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MINI Cooper Lease Questions

Hi everyone. Please use the following discussion to post any questions that you have about leasing a MINI Cooper. Thanks.

Car_man
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  • Hello, all.

    Anyone have MINI's current base Money Factors?

    Thank you in advance. ;D
  • Hi ninasimone. As usual, MINI is not providing any sort of lease support on the Cooper. As a result, if you were to lease one through its captive finance company, you would have to use its standard lease money factors. I believe that its buy rate standard lease money factor is currently .00280.

    Car_man
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  • What is the current residual on a 2006 Cooper S? I assume the MF is .0028 on the 2006's is that correct?

    Thanks,
    Dave
  • Hi Dave. BMW is not currently providing any sort of lease support on the 2006 Mini Cooper. As a result, if you were to lease one through BMW Financial Services right now, you would have to use its standard lease program. As you are already aware, its buy rate standard lease money factor is currently .00280 for any length lease. I should be able to give you an idea of what this car's residual values are like if you let me know how long you want to lease it for and how many miles per year you need to be able to drive it.

    Car_man
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  • faw1faw1 Posts: 1
    Who are the lessor options on the Mini, besides BMW?
  • Hi faw1. As you mentioned BMW Financial Services offers leases on the MINI Cooper. I am sure that a number of independent banks offer leases on it as well, but I do not know exactly which ones. Sorry that I could not be of more help.

    Car_man
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  • For a 2006 cooper w/ manual, cold weather package, and deluxe sterring wheel. MSRP $18050, in Pittsburgh, 36 months @ 10,000 mi/year. Any ideas?
  • maxillomaxillo Posts: 12
    Hey folks,

    I am considering taking over a Mini S lease via Swapalease.com .

    The current leasee is in NY state, where sales tax on the lease is collected at lease inception, and the tax is non-refundable if the lease terminates prematurely. The leasee rolled the tax into his payments.

    Now if I take over the lease, am I responsible for his tax payments for the remainder of the lease? That can't be right, :surprise: but someone has to pay them (all 26 months worth).

    I'm sure my home state NJ still wants their tax, so I will pay them. (don't know how they would calculate that, since in NJ tax is collected on the capilization cost minus residual, and since this is a transfer, I don't know what would be used for cap cost).

    your help is appreciated. I think the MINI S is a fabulous car!!!
  • kyfdxkyfdx Posts: 31,087
    I'm no expert on NY or NJ sales tax law... but, this is what I think will happen..

    1) His NY tax was paid upfront, and that amount was added into the lease's cap cost... So, the tax has already been paid, and the lease is for the total amount financed... at this point, with the tax already being paid, his lease payment includes no tax.. just an amount financed..

    2) When you go to register the car in NJ, you will have to start paying tax on the lease payments (6%), over and above what his payment is now.. or.... Alternatively, they may use the current payoff of the lease (sort of what he "owes" on it) minus the residual, and tax that amount..

    Either way, I would assume that the NY tax he paid upfront is a "sunk cost", and you will have to pay tax again in NJ...

    I'm starting to see this more and more... frequently, from lessees that move from a "tax upfront state" like NY, to a "tax the payment" state like KY... They are still leasing the same car, and get hit with additional tax payments..

    regards,
    kyfdx
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    P.S.: Don't depend on my assumptions before making this transfer... Call your local DMV...

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  • I would be happy to estimate what this truck's lease payment should be like for you, dieselg4. However in order for me to do so I need you to tell me its approximate selling price. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. you may be able to get an idea of what sort of price you will have to pay for this model by visiting the following discussion: "MINI Cooper: Prices Paid & Buying Experience".

    Car_man
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  • rdubsrdubs Posts: 11
    Hi everyone,

    I am trying to determine what residual value MINI uses for lease calculations, and if it's negotiable.

    My brother wants to get a 2006 Cooper S with the JCW package and a bunch of other options (including $1600 or so in dealer accessories). Including dealer installation labor, the total price is $38,183 (less $4000 down, plus $750 estimate for admin fees etc.). The dealer wants $679 a month for the 36 month lease. Using the .0028 money factor Car Man provided (thanks!), I backed into the residual value which came out to be $17,000, or basically 44.5% of the original value after 3 years.

    I just read an article on Edmunds that said the Cooper ranks #2 in best retained value after 5 years, and that after 5 years, 55% of the value is left. I have a hard time believing that it is even remotely honest to state only 45% of the value is left after 3 years. Of course it's in the dealer's interest to low-ball the residual value, but my question is, can you do anything to counter that with current market data.

    Thanks for your time everyone.
  • akitadogakitadog Posts: 117
    If your brother can afford almost $700/month, he might as well pay a tad bit more and just buy it. No sense in throwing that much money away on a lease.
  • rdubsrdubs Posts: 11
    Update. Found out that they were using a 61% residual value, but it wasn't based on the full sale price plus the money factor was .004, way too high. I think we'll go with another dealer if the dealer continues to take pride in how he doesn't have to come down on anything because it is a MINI. He can have whatever price he wants, and whatever financing he wants, but he just won't get any business from us.
    Hope you all had better experiences.
  • Hi rdubs. The lease money factors for Mini models actually increased from .00280 to .00285 this month. The 36 month, 15,000 miles per year residual value for a lease of a 2006 Mini Cooper S with the JCW Package is currently 58%. Vehicles residual values are set by banks and are not negotiable. Individual dealers do not have the authority to alter them.

    Car_man
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  • amixamamixam Posts: 17
    I'm looking at an '06 Mini Cooper Convertible, Auto, w/the premium package. The price I was quoted is 24900, and the lease payment I was quoted was $438/month for 42 mos. or 417 for 48 mos, using 10K/mi per year. This is Hendrick MINI in Charlotte NC.

