How does luxury car lease hacking work?
HTML-код
- Опубликовано: 17 ноя 2019
- Top Exotic Car Financing Stories:
How does exotic car financing work? • How does Exotic Car Fi...
A Lambo Lease Takeover goes wrong - • A rapper held my Lambo...
Lambo repo stories - • Repossessing Jermaine ...
Tips to prepare for a big purchase - • 10 Steps to Prepare fo...
Scott from GlassParency has honed the craft of getting the best possible deals on luxury car leases. Today he breaks down the best ways to shop, negotiate, and explians the tricks that dealers use.
Thank you to Avalon King for their continued support of VINwiki - Enter code VINwiki for $25 off your complete Ceramic Coating Kit. Visit avl.kg/vinwiki.
Visit our store - store.vinwiki.com
Download VINwiki and add to the stories of the cars you love.
vinwiki.com/ios
vinwiki.com/android
vinwiki.com/desktop
Be sure to like and subscribe!
#LeaseHacking #LeaseDeals #LuxuryCarFinancing 
Авто/Мото
Dave Ramsey has left the chat
😂😂😂
He's a nut
Right? This guy got a Master's in Mathematics just to keep up with the Jones's.
U don’t know how hard I laughed at this
I meant Ramsey is a nut, 70% of his advice is total nonsense
So to sum up a 17 minute video, offer 1% (of msrp) per month with $0 down and only pay title and registration + some small dealer fees.
Bradley Streak looool
funny but accurate, that was the ideal figure he mentioned
Also target age lot cars preferably a loaner or a demo
you forgot 1st payment is always due at signing
This doesn't work for every brand, but I was able to lease a $75,000 car at 15,000 miles per year with 0 down. My payment is less than 700. My advice is to 1) Spend time on leasehackr to learn how leasing works 2)lease at the end of the year 3) Be patient. It wasn't that hard, but you HAVE to have patience. I was shot down and laughed at by more dealers than I could count, but I stuck with it and was eventually successful. The whole process took me less than a month.
This episode needs a chalkboard...
bulletin board with red yarn
@@sloppysamari "engineering explains jumps in chat" lmao
Engileasing Explained
This shit went way over my head, which is unfortunate because I'd love to know wtf he's talking about
I'd like an Excel spreadsheet
Guy is straight to the point:
1. find a car available at the dealer
2. do your research to figure out what dealer paid for the car, msrp, money factor
3. figure how much your willing to pay in financing and what's your cost (should aim at 1% of msrp)
4. send emails to sales manager (cc other managers from same dealer) with your offer for specific car they have in stock with details of your financing proposal
Favorable timing: end of quarter, end of year.
yeah what the fuck are all these negative comments? every other vid I see on the subject is some douchebag trying to sell shit and shill their sponsors for 6 minutes before giving 1/10th the information found here
I've been in the car business now for 12 years. I can't stress enough of the part you said about be nice to your salesman. I've hooked more customers up just because we meshed well and they were just genuinely nice to me. You attract more bees with honey than vinegar.
I think that's an incredibly import part of this. Be nice, throw some profitable referrals their way, and develop a relationship.
Unless you are british in which case you attract more than enough!
But don’t you attract more flies with shit instead of honey?
I agree 100% I have been in the car/RV sales industry for 30 years now and I make so much more money when the people seem to love me. Also his complete lack of how we make are money was kinda laughable. Definitely not saying that he doesn't make somebody points but he thinks that it a little more black and white then it really is. The hidden money is even more prevalent in the RV side of the business. One last thing is yes them being super nice will hurt them. If you are being an ass we will still hurt you financially we may just have to work at it a little harder but the joy is much greater.
You can catch flies with honey, but you can catch more honeys being fly.
Pro Trick : Playback Speed 1.5X
1.75X = Ben Shapiro mode
I'm more of a 1.25x guy myself
WesKidFresh really makes a difference.
Thanks man, that made it much easier
Allow me to introduce myself! x)
I feel like they should have Ed explain lease hacking.
Billu Singh yeah can someone break this down as simple as possible.
I guess there's just some things even Ed won't stoop to.
Absolutely agree!
Pls
Yeah i got his points but its kinda all over the place. Like what is the steps and approach.
