BMW has a deal ....... - Chicagoland Sportbikes
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post #1 of 47 (permalink) Old 12-22-2011, 09:41 AM Thread Starter
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post #2 of 47 (permalink) Old 12-22-2011, 09:48 AM
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Hmm, isn't that basically a lease? Not bad.
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post #3 of 47 (permalink) Old 12-22-2011, 09:49 AM
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Oh man. I don't have the money to buy a S1rr, but 2hundo a month sounds pretty good. I can just imagine having a yardsale at the racetrack and owing a shitton of money

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post #4 of 47 (permalink) Old 12-22-2011, 09:53 AM
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Quote:
Originally Posted by plotts View Post
Hmm, isn't that basically a lease? Not bad.
yeah - it makes sense for BMW too - it is a great way for them to try to get alot of new bikes out into the market. Money is tight right now. BMW just opened a new dealership not far from my house in countryside. A few of the bikes do look interesting as well.

Its a shame Harley doesn't do something like this. They are probably the only company large enough to tackle something like this.

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post #5 of 47 (permalink) Old 12-22-2011, 10:03 AM
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Originally Posted by plotts View Post
Hmm, isn't that basically a lease? Not bad.
Quote:
*3asy Ride is a retail installment sales contract with a balloon payment. Financing provided to well-qualified customers by participating BMW motorcycle dealers and assigned to BMW Financial Services NA, LLC or BMW Bank of North America. The $198.95 monthly payment is based on $13,950 amount financed, 48 month contract, 6.25% APR, 90 days to first payment, $550.00 down payment and $6,556.50 balloon due at the end of the term. Excludes tax, title, destination and registration fees. Program not offered in MD, NC, ND, NH, NV, PA, & WV. Sales price must be greater than $10,000 in HI and NJ. Subject to credit approval.
err if that seems like a good deal, i have a bridge to sell you.

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post #6 of 47 (permalink) Old 12-22-2011, 10:14 AM
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$550 Down and 48 month Loan with a $6.5K Balloon at the end.

Ouch

550
9600
6500
--------
16,650


MSRP is 13,900

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post #7 of 47 (permalink) Old 12-22-2011, 10:21 AM
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Originally Posted by BLARNEY View Post
$550 Down and 48 month Loan with a $6.5K Balloon at the end.

Ouch

550
9600
6500
--------
16,650


MSRP is 13,900

I didn't even realize there was a down payment.

Jordan
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post #8 of 47 (permalink) Old 12-22-2011, 10:28 AM
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Originally Posted by Loki047 View Post
err if that seems like a good deal, i have a bridge to sell you.
this is actually a smart buy, which is slightly different than a lease. However, I don't know if it closed ended or not. They dont specify that.

Basically open ended leases were the old school car leases where they gave you trade in value for the vehicle and if it was less than the balloon payment you paid the difference. Those soured people on the idea of leasing because they would drive a car for 3 years, go to turn it in and find out they owed another chunk of money just to give the car back.

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post #9 of 47 (permalink) Old 12-22-2011, 10:32 AM Thread Starter
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You have the option to finance the balloon payment or walk away . Otherwise its going to be hard to buy a S1000RR for $200 a month , it will be more like $450 . Seems like a flexible deal to me .
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post #10 of 47 (permalink) Old 12-22-2011, 10:34 AM
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Originally Posted by BLARNEY View Post
$550 Down and 48 month Loan with a $6.5K Balloon at the end.

Ouch

550
9600
6500
--------
16,650


MSRP is 13,900
If you were to buy the bike outright and finance it for 5 years at 6.25% the numbers come out at $270.34 per month /w no money down
$270.34*60=16220.40

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post #11 of 47 (permalink) Old 12-22-2011, 10:36 AM
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Originally Posted by STANIMAL View Post
You have the option to finance the balloon payment or walk away . Otherwise its going to be hard to buy a S1000RR for $200 a month , it will be more like $450 . Seems like a flexible deal to me .
again, if you return it and walk away, do you get to truely walk away? Or do they give you trade in value for the machine (or whole sale) and if thats the case, what is a 4 year old S1000 going to be worth to a dealership? $5000? That means you will be on the hook for the difference. It didn't say if the walk away option was close ended or not. If it is close ended, what is the expectation of the condition of the vehicle when you return it?

