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      07-24-2009, 02:43 AM   #89
CT135
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2009 135i Coupe  [0.00]
Quote:
Originally Posted by Taymaishu View Post
My stats on my quote:

Yearly Sal Sacrifice - 12,836
Lease length: 24 months
Residual: 56.25%
Monthly Lease cost: $1069.83
Car: 125i
Annual KM: 25,000

Included:
CTP & Rego
Fuel Cards (three: Shell, BP, Caltex)
$1200 towards comprehensive insurance
24 Hour roadside assistance
Servicing & Maintenance
2 year warranty (life of lease)
sounds like a good deal .... but just check a couple of things. I have had 3 novated leases. On a novated lease the yearly salary sacrifice does not just equal 12 * your lease payment. It also includes an additional amount for your running costs (rego, insurance, fuel - hence the fuel cards, tyres etc). $1,200 towards insurance sounds interesting - are you sure it is not just a $1,200 fleet insurance policy (which again you pay for out of your running costs account)? If you miss your km bracket it is a killer as well, so make sure you can do those kilometres!
Sorry if these seem like dumb questions, but from what you have said, to me it looks like the novated lease quote is incomplete.
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      07-24-2009, 02:52 AM   #90
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Quote:
Originally Posted by Taymaishu View Post
My stats on my quote:

Yearly Sal Sacrifice - 12,836
Lease length: 24 months
Residual: 56.25%
Monthly Lease cost: $1069.83
Car: 125i
Annual KM: 25,000

Included:
CTP & Rego
Fuel Cards (three: Shell, BP, Caltex)
$1200 towards comprehensive insurance
24 Hour roadside assistance
Servicing & Maintenance
2 year warranty (life of lease)
That seems VERY suspiciously cheap, especially since they don't seem to have included any FBT.......

there's no way it can be wholly correct, since the lease payments don't even cover the difference between the residual and the purchase price, and that's before taking interest into account.
56.25% of 68k=$38,250 2x$12836=$25672. $38,250+$25672=63922.......

edit: punching some numbers (68k car, 24 months, fully maintained) through a novated lease calculator, I get a monthly cost of about $2525.....

Last edited by MickyD; 07-24-2009 at 03:21 AM.
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      07-24-2009, 05:07 AM   #91
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[quote=Taymaishu;5575649]My stats on my quote:

Yearly Sal Sacrifice - 12,836
Lease length: 24 months
Residual: 56.25%
Monthly Lease cost: $1069.83
Car: 125i
Annual KM: 25,000

Micky is right. The numbers don't add up. Take for example -
7.00% interest rate $68,000 amount financed
$4,760 interest / yr
$9,520 interest over 2yr
$38,250.00 Residual
$36,720 = car + total interest to be paid back over 2y
$18,360 repay /yr over 2 yr
$1,530 repay /mth over 2 yr This should be about your monthly repayment at 7% interest
This does not include the servicing, fuel etc.

Pleaese double check with your financier cos if it is wrong then it will delay your delivery until your finance is in order.
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      07-24-2009, 09:22 AM   #92
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Quote:
Originally Posted by MickyD View Post
That seems VERY suspiciously cheap, especially since they don't seem to have included any FBT.......

there's no way it can be wholly correct, since the lease payments don't even cover the difference between the residual and the purchase price, and that's before taking interest into account.
56.25% of 68k=$38,250 2x$12836=$25672. $38,250+$25672=63922.......

edit: punching some numbers (68k car, 24 months, fully maintained) through a novated lease calculator, I get a monthly cost of about $2525.....
Seeing as though it's a written quote, and it's been provided to my company, we're going to run with it and see how we go with the dealers now. I'll keep you tuned.
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      07-24-2009, 06:06 PM   #93
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Quote:
Originally Posted by Taymaishu View Post
Seeing as though it's a written quote, and it's been provided to my company, we're going to run with it and see how we go with the dealers now. I'll keep you tuned.
mate - i'd be asking some questions to make sure ... otherwise you will be in for a big surprise when those payments start coming out!
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      07-24-2009, 07:59 PM   #94
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Quote:
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That seems VERY suspiciously cheap, especially since they don't seem to have included any FBT.......
Most probably because my employer has ITEC status and does not pay FBT.
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      07-25-2009, 03:46 AM   #95
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handy

my previous comment still stands though, about the lease payments not covering the difference between the residual and the purchase price.

Just be careful is all I'm saying.....
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      07-25-2009, 05:05 AM   #96
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Quote:
Originally Posted by MickyD View Post
handy

my previous comment still stands though, about the lease payments not covering the difference between the residual and the purchase price.

Just be careful is all I'm saying.....
Of course - and thanks

Good thing is, we have the written quotes, and once the partnership between the leasing company and my employer is signed, they're locked into the quote price, so i'm hoping to have this done on Monday once our financial controller confirms all the questions I have.

After the treatment from the dealer's finance manager, this lease company has been very smooth and up-front about things, which i appreciate!
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      07-25-2009, 07:02 PM   #97
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so how does this lease company make money?
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      07-25-2009, 09:11 PM   #98
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Which private leasing company is this, I need to be a customer!
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      07-26-2009, 05:19 AM   #99
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Quote:
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What price did you pay? Who is broker ?
Private Fleet. 125i - Space Grey - M Sports - Tint - Paint protection - $66K

I got a hold of the dealer directly and he reckons the car won't be made until end of August..............not the right answer, as I had to rush to put the order in by the end of July so that it would be made in the next week or so.....sounds like some fibs got told to get a quick sale.
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      07-26-2009, 05:33 AM   #100
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Quote:
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Private Fleet. 125i - Space Grey - M Sports - Tint - Paint protection - $66K

I got a hold of the dealer directly and he reckons the car won't be made until end of August..............not the right answer, as I had to rush to put the order in by the end of July so that it would be made in the next week or so.....sounds like some fibs got told to get a quick sale.
Your assumptions would be correct. If you order today, your production date is about six weeks away from when you order. Unless they've got one on order. They might be able to change an order of a current car, but I remember they need to do it at least 4 weeks out from production. Unless there was a car already in production with the same spec or they are trying to push a late change spec and that car actually was bought by someone who pay a higher price.

I ordered in late feb, my production was April and delivery was in June. I need to firm up order in early March. I had a late change with Hi-Fi and I was told I just change it in time.
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