For example, you want to get 1% of the msrp at the minimum but do we approach and see what the incentives are first? Is 1% after incentives? I mean u wouldnt really email the dealer without knowing this.
I wasted 17 minutes watching this video, then another 2 hours in the comments section. Fair trade.
Haha
Same
Not a good ROI lol
This is how I leased my 2013 RS5 for 350 a month with 4,000 down. At the end of the term I returned it, got a $500 loyalty credit and the dealer gave me a $2500 rebate to lease a Q3 for my wife for $365, so I only payed about $13,000 to drive my dream car for 3 years and surprised my wife with a new SUV. Absolutely worth it.
Porsche sounds like a phenomenal company to lease from. 😐
Yes or no for lease hacking Porsche?
@@justincarrillo12626 No I had someone in the office interested in one and they asked if I could find them a deal. They didn't expect 50K off haha. But the lease wasn't close to 1% still due to the poor residual and high money factor.
Only ‘OK’ lease deals I’ve ever seen on a Porsche are from dealer demo / service vehicles configured in poverty spec. Overall any desirable Porsche will lease poorly (regarding 718’s and 911’s at least)
@@VirtuaStig "poverty spec" lol
My uncle leased a Porsche Cayman S and got a sweet deal, ended up buying it and he loves it. Don’t listen to people there’s always loopholes, doesn’t hurt to ask
There are people who can make the most mundane stuff sound really interesting, this guy is not one of them.
Snadzies this comment needs more love. 😂
@@CSRGM1915 your comment needs spell check
Paul Carmi thank you.
@@CSRGM1915 you're not welcome
Paul Carmi 😘
This is great information, I wish I understood it.
You said more than he did in that one comment
I love modding my car and doing little maintenance myself, so leasing isn't for me, but I'm really glad there's a group of car enthusiasts that have figured out a way to game the system their own way. This video was interesting to watch.
There's always a work around!
For many manufacturers, press cars qualify for new car leases. The dealers buy them way back of invoice in many cases. Once, we had a chance to buy an Aventador that was still in the current model year and it was less than the 24 month residual so the lease would have just been the monthly interest on price.
Also convertibles in winter get incentives and putting down refundable MSD's (multiple security deposits) lets you buy down the rate even further. Been doing this with BMW's for years and it's great. Also take advantage of option for European delivery and get basically a free vacation out of it too. So many options if you research.
@@aussie2uGA how does a European Delivery get you a free vacation I'm curious, sounds interesting. I live in the US.
civicturbo2009 it’s not a free vacation. You still pay for hotel and airfare.
@@eternalending I got a free vacation to jail for not paying sales tax
I would never ever EVER recommend a press car, not even to my worst enemy. If you think a rental car gets treated bad....
The most helpful lifehack
1) if you can’t afford luxury cars don’t buy or lease them
15 seconds -profit
I fell asleep watching this. Woke up, and he was still talking.
Lmao 😂
Like my ex-wife!! 😂
I got to the point where I decided to watch it with my eyes closed...
i have to actually want to watch this to sit thru it ngl. but he’s dropping sum gems
chas smith I checked the video length after you message and it’s only 17 min. Damn some serious A.d.d in here 😂😂
Great video, but I just watched 17 minutes of something I will never do. The VinWiki effect.
I don't even have the money to try it lol
1.25 or 1.50 speed Is perfect
Was it really only 17 minutes, I once watched the titanic, that seemed like a commercial break compared to this boring bastard talking about a lease.
Yeah never gonna lease or buy new car, always go for 3-4 year old car and dump it in as short time possible
Eric Hass in fact i plan on doing most of it
I've been selling BMW for a year now and this is all dead on also I remember that 4 series program lol. I'm all for people getting a great deal but what I've come to learn in 7 years in the business it's all about the customer getting an honest deal that works for them, sometimes the dealer making more or less. I've given the most disgusting low deal to ungrateful pricks that turn them down and made some money on people thrilled with everything top to bottom. However theres a difference between making money and whaling someone over the head which I'm not a fan of unless a particular car and market calls for it in which the customer will be aware of. I'm okay with doing those low deals too aslong as people understand them. Every business should be entitled to make money and ever customer should get a great deal and experience.
He bought a BMW and was surprised the value tanked?
