Hi all!
I just graduated from college and I've got a nice job lined up (starting July 5th actually), so I'm looking to treat myself to a nice little graduation/welcome-to-the-real-world sort of a present. I had thought about buying a 2-3 year old 3-Series, but after reading all of the posts about the E90, I must say that I'm hooked, and there's no turning back.... I'm going to lease an Electric Red, Black Leatherette 2006 325i w/ Sport Package, Power Seats, Premium Sound, and maybe Xenons and BMW Assist (36-month). However, before I do so, I was hoping that y'all could help me out by answering a few questions. I apologize for the length of this post, but I'm a first time car buyer (lesee I guess), and I'm really excited about getting a new E90, so I have a lot to ask =). Any help would be greatly appreciated.
Congrats! I just graduated as well! Going to work in Manhattan though. Good luck on your E90. I still have another 100 days before I can pick mine up.
1.) I don't really have all that much credit. Two years ago, I got a Bank of American Gold Credit Card. At the time, I had absolutely zero credit, so I was only able to secure an $800 limit on the card. Since then, I've spent about $200-300 on the card each month and I have paid the balance off in FULL every month. I've never missed a payment, been charged a late fee, or anything like that. Since I've graduated, I've gotten a million and a half credit card offers in the mail with limits MUCH higher than $800, so I hope that my habits have at least established a decent credit rating? However, since I've only had this card (my only credit) for 2 years and the credit line is so low, I'm worried that I might not get approved for a lease. Is it likely that I will get approved, and if i do, what sort of rates should I expect. I've read something about a debt-to-income ratio affecting your credit score, and since I have no debt other than the lease (no mortage, credit card debt, etc), my debt-to-income ratio for the lease price range I'm aiming for is lower than 10%. Will this improve my chances of getting a good rate? Any pointers on where I can look for competitve rates given my situation?
I guess just go around the neighborhood and see what the retail banks offers for interest rates. Sorry can't help you there, never really borrowed $.
2.) On a similar note.. does BMW offer any sort of new college graduate programs like some of the other manufacturers? I'm guessing not, but perhaps I've missed this somewhere.
I don't think so. I know that Volvo has a $500 college graduate discount but BMW doesn't. If you find it, please tell me.
3.) I'm moving to Seattle for my job, so I'm wondering if anyone has any experience with good BMW dealers in the area? I noticed that there didn't seem to be many dealerships _at all_ (here in NJ there are a LOT more), so if you couldn't find a good dealer, how far away did you go to get your car? Also, for financial/tax purposes is there any difference between leasing in-state and out-of-state?
Don't go to BMW Seattle. I heard they have bad service as a fellow e90post member have suffered from their poorly trained staff. Taxes is the same whether you buy it in state or out of state because at the end, you'll still have to register it back to your state and that's when you get taxed. Just read the BMW Dealership reviews and try to find a good dealership willing to work with you on the pricing. It took me a while before I found one.
4.) In the beginning of the school year (Sept. '04) I went to a dealer to look at BMW's and the guy tried to screw me. (Note: Jian at Peformance BMW in Durham, NC is a jerk!). There was a model on the floor w/ a lease advertised at like $350 or something, and after pricing out a car with fewer options that was less expensive, the magic number he came up with was somehow significantly higher than the model on the floor. After calling the guy out, he apologized for "screwing up his math" and promptly cited a much lower figure. The guy probably figured that I was some rich kid whose parents were buying him a car and that he good pull something on me. Anyway, any advice on keeping the dealer straight and negotiating on the price? I've never done this before since this is the first car I'm getting, so any help is greatly appreciated!
Make sure you look over all the paperwork before signing. I found out that these dealers are always making mistakes. I've seen and faced a lot before. I don't know if it was intentional but just make sure you are not paying for more than negotiated. Especially with the BS fees.
5.) Since I'm leasing, am I constrainted to whatever the dealer has on the lot, or will a car w/ my exact options be delivered? If it needs to be delivered or shipped from another dealer, does this cost me extra?
