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MINI Cooper Lease Questions

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  • rockurocku Posts: 4
    J.

    Please help me understand this downpayment thing.
    Banks are pay interest next to zero these dates. MF 0025 is 6% APR.
    If I don't carry any debt and have decent saving in the bank.
    Any reason why shouldn't I go for it?

    Thank you for your time. :D
  • Again, you should read through the many threads that have been posted on this subject. Probably the biggest reason is should you total your car during the lease you will likely lose every $ of your downpayment.

    Instead, I would suggest the Multiple Security Deposit program, which will reduce the MF, and you will get the $$ back should the car be totalled. Ask your dealer or read up on the forums. When I did my lease, the ROI on the 7 security deposits I made calculated to about 8%/year - which is a no-brainer given other investment options these days.
  • Hello CarMan... I have a lease question, Im wondering whether I should pull the trigger on this deal. Here are the stats...this deal is in Miami, Florida.

    2009 Mini Cooper S
    MSRP: 27450.00
    Selling price $25950.00
    Money Factor: 0.00290
    Residual Value 67%
    Lease end value $18391.56
    $602.19 Cash Down
    Total Add Cap Cost: $925.00
    $2000 Inception
    36 Month Lease
    10k miles
    Monthly Payment $372.85 including tax.

    FYI: These figures were taken directly from the Mini Saleperson worksheet, I took a picture of it and can email it to you if you need to look it over. Is this a good deal? We walked out, and 15 minutes later we got a call saying that the lowest they can go is $342.00 including tax. What should I do? Please help and thank you!!!
  • megirnmegirn Posts: 2
    I am considering a lease offer for a 2009 Mini Cooper (MSRP $20,450.) for $199. It is for 36 months, 10,000 miles/year, plus tax, tag, title and dealer pre-delivery service fee of $599.95. $2,500. due at lease signing. Does this sound like a good deal? Any questions we need to ask them? Thank you for your assistance.
  • Hi mgm11937. I believe that BMW's money factors for Mini vary by region. They should generally be around .00230 to .00280 though. Its residual values fore Mini are the same nationwide. The 36 month, 15,000 mile peer year residual value for a 2009 Mini Cooper S Hatchback is currently 64%.

    Car_man
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  • Hi toky. Despite the implosion in the auto industry, Mini sales have held up fairly well. If I was in the market for a base Mini Cooper right now I personally would shoot for a dealer discount of around $1,000.

    BMW's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Mini Cooper with 12,000 miles per year should be around .00240 and 69%, respectively (man, what an amazing resid).

    I see that you are considering making a $1,999 down payment on this car. It is in your best interest not to make any capitalized cost reduction when leasing. I always advise consumers not to do so because if their vehicle is totaled in an accident or stolen and never recovered, there is a good chance that any cap cost reduction that was paid will disappear.

    Car_man
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  • Hi jorgedbernal. The selling price that you were quoted for this car looks good to me, but you may be able to shave another couple hundred dollars off. The money factor looks slightly high, but it varies by region so I don't know what the exact number should be in your neck of the woods. The dealer is likely marking it up a little. If you have the time, it wouldn't hurt to get a quote from another dealer or two to see what sort of money factor they quote you.

    Obviously, the $342 payment is a lot more attractive than the $372 payment that you were initially quoted. You should find out what selling price and money factor were used to arrive at the new deal.

    Car_man
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  • HI megirn. The best way to evaluate whether this is a good deal is to look at the selling price that this lease is based upon and the money factor that was used to calculate the monthly payment. These are the two main profit centers for dealers on leases. Let us know what these numbers are and I'm sure that either myself or another helpful community member will be glad to give you their opinion.

    One thing that I noticed about this deal is the large amount of money that is due at lease signing. I always advise consumers not to make any capitalized cost reduction when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be slightly higher, you will be better off going with a zero down lease.

    Car_man
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  • megirnmegirn Posts: 2
    Are fees for dealer doc. fee ($600.), battery, tires, doc stamps (218.), security (225.), up front taxes (253.) normal fees or just profit for this particular dealership?
  • tokytoky Posts: 9
    The dealership was giving a hard time going lower than 0.0029 MF. Credit score is 770.

    They started at MF of 0.0031 and came down to 0.0029. I think he said something about the dealer buys the money at 0.0025.

    Doc fees of $395 and registration fee of $200.

