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MINI Cooper Lease Questions

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Comments

  • qbrozenqbrozen Posts: 17,667
    You sure that MF is accurate? Have you checked with your own bank or even leasecompare.com? That acquisition fee is very high. Its typically less than $600 on many other cars in this pricerange.

    As far as the math goes, just figure the interest on this lease PLUS fees and then figure the interest on a 5-year or 6-year loan over just 3 years since you will then sell it. The cheaper number is the way to go. I don't know what interest rates you can get since it is dependent on your credit, so I can't help you with the math.

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

  • blueguydotcomblueguydotcom Posts: 6,257
    BMW/MINI FS charges an extremely high acquisition cost and dealers always bump it more. The base is $695.
  • Hi I would like to know how much the sales tax is in VA, MD?
  • pjo1966pjo1966 Posts: 120
    I was just wondering what the current money factor would be for either a Mini S or a Mini S Convertible. I am coming out of a lease with a 325i. From what I've read here, I should be eligible for a reduced money factor. Is that correct?
  • pjo1966pjo1966 Posts: 120
    Some more info... I'm looking at a 36 month lease at 12,000 miles per year.

    I just came from a dealer where they refused to tell me what money factor they were using. They just came out with a monthly payment which was more than a little higher than I was expecting. Any info that could help me negotiate at the next dealer would be most welcome.
  • esgamesgam Posts: 13
    As far as I have been able to figure out the current buy factor is still 280 which is a money factor of .00280. You need top tier credit to get this. I'm doing 12k 36 month lease with only drive off fees and my monthly is going to be like $376 with the total having been about $26,500.

    What kind of numbers were they giving you? Oh, I'm in California as well. I think the state you are in also comes into play with the MF.

    With the 1/2 pt. decrease in interest rates today, I am going to fight for a lower MF. Logically speaking it should go down.

    Here's what I did to try and find the current Buy Rate. I called dealers and asked to speak to the financing guys. Spin your own story and if you're lucky you'll get the rate out of them. Call when they are busy.

    Post what you find out!
  • With the 1/2 pt. decrease in interest rates today, I am going to fight for a lower MF. Logically speaking it should go down.

    Those rates won't change till BMW changes their leasing programs which won't happen till next month at the earliest.
  • pjo1966pjo1966 Posts: 120
    On a Mini S with:

    A67 British Racing Green Metallic
    ZPP Premium
    205 Automatic
    A47 Color Line Dark Grey (whatever that is)
    4BD Interior Surface Piano Black

    MSRP $25450
    Price $25750
    $448.83 up front
    $448.83/mo including taxes

    I was not happy with the fact that they couldn't give me an itemized breakdown of the numbers. Given the numbers you posted, the monthly should be closer to $399, which is what I was looking to pay.

    I still have two months left on my current lease, so I can wait. I contacted Mini Financial directly to see if I can order a Mini to my specifications, without going through a dealer. We'll see what they have to say.
  • pjo1966pjo1966 Posts: 120
    which dealer are you working with in CA? If you're happy with your salesperson could you drop their info in my mailbox here?
  • pjo1966pjo1966 Posts: 120
    No dice ordering from Mini financial directly. They told me to go through my local dealer.

    Right now the Z4 lease deals are looking more attractive than the Mini.
  • esgamesgam Posts: 13
    I got an email from my MF saying that my car is ready for pickup in So Cal. I have a dilemma in that I'm stuck in Northern California for work until the 3rd. My MA is telling me that I have to sign the contracts by the end of the month. I could do that via faxing, etc., but I really think I should see the car before I sign for it.

    Additionally, I'd love your input, do you guys think that there will be much of a change in interest rates for October, since it is the first time the 1/2 point cut will affect BMW Financial or other Lenders? If it will, then waiting until the 1st to pick it up would be worth it.

    What can/should I do???
  • ke72spnke72spn Posts: 12
    I feel very conflicted about my desire to purchase a 2008 Cooper S Convertible. I have done two test drives, love the car but cannot get over the lack of support from the manufacturer. Moreover, as reported by other folks, the salesperson seemed very indifferent about the entire sale.

    He said: no deduction off of MSRP (only Mini dealer for 300 mile radius), standard money factor w/tax 448 per mo X 36 @ 15K per year. I know this is not apples to apples, but we are in Acura territory here. It just seems like a lot of money when I was quoted $319 on a G6 w/GMS.

    Do any of my fellow Mini dreamers have advice? :confuse:
  • 1. The salespeople know somebody will buy it. That said, my peeps went out of their way to make me like the car.

    2. You can't really compare a mini to a G6. That's an apples to pork chop comparison.

    If you're not sure, don't buy a car. Don't buy a car for price and never buy a car you're not totally into.

    AFAIK, the 2008 Cooper Convertible is still the old body style. I believe the 2009s will be R56s. Maybe some can confirm this? If it's supercharged, it's an old style. Turbo = new Mini.
  • You are correct the 2009 will be the R56 chassis but no word when they are coming out.
  • pjo1966pjo1966 Posts: 120
    I was just wondering if the residuals and money factors on 2007s have changed at all. Specifically I'm looking to lease a convertible for 24, 30, or 36 months with 12,000 miles/year. I'm considering both the S and base models. I'm probably going to be leasing within the next few days, so any info would be most appreciated.
  • dwynnedwynne Posts: 4,018
    I think they are about the same, unlike most other car brands the MINI 08 models will not arrive until 08.

