to change car during the 5 yr period?

Do you have any example of your payments?

[rkick08]

Originally Posted by Prissy

How you going to change car during the 5 yr period?

Do you have any example of your payments?

I go to any delar, they offer me a price according to what they believe the car is worth and that is put to the payoff ammount and the rest is rolled over to your new car, that is called being upside down.

For example, my IS250 payoff was $33k, BMW paid Lexus the $33k but they offered me $28K for it so I was upside down $5k which rolled on top of the new E90. I put a $2,500 down payment so I cut the upside down to $2,500 which is what ended up rolling to the cost of the E90..

Make any sense? I have been doing this for about 4 years now. I have had 3 diffrent cars since....

So lets say that next year I want to trade in the car they will offer me what its worth and I can pay off the rest out of pocket or roll it over to the car I would want to get.

This is why I alaways go for imported cars which hold their resale value alot more than any American car. In the end your in a hole and are going to lose money but then again you only live once so the hell with it!

[Prissy]

Originally Posted by rkick08

I go to any delar, they offer me a price according to what they believe the car is worth and that is put to the payoff ammount and the rest is rolled over to your new car, that is called being upside down.

For example, my IS250 payoff was $33k, BMW paid Lexus the $33k but they offered me $28K for it so I was upside down $5k which rolled on top of the new E90. I put a $2,500 down payment so I cut the upside down to $2,500 which is what ended up rolling to the cost of the E90..

Make any sense? I have been doing this for about 4 years now. I have had 3 diffrent cars since....

So lets say that next year I want to trade in the car they will offer me what its worth and I can pay off the rest out of pocket or roll it over to the car I would want to get.

This is why I alaways go for imported cars which hold their resale value alot more than any American car. In the end your in a hole and are going to lose money but then again you only live once so the hell with it!

ahhh nice... I guess that's another way to get rid of your car and not getting a big hit until later on right? I am kind of in a shoe of trying to get rid off my lease... but I still got almost 2 years left...
by the way, hows your new 328i compared to your IS250? Faster?

[rkick08]

Originally Posted by Prissy

ahhh nice... I guess that's another way to get rid of your car and not getting a big hit until later on right? I am kind of in a shoe of trying to get rid off my lease... but I still got almost 2 years left...
by the way, hows your new 328i compared to your IS250? Faster?

your always going to get a hit when getting a new car. lease or purchased, a car is always going to be a bad investment, but then theres people like me that love cars and would rather spend money on their cars than on any other type of hobby or w.e.

I would say that the 328 is more responsive than the 250 as for speed, I really cant say either is faster, both cars hall ass. the IS just as a smoother rider to it like more of a luxury car, its def not a sports car, the 328 lets you know that your driving a sports car its a way more agressive drive.

[Prissy]

Originally Posted by rkick08

your always going to get a hit when getting a new car. lease or purchased, a car is always going to be a bad investment, but then theres people like me that love cars and would rather spend money on their cars than on any other type of hobby or w.e.

I would say that the 328 is more responsive than the 250 as for speed, I really cant say either is faster, both cars hall ass. the IS just as a smoother rider to it like more of a luxury car, its def not a sports car, the 328 lets you know that your driving a sports car its a way more agressive drive.

Thanks for your inputs

[Sal@AUTOcouture]

a car is not an investment (99% of the time)...its a depreciating asset

[Prissy]

Originally Posted by AutoCouture

a car is not an investment (99% of the time)...its a depreciating asset

as long we

[Sal@AUTOcouture]

thats it man. Add mods to it and enjoy it /story hehe

[ggoodlife]

Does anyone know what the applicable interest rates and ballon percentage items are?

I.e - is the 0.9% finance offer usable on select? And are the balloon amounts the same percentage wise as the lease residuals?

[Prissy]

Originally Posted by ggoodlife

Does anyone know what the applicable interest rates and ballon percentage items are?

I.e - is the 0.9% finance offer usable on select? And are the balloon amounts the same percentage wise as the lease residuals?

+1 if it's the same or less than lease and you still get the 0.9, that would be great.

[Sal@AUTOcouture]

Originally Posted by ggoodlife

Does anyone know what the applicable interest rates and ballon percentage items are?

I.e - is the 0.9% finance offer usable on select? And are the balloon amounts the same percentage wise as the lease residuals?

Finance and Select rates are the same. Just note that Select isn't allowed in all states (n/a in IL, MD, NC, ND, NH, NV, PA, TX). For the states it isnt allowed in they get "Owner's Choice" which is 4.75%+