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MINI Cooper Lease Questions

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Comments

  • atrajanatrajan Posts: 27
    Dear car_man & kyfdx:

    Is this a good deal

    Copper HT :
    MSRP : $20,300
    Negotiated price : $19550
    Residual: 71%
    MF : .00230

    3 year/30,000 Miles

    $958 initial (Deposit + first month + DMV)
    and $261/Month
  • atrajanatrajan Posts: 27
    Dear car_man & kyfdx

    Do you know the MF and residuals for the july program?

    thanks.
  • minookaminooka Posts: 6
    I know the terms but not sure what everything means yet so bear with me.

    I can't find the car I want on one of the 2 lots here in Atlanta so am going to order my Mini. My wants are pretty basic (sunroof, cloth seats, hardtop s) and my one have to have is a 'fun' color (which I've decided is laser blue).

    My question this morning is really on negotiating the price. The car isn't going to be sitting on the dealer's lot and tying up any of their money for long (if at all?) and I had read that MSRP-$1000 is pretty standard. What about if I order a car? Is -$2K too cheeky?

    Is the Residual and Money Factor standard across dealerships and do they change periodically (monthly?). What numbers should I be looking for when I go out to talk to them?

    Sorry for what might be basic quesitons but I haven't dealt with this in 15 years and I deal with stress by researching.
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,872
    You have a few things going for you...

    1) The MINI sales model involves most buyers ordering their car... so, you won't get that push-back from the sales staff to buy something on the lot, today..

    2) By ordering exactly what you want, you won't have to pay extra for anything you don't want... Those $100 and $250 options add up fast..

    But, you've kind of got the incentive thing backwards... Yes, if you order a car, they won't have any carrying costs, because it is an immediate sale upon arrival.. But, if you aren't buying a car on their lot, that unit keeps accruing carrying costs... they would much rather cut you a deal to get rid of something that continues to cost them money..

    In summary.. I don't think you'll get a better deal on an ordered car.. If you bargain hard, you may do just as well as a car currently on the lot..

    regards,
    kyfdx

    Moderator - Prices Paid, Lease Questions, SUVs

  • minookaminooka Posts: 6
    Thank you for the response.

    Yes, that does make sense. Albeit counter intuitive to my thought process so I'm glad I asked. I'll try for -$1500 and see if I can land at -$1000.

    Can anyone respond regarding the money factor question? Is that a set number or is there a number I should be aiming for?
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,872
    Car_man has the inside info on the leasing programs..

    I know that last month, the money factor was .0023, but I haven't seen or heard about July's numbers..

    BMWFS (or MINI FS.. same thing) has a pass/fail system for lease rates.. if you qualify, you qualify... However, dealers are allowed to mark up the base rate by .0004 for extra profit (and, most do). You want to shoot for the base rate, without markup..

    regards,
    kyfdx

    Moderator - Prices Paid, Lease Questions, SUVs

  • minookaminooka Posts: 6
    Again, thank you kyfdx! I found a site that walked me through a calculation so I have a bit better understanding of how it all works.

    I shouldn't have a problem getting a lease, but with the finance markets the way they are, who knows. I'd really rather buy but with the economic climate (job market) the way it is, I'd rather be safe with a lower monthly payment.

    Car_Man if you are out there, do you know the current residual value?

    I'm curious as to how/why it changes every month. Not necessary for actually getting a car, just curious in general.
  • hull22hull22 Posts: 18
    Car_man,
    What are the July lease rates for the Mini Cooper Clubman? Also, do the current Mini lease special requiring taking delivery by a certain date, meaning you can't special order a car and get the lease special?

    Jacob
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi pilotman5. 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 2009 Cooper Clubman S with 15,000 miles per year are .00230 and 62%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi atrajan. I have seen Mini's July lease program and I would be happy to fill you in on the details of it. However, its money factors and residual values vary by trim level, term, and mileage allowance. Let me know exactly what these variables are and I will let you know what the program is like.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi minooka. Mini's residual values vary by trim level, term (aka length of lease), and mileage allowance. Let me know what these numbers are and I'll gladly provide you with the number that you're looking for.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello Jacob. Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Cooper Clubman (non-S) with 15,000 miles per year are .00230 and 63%, respectively. I believe that this lease program is scheduled to run through the end of the month. Having said this, many manufacturers' captive finance companies allow consumers who order vehicles to lock in the lease program that is available at the time that they place their order. If you're interested in doing so, make sure to ask the dealer if this is an option.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • smithsongasmithsonga Posts: 123
    what are the lease rates for a Cooper S Convertble? 10k and 12k miles, thx.
  • Hi there. I'm stuck and I need help. I was trying to get credit approval on the Mini website and it kept asking me for my birthday. But nowhere on the page do I see anything pertaining to birthdate. Please help! Has anybody had this problem?
  • gobsarvgobsarv Posts: 1
    Good morning car-man,

    just wondering if i got a good deal or an acceptable deal on the car i leased yesterday.