I was a car salesman for 5 years, and no one has explained lease hacking so clear like this Video!! take some notes, I've used many of this tricks today and this is real valuable, money saving, sound advice. Best of Luck to All!
Love my monday morning Vinwiki lol Always a good start to the week.
Leasing depending on the situation can save or cost you a lot of money. A lot of dealerships have started doing one time lease payments, meaning you don't have to pay monthly, you can pay all the money for the entire lease upfront and call it a done deal, they often times will lower the price if you go for a one time payment so play around with that as well!!!
As someone who sells cars, pretty much everything he said is spot on. I appreciate when an informed buyer comes in because when I say yes I’ll give you that deal they take the car and everyone comes away happy.
Worst ones to deal with are people wanting a better deal just because they “feel” their payment should be X dollars per month and then get mad when you show them all the reasons that’s just not possible
Glad to hear this feedback. Like I said, it's just a business proposition, take it or don't, I won't be upset, and I'll always appreciate the time given. I've told many people that they really should stop fighting a dealer for a lower price when they ask me for advice, because they were actually getting a good deal, but just felt it was "too easy"
Great video! I worked in the auto industry and wrote leases all day. Rule-of-thumbs you recommend are spot on!
thanks for the tip, now i need to go, my court hearing is starting soon
ioan benzar good luck !
Oh yes your honor , I have ALOT of evidence
i have one Thursday :0
Good luck with your court hearing. I hope it goes well for you.
im jus here to check in on ya..... you in jail????
Best video in a while. I enjoy the finance part or buying or leasing a car. You guys make it very interesting.
I concur with all the reasons stated here for leasing a vehicle. I leased my last and current cars, and I’ve never been happier making car payments. I don’t anticipate I’ll be going back to financing a car ever again.
Man. I felt like I was back in chemistry class trying to keep up with all the formulas. Thank you for the insight.
Seems to be a very difficult way to buy something you can't really afford.
Honestly my 2000 golf is just fine fucl that
Yeah I personally don't like leasing. It's made sense for my business at times before I sold it. But even then I regretted it. I've got friends and neighbors that he had to have a new car every 2 years even though the model hasn't changed. Whereas I drove the same the same car for 8-10 years. I'm now semi retired and debt free at 40 traveling/spending time on my sailboat and they're a few paychecks from losing it all. It's crazy to think that they blew $200-300,000 thousand dollars simply to drive a new car every 2years. The money I saved paid off my house,bought my boat and paid for the refit and my business/retirement property in Bulgaria. Then they ask me how I can afford to live the way I do lol
But you're not really buying plus you're paying interest.
@@southjerseysound7340 yeah I'm driving a Jeep I've had for 12 years. When I tell people that buying is the smarter way, they say, "who drives a car for 10 years?". Hi, I do. And I haven't paid for anything car related in years other than insurance.
My brother bought a new Grand Cherokee and was paying about $500 a month. Once he paid it off, it felt like he had an extra $500 a month which is a big deal. If you spend the same way and just put that in the bank you'll be saving an extra $6,000 a year. Small amounts add up but people would rather drive a new car every couple of years than build their wealth. Their choice I guess
@@Sickwitit18 so true and the crazy part is that most of the time people can't tell I'm driving a older car. I started my business with money I saved from driving a POS Chevy truck and recently sold it for a lot of money in most folks eyes. Another thing I found out was that most of the folks that people think have money are usually just tossing it away in bigger chunks. My neighbors for instance are paying damn near 3grand a month for their 2 cars. It's crazy,in ten years that could easily be safely invested into a half million or more.
The key to all of this is that you can NOT do this with the sales reps. They usually don't have the information to be able to know what's possible. They don't know MF, invoice, or what the dealer is willing to discount the car for. You have to go directly to the sales manager, general manager, or finance manager for this.
Those are the guys who can work the numbers properly.
In essence, go for a car with a high residual sales value, desirable by the used market, good options spec and don’t get screwed by the interest rate. And finally don’t mess the dealership about
Never saw such a dense jam packed video filled with precious information! That's the essential's essential!
4 series m sport.... shows an m3 🤦♂️
its not m3 look closely
Hitbox R6 not later in the story
Hitbox R6 it is an m3 1:38
It's okay, it's not like this is a car-related RUclips channel or anything. 🤣
First car was a 2007 BMW, shows a BMW F30 😅
The best lease I ever had was the one I never got; I own & buy used.
yeah and then u spend a fortunate on maintence
@@Jay-ds2eu Well, my garage doesn't look like Hoovies (lol) but a little maintenance is just part of the privilege of driving.