    I think I posted this here before, but it not, you really should look at a 3rd party lease on a MINI. They sell so well that the MF on a MINI captive lease is sky high. They do have a higher residual than a 3rd party lease bank would have, but the super high rate negates the higher residual. On any term probably above 24 months and maybe even then, a 3rd party lease will net you a lower payment. MINI also charges a high bank fee and does charge an end of lease turn in fee (sort of rare for a captive lease) - this puts these fees more in line with a 3rd party bank fees. I would not be surprised if most/all MINI dealers did not mark up the money factor and even the bank fee as well.

    You can check www.leasecompare.com for a rate and payment online (no obligation or app to fill out), check with any other lease broker, or ask your MINI dealer if they do 3rd party leases - they may not. If you go through a lease broker they buy the car at your price and lease it to you. I have done this a couple of times and it saved me a lot of money - when the dealer and/or captive lease bank offered crummy deals. I was able to get out of paying a high doc fee in one case - since it was a wholesale transaction (leasecompare overnighted or wired them the money) and did all the title, tag, and other work the dealer could not justify any "doc" fee. The dealer just took the money, sent the title to leasecompare (at leasecompare's expense), and handed me the keys - that is all they did.

    Dennis
  • pjo1966pjo1966 Posts: 120
    Thanks for the info. I was planning on sticking with Mini Financial because of a fee that will be waived when I turn in my BMW. I'll have to check to see if it's less expensive to pay the fee and go with another leasing company.
  • ticatica Posts: 64
    I just got the prices of several on-the-lot Minis and they include a $650 destination charge...is this fair or is it possible to knock it off?
  • Hi, with the current lease offer, do we also get the famous 3 years bmw's free maintenance service?
  • ticatica Posts: 64
    Hi
    In May, I leased a 2007 Mini Cooper (MSRP 25,200) for 169/month for 1 year with $2350 down. (Awesome deal) My residual value which I can buy the car for is $21,000.

    My question is, should I buy it or buy a 2008 with fewer options (this one has more options than I actually care about). The new one I priced out with the only options I want would be 2008 at around 21,500 or so. So I'd have a 1 year newer car and more lease for around the same price.

    OR if the dealer might go lower in the price to buy my 2007, should I do that? And does anyone have any experience with this--is it likely that the dealer would reduce the residual to get me to buy this one rather than get a 2008?

    thanks

    PS I thought I was supposed to change the oil at 5000 miles, but I called the dealer and they said I'm not due for service yet. I'm just about to hit 5000 miles, what am I supposed to do? I can't find anything in the manual or lease form that gives me specifics.
  • Oil changes occur at:

    1. The car's computer informs you it's time to schedule an appointment.
    2. 1 year has passed since you last had an oil change.

    BMW uses this program and they have for over 8 years - the cars are just fine following it. You can pay for your own oil change but considering the car's a lease...what would be the benefit to you? Follow the manufacturer's suggested maintenance program.
  • ticatica Posts: 64
    alright thx, i've never owned a car before so not sure about all the rules!
  • I am interested in leasing a MINI for 36 months. However, because most my work is at my home office, and the rest requires out of state travel (via plane) my yearly car mileage averages between 5500 and 6250.
    In Europe, they offer many 8000 mi/per year leases as standard, but the lowest I've seen in the US is 10000.
    Can I negotiate a lower cost lease at a 7000 or 8000 miles-per-year cap?

    Thanks in advance for the feedback.
  • ticatica Posts: 64
    I'm a self-employed freelancer and freelanced my mini for one year. It will be up on May 1, so I'm trying to decide what to do. I probably will get a 2008 instead of buying my 2007,but not sure whether it's better to lease or buy?

    I can deduct my mileage for travelling to and from work meetings.

    But what's the difference between the other costs--gas, lease payment/loan payment, etc.? Does it matter?

    thanks
  • zkaudiozkaudio Posts: 60
    Anyone shed light on their lease cost for a Mini S?

    I am looking at a configuration around 25k...

    Can that be had on a 15k /yr 24mo lease at under 400/mo with 1,500 out the door? Anyone on a similar lease?

    Thanks
  • MULAWYERMULAWYER Posts: 24
    Anyone know the current numbers for the base Cooper? Looking for 3 years, 15K miles per year.

    Dealer quoted me figures that suggest that it was ~68% residual and a money factor of .00250, but I think that might have been @ 12K miles.
  • my lease is for 36 months. 2000 out the door 326.00 a month. 07 cooper S.

    in souther california, i think i got a good deal. thoughts?
  • 12K miles... athought it should have been 15K. im over the mileage already
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi MULAWYER. BMW's standard lease money factor for MINI models varies by region. If you tell me what state you are in, I can give you a better idea of what it is in your specific area right now. In general, it is probably around .00210 for any length lease of an '08 Mini right now. The 36 month, 15,000 mile per year residual vale for a base 2008 MINI Cooper is currently 66%. You're right, the 68% residual value is for leases with 12,000 miles per year.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
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