    MSRP on Cooper S + equipment = 27036
    other charges such as dealer fees/tax = 1381.72
    trade in of = 3000

    which equalled to unpaid balance of 25417
    cash due at signing is = 1510.26

    which all equalled to = 314.30/month

    would you consider this as a good deal or just acceptable???

    gobsarv
  • owl79owl79 Posts: 1
    Hello all. Newbie to this board. I know I should have done all my research before leasing, but I had a busy July. Let's say I want to now learn for a potential 2nd lease opportunity in a few years.

    I just traded in my 2004 Mini Cooper for a 3yr(10K/year) lease on a 2009 Mini Cooper non-S hardtop. I would like some reassurance that I got an OK deal... I know I didn't get the best deal possible. If I got a bad deal, please let me know, too, so that I know to give my business to another dealership in the future :)

    Here are my details of the contract... NOTE it's I negotiated $600 off this worksheet price after I saw the first revision. So, these numbers are from the first revision.

    ---

    MSRP + Bank Fee = $23975 ($925 for bank fee)
    Cap Reduction = $6814.68
    ------------------------
    Net Cap Cost = $17160.32

    Adj Residual = $15904.50 (69% of $23050)
    Tot Term Dep = $1255.82
    Monthly Dep = $34.88
    Mo Lease Chg = $81.01
    =====================
    Base Payment $115.89
    CA tax = 9.5% = $11.01
    =====================
    Tot Mo Payment = $126.90

    Est Fees/Term = $1067.75
    Tot Taxes = $1048.03

    1st Payment = $126.90
    CAP Red = $6814.68
    Sls Tax Upfrnt = $651.67
    1st Yr Fees = $361.75
    sec Dep = $0
    Other Upfnt = $45.00
    ======================
    Tot Init Pmt = $8000

    ----

    My questions:
    1) what is the $651.67 sales tax upfront? I asked for a quote on a no-trade in scenario (in case I wanted to sell my car private party - would have got more, but I've got no time for it at this point in my life) and the upfront sales tax was $4.28) - did I get taken on this "tax"? I didn't think dealers can add extra state taxes at will, so I figured this was part of the trade-in fee?
    2) How is the $81.xx monthly lease charge calculated? It doesn't seem proportional to the monthly depreciation cost.
    3) what is my money factor ratio and how's it compare to what is current? (My Fico is around 800)
    4) For future reference, what other numbers could I have negotiated besides the $200 on the bank fee?
    5) What is "Est Fees/Term = $1067.75"? I'm guessing part of it is the "1st Yr Fees = $361.75" and I understand there's a $350 fee on return of the car. I'm guessing the rest is registration fees for the 2nd and 3rd years?

    Additional notes:
    - MSRP was $23,025
    - I negotiated for $600 off, bringing down the price to $22,425 (so my adjusted numbers different from above come out to be $106/month, after taxes)
    - Found out later (glove box) that car was sitting on lot/showroom since 6/9/2009

    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi smithsonga. Mini is not currently providing lease support on the Cooper Convertible. 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. Fortunately, its standard factor is not that bad. It probably varies slightly by region, but it should be around .00250 right now. The 36 month, 12,000 mile per year residual value for an '09 Mini Cooper Convertible S is 60%. The 10,000 mile per year residual would be 1% higher than that.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi gobsarv. I personally would not have used the money from my trade as a down payment for the lease (I would have asked for a check instead), but that does not have any impact upon whether this is a good deal or not. The easiest way for me to evaluate this deal would be for me to compare this car's MSRP and its selling price. You already mentioned one of them. Which one is the $27,036 price that you mentioned. Let us know what the other one is and I'm sure that either myself or another knowledgeable community member will gladly let you know what they think.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I'm looking to lease a 2009 mini cooper 2Dr hatchback (not s or clubman). I'm totally new to leasing a new car so please educate me in how I can come up with a competitive price. I'm from Atlanta, and taxes are 7%. Is there any other information that one would need to know before helping me determine a price. I think MSRP is 19200 with destination and handling. I plan on doing a 36 month lease and 10k/ year.

    Thanks.
  • I think the MSRP is actually 20450 (with 650 destination charge) and invoice is 18470. I don't think any of the dealers have the car I want though so they would need to order it.
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