@@Jay-ds2eu this is a myth, you're getting scammed bro. cars post 2009 are super reliable
@@Jay-ds2eu it depends what you buy, not every car brand makes their cars super unreliable that falls apart every 1000 miles, or so super expensive when it does break you need 3 credit cards maxed out and a bank loan to fix it.
tspawn35 there’s benefits to leasing. You can write off expenses on a lease. Usually include free maintenance or no maintenance really needed since it’s a new car.
Really cool tips I sent this video to a few of my customers who totally get bogged down by numbers and terms they don’t understand and always think I’m pulling a fast one.
Here's a lease hack: If you don't lease a car, you won't have to get out of a lease!
cblackjeep98 here’s a lease hack: if you agree to a lease you truly like, you won’t have to get out of a lease!
cblackjeep98 Here's a lease hack; if you really like the car, go to your credit union or bank and get a loan to buy it. Then you own it and can do what you want with it! NEVER finance through the stealership! Lot's of info online about dealership b-m r-ping you.
@@oneselmo There are problems with that though. Say you were to buy a truck in the rust belt, that truck is only going to last you 10 years, if you are lucky. Mean while, leasing multiple trucks for 10 years would be significantly cheaper. So while sure you'd love to own that vehicle so you can do what you want with it, most of the time you will be out significantly more money than if you were to just lease during that time.
@@oneselmo Unless you're the kind of wealthy where you could just buy out an entire luxury car dealership's inventory if you wanted, purchasing a luxury vehicle is one of the worst financial decisions you can make
These vehicles are all built specifically to cater to people that need their cars to signify their prestige and wealth (think an executive or a sales manager that needs to impress clients). That means never driving an old car. As such, they are all basically built to last through 1-2 lease cycles before they start leaving $4000 parts all over the road constantly, at which point they get flipped to shady used lots in the inner cities, and get purchased/repo'd by a revolving door of wannabe ballers who don't know any better.
NEVER finance a BMW/Merc/Audi, only lease
hibiskus that is the truest statement. I’ve had a 2003 Audi TT for a while and it has cost a lot in repairs. Love it so much that I’ve given in but finally just gonna lease Audi.
Great info! I spent about 2 months finding all of this info out prior to leasing my first car 5 years ago. Managed to negotiate my 2015 M235i xdrive from MSRP $50,500 down to $46,500 and then throw multiple security deposits in (not sure if BMW still offers this) to lower my money factor rate below the BMW standard. Monthly payments came out to $460/month with technically no money down since I get the MSDs back at the end of the deal. The residual I negotiated was good enough that my sale price at the end of the lease was less than the cars worth at that point in time. Ended up buying my m235i, and putting my MSDs originally put in against the sale price. Was a great experience to go through and learn from for the future.
I've been doing this on BMW's for years. I can add that you should also look for cars going out of season. I leased an M3 convertible in the winter for under $700/mo with zero down due to this. Never put money down on a lease but DO give them Multiple Security Deposits (MSD's). This lets you "buy down" the money factor as they have less risk. Also, with BMW at least, choose the European delivery option and have it come back into Spartanburg for some track time. For the dealer it's just paperwork, they never see the car, and you'll get a free trip if you can use airlines points to fly over. You won't get the car back in the states for a few weeks but the whole experience is amazing.
Sometimes, all it takes is being picky and being willing to wait. I was looking for a manual transmission, turbo car for roughly $20k after I sold my daily 07 Ford Focus. I found a 2017 Fiesta ST that fit all the criteria I wanted AND had the desirable Recaro seats. This was in February 2018. Well, I looked at it, test drove it, and decided to wait... and wait... and wait. Finally, May 2019 rolls around. This little thing sat on their lot the whole time being moved spot to spot. From what I heard, only 1 other guy test drove it in the span, because a subcompact FWD hatchback in Montana isn't exactly what everyone wants (to put it in perspective, over 3/4 of this dealership is F-150's and F-350's). The MSRP on this little thing was almost $26k and when I first test drove it, it was marked to $24.5k. Then in May, it was $21k. By the time we had finished negotiating, and a few persuasive points later, I got the keys to a brand new Magnetic Metallic Fiesta ST w/ only 41 miles on it for... $17,750. Ford's little Oasis system that shows dealer profit/loss for a particular vehicle showed my price as -1,984. A lot of patience, persuasion, and actually leaving the dealership as if I was declining their offer, got me one of the most fun cars I've ever driven in my life. My story probably isn't typical, but beating the system is always sweet.
