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MINI Cooper Lease Questions

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Comments

  • wab3wab3 Posts: 13
    Does BMW Financial Services apply their new-car lease standards and process to lease transfers? I'd like to get a 2nd gen. Cooper S, and for various reasons (one of them being technically poor credit), taking over the last year or two of a lease for a 2008 or 2009 makes sense for me right now.

    Shopping the lease-trade websites, the lease payments for such a car would be well within my means. I could afford to put down 6-9 lease payments up front on a lease with 18-24 months remaining on the term. But any financing agency evaluating my credit rating just by the score is going to reject me. Does BMW FS just plug the numbers into a rules 'bot for credit evals or is there a way to get the application reviewed by an approval officer?

    In a sane world a lessor about to get stuck with a depreciated lease-return would at least look twice at someone willing to pay a third of the remaining lease up front, but dealing with credit agencies is anything but sane.
  • kyfdxkyfdx Posts: 29,236
    The person leasing the new car could possibly still get a deal with marginal credit, as the dealership may be going to bat for them, as they have a financial interest in getting the deal done.. It is in BMWFS interest to help the dealers sell new MINIs...

    The bank (BMWFS) has no such interest, once the deal is completed. If anything, they will be more stringent on a lease assumption.

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • eminded26eminded26 Posts: 4
    edited March 2010
    Hi there,

    Before I go into a dealership and start working into this, is it possible for somebody to tell me what to expect as a lease price on something like this?

    2010 Cooper Hatchback - Base w/automatic transmission ($21,000)
    10,000 miles per year, 36 month lease term

    0-down, all taxes and fees rolled into payment.
    Just make first month's payment when picking up.

    Any ball-park price somebody could give me would help when going in to negotiate on one of these... just so I know what to expect.

    Thanks!
  • hearniahearnia Posts: 2
    edited March 2010
    I am shopping around for a Cooper S lease and dealers are telling me the residual is currently 53% for 3 years and 12k miles a year. This seems way lower than most people on this forum were getting last year. Anyone know why? Could this fluctuate in the coming months?
  • fkerrestfkerrest Posts: 1
    edited March 2010
    Hello Car Man,

    I am looking to lease a 2010 Mini with the specs below. They have given me pricing and I wanted to get your thoughts. This is with 1.9% financing.

    Thanks!

    SPECS:
    Model1010 Cooper HTUSD 18,800.00
    ColorA67 British Racing Green metallic paint500.00
    UpholsteryT6E4 Leather Gravity Tuscan Beige1,500.00
    OptionsZAH Anthracite headliner250.00
    ZCW Cold Weather Package500.00
    313 Power folding mirrorsN/C
    314 Heated mirrors and washer jetsN/C
    494 Heated front seatsN/C
    ZPP Premium Package1,750.00
    403 Dual pane panoramic sunroofN/C
    534 Automatic climate controlN/C
    674 Harman/kardon premium soundN/C
    1CA CO2 relevant vehiclesN/C
    205 STEPTRONIC automatic transmission1,250.00
    2RL 15" alloy wheels, rotator spokeN/C
    345 Chrome line interior250.00
    383 Roof and mirror caps in blackN/C
    473 Center armrestN/C
    481 Sport seats250.00
    4A6 Interior color Tuscan BeigeN/C
    4A7 Color Line Dark GreyN/C
    4AA Anthracite headlinerN/C
    4AU Extended Decor RingsN/C
    4BD Interior surface Piano BlackN/C
    6NE Comfort Bluetooth and USB/iPod adapter750.00
    Net Total25,800.00
    Destination Charge700.00
    Gas Guzzler TaxN/C
    Total Suggested Price26,500.00 + tax

    PRICING:

    24 months:
    12K miles a year
    1078.78 down payment
    535.68 + tax monthly


    2500 down
    475.29+ tax monthly

    5000 down
    369.04 + tax monthly
    _____

    36 months:
    12K miles a year
    955.41 down
    423.01 + tax monthly

    2500 down
    378.52 + tax monthly

    5000 down
    306.51+ tax
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hearnia. Unfortunately, the residual value that you were quoted looks correct. Vehicles' residual values fluctuate over time. Generally speaking, the closer one is to the introduction of a popular model, the higher its residual values are. As vehicles get older and everyone who was chomping at the bit to get one when it first came out has done so vehicles' residuals can slide a little. That appears to be what has happened with the Mini. I don't expect its residual values to get any better. If anything, they will probably continue to gradually decline as the model year progresses.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi fkerrest. The special 1.9% rate is for conventional finance contracts only. If you want to lease, you will have to use a different rate...a money factor of .00180. That factor is equivalent to an interest rate of around 4.3%.

