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MINI Cooper Lease Questions

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  • My credit is over 740, and the dealer told me that I qualified for the best rate. I have leased many times before (BMW) and have never had the dealer mark up the MF from the current rates. Unfortunately, the BMW dealer that I have good experience with isn't a MINI dealer yet.
  • Sounds like the dealer is holding you over the barrel. I paid full MSRP for my Countryman All4 but made sure that the dealer agreed to no additional profits on the lease.
  • Hey Car_Man,

    Could you please give the MF/Resid/DAF/ on MINI Convert S and JCW for 3years/12K.
    I've been leasing a Volvo S80 for 3 years and know the game pretty good.

    I'm not too keen on the having to give it back with nothing to show in three years, but getting into another lease may be my best option.

    I want to look at the 2010 and 2011 years of the MINI convertible.
    Is there a difference in the money factors in the model years?

    Cheers,

    Bill
  • Bob Smith Mini in Calabasas, CA promised me that there would be no markups when I plunked down the $1000 deposit for the Countryman (Dec 2010). Unfortunately, when it came time to pick up the car, they did mark up the MF to .0028 and the AF to $925. If that wasn't insulting enough, they insisted that they weren't marking anything up. I had the feeling that I wouldn't have any bargaining leverage by putting money down on the car without making the deal... and I was right.
  • Car_man,

    I was wondering if you have buy rate lease money factor and residual value for a 36 month lease of a 2011 Cooper Convertible with 10,000, 12,000, and 15,000 miles per year. January is almost over, not sure if it's better to wait until February... Advice?

    Thanks!
  • topgun7topgun7 Posts: 409
    I had the feeling that I wouldn't have any bargaining leverage by putting money down on the car without making the deal... and I was right.

    but you can always walk to the next dealer (hopefully you have more than one Mini dealer in your town) and try to get your deposit back from the first dealer. It will be a hassel but it will certainly beat thinking that you have been taken every day that you drive the car... Realistically deposit mean nothing in this environment. Dealer is not going to hold the car for anyone whether you have deposit on a new car or not. they will sell the car to the highest bidder at the moment and worry about the client with deposit later...
  • coregiscoregis Posts: 2
    edited February 2011
    Where are the money factors and residual % published? Or is this coming from a finance person inside MINI?

    Either way, I'm looking to lease a 2010 MINI Cooper hardtop with premium package and paint- MSRP of $23,600. Edmunds true market value is $22,246.

    Looking at previous posts, With $2.5-3k down, I should be in the very low $200s monthly for this correct?

    And what about a balloon option vs. lease? Should the terms be similar?
  • Hi Bill. Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Cooper Convertible S with 12,000 miles per year are .00180 and 56%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of an '11 Convertible JCW are .00225 and 47%, respectively for consumers who qualify for its top credit tier.

    You're better off leasing a 2011 model than a 2010 model at this point.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi miniwant. Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Cooper Convertible with 15,000 miles per year are .00180 and 55%, respectively.

    This car's 12,000 mile per year residual values are 2% higher and its 10,000 mile per year residual values are 3% higher.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi coregis. I don't believe that Mini publishes its official lease program anywhere. This information is really only available from dealers.

    Are there still any 2010 models out there. I was under the impression that most Minis are 2011 models at this point.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • coregiscoregis Posts: 2
    edited February 2011
    Thanks carman. Yeah, sorry, that was a typo. It's a 2011 Hardtop with premium package. 12,000 mile allowance. I have excellent credit

    Dealer just quoted me 67% residual which seems good. I'm looking at the APR on the balloon option of 5.05%, so money factor of .0021 (divide by 2400, correct?) At $22,200 selling price, I got quoted a monthly payment of $218 after tax+ fees of $1700 and my down payment of $3000. No AF on Balloon I hope.

    I think it''s a decent deal but I keep coming up with a lower monthly payment of around $205. What do you think?
  • Hello,

    I was wondering the February buy rate lease money factor and residual value on a 2011 MINI Cooper S Countryman (FWD) for a 36mo lease for both 12k and 15k mi. Have these numbers improved into Feb?

    Thank you!

    Sam
  • roadrageeroadragee CaliforniaPosts: 71
    Hello Dr. Car Man!

    What is the current MF and Residual % for Countryman? I got quoted 0.00245 and 59% (for 15k miles). Reading the previous post, it seems about right, but would like to confirm with da Car_Man!

    Thanks!!
  • roadrageeroadragee CaliforniaPosts: 71
    Hi.

    Any ideas on how Tier 1, 2, and so forth are decided? What is the credit score range?

    Thank you!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem coregis. Mini's balloon note program is different than its lease program and unfortunately I haven't seen it recently.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Sam. I hear that the Countryman is selling really well. Mini is not providing any lease support on it yet. As a result, if you want to lease one right now, you will have to use its standard lease program. The last time I checked, Mini's standard buy rate lease money factor was around .00225 for consumers who qualify for it stop credit tier, but this may vary by region.