Congrats on that deal - great price for a brand new ST. Patience is a virtue
Who TF would go through all this to pay 18G's for a Ford fiesta 😩
Yea but you got a Fiesta...
Was a dealer manager almost 2 decades ago. This is well said and good advice.
This was a great video ! I’ve always been interested in leasing but always thought it was not really financially the best idea
Im replacing my bed-time binaural beats with audio from this video
Awesome video. Too many people write off leasing a car but won’t bat an eye at buying a new car every 3-5 years. They could literally save thousands if they just found a good deal on a lease
Great video man!
I like the advice about just being nice, that’s keeping it real.
hosed by a BMW and your response was "get another BMW"?
Greg Jackson twice
It's an addiction. I don't lease, I buy old and cheap for 10% or less of original value, but I've been screwed over by BMWs time and time again, and my response to it is just to buy more old BMWs. I've ended up with a small collection of mostly broken shitbox flagships as a result...
@@richardharrold9736 Good for you?
@@JimNortonsAlcoholism 😂
What are your thoughts on leasing? Can you hack your way into a great deal?
VINwiki I would be willing to give it a go!
Yep, been driving leasehacked BMW's for a while now. $215 a month for a 330i wagon with zero down, and recently a BMW X2 for my wife for less than $200 a month with zero DAS. The stuff mentioned in this video is spot on for proper leasehacking.
NO - at the end of the day, you do NOT own the car. You've spent money, and have nothing to show for it other than transportation. If that was the goal all-along, then skip leasing and use Uber all-the-time.
@@MichaelJames-lz7ni the goal is to minimize the actual cost of ownership. For newer cars (especially BMW's) if you buy it, even if you keep it for 10-12 years, by the time you factor in taxes, tires, maintenance, and the killer.... depreciation, you could have leased a brand new BMW 3-4 times over if you did a proper leasehack.
More often than not, the majority of buyers don't even own their cars anyways, the bank does through financing. And if you are paying cash on a brand new BMW or luxury car, then you truly are an idiot with money. :)
Check the Lease Hackr Forums
Very insightful - thanks for the in depth commentary. Clearly a guy who has researched and used these techniques before!
Thanks for making the video, This helps with leasing a lot. Ya'll should do more stuff like these. This channel can be more than great car stories
"It's a lease, so the car is not your problem, you're giving it back in the end". Correct, and then they'll charge you extra for all the problems in the end. 🤦🏼♂️
not necessarily most of them are still under warranty when they're done and some company's have extra wear and tear lease cash up to $5000.
And some dealers waive those extra fees if you lease another from them
No you’re actually completely wrong. Any mechanical thing that happens to the car is covered by the dealership. The only thing the lease owner pays for is scratched, damaged, or popped tires.
Russ monte and to add onto that, some car manufacturers have their own policies on natural wear and tear / scratches.
My mom (2015 C300) backed into somebody, put a small scratch on her rear number. Since the damage was smaller than the size of a credit card, it was counted as natural wear and tear. $0 out of pocket for it.
Dad’s car (2017 S60 Inscription) had a few curbed rims and a tiny paint chip from god knows what, again, smaller than a credit card and paid $0 in damages.
Our current 2019 XC90 has rock chips already because I drive a long way to school, and they’re all covered.
God bless knowing how to lease a car.
Only thing I’ve paid for on my lease is wear and tear. Tires,oil, regular maintenance. Anything that happens mechanically etc is their problem.
Hardly sound like it is worth all the BS with so much out of your control.
I would recommend taking over a lease then. Let someone else deal with all the bs for you. It's super easy, the company does a credit check, you sign a few papers, you pay a (usually couple hundred dollar) transfer fee, and the car is yours. Almost everything is done online, if not, mailed documents, no trip to the dealer needed. All you have to do is pay the monthly payment. Take a look at swapalease or leasetrader, always some great deals going around.
