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MINI Cooper Prices Paid and Buying Experience

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Comments

  • jaxs1jaxs1 Posts: 2,697
    Not a great idea to put the $1800 down. Should have put that money in the bank earning interest and just used it to make 12 bigger payments instead.
  • ticatica Posts: 64
    I just put 500 down now and am doing the rest of the lease when I pick it up tomorrow...is that even possible? but seems like 1800 at 5% is not much interest anyway $90 for the year.....

    actually a friend told me today that when it comes down to buying it at residucal price after a year, I probably can negotiate it down from there because they probablyw ould be more willing to drop it by 1000 or maybe more to sell it to me, rather than have it hang around the lot somemore...esp since at that point I guess 2008s will already be in...
  • jaxs1jaxs1 Posts: 2,697
    It is not all about the interest. Why throw away even 5% percent anyway?
    The bigger issue is that you will lose all of the money you put down if the car gets totaled or stolen even with gap insurance.
    If you have problem credit, it's true that they may not "let you" take the car with less or zero down.
    It makes more sense to put money down on a purchase rather than a lease.
  • ticatica Posts: 64
    I didn't even know if was an option not to put money down...so what you are saying is, pay a higher residual? or spread that 1800 (or whatever is left after the 500 I already put down) over my 12 payments?

    my credit is excellent so that shouldn't factor in, but I still am not sure what I'm supposed to say to them, I'm due to leave to go pick the car up and sign the lease in about 2 hours...
  • kyfdxkyfdx Posts: 30,552
    Yes... spread the extra $1300 over the 12 payments..

    Do the math, though.. It should add about $115/mo., once you factor in finance charges.. Taxes should be a wash, as anything you roll in, won't be taxed upfront..

    Just add up your total expenditures that you have on your current deal and match them up to the new deal with the extra rolled in. The difference shouldn't be more than $50-$70 for extra finance charges..

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • ticatica Posts: 64
    I got this email after I already came home with my NEW MINI!
    I love her!

    More later!
  • pjo1966pjo1966 Posts: 120
    I keep reading about these short term leases with low payments on the east coast. Are these through BMW Financial or some other company?
  • scorpio9scorpio9 Posts: 5
    Hello, I special ordered my 07 Mini S Convert in Feb 07 and just picked it up yesterday (well worth the wait) I financed the Mini through a Credit Union - the rates are unbelievable. BMW was ridiculous. Here are a few examples: 48 mon 5.15%; 60 months 5.65% via- a credit union. Mind you I have been with the same bank for over 11 years, purchased my first car through them, I have excellent credit 850 and they didn't even come close to the rates offered through a credit union. Lease vs purchase - I don't see myself having a car payment for the rest of my life.- NO WAY. besides the difference is dollars. / Miami, FL- GOOD LUCK!!
  • blueguydotcomblueguydotcom Posts: 6,257
    Just refied my Mini to Navy Fed - 5%@37-72 months or 3.75@36. Refi at any time, no penalties.

    Just joined navy fed last month. :) Credit scores in the 800s too.
  • ticatica Posts: 64
    As far as I can tell Hassel Mini, in Freeport LI, about 30 minutes outside of Manhattan is the one one advertising this 1 year lease. I called about 4 other dealers and they first said they didn't do 1 year leases, but then when I told htem I was getting one at Hassel, they all said they could and gave me offers. But ALL offers were much higher--by a lot!

    My deal was this:

    MSRP on car was 24,200
    I put 1800 down plus taxes/regis etc. (there was no security deposit required),
    so in total paid $2350ish includes 1st month 169/month.
    My next 11 months are 169/month and that includes taxes.

    To buy the car later I pay roughly 21, 300 residual.

    I'm not entirely sure of the rates and money factor (although at one point It hink he told me it was .0022, although don't remember now.
    I could be wrong, but I think I got a pretty good deal!