    Would the MF be different for Cooper S rather than a non-S? And if so, what should it be for a Cooper S?
  • where did he get such a discount? I am currently looking at getting a Mini Cooper S that has a sticker price of $27,450 but they are only knocking off 1,000 on it. I am planning on doing a 2yr lease and the MF and residuals are good, i was just hoping to get the car in the 25K range. any ideas ( I live in PA)
  • Hey megirn. Most banks that lease vehicles charge consumers a security deposit that is equivalent to their vehicle's monthly payment rounded up to the nearest $25 or $50 increment.

    The battery, tires, and other fees that you mentioned are likely legitimate charges that are levied by your state.

    Doc fees on the other hand aren't really anything more than a way for dealers to pad their profit in deals. Adding insult to injury, a $600 doc fee is particularly high. Look at this fee as part of your car's total selling price. If the price that you are getting it for, including this charge, is less than you would have to pay for it elsewhere...then go for it. If you think that this fee makes the price that you are being charged unreasonably high, then comparison shop with a few other dealers.

    Car_man
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  • Hi toky. On most vehicles, consumers who shop around are able to find a dealer that will charge them the dealer buy rate on leases...particularly in today's difficult retail environment.

    The money factors for all Mini models are exactly the same.

    Car_man
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  • jvostjvost Posts: 31
    Hi - Can anyone out there confirm BMWFS's acquisition fees for a Mini Cooper lease? I see from the board that many dealers are charging $925, but I think the dealers may be marking the fee up an additional $200 from the finance company's actual fee of $725. Also, can anyone confirm what the buy rate for the MF is for February? According the following website the factor is .00219, which is significantly lower than what I see being reported on earlier posts. Again, I'm assuming the dealers are marking this up.

    http://www.ridewithg.com/index.php/2009/02/09-mini-cooper-lease-rates-for-februa- ry-2009/
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jvost. BMW Financial Services' base acquisition fee is indeed $725. BMW dealers, and I suppose Mini dealers, are notorious for trying to mark up BMW FS' base fee to add additional hidden profit to deals. You should be able to find a dealer that will charge you the base fee if you negotiate with them some more or shop around.

    BMW's money factors for Minis vary by region. They should probably be anywhere from .00210 to .00240 depending upon where you live.

    If you are not 100% set on leasing, you might be interested in the fact that 4.9% financing for up to 5 years on Minis.

    Car_man
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  • lala711lala711 Posts: 2
    I ordered an '09 Clubman due here in 9 weeks, and wanted to get some opinions on the lease I was offered:

    MSRP: $26,200
    Selling Price: $25,700
    Lease Terms: 3 yrs/12,000 miles per yr
    Residual: 68%
    Cap. Cost Reduction: 873
    Acquisition Fee: $925
    Security Deposit: $400
    Tax, Title, License Fees: $369

    This gets me the car with about $2K out the door. Based on these numbers, I'm calculating the MF around .00208. I'm trying to figure out how to make this deal better... any thoughts? I know the acq. fee was increased by the dealer by $200, and I'm thinking I may be able to get another $500 off MSRP (for a total of $1K off)... do you think I should ask for more? Or would you say this is a good deal? Thanks for the hlep!
  • oileroiler Posts: 1
    Where: Indianapolis, IN
    What: Cooper S
    MSRP: 25,100
    Lease: 36 months
    MIles: 15,000 per year
    Amt down: $0

    Credit approved (good to excellent) - asked the dealer (in an email) the mf used and residual value - to which he didn't answer but shot back the monthly $ figure for this lease would be...

    $445

    This seems high?

    Is it possible to derive the mf from the above info?

    Capitalized cost - is this the MSRP figure? Or are there other figures added (tax, fees, etc)??

    Residual Value - is 68% correct? Would it then be 68% of the MSRP figure

    By the way, I replied back via email that the monthly was too high and that their mf being used must be too high - said thx for the help and that I would look elsewhere. He has since left a message to call him

    What is a "reasonable" amount to be paying monthly for the above setup?

    Thx in advance
  • dsluckidslucki Posts: 8
    Car_Man - I am interested in the buy rate money factor for April on a Cooper S Convertible. I've been quoted .0024. Also, would you advise someone to pay a security deposit and an acquisition fee to lower the money factor? Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dslucki. BMW's April buy rate lease money factor for the 2009 Mini Cooper S Convertible was right around the .00240 that you were quoted. I say right around because it varies by region, but the factor that you were quoted is very similar to the ones that I have seen.

    BMW's April residual value for a 36 month, 15,000 mile per year lease of this car was 59%.

    This lease program was scheduled to run through April 30th, but I suspect that its May program will be very similar...if not exactly the same.

    Car_man
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  • dsluckidslucki Posts: 8
    Car_Man - thanks for the info. I am in Southern California if that makes a difference on the numbers. Do you see any changes to the residual and money factor for May? Thanks!
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