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Car lease vs finance canada budget,used car auto loan rates bad credit quick,auto loan 32000 year - Reviews

Author: admin | Category: Loan For Car | Date: 21.02.2014

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There have been many discussions on various websites since an internal BMW document surfaced that led to people to believe the BMW i3 lease terms in the US would be very high. The document also showed that BMW is only going to apply $4,875 of the expected $7,500 federal tax credit as a capitol cost reduction to leases. Please see my response below regarding the Lease and OwnerChoice products you had asked about, as well as how each product relates to the Federal EV Tax Credit when purchasing a BMW i3.
But for customers who want to claim the maximum tax credits, we have made attractive alternatives to leasing available: OwnersChoice and OwnersChoice with Flex. In general, due to the uncertainty and complexity of tax credit rules, we encourage anyone considering an EV to consult with a tax professional. While this doesn’t really clear up the tax credit questions, it does give some clarity on the OwnersChoice with Flex product that they developed specifically for the i3.
There is interest charged on the $7,500 cap cost reduction they applied that is baked into your monthly payment, but BMW will allow you to pay it back early and save on the interest expense.
Personally I expect to BMW to announce the financing details pretty soon, like within the next couple weeks and I will certainly post them here. People are willing to pay a brand premium for M3 but consumers were not willing to pay a premium for the BMW 318ti. I think we need a response from Nissan on this or gm or ford , I bet they will differ and kind of confirm BMW is using funny math at best.
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One potential i3 buyer even has his local dealer work up a lease quote using the information on the document. Unfortunately this is basically in line with residual values of other electric cars and there are basically two reasons for it.
This $4,875 Lease Credit can be directly applied as a Capitalized Cost Reduction, or to other costs, at the time of lease-signing.


Increasing the final balloon payment due further reduces your monthly payments, and in this way provides you with the opportunity to benefit from the $7,500 immediately.
Like both of the OwnersChoice products above, a BMW FS loan provides you the eligibility to claim the maximum $7,500 Federal EV Income Tax Credit.
This will allow a buyer to get the full $7,500 tax credit, yet still return the car like a lease at the end of a predetermined period. The best way to utilize the OwersChoice with Flex may be to pay the $7,500 up front when you take delivery of the car, therefore you’ll never have paid a penny of interest on it.
However, admittedly it doesn’t get us any closer to really knowing what leasing deals BMW will be offering. If they make 1M and have to pay 100k on tax, the tax credit reduces the tax obligation to $92.5k.
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First, electric cars are new to most people and there is a lot of uncertainty regarding what the secondary market will be.
I raised this question to Timm Bock, Product Development & Pricing Manager for BMW Financial Services and he told me that BMW will only realize $4,875 for the federal tax credit and that they will pass every cent of what they get along to the customer. Regardless of your tax situation, by choosing a BMW FS lease with the $4,875 Lease Credit, you’ll know exactly how much you will benefit, it’s applied at the time of purchase and there is no subsequent filing, administration or personal tax implications. OwnersChoice with Flex bridges the time-gap between the vehicle’s purchase date and your tax filing date.
It’s a purchase, but allows the buyer to have a capitol cost reduction up to $7,500 (the customer decides how much they want BMW FS to deduct as a cap cost reduction) to lower their monthly payments.
Until we get the official residual values, interest rates and terms, we’re all just guessing. We are proud to say that BMW FS is the first in the industry to develop an enhanced balloon finance solution like this for EVs.
Where the incentive is a manufacturer rebate, taxes may be payable on the full amount of the vehicle purchase price. There were a couple things that led to this very high lease estimation and I thought it would be worth while to discuss them here.
So either they get more than BMW does which would be surprising, or they are eating the $2,625 in an effort to push their electric vehicle offerings.


The owner will then have the option of making a balloon payment equal to the residual value plus the additional $7,500 and buying the car outright, refinancing the balance and keeping the car, or simply paying back the $7,500 and returning the car as if it were leased.
These cars are subsidized by tens of thousands of dollars per vehicle just so the manufacturer can lease the minimum required be California, in order to continue to sell their gas cars there. I find it hard to believe the i3 will lease for that low, but I suppose it’s possible on a base BEV i3 without any options. See your dealer for details, terms and conditions, and to determine your eligibility for this incentive program.
This to me would be equally surprising, so I really don’t know what the truth is at this point, but I will continue to investigate this. BMW has been consistent with saying the i3 is going to be profitable from day 1, and BMW will not subsidize it.
Until we have years of EV use behind us with tens of thousands of examples to draw data from, finance companies will likely err on the side of caution and offer low residuals on EV’s. This will likely make the i3 more expensive to lease in California than a Honda Fit EV, a Fiat 500e or a Toyota RAV4 EV. California is the largest market for EV’s in the country and basically paves the way for everywhere else.
EV’s buyers in California not only get the $7,500 federal tax credit, but they also get up to a $2,500 State rebate. Therefore a used EV is instantly worth $10,000 less than a new one as soon as it rolls out of the lot. So to be fair, you really should include the tax incentives and rebates in the equation when you discuss electric vehicle residual values, because that is the actual effective cost of the car to the buyer.. That is still a bit low, but not really far off of what a typical car would be worth after a three year lease.



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