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post #12 of 47 (permalink) Old 12-22-2011, 10:40 AM
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Originally Posted by clearwaterms View Post
again, if you return it and walk away, do you get to truely walk away? Or do they give you trade in value for the machine (or whole sale) and if thats the case, what is a 4 year old S1000 going to be worth to a dealership? $5000? That means you will be on the hook for the difference. It didn't say if the walk away option was close ended or not. If it is close ended, what is the expectation of the condition of the vehicle when you return it?
If it's like the deal with Minis that BMW Financial does, you do have the option to walk away without owing additional money, but there is the traditional mileage limit that a lease has.

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post #13 of 47 (permalink) Old 12-22-2011, 10:43 AM
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Originally Posted by Noodles View Post
If it's like the deal with Minis that BMW Financial does, you do have the option to walk away without owing additional money, but there is the traditional mileage limit that a lease has.
and since this is somewhat new in the motorcycle business, it could get dicey 4 years from now when different dealerships have different expectations of condition of a motorcycle. a 4 year old sport bike probably isn't going to be perfect, it will probably have a few knicks and scrapes. Can I return it with a burned up squared off rear tire? If so might as well do a wicked burnout in the parking lot next door before I drop it off.

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post #14 of 47 (permalink) Old 12-22-2011, 10:46 AM Thread Starter
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Dont know the details guys , just saw the ad . Its an easy lease , cant be upside down since you can just walk at the end .
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post #15 of 47 (permalink) Old 12-22-2011, 10:53 AM
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and since this is somewhat new in the motorcycle business, it could get dicey 4 years from now when different dealerships have different expectations of condition of a motorcycle. a 4 year old sport bike probably isn't going to be perfect, it will probably have a few knicks and scrapes. Can I return it with a burned up squared off rear tire? If so might as well do a wicked burnout in the parking lot next door before I drop it off.
Yeah, that's where you'd definitely want clarification before signing. A small drop in a parking lot and a set of tires could add up very quickly on a BMW bike depending on what they are expecting the condition of the bike at the end of the lease.

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post #16 of 47 (permalink) Old 12-22-2011, 10:59 AM
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Originally Posted by clearwaterms View Post
this is actually a smart buy, which is slightly different than a lease.
In this age to pay 6.25% is a bad idea. There are way better loan options right now if you really want this bike.

Jordan
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post #17 of 47 (permalink) Old 12-22-2011, 11:04 AM
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In this age to pay 6.25% is a bad idea. There are way better loan options right now if you really want this bike.
I am listening.

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post #18 of 47 (permalink) Old 12-22-2011, 11:15 AM
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I am listening.
Refinance and pull some equity out of your house at 4% with no prepayment penalty.

You just buy the bike at 5% with BMW financing.

Jordan
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post #19 of 47 (permalink) Old 12-22-2011, 11:20 AM
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Originally Posted by Loki047 View Post
Refinance and pull some equity out of your house at 4% with no prepayment penalty.

You just buy the bike at 5% with BMW financing.
are you really suggesting refinancing to buy a $14000 motorcycle? The cost of the paperwork alone would exceed the 1 or 2% savings. In addition to that you are essentially putting your house as equity against a motorcycle.

5% is cheap money for a pleasure purchase, the extra 1.25% is a convenience fee for a lower up front payment and covers BMW's liability if you turn it in and they have to eat a portion of the value because they are upside down.

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post #20 of 47 (permalink) Old 12-22-2011, 11:38 AM
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Originally Posted by clearwaterms View Post
In addition to that you are essentially putting your house as equity against a motorcycle.
If you can't get a better interest rate than 6.25%, yes pull the equity out of your house. PS. If you need a mortgage guy let me know - no one I know has had to pay closing costs

Its all coming from the same well anyways. If you can't afford it, you can't afford it.

Jordan
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post #21 of 47 (permalink) Old 12-22-2011, 11:40 AM
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Quote:
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In this age to pay 6.25% is a bad idea. There are way better loan options right now if you really want this bike.
Yeah, like pay cash in full for it.

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post #22 of 47 (permalink) Old 12-22-2011, 11:51 AM
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Smart move on BMW's part - and I bet they get a lot of traction over Japanese counterparts as a result.

Used to be baffled by all the squids that were lining up to buy R1's with the Yamaha credit card. I don't think any of them bothered to read the paperwork, or understand that the "low payments" only lasted for 18 months and then tripled.

Wonder if you could do this deal with gap insurance? If so it'd be easy to use it as a track bike. Ride it bone stock and bin it enough times over a season or two and then let the insurance company total it. Win?