    For me this was good, a baby commitment, since I'm not sure exactly what I want and DEFINITELY did not want to lease 3 years--would rather buy in that case.

    so this one year tester--with no apparent penalty that I can tell--they don't seem to be making a huge amount out of it if I buy later.

    Plus one friend told me that it's possible to renogiate the residual price when it's time to buy, cuz it's easier for htem to knock a thousand off than to keep it on the lot another few months and start all over. I asked my sales guy about this and he said that typically they did not ahve a practice of doing this but it was possible.

    and my leasing was thru BMW.

    check out the Hassel website under 'specials'
  • joshrtek3joshrtek3 Posts: 5
    Hello all,

    I'm thinking about buying a Mini Cooper S fairly soon and I'm looking for some purchasing strategy advice.

    The Mini dealer is less than 6 miles from my apartment and they seem really nice. I'm probably going to order my car custom, going for the Mini Cooper S with the Sport Package and a few other add-ons.

    I was informed by the dealer that you must put down a $2,000 deposit before they order one's car from the factory. I assume you handle payment once it arrives to the dealer.

    Since the car is a MINI, and it's a special order, I realize that there's little to no room for bargaining on the MSRP. The dealer told me that they fill the tires with nitrogen and install and alarm system when it arrives, which adds roughly another $1,000 to the final MSRP. Do I have the right to refuse these dealer installed options?

    Additionally, I plan to finance the car, putting down a good amount, and getting a loan on the remaining difference. Since I'm special ordering this car, it's assumed I will buy it regardless. However, I do want bargaining power when it comes to getting a good APR rate on the loan. I have a very good credit rating and I believe I should be able to get a competitive loan offer from my bank. Should I arrange this prequalified loan before I put down the $2k to order the car?

    My question is: do I still have bargaining power over the finance rate even though I'm already committing to buy the car? Thanks in advance!

    Best,
    Joshua
  • jaxs1jaxs1 Posts: 2,697
    What doesn't make sense is that one dealer can offer 1 year leases that other dealerships cannot.
  • british_roverbritish_rover Posts: 8,476
    You see a lot of odd ball one year leases in the NY/NJ area. Lots of small independent leasing companies in that area.
  • carman4carman4 Posts: 15
    I'm looking to buy a 2008 S mini cooper I know they have no flat tires anyone have any experience with these tires also would appreciate any information on the Mini Thanks Tom
  • rowlandjrowlandj Posts: 254
    Congratulations on looking to purchase the new MINI.

    On the extras, I would tell them to keep them off the vehicle as they are just total nonsense and adding them gives you little or no value. They do add a lot to the dealers bottom line though. I would have no part of them if I were purchasing and I advise you to do the same.

    Regarding rates, get your rate and pre-approval and offer to let them beat it if they like to try. Only consider apples-to-apples on that front, the exact same amount for the exact same period. If they try anything different I would be very concerned about how good a group they are to deal with.

    You have the power to work that rate all the way up to you handing them the check from your other source of financing.

    You also have the power to deny the padding of extras on the car before signing the purchase order.

    I suggest you use all the tools at your disposal to get the best deal and the best rate you can. These cars are 'hot' in the market but if they press to hard I would look for an alternative if you have any. I would not be shy about letting them know that as well, if you have to have this particular car it will make dealing with the purchase and financing a lot more difficult.

    Good Luck.
  • blueguydotcomblueguydotcom Posts: 6,257
    I've got an 07 Cooper S (R56) and the RFTS on the mini are better than the RFTs on BMWs. They're livable now but they still rob the handling and decent feel, while being jittery over rough pavement at high speeds. I'll hold onto them this time though, as I'm sure with my driving style they won't last long...
  • joshrtek3joshrtek3 Posts: 5
    Hello all,

    Just wanted to report a great experience at Long Beach Mini. A very friendly a no-pressure sales team. They had several on-the-lot models to choose from and coincidently had the exact configuration I was looking for. Sale price was MSRP, and they threw in my choice of floor mats and LoJack complementary. Also gave me a great finance APR. I highly recommend this dealership to anyone looking for a Mini.