    Mini's February residual value for a 36 month lease of a 2011 Countryman S FWD with 15,000 miles per year is 59%.

    The residual value for a lease with only 12,000 miles per year is 2% higher.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Wow, I've officially received my doctorate :). Sweet. The numbers that you were quoted look about right. Mini isn't providing any support on the Countryman yet.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • afinnerafinner Posts: 2
    Can you tell me the residual and Money factor (excellent credit score) for a 2011 MCS? And is there any incentives being offered for the customer or dealer?

    Thanks in advance
  • ardtardt Posts: 2
    Mini's financial services directly, or going out and finding a third party lease? (And a really dumb question) Do the terms you gave in February for a 2011 S convertible apply if I find an independent lease company, or only when using Mini Financial Services?

    Thank you! :confuse:
  • b_el_mb_el_m Posts: 1
    Car_man,

    First, let me say thanks for all the help you've provided over the years - I've never posted before, but I've found this forum an amazing resource for each car I've leased.

    Could you please tell me the buy rate lease money factor for a Countryman All4, 12k miles, 48 month lease?

    Also, FYI (and for anyone else looking), according to dealer, residual is 54% (and they are quoting me a money factor of 0.0028 which seems absurdly high).

    Thanks!
  • robertvrobertv Posts: 33
    Please forgive me for being clueless with this because its going to sound like the same question as everyone else's but my recent lease quote seems absurd. I configured a Countryman All4 at about $31k and requested a lease quote with $2,500 down, 10k miles at 36mo. I was given a price of $490/mo. Is that even close to being right??? I currently have a lease on a BMW X3 that was priced at $39k, 36 mo, 12k and I put $3,000 down and pay $460/mo. How in the world is a car that's $8k less, 2k miles less per year going to be MORE than what I pay now for the X3???

    Am I just clueless and can't see how this is accurate?

    Thanks for your help!
  • robertvrobertv Posts: 33
    I went back to the deal and I got a better price but still seem way high. Here are some deals:

    Cap $29,550
    Down: $2000
    Residual: 63%
    MF: .00365
    Monthly: $448

    Forgive my ignorance but .00365??? Is that not ridiculous?
  • skobolaskobola Posts: 207
    edited March 2011
    It appears that both BMW and Mini are not desperate to sell cars. I was pretty much in the same situation, but comparing the BMW 128i convertible and mini S Convertible, with MSRPs $39.9K and $29.9K respectively, where Bimmer came to be $500 and Mini $535. Not that the Bimmer is a deal neither, but compared to Mini, it certainly is. Though, I found the Mini to be a bat from hell, very entertaining car! I believe that the best way is to go through eBay and ask for lease quotes.
  • skobolaskobola Posts: 207
    edited March 2011
    What are the MF and residuals for Cooper S onvertible for March 2011? Are there any incentives for current BMW leasees or otherwise? How much is the acquisition fee? How long does it take for the car to arrive on east Coast if it will be ordered? Thank you in advance.
  • skobolaskobola Posts: 207
    How much is the acquisition fee? it appears that Mini is keeping a tight grip on all of the information, as I could not get it anywhere, even by searching on the web. And it appears that it takes pretty long time to even get the answers here. Am I missing something? Please, let me know.
  • roadrageeroadragee CaliforniaPosts: 71
    Acquisition fee is $925. ($725 + $200 dealer mark up)
  • skobolaskobola Posts: 207
    Roadrage, do you know what is the money factor and residuals for 10k miles per year, both 24 and 36 months, or anything in between. Is there a web site that tells these? To me, it is amazing that the lease of a Mini Cooper S Convertible, which comes to be about $30k car, is more than BMW 128 Convertible, which comes to be about $49k car, and it is leased byu the same company!
  • roadrageeroadragee CaliforniaPosts: 71
    "Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Cooper Convertible S with 12,000 miles per year are .00180 and 56%, respectively for consumers who qualify for its top credit tier. "

    Info according to Car_Man. You might want to search the previous threads as it might have the exact information you are looking for, even if it may not be current

    Mini S models are not lease friendly it seems.
  • skobolaskobola Posts: 207
    Roadragee, thank you. I have already asked Car_Man on 3/12, however, he had not responded... probably on a break or alike. I assume that 10k miles would then be 57%.
  • ardtardt Posts: 2
    edited March 2011
    "Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Cooper Convertible S with 12,000 miles per year are .00180 and 56%, respectively for consumers who qualify for its top credit tier. "

    I've been going off of those numbers too, but a dealer told me in March the figures were 54% residual with 0.0022 money factor.

    Is Car_Man a dealer? Can I lease from him? :blush: I like his numbers WAY better!
This discussion has been closed.