    The prices that you listed in your post all look like this vehicle's MSRP. While the dealer margins on Minis are not huge, I suspect that you will be able to negotiate some sort of dealer discount if you shop around. Plus Mini is officially offering some free options on this car right now. Have you tried comparison shopping yet? If not, you may want to see if you can beat this deal. If it is at full MSRP, as it appears, then you may very well be able to do so.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jfontjfont Posts: 3
    edited April 2010
    Hi--
    I got a quote on a Mini Cooper Convertible today and I wanted to run it by you. I got a quote for $321.10/month + tax for a total payment of $350/month. This is for a Mini Convertible with an MSRP of $26200. The negotiated price on the car was $25200 with a residual of $12,886.00. They are asking for a total down payment of $4540. The lease is for 3 years with 36k miles. We love the payment of $350, but we were wondering if the down payment was high. Any info you can share if this is a good lease or not would be great.
    Thanks!
  • pinup22pinup22 Posts: 3
    edited April 2010
    Got ballpark numbers on a Clubman from dealer in Scottsdale, AZ

    MSRP of $25K
    36 Month
    15K/year
    $400-450 a month they said give or take!!! Whoa !
    Then I asked what numbers they were using:
    54% Residual
    .00275 was the MF ???

    Ehhhh, that's terrible and they didn't seem eager to want to come down from that.
  • pinup22pinup22 Posts: 3
    Thoughts on leasing direct (not thru a dealership) through a company like http://www.autoleasedirect.com/ ? Looks to be quite a bit less than BMW.
  • heylalaheylala Posts: 1
    Hey car_man,

    Any chance you've got the April lease figures for 24 and 36 months on a '10 Clubman with 10,000 miles/yr.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey heylala. Here's the information that you're looking for. Mini's April buy rate lease money factor and residual value for a 24 month lease of a base 2010 Cooper Clubman with 10,000 miles per year are .00200 and 61%, respectively.

    The numbers for an otherwise identical 36 month lease are .00180 and 57%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • zoranzoran Posts: 68
    how abt 30k/36 mo on Mini Coupe S? Would u know if face lifted be 2011 model? and when available? What changes?

    Thanks Car Man
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey zoran. According to the latest information that I have seen, Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Mini Cooper S with 10,000 miles per year are .00180 and 54%, respectively.

    I know that Mini has a lot of changes planned for the 2011 model year, including some engine improvements for the Coopers and the introduction of the new Countryman, but I'm not sure how much of a facelift the '11 Cooper will receive or when it will hit showrooms.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • zoranzoran Posts: 68
    Thanks car man! usually mini are a bit late with newer year model. car is for my son, so base car improvement will be great!
    thanks
  • hearniahearnia Posts: 2
    I see Mini has great lease deals this month. Anyone know the specific figures behind them?
  • cruiser54cruiser54 Posts: 5
    Does anyone have current residuals and money factor numbers for 2010
    Clubman S, 3 year @ 15k miles per year?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hearnia. I assume that you're talking about Mini's advertised lease payment for the base Cooper Hardtop model. Its current buy rate lease money factor and residual value for a 36 month lease of a base 2010 Cooper Hardtop with 10,000 miles per year are .00230 and 65%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, cruiser54. Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Clubman S with 15,000 miles per year are .00210 and 62%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • cruiser54cruiser54 Posts: 5
    Thanks for your reply. When I inquired at my local dealer with this information they confirmed the 62% but on the money factor stated:

    money factor is .00210 + .00035(to waive lease acquistion fee of $725)+ .00015(to waive security deposit)= .00260

    Does this sound right?

    Thanks....
  • kyfdxkyfdx Posts: 29,236
    The dealer is correct...

    But, do the math... With the MINI being under $30K, you may well save money by taking the waiver, rather than adding the acquisition fee... but, you get the security deposit back at the end of the lease.... Letting them keep your $400 for three years, then giving it back, will save you $6-$7 per month on your lease payment.. That's a pretty good return!