If you lease, you can still order a car to your specifications.
6.) Question about insurance. Right now I'm on my family's plan in NJ for a piece of crap 1997 VW Passat. Since the policy is all in NJ and the vehicle will be registered in WA, I don't think that I'll be able to add the car to my family's policy. Can I purchase car insurance in WA before I even get my BMW so that I don't have a lapse in coverage? (I'm concerned about this because I noticed that all of the online sites ask if you've ever gone a day without insurance, which is presumably not a good thing). On a related note, I'm 22, single, and got 2 points on my license (71 in a 55) in December of 2002 that are now erased -- any WA'ers have any idea what I should expect to pay in insurance on a new BMW w/ a standard policy?
They do ask about the lapse but within 30 days, you'll be fine. Otherwise you have to register your VW in Seattle, and then insure it there until you get your e90.
7.) I'm considering getting Xenons in the car. Right now, I have a crappy old 97 Passat with headlights about as bright as a flashlight whose batteries are almost dead. I also tend to wear glasses when driving at night, so I feel blind in this thing. My mom has an 04 Jeep without Xenons and her headlights are significantly brighter than even my hi-beams. Should I expect the stock lights in the 325 to be comparably as bright, or should I think about getting the Xenons?
Stock lights will be halogen and will be comparable to your mom's Jeep but xenons are always the best (assuming you can afford it). It's something cool to have but you need to see if it will fit into your budget.
8.) I'm considering getting the BMW Assist _solely_ to use the Bluetooth for my cell phone -- I don't think I'd use any of the other stuff that it offers. I've read that the first year of it is free, and after that, it's about $20 a month to continue the service. Will the Bluetooth stuff still work after the first year if I don't continue the service? I would assume the service is just for the road assistance and all that stuff but perhaps I'm wrong. I've also noticed that car insurance tends to be cheaper if you have a GPS vehicle locator installed (which BMW Assist does). Any ideas what kind of discount we're talking about? Also, is it legit to claim that I have this even if I don't pay for the BMW Assist service after the first year (read: will the insurance company know?).
The bluetooth will still work without the subscription. The discount is around $40-60 bucks for 6 months (from Geico). Just say you have it, the insurance won't check your car year to year.
9.) Related note.. I have Sprint as my cell carrier and I absolutely hate them. I'm so fed up with them that I'm prepared to pay the $200 termination fee just to get a new carrier. I was looking at carriers in the Seattle area and T-Mobile looked to have not only the best plans, but also the best service. Any suggestions on T-Mobile phones that will work flawlessly w/ the Bluetooth? None of the T-Mobile phones listed as compatible at the
BMW site seem to even exist on the
T-Mobile site.
I am using T-mobile as well but I'm in NY. T-mobile is cheap too. You might want to stay with Nokia, Motorola, and Ericsson phones. Any of those brand models are good to go. BTW, ask for the 39.99 plan with free nights and weekend and 1000 minutes. It's a hidden plan that is only available only if you ask.
10.) Is the iPod connector really that sweet? It seems kind of jerry-rigged in that it just sort of emulates a CD-changer with each of the 5 "BMW playlists" representing a CD in the changer, with your entire library being the 6th. I have all of the ID3 tags (esp. genre) set precisely on my whole library and I like to play by Artist, Album, Genre, etc, so I feel like the fact that I can control the iPod with the steering wheel/radio controls (cool!) is outweighed by the fact that I'm constrained to playing only either 5 playlists or the whole library (stupid!). I've heard that there's also an Aux jack on the stock radios, and if the sound quality from the iPod connector is much better than this Aux input, I might go for it, but if they're the same quality, I'd rather just use the Aux jack and have the freedom to play whatever I want on my iPod.
E90 has no ipod connector, unlike the e46. The only way is via 3rd party product or AUX input.
11.) Any other comments/suggestions =)
Just have fun!
Again, I apologize for the longest post in history. Hopefully someone has some insight to lend me to make my first BMW experience as painless and enjoyable as possible.
-Matt