    Additionally, they will build to order with no premium and will sell you car when it arrives at MSRP. Good times!

    (2007 MINI Cooper S, Astro Black, Sport Package, Lounge Leather, LS Differential, Sport Suspension, Rear Fog Lamps, Hi-Fi Audio System)
  • ticatica Posts: 64
    My lease was done thru BMW though for one year--not a small independant leasing company. Also, I DID get quotes from 4 other dealers for one year, but they were just all much higher and AT FIRST, they siaid they didn't do that--only did it when I said that Hassel Mini was doing it.

    I was also able to put 1800 down to order (not '2000'). Yes you can do and say no to wahtever options you want. Sounds like you should ask around. I went to the dealer not 2 miles from me, but 30 miles from me..
  • jaxs1jaxs1 Posts: 2,697
    So, it is strange then that one dealer can offer a deal that is significantly cheaper than any other dealer will match.
    Something is missing.
  • ticatica Posts: 64
    Yes, I kept thinking, ' i must be getting screwed if this deal is so good'...but I don't think so! I think they just want to move cars...I dunno. I mean he basically knocked a good amoutn off the car on the lot vs. ordering one...not quite sure how much but at first he was offereing --WITH THE SAME DOWN: 1800 plus the taxes/regis, etc.--for a 21,700 car that I was going to order-it was going to be 156/month for 10,000 mile 1 year lease and 19,400 residual to buy after a year; then I ended up with--getting the car on the lot--which I snook a peak and saw it had been on the lot for 70 days--not sure if that factored in--but the car I got was 24,200 and I got it for the same down but 179/mth for 12,000 miles for 1 year. Residual is 21,300 to buy after one year.

    So basically I my upfront money was
    Down payment (Cap cost reuctions) 1799
    first month 169
    no security deposit
    no 'intial title fee'
    regist fee 127
    licence fee 10
    sales/use tax 175
    no acquisition fee
    sales tax on cap cost 155
    Doc fee 45
    NYS tire fee 12.50

    so total I paid was 2492.96 which incl 1st month
    then 11 months at 169 which will total 1859

    So for the year to 'rent' a 24,200 car it is 4351 or 362/mth incl everything
    (oh my Geico insurance is 440/thg months)

    And just looking at what I"m paying for if I buy--
    1800 down
    2028 12 mnthly payments
    21,300 residual fee buying later
    totals 25, 128
    so they make 928 extra on the 24,200 car (or 77/mth on the 1 year lease)
    that seems sort of fair to me. I'm new to this so don't really know but seems ok.
    What I hope to do is save up and pay outright if I can, or most of it, so if I buy after one year, I'm not financing it.

    Also, a friend told me that there is a chance they they might lower the residual, even by a thousand bucks to sell it to me later. In which case, I wouldn't ahve lost out at all (I think)

    (I realize that there are some palces where I may pay tax twice or soemthign, not sure about that, but overall seems like a fair shake...please correct me anyone if I'm missing out on something major!)
  • ticatica Posts: 64
    oh in case this is helpful--here are some more numbers from thel ease:

    Gross cap cost: 23,400 (actually MSRP was 24,200 on the sticker acc to options)
    Cap cost Reduc (down payment) 1800
    Adjusted Capitalized Cost: 21701
    Residual value: 21,296
    Depreication and any amoritzed amoutns: 405
    Rent charg: 1625.28
    total of base monthly 2030
    lease payments 12
    base ontly/ 169.19
    montly sales/use tax n/a
    totaly montly paymetn 169
    (I've rounded out a few numbers)
  • ticatica Posts: 64
    the 179 above was a typo, it's 169 month
  • jaxs1jaxs1 Posts: 2,697
    I wonder why it was on the lot for 70 days? Everyone says all Minis fly off the lot and they can't keep up with demand.
  • kyfdxkyfdx Posts: 30,552
    I don't think that is the case, any more.. My local dealer always had 15-20 MINIs that are not spoken for.. That wasn't the case a few years back.