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • dsills1dsills1 Posts: 1
    I just went in to a SoCal dealer and this is the best deal they offered me on a 2010 base cooper hard top, automatic, with bluetooth :

    36 month/10k
    $1500 drive off
    $300/month incl tax

    It seems like a good deal to me, but I'm an amateur at this! All opinions greatly appreciated!
  • lola225lola225 Posts: 19
    My local dealer said Mini's current buy rate lease money factor and residual value for a 39-month lease of a 2010 Cooper S with 10,000 miles per year are .00175 and 63%, respectively.

    Does that sound right ?

    Thanks!
  • mak44mak44 Posts: 3
    edited June 2010
    Can someone please tell me if my monthly payment is accurate for this deal or am I being taken here.

    2010 Mini - Auto; 16" spoke wheels; bonnet stripes; Bluetooth/USB; Moonroof; Destination charge ($700....(MSRP = $23,100)
    39 mo lease
    10k miles
    $700 cash down
    Trade-in value: -$1,300 (negative)
    Residual value: 66%
    Lease Money Factor: .00155
    CA sales tax: 9.75%

    MONTHLY PAYMENT = $330 (inc tax)
  • delta737hdelta737h Posts: 603
    edited June 2010
    mak44,

    It's impossible to determine whether or not your payment was correctly calculated as you haven't provided enough information. For instance, I would need to know the sell price, amounts financed (i.e., capitalized)- is the acquisition fee capped? Is the negative equity capped? Other than $700, was there any other cap reduction? Is the moon roof dealer installed? If so, it probably can't be fully residualized meaning my residual value calculation (below) may be inaccurate. Basically, I need to have enough information to be able to determine the gross cap as well as the adjusted cap.

    Here's what we know...

    MSRP = 23,100
    F = money factor = 0.00155
    N = Term = 39
    Residual Factor = 0.66
    R = Residual Value = 0.66 x 23,100 = 15,246
    Net Trade = -1,300
    CA Tax Rate = 9.75%
    PMT Inclu Tax = 330

    Assuming the data is correct, the base payment is...

    330/1.0975 = 300.68

    Here's what we don't know...

    S = Sell price =
    A = Amounts financed (itemize) = 1,300 + ?
    G = Gross Cap =
    D = Cap reductions (itemize) = 700 + ?
    C = Adjusted Cap =

    Base Payment = F x (C + R) + (C - R) / N

    Based upon the information you provided, coupled with some assumptions, I can determine all of the unknowns and, then, you can check your lease documentation and compare.

    300.68 = 0.00155 x (C + 15246) + (C - 15246) / 39

    Solving for C, I get

    C = 24,565.89
    C + D = G = 24,565.89 + 700 = 25,265.89
    G - A = S = 25,265.89 - (1,300) = 23,965.89

    Unless I know the exact values (not rounded or ball park), there's not much else I can do. It would also be helpful to know all costs paid upfront.

    The two most imporant items in any lease transaction are the cost of money (i.e., money factor- always be sure you're getting the base rate if you qualify) and the sell price. Is $23,965.89 a reasonable selling price given that the MSRP is 23,100? That's about $866 over MSRP. This just doesn't look right.

    Hope this helps.

    John
  • mak44mak44 Posts: 3
    edited June 2010
    Hi John,

    Thank you very much for your help. This is the 1st time I'm leasing a vehicle, so all of this is like 'new math' to me.

    A few questions please....

    1) A (amounts financed) = the selling price of the car + the negative equity of my trade-in. Is this correct?

    2) So the total from the above = GROSS CAP? Is this correct?

    3) Besides my $700 down payment, what else is considered a 'cap deduction?'

    4) Is C (Adjusted Cap) = G - D?

    *also the guys @ the Mini dealership said something about DMV fees + Bank fees which equalled over $1,000 (that was added to the cost). Does his sound right to you?

    Thanks so much for your help.
  • delta737hdelta737h Posts: 603
    edited June 2010
    Hi mak44,

    Selling price + Amounts financed = Gross cap cost

    Amounts financed are items that your elect to finance in the lease and may consist of the acquisition fee, negative equity, taxes (if appropriate), dealer doc fee, etc.

    Gross cap - Cap reductions = Adjusted Cap

    Cap reductions may include cash down, trade equity, cash rebates, etc.

    You may want to get an itemized breakdown of all the costs. DMV fees + doc fees + bank fee totaling over a $1,000 doesn't tell us very much.