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post #23 of 47 (permalink) Old 12-22-2011, 11:51 AM
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Originally Posted by Loki047 View Post
If you can't get a better interest rate than 6.25%, yes pull the equity out of your house. PS. If you need a mortgage guy let me know - no one I know has had to pay closing costs

Its all coming from the same well anyways. If you can't afford it, you can't afford it.
sorry, not 1-2% in closing costs, hopefully not. I meant the 1-2% savings in money.

BMW financial 5%
BMW lease 6.25%
refinance mortgage ~4%
the difference between either program is between 1 and 2%
when borrowing $14000 (assuming you put nothing but tax, title and tag down) over 5 years, 1~2% interest is only approx. $700 (guessing)
Most refinance packages cost between $500 (bank refi) and $2000 (broker refi) plus any costs for appraisal, extra escrow funding, etc.

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post #24 of 47 (permalink) Old 12-22-2011, 11:54 AM
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Smart move on BMW's part - and I bet they get a lot of traction over Japanese counterparts as a result.

Used to be baffled by all the squids that were lining up to buy R1's with the Yamaha credit card. I don't think any of them bothered to read the paperwork, or understand that the "low payments" only lasted for 18 months and then tripled.

Wonder if you could do this deal with gap insurance? If so it'd be easy to use it as a track bike. Ride it bone stock and bin it enough times over a season or two and then let the insurance company total it. Win?
Its a brilliant move and I think you are 100% correct that this should help to increase BMW market share in the US. In addition to offering creative financing, it also offers test rides and a factory backed dealership network (something that while isn't as established as Harley, is better than the Jap and Euro Markets can offer)

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post #25 of 47 (permalink) Old 12-22-2011, 11:57 AM
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Originally Posted by Loki047 View Post
If you can't get a better interest rate than 6.25%, yes pull the equity out of your house. PS. If you need a mortgage guy let me know - no one I know has had to pay closing costs

Its all coming from the same well anyways. If you can't afford it, you can't afford it.
Quote:
Originally Posted by Loki047 View Post
Refinance and pull some equity out of your house at 4% with no prepayment penalty.

You just buy the bike at 5% with BMW financing.
Quote:
Originally Posted by clearwaterms View Post
are you really suggesting refinancing to buy a $14000 motorcycle? The cost of the paperwork alone would exceed the 1 or 2% savings. In addition to that you are essentially putting your house as equity against a motorcycle.

5% is cheap money for a pleasure purchase, the extra 1.25% is a convenience fee for a lower up front payment and covers BMW's liability if you turn it in and they have to eat a portion of the value because they are upside down.
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sorry, not 1-2% in closing costs, hopefully not. I meant the 1-2% savings in money.

BMW financial 5%
BMW lease 6.25%
refinance mortgage ~4%
the difference between either program is between 1 and 2%
when borrowing $14000 (assuming you put nothing but tax, title and tag down) over 5 years, 1~2% interest is only approx. $700 (guessing)
Most refinance packages cost between $500 (bank refi) and $2000 (broker refi) plus any costs for appraisal, extra escrow funding, etc.
I dont know what is crazier: taking Loki's advice to pull money out of your house for a motorcycle purchase or getting yourself onto a bike that you cannot afford in the first place.

Greg

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post #26 of 47 (permalink) Old 12-22-2011, 12:27 PM
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Originally Posted by STANIMAL View Post
You have the option to finance the balloon payment or walk away . Otherwise its going to be hard to buy a S1000RR for $200 a month , it will be more like $450 . Seems like a flexible deal to me .
Advertising at it's best! $550 down, excludes tax, title, destination and registration fees, so depending on where you live you will cash out close to $2000, plus it doesn't look like you can walk away from this program:

Taken from BMW Webpage.

BMW 3asy Ride
BMW 3asy Ride Financing is not available for retailers in: MD, NC, ND, NH, NV, PA and WV. See your BMW Motorcycle retailer for details.

Low monthly payments like a lease and still own your bike? You heard right. This unique and flexible program is for you!

How it works:

You make low monthly payments for a time period that you establish up front. At the end of that term a balloon payment is due and you can:

1. Refinance the balloon payment amount; or
2. Complete your purchase by making the balloon payment.


3asy Ride is available for new BMW Motorcycles only. You can choose from flexible terms similar to a lease.

Advantages of BMW 3asy Ride:

1. Lower payments: in states where tax laws make leasing less advantageous, 3asy Ride allows you to make lower monthly payments for more motorcycle and we know you like that.
2. Keep your options open: you make lower monthly payments for a set term, as in a lease, and have flexible end-of-term options.
3. No lease return process to worry about. It's your motorcycle, so you can personalize it to fit you.
4. And there are no mileage restrictions, because we know you like to ride!