@@tmanepic have you done it yourself?
@@Sickwitit18 yes, twice, very happy both times.
Being worth it or not is a matter of personal preference, but in these situations, you are correct, the dealer holds all the cards.
That’s why working with an AutoBroker (shameless plug) can be to your advantage depending on the state you live in.
@@tmanepic so I always read "and the car is yours" but if you lease the car won't be yours, am I right? You are allowed to drive with it but it's not your car.
You guys who didn’t understand it, just google the terms and pause it frequently and rewatch what you missed. It made 100% sense to me but I used to sell cars and this guy is giving you very valuable information and it may not seem like it but it’s delivered in a very concise way. When I try telling my son about the car business money world I don’t do near as good a job as he did. Yeah, not a very exciting subject, but it’s so very valuable.
This is all very accurate information. Where i live 3rd party leasing companies are on every corner beating dealership lease prices but also making money on people who don’t have any idea what their doing. When i ask my buddies what $ they put down and how much they pay a month for their leases i feel bad because most of them got robbed. Im glad i am in that 1% of msrp/invoice and no money down on my deal. Never put money down ! Also that Porsche lease transfer deal is very strange !
I love it. I’m in the car business and I agree with this man 100% on everything he said in this video.
Never has someone said so much without saying anything at all
Besides the vid where "Rabbit Screws Elderly Couple and Gloats about it" this is the most fkd up vid ever.
The video is titled "How does luxury car lease hacking work?", and he covered virtually every aspect of it. What are you missing?
He actually said a lot. Great info
@@dommy114 he actually said so much jargon without actually explaining any of it it didn't translate at all.
Like hey. What's the enthalpy of water? How much delta will that take to have a state change? But what if you want sublimination to occur mid stream. See jackass. You've no idea what I just said.
@@appletuntrainer He used terminology any adult should know.
No need to name call. Not a good look. Your example deals with the sciences and goes beyond what a person who desires to be a successful, functioning member of society must know. You don't know me. I am an engineer. Do you think an engineer can get through school without learning what enthalpy and sublimation are? Do YOU know what you said, because I don't think you do.
this was the most helpful video Ive seen so far on this topic, thanks!
one of the best in those series, very interesting!
He likes to lease so he doesn’t have to worry about anything.. like the miles you drive...
Hahahahaha. Yep. Go ahead and make that cross country trip a time or twelve.
Bryce Ocain thats what dummies like you dont understand to have two cars when you lease have a car you already daily drive paid off etc and use your lease car for leisure time and you can make that cross country trip and not worry cause your not primarily driving it
@@lycaon1900 I ain't leasing a weekend car, I want all access to the car every hr with no restrictions. Mileage confines you
@dedan2 doesnt have to be weekend car if i have to drive to work 20 miles to and from every day and other chores and i dont want to put that wear and tear on it weather its leased or bought
Dedan2 Most leases are good for 30k miles i can do allot with that and i already own another car you only get trapped if its your only means of travel because then you need to lease another one right after and are always over on miles ,
Good morning, have a great Monday!
GREAT INFO!!!!! You sir are well researched!
could not have been better timing! Going to lease a mid range 2019 infiniti q50 awd. They have a special to make room for the loaded 2020s, $339 a month with a $2700 cap cost up front. Dividing 2700 by the 39 months and adding to monthly, it is exactly 1% of msrp monthly with tax rolled in. Thanks for reassurance!
How many random Bimmers could they include in the slideshow?
"**in** Long Island"
*LI fury intensifies*
@@tspawn35 but everybody lived ON land... think about it that way lol
Lmao facts LI gang
tspawn35 😂😂😂
Hempstead
so true, just being nice people gets you a good deal and more likely we are willing to work with you more.
I did the same thing but for a purchase. Final car price for my 2017 WRX Limited was $30,608. Or less than what people pay in my area for the base trim. Or $6,000 below what people paid for similarly equipped cars in the area.
There is no negotiations? Lease Hack?
So what you are explaining is that you picked out the unit, give them the terms you are willing to do business and if it is possible on their end, you are committed to sign the dotted line?
There are so many people that are going to lose money because of this video... lol
2000TJ ive had a shitty week at work...
Why?