    DMV = ?
    Doc Fee = ?
    Bank Fee = ?
    Total = ?

    Also, it might be a good idea to create a one-page lease proposal on your letter head and FAX/email it to the dealer and negotiate via email/phone from your home/office. These are designed to save time, money, and aggravation. Above all, they're designed to put you in control of the deal; not the dealer. Never let the dealer control the deal. Here's an example of a lease proposal...

    MSRP 2011Honda Pilot LX Automatic…… 28,755.00

    Selling Price.........................................… 26,450.92

    Amounts Financed (Capitalized)
    AHFC Acquisition Fee….......……………… 595.00
    NY Sales Tax 8.875%...………………...…… 1,248.73

    Capitalized Costs
    Gross Capitalized Cost…………………..…. 28,294.65
    Capitalized Cost Reduction…………..……. 0.00
    Adjusted Capitalized Cost…………………… 28,294.65

    Residual Data
    Residual Factor…………………………….. 0.59
    Residual Value (Residual Factor × MSRP)… 16,965.45

    Cost of Money/Term
    Money Factor……………………............………. 0.00173
    Term (months)…………………………………. 36

    Monthly Lease Payment……………………. 393.00

    Estimated Charges Payable at Lease Origination
    Documentation Fee………………………..... 75.00
    Government Fees…………………………….. 217.50
    Amount Due at Lease Signing…………….… 292.50

    Fund Provider: AHFC
    GAP Coverage: Included
    Annual Mileage Allowance: 12k
    Disposition Fee: None
    Excess Mileage Charge: $0.15 per mile


    NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term

    Questions? Please let me know.

    John
  • mak44mak44 Posts: 3
    edited June 2010
    Hi John.

    My head is spinning right now, LOL.

    Here are some of the missing numbers:

    -Sell price = $22,200

    -Adjusted Cap = $24,700 (according to sales manager - don't know if correct though)

    -Exact amount of negative equity on trade-in car: -$1,271.62

    Bank fee = $725
    DMV fee = $343
    Doc fee = $55
    Floor Mats = $119

    Total = $1,242

    Basically it's the lease special that Mini has running right now [http://miniusa.com/#/financialServices-m] but with$1,500 less down payment, additional $600 in car add-ons + additional $1,271.62 in negative equity of trade-in.

    I'm just trying to figure out if the $330 per month payment is correct. Hopefully this helps.

    Once again, thank you very much for all your help!
  • delta737hdelta737h Posts: 603
    edited June 2010
    Okay, mak44, I have two questions...

    1) Exactly what charges are you paying upfront? This will tell me what's being capped and what isn't. Then, I'll be able to determine the adjusted cap.

    (2) What is the adjusted MSRP? You said that you're getting a moon roof. Again, is that dealer installed? If it is and, for instance, it costs 1500, then only a percentage, say 80% or 1200, will be added to the base MSRP to get the adjusted MSRP for purposes of computing the residual value. The residual value is 0.66 x adjusted MSRP. I'm not so sure that 23,100 is, in fact, the adjusted MSRP used to compute the residual.

    Analysis
    Here's why I need this information.

    If I compute the base payment given your information, I get

    Base Payment = F x (C + R) + (C - R) / N

    = 0.00155 x (24,700 + 15,246) + (24,700 - 15,246) / 36

    = 324.53

    In order to get your payment of 330, including taxes, the base payment would have to be 330/1.0975 = 300.68 not 324.53.

    Concerns
    Obviously, something is wrong. Is the 24,700 adjusted cap wrong or; is the 15,246 residual wrong? Or, are they both wrong?

    Solution
    Here is what I suggest you do...

    Please ask the dealer to email/FAX their computer generated LEASE WORKSHEET. That will tell me everything I need to know. Otherwise, we're just guessing. Besides, I really doubt that the 24,700 adjusted cap is correct and also have reservation about the 15,246 residual. I need exact numbers as ball park or rounded numbers will not work. Don't let them tell you that they can't give it to you because that's baloney.

    You can email the LEASE WORKSHEET, if you like, to me at...

    diffeq@zoominternet.net

    John
  • einbayereinbayer Posts: 4
    edited July 2010
    hello

    does anyone have residual values and money factor for july 2010?
    36 or 39 mnths, 12k/yr

    cooper
    cooper s

    not - clubman

    thank you
This discussion has been closed.