The bond of ownership: Payoff your final balloon. The title will be in your name and your bike is yours to do with as you please!

NESBA #13
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post #27 of 47 (permalink) Old 12-22-2011, 12:46 PM
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Originally Posted by Dnepr View Post
Advertising at it's best! $550 down, excludes tax, title, destination and registration fees, so depending on where you live you will cash out close to $2000, plus it doesn't look like you can walk away from this program:

Taken from BMW Webpage.

BMW 3asy Ride
BMW 3asy Ride Financing is not available for retailers in: MD, NC, ND, NH, NV, PA and WV. See your BMW Motorcycle retailer for details.

Low monthly payments like a lease and still own your bike? You heard right. This unique and flexible program is for you!

How it works:

You make low monthly payments for a time period that you establish up front. At the end of that term a balloon payment is due and you can:

1. Refinance the balloon payment amount; or
2. Complete your purchase by making the balloon payment.


3asy Ride is available for new BMW Motorcycles only. You can choose from flexible terms similar to a lease.

Advantages of BMW 3asy Ride:

1. Lower payments: in states where tax laws make leasing less advantageous, 3asy Ride allows you to make lower monthly payments for more motorcycle and we know you like that.
2. Keep your options open: you make lower monthly payments for a set term, as in a lease, and have flexible end-of-term options.
3. No lease return process to worry about. It's your motorcycle, so you can personalize it to fit you.
4. And there are no mileage restrictions, because we know you like to ride!

The bond of ownership: Payoff your final balloon. The title will be in your name and your bike is yours to do with as you please!
so its opened ended, you want to take it back, you pay what ever the bike is worth, and if BMW has to many of them, the dealership can opt not to take it.

It sounds like the deal just got shittier.

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post #28 of 47 (permalink) Old 12-22-2011, 01:07 PM
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Years Riding: 30 seconds or 30 feet, something along those lines
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Quote:
Originally Posted by clearwaterms View Post
so its opened ended, you want to take it back, you pay what ever the bike is worth, and if BMW has to many of them, the dealership can opt not to take it.

It sounds like the deal just got shittier.
Correct me if I'm wrong, but I do not think it is an open or closed end program. You are locked in to refinance or make the final payment in full:

At the end of that term a balloon payment is due and you can:

1. Refinance the balloon payment amount; or
2. Complete your purchase by making the balloon payment.


I do not see 3rd options to turn in and walk away........

No lease return process to worry about. It's your motorcycle, so you can personalize it to fit you.

NESBA #13
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post #29 of 47 (permalink) Old 12-22-2011, 01:10 PM
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Join Date: May 2004
Location: Westchester, IL
Posts: 7,384
Location: Westchester, IL
Sportbike: 2007 mountain bike
Years Riding: just started
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Quote:
Originally Posted by Dnepr View Post
Correct me if I'm wrong, but I do not think it is an open or closed end program. You are locked in to refinance or make the final payment in full:

At the end of that term a balloon payment is due and you can:

1. Refinance the balloon payment amount; or
2. Complete your purchase by making the balloon payment.


I do not see 3rd options to turn in and walk away........

No lease return process to worry about. It's your motorcycle, so you can personalize it to fit you.
Quote:
Do you want to be on a new BMW every short few years?

If you love to be riding the newest bikes from BMW, then 3asy Ride* could be your ideal financing option. Because with the 3asy Ride* 48-month plan, you only pay for the partial value of the bike, so you could always own the latest bikes for lowest possible payments; and at the end of term you could trade in your bike for a newer and hotter BMW.
The more info at least leads me to believe they will take it back. Maybe only on trade.

<-- Chris

turn the bars left and go right; that just isn't right
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post #30 of 47 (permalink) Old 12-22-2011, 01:26 PM
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Join Date: Jul 2006
Location: Deerfield
Posts: 123
Location: Deerfield
Sportbike: '02 RC51 (street) '03 RC51 (track)
Years Riding: 30 seconds or 30 feet, something along those lines
How you found us: friend
    
Quote:
Originally Posted by clearwaterms View Post
The more info at least leads me to believe they will take it back. Maybe only on trade.
Then, after enjoying your BMW bike for four years you have three options:

Pay off the remaining balance and keep the bike.
Re-finance the remaining balance at a competitive rate.
Trade-in your motorcycle and upgrade to a brand new BMW of your choice.

Looking at the additional info, it seems like you locked in to the 3 options. Unless there are additional details about this promotion that would be disclosed at the dealership you can't just simply return the key and walk away like at the end of the open or closed end lease.

NESBA #13
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