    Im curious if you are leasing if this sounds high/low/about right in terms of payment? I realize these things sell at list, so I know I won't get a price break. Thanks!
  • I'm placing an order on a Mini Cooper Convertible and was wondering if I should secure the lease now or wait two months for the car. Any chance there will be any good lease programs coming out? Dealer says they can lock in current rates for three months.

    Also, are all dealers selling at MSRP now? South Mini in Miami doesn't even have cars on the lot. I suppose they won't be negotiating.
  • Hi amixam. I'd be happy to give you my opinion on the lease payment that you were quoted. However, in order for me to do so it would be a big help if you would tell me what its full MSRP is. You mentioned that MINIs sell at list. Does that mean that $24,900 is both this car's MSRP and selling price?

    Car_man
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  • Hi stetsonhatter. I'm not surprised that you can lock in Mini's lease program for three months. BMW Financial Services allows this on BMW brand vehicles. It is probably a good idea to lock in your car's lease program now. Mini never provides any sort of lease support on the Cooper. As a result, if you lease one you will have to pay its standard lease money factor which is more likely to increase than drop over the next couple of months. Furthermore, this car's residual values will probably drop a point or two between now and when you take delivery, making it more expensive to lease as well.

    As far as this car's price goes, don't expect much in the way of a discount. According to what I near, most consumers are paying close to MSRP for it right now.

    Car_man
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  • Anyone know the current money factor on a 2006 Cooper Convertible? I'm being quoted .00360 from BMW financial svcs by the dealer. This seems high. I can get .00225 on a 48 mo lease from LeaseCompare.com.
  • Kirstie_HKirstie_H Posts: 10,913
    A large newspaper reporter aims to interview someone who is on the waiting list for a Mini Cooper. Please respond to ctalati@edmunds.com before Sunday, March 4, 2006 with your daytime/weekend contact info.

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  • qbrozenqbrozen Posts: 17,667
    in addition to the above, I'm curious as to the residuals on the Mini. Specifically, for me, it would be the MCS coupe.

    With the insane resale value on these, I would expect leases to be extremely low.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • kyfdxkyfdx Posts: 31,087
    I don't have the numbers, but I think the lease payments will surprise you (not in a good way)..

    High residuals help.... but, factor in market-level money factors and selling prices at MSRP, and the lease payments aren't anything to write home about..

    regards,
    kyfdx

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  • tommyg12tommyg12 Posts: 158
    my thoughts were the same about low payments with high residuals, but seems that's not the case. From a few days of research and dealer quotes, 4 year lease payments with close to $25k msrps, seem to average $415 - $450.

    My wife's Solara Convertible lease payments with a $30k selling price, 4 year 0 down, is only $398. I was really hoping that the Mini would be closer to the low-mid $300s.
  • qbrozenqbrozen Posts: 17,667
    interesting.

    well, i guess since its a hot car, the money factor is higher than most cars (??)

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    BMW is not currently providing any sort of support on Mini leases. As a result, if one was to lease one through its captive finance company right now, it would have to use the standard money factor. I believe that BMW FS' standard factor varies a little bit depending upon what area of the country one is in, but it is probably around .00300 or a little over in most areas right now.

    Car_man
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  • drsezdrsez Posts: 1
    I just signed a lease for 36 mo. I am paying $525/mo including tax with just paying $1,815 at signing which includes 1st month and doc fees,etc. MSRP is $31,450. Did I get a good deal?
  • cvpacguycvpacguy Posts: 14
    Hey Car_Man, any idea what the current MF and residual value would be on an '06 Mini Cooper for 24mos and 30mos with 15k per year in Southern California? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cvpacguy. BMW is not currently providing any sort of lease support on the Mini Cooper. As a result, if you were to lease one through its captive finance company right now, you would have to use its standard lease money factor. This number varies by region, but it should be around .00280 or so. The residual value for a 24 month lease of a base 2006 Cooper with 15,000 miles per year is currently 72%. The residual for an otherwise identical 30 month lease should be 67%.

    Car_man
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  • mattinlamattinla Posts: 7
    Just leased a 2003 Mini S - all options but the Nav. Negotiated price was $18000. I looked at the leasing work sheet, and it looks like net cap cost after our cash down and trade was $16,600.

    I remember the money factor being .00385. Base lease was $235, with tax $248 for 48 mos/10K miles (I really don't drive more than that, so it's OK). I've plugged into the leasing calculators, and it seems like it was am OK deal.. and the money factor seems OK for a used car... any comments?

    Thanks
  • jamaica77jamaica77 Posts: 4
    My girlfriend is trying to decide between buying or leasing a 2006 MCS. The total purchase price is $25,450. In running these numbers through the MINI.com calculators, she gets about a $450/mo payment with 2500 down, 6%APR, and 60 month term. When she calculates a 36 mos lease with 1k cap reduction she gets a payment of $456 - which I assume is the result of the high purchase price and money factor? Furthermore, the "Mini Select" Balloon option for 36 mos and 2500 down comes to about $385 or so, which makes it the most favorable (and flexible) option.

    Are the lease payments really more expensive than buying the car as the site shows right now? Based on the current residuals and money factors, is the balloon option the best way to go for the Mini? The Balloon option only allows you to re-fi or buy after you've finished the term, so it looks like you have to bank on the high residual and market factors like gas prices and demand to come out ok at the end?

    Any insight or help you can provide us is greatly appreciated, and thanks for all the help you provide to us confused consumers!
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