I took over a 2017 mustang lease for $347/mo. I had 30k miles to use in a year, no down payment, no balloon payment at tbe end. The original lessor have me $1,500 incentive to take the car and had paid insurance for over mileage and damage. It worked out great and in April I turned it in by dropping it off at a dealership after hours.
Great video I appreciated the time and knowledge shared.
I have no idea what you where talking about but I enjoyed it.
Great point on down payment and GAP insurance!
Awesome video. I really really appreciate these educational videos
I was just in the market to lease a X3 what he said is 100% true and very useful, thank you very much for the info!
This guy said be nice to dealers. I like him.
I fell asleep half way thru
Last February I leased a 2019 Acura Ilx for 10k flat, some dealers will do a one time fee/payment, so you don't have to pay monthly, and usually that payment is lower than the monthly combined.
Not the most exciting video but very professional and informative. Thanks.
This guy is a professional car owner.
This is great advice, if you enjoy having a car payment.
... most cars are purchased on some kind of finance
@@Johnson09641 you're definitely not wrong, but you're pissing away a bunch of money when you perpetually have a payment.
@@jakebellacera no one casually just throws out $60k on the spot lol, not everyone is that rich
How do you figure out dealer invoice price? I feel that's the only part I'm often missing.
Incredibly valuable information! TY!!!!
In management, if you can't make your point in two minutes, you'll need to find another job.
On RUclips, if you only do a 2-minute video, you aren't getting shit in ad revenue.
It's crazy how much cheaper leasing a m3 to buying it is😂
Thank you so much this helped more then 3 other 15 mins vids...that made me go huhhh let alone...asking a car dealer between leasing and financing...this made more since shit I'm glad I waited on a new car
Thanks. I didnt know anything about leasing till I saw this video
6:11 I think that's LH calculator- I'll be honest I didn't watch the whole video but I hope you mentioned us (credits) if that's so...
What a great video, thank you Scott! Leases are so confusing to a lot of people (including me) and I'm surest people are getting really taken because of it.
just learning about lease hacking and this video is spot on! thanks Scott! you should do this on the side and help people not get screwed by the dealerships 🙂 subbed!
I do it as a profession!
I’m the General Sales Manager at a BMW dealership. The guy who gives you all the numbers. Some of the stuff in the video was decent advice. Some of it was bull. Here’s some tips from my side.
1. The best way to negotiate is in the dealership. If you are in the showroom, have decided on a model, have test driven that specific vehicle, and are sitting with my client advisor with a clear intent to purchase, you are in control. My best deals (“stupid” deals for me) have been given to people in the showroom. You are my top priority. I’m judged by my superiors on my ability to “close” people that have come in the showroom. Why would you not capitalize on that element of desperation?
2. It’s all about the monthly payment. Everything. Money factor, residual, rebates, capitalized cost reduction, acquisition fees, blah blah blah. Who cares? The only thing a dealer has control over is their discount and a small money factor markup. All the other components are set by the manufacturer. Why try to figure out something you’ll never have access to? Instead, focus all your attention on the monthly payment. The payment is 600 a month? Tell the salesperson you’ll buy the car at 450 a month. He’ll come to the office, tell me, and I’ll proceed to throw things and say something like “where does this guy get off.” Then? I’ll try everything I can to get to 450 knowing full well I’ll never get there. If you’ve expressed a clear intent to purchase a vehicle THAT DAY and I’m ready to let you walk after reducing the payment once or twice, you know you’re getting a great deal. A new car just needs to be sold. I would rather not lose money, but will if it means moving a unit. Basically, show intent to buy and then reasonably lowball the payment. In almost every case, people that have negotiated a lease in this way have received the best deal from me and they are the deals that I review and go “why did I even do that?”
3. Depends on the model. Surprise, a 2020 M2 Competition leases like shit. They have no rebates and the residual is low af. The “best” leases are on volume cars. 3 series, X3, etc.
4. Weird colors. Loaded out cars. Cars that are a liability for the dealer. Regional factors. I’m in the snow belt and I have a leftover 2018 4 series with a $5000 tire and wheel package. If you walked into the dealership and said you wanted to buy that car I might give you 200 a month out of my own pocket just to buy it. Also, I am in a very heavy SUV market. The whole country is right now, but my region is the heaviest. You can get a great deal on a 540 sedan right now BECAUSE I DON’T WANT THEM AT ALL IN ANY CAPACITY. This is the biggest variable. The slight differences in how dealerships do business and what is important to them. But it’s very hard to determine.