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • jaxs1jaxs1 Posts: 2,697
    Yet they still usually sell for MSRP or even higher after dealer-mandated accessories are pre-installed?
  • kyfdxkyfdx Posts: 30,552
    I think at most dealerships, you can get $500 off one on the lot...

    It looks like she got $800 off, which given the high residual made for a decent one-year lease.

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • scorpio9scorpio9 Posts: 5
    Hey Josh,
    I live in Miami, Fl. I had to special order my car which the last week of Feburary, 2007 - ALL I had to give them was $1000.00 which they never cashed. My final total on the car came to $33,400.00-$34,000.00 (07 Mini S Convert; Pepper White, includes Premium & Sport packages with 17" 5 spoke rims additioanl $500.00 /wheels & black bonnet strips), I has to get it stick (manual) what a difference in speed), Leatherette ( I already have a cr with leather and with times it gets destroyed) cockpit $300.00, interior $200.00(same color as the outside if the car)and I purchased for $450.00 a 4 year plan or 40,000.00 miles whichever comes first (don't remember exactly which one but out of the four to choices I purchased the most expensive.) I didnt relealize that the tires I purchased are not repairable hence, no patches or plugs. they are no run flat tires, if I get a flat or a nail in the tire I have 80 miles to reach a tire dealer had the dealer a piece of paper (I was given at Mini) to them and must replace my tire for FREE EXACT same ones. I will have you know that these tires run about $360.00 a pop. So its just something for you to think about. Good Luck I LOVE MY MINI S CONVERT and I have NO REGRETS especially with the extras'
  • plektoplekto Posts: 3,738
    The reason they have so many on the lots rist now is people want the new model. Given that it's a very "faddish" car for many people, having the latest version is big - and will be reflected in resale values as well I bet.
  • ucsb805ucsb805 Posts: 8
    Hey everyone! Although this is my first post, I've been reading these forums for awhile now and they seem like a great resource for car buying.

    Anyway, I am strongly considering buying a 2007 MCS in Astro Black, Laser Blue, or one of the silvers with premium and sport packages, hi-fi sound system, sport suspension, and a few minor accessories. MSRP on the car that is around $26-$27k, and I'm wondering if anyone in the Southern California area (or near the Bay Area/Sacramento) has had any luck getting a dealership to go below exact MSRP for a finance purchase. I've been quoted MSRP by Long Beach Mini and a dealership in LA...

    Also, does anyone have any experience with the college program? Is it a discount service or just financing assistance for recent grads?

    Thanks in advance for any information you can provide..... :shades:
  • ticatica Posts: 64
    I was peaking at the paper on his desk that showed the days on the lot when he'd go make a photocopy...there were a few, like mine, that seemed to be there 60 or 70 days, but there were also lots that had been there 5 or 10, too. And they weren't all on the the actual lot, but in a warehouse nearby (so the list was longer than what was visible). And they had mostly 2007s, not many 2006, and none in automatic which is what I wanted. I would have bought 2006 if I could have in auto, just for the cheaper price.

    also, not sure if anyone noticed this, but the back pocket on the 2007 sports seats is SO crappy. it's half a piece of mesh netting that's very flimsily put on, it really can't hold anything but a pair of sunglasses or something very small and light. Conversely, the 2006 REGULAR non-sport seats have an excellent mesh pocket in the back, twice the size and not just tacked on but has proper sides attached to the mesh. SOOO weird that they would WORSEN this feature on the seats you now have to pay for, when it was standard and free before...

    I got my first scratch. don't know how. darn.

    also my armrest top has come off and I can't get it back on.

    otherthan that I"m thrilled with the car. Have gotten several compiments from NYC cabdrivers on the road.

    my check engine light came on a few days ago which freaked me out, but I think it was because the gas cap was not screwed on pproperly...had my Minnie the Mini for 9 days now.
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