Main point: The one thing that is consistent from California to New York is dealers want to move cars. Be in the showroom, show a clear intent to buy that day (having already done most of the research), and negotiate simply on the monthly payment by reasonably lowballing. If a dealer is really willing to let you leave after reducing the payment you can be sure you got the best deal.
Any questions let me know
**Just reading the comments in the buy vs lease debate. If you want a luxury car, lease it. For gods sake, never pay cash or finance a new BMW or luxury car. If you think leasing is dumb and expensive and you never own the vehicle, that’s valid. I leased a BMW when I got in the business. Now the car in my drive way is a Pre-Owned Honda Civic. What does that tell you?
Kyle, this is great advice, and I appreciate you being upfront. While I love BMW, I wanted to try to tailor this video to more than just BMW leasing, which is why some topics went broader. At the end of the day, moving a unit is a business decision for the dealer as you said, and if you want to, you will, and if not, that's okay too. I'm all too aware of the unfortunate residual on the M2 Comp, I would have loved one, but at prices at or greater than the M3, it made no sense on a lease.
Thanks Scott. I usually don’t comment on videos, but this was the first advice I’d seen that was pretty informative. The biggest thing was not negotiating in the showroom and ignoring the monthly payment. It’s counterintuitive, but it really is the best way to get a great deal. Like you said, we deal with a lot of BS and we’ll usually give a great deal if you cut through it. Thanks for the video
@@kylewhelan822 I'm glad to hear a someone whose in a dealer position, especially BMW, understands where I'm coming from. This isn't an attack on dealers. It's simple, in some cases, it makes sense for a dealer to move a unit and not make much money, or in some cases do a net zero deal. At the end of the day, it's a business decision. Truthfully, I give that advice because I've always had bad luck walking in to negotiate, and I know they'll be going back to the manager anyway. I think that bypassing that process respects your time, instead of me coming and trying to negotiate, I just send you a straight up offer that I will go ahead, come in, and just sign on without hassle.
So what you're saying is, 'Don't but a Porsche'
Andrew Roy don’t lease a Porsche
You can lease from different banks. The dealership I work for uses ally
So you got "hosed" but ten seconds later say "it wasn't bad by any means". Next video
Definitely pinning this video for future use. Best explanation this far I’ve heard and explained very well as a female I actually understand better. Would love to stay loyal to BMW but them cars lose value so fast that you have to give it back in 3 yrs. Thank you
What about Range Rover HSE? I was planing to lease one for work some time soon......is it hard to get good lease deal on them?
There's hold back so Invoice is inflated for certain brands.
Holdback isn't something you have any negotiating power with. You'll never know exactly how much it is, or how it's even paid (as it depends from brand to brand). And it doesn't go towards the car deals bottom line, just the dealership overall. Because holdback's main purpose is to help offset floorplan interest paid on the car.
So if you REALLY want to try using holdback in negotiations, ask them how much they've paid in floor plan interest on the car, and add that in there.
The hold Back is also a reserve of sorts for anything the car needs Done as well As dealer to dealer transfers . Depending on the state your at there is a shipping difference as well.it is a profit but they already expect people want close to invoice price and not for nothing nobody works for free.
If you want a great deal buy a pre owned car with low miles. You can save 30 percent off the price off a 1 year old car with only a couple thousand miles.
This is why I became an engineer instead of going into finance. So many terms and bs, I came out of this 15 minute video saying “neat, I don’t have a clue how to do any of this”.
I’ll stick to buying used.
Buy new goon!
David Klimmek never :)
So with everything going right and say i get a good lease deal around how much would i be paying a month? I know alot matters on deal and credit but what was your average payment for a BMW
My mothers 2018 BMW 430xi lease was a loaner car AND had 3 accidents on the Carfax. What should she be paying for this car monthly?
Last time I was this late, the check had already been delivered to the homeless shelter.
Amazing. Indestructible drones.
VC Hunting my mom wore a dress and hit that drone
Great info man! 👍
this is the best leasing advice video I've ever seen. What's still considered a good deal above 1% of the value per month? At what % does the dealer's profit become too greedy?