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MINI Cooper Lease Questions



  • You're very welcome, earcom. As usual, Mini is not currently providing any sort of lease support on its cars. As a result, if you were to lease one through its captive finance company right now, you will have to use its standard lease money factor. Its standard factors vary by region, but should currently be around .00289 for consumers who qualify for its top credit tier, give or take. Its current residual value for a 36 month lease of a 2006 Mini Cooper with 12,000 miles per year is 67%. Its residual for an otherwise identical lease of a Mini Cooper S is 63%.

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  • Hey I was Quoted a money factor of .00320 at manhattan mini is there a sure fire way to know if they havea ajusted it or not?
  • Hi bgates222. There's no definite way to prove that the dealer that you are working with is marking up your vehicle's money factor, but the factor that you were quoted does sound a little high to me. I suspect that Mini's current buy rate lease money factor is below .00300. You may want to try shopping around at another Mini dealer or two, there should be a number of them in the New York City area, to see what sort of money factor they quote you.

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  • i went to the other mini dealers and they were all about the same on everything which surprised me lol thanks for your help though.
  • You're welcome, bgates222. Let me know if you have any other questions.

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  • I recently saw an ad for 2006 Mini's at zero down, $219 month (48 months)+ tax, fees, 1st month. (Based on an msrp of $19600) What should I be very wary of? I have never leased....

    I'm new here, please be nice :)

  • qbrozenqbrozen Posts: 17,150
    how much down?

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • Supposedly zero down. Just tax, title, FEES???, and first month payment
  • qbrozenqbrozen Posts: 17,150
    heck, sounds darned good to me. I assume this isn't a national deal? where did you hear the ad?

    the fees could of course be the stumbling block, but, really, doc fees shouldn't be too high, and they are negotiable. bank fees should be set by the bank.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • Can you provide me with the current residuals for both base and S modles, '06 and '07. I want to run the numbers as on both as I think they are close to invoice on the '06, but not budging from MSRP on the '07. Any incentives coming soon on any modles?

  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 44,416
    I was just quoted 70% residual on the base and S MINI here in the SF Bay Area...well that's great, but the MF is .0034 (8.16% interest!) and the MSRP is rock solid. Unreal at the MINI dealership, the cars were flying out the door. I had to stand in LINE to get a salesman.

    You should be able to get a real good deal on an '06 because the '07 seems a much improved product (to me) and everyone's hot for it. I'd bargain hard on an '06 right now, since the '07s are in the showrooms right next to them.


  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 44,416
    lowest money rate so far I've found for a MINI lease in the Bay Area has been 0032. Still searching. If you're working with a good dealer, you can lock in the present rate by ordering the car but if it drops next month you can change the lease to take advantage of that. Looks like about 2 months wait if you "build" your own MINI. I did find a dealer who doesn't mark up OVER MSRP though.


  • ticatica Posts: 64
    I've never owned a car (having lived in London and now NYC) where you don't need one. But finally am revving up to buy a Mini I think. I had sort of concluded that a 3year lease made no sense since you don't own it after paying all that money. But I just saw a dealer that is offering a 1 year lease and it seems like the amount to buy it after teh 12 months-is pretty much the extra amount that would be due if you'd just bought it upfront and not leased.

    This seems too good to be true. Is the dealer losing out here, if so, why? Seems like a great deal not to pass up, esp. to have a trial 1-yr with the mini, if I"m not entirely sure if I need it or whatever (and in which case the $4000 spent for the year would be like renting but not too much wasated, really)

    Here are the numbers--does this make sense? Also, what's a money factor and residual percentage? I have no clue what folks are talkinga bout here..
    Is This The Best Lease Ever? Call us let us know your opinion!
    The One Year Lease Special is back!
    The all new 2007 MINI Cooper
    is available to well qualified lesees with;
    NO Bank Fee !
    No Security Deposit!
    Starting at as little as $99 per month with only $1,799 down
    $1898 due at inception, plus taxes, registration and title fees
    for a 2007 MINI Cooper, MSRP $18,700. Order yours today!
    10,000 mile per year lease. lesee responsible for excess wear and tear, taxes, insurance, registration and title fees. available to well qualified lesee's through MINI Financial Services. Some restrictions may apply,call for details. Must be approved by 4/30/2007 and delivered by 5/31/07

    I called and spoke to the sales guy and he said--

    A mini I would want would be roughly--TO BUY--$21,000 ish
    (18,700 plus automatic 1300 plus a few options)

    The 1-year lease is $2300 down payment (includes the down payment plus taxes, title, regis and first month)
    then 11 months at $130ish--so $1400 for year

    So the total year's leasing would cost around $3700 or 300/month.
    Not bad to rent a brand new car (and not having to do it for 3 years like those usual leases)

    then if I wanted to buy it after a year it would be the 'residual value' (whatever that is): $17, 800--

    ...and this is where it doesn't make sense to me--
    so if I leased for a year, then bought it, it would be around the same price 17,800+3700= 21,000ish as if I had just bought it straight out WITHOUT leasing it for a year...?

    Does that make sense for the dealer? doesn't seem like they make EXTRA money from leasing it that way? But the sales guy said that was the case.

    Anyway, so it sounds like a win-win no-comittment deal. And I could give it back after a year if I move out of NYC and want a bigger car or I could just buy it and not have lost anything...(other than the free freind's car, but then it probably would've started to break down by then anyway!)

    anyway this seems to be such a good deal I'm wondering if I'm being dumb about something...?

    anyway, what do experienced car buyers/owners/leasers think?
    any feedback much appreciated!
  • Hi Car_Man,

    I'm interested in the MF/residuals for a 2006 Mini Cooper for 15K/3yrs. My sister was looking at the 07's, but they seem to be going for full MSRP, so I advised her to consider 06's. Can you give me a ballpark to be shooting for on 06's, for example, $1K over invoice?

    Anyone know if car leases can be completed over phone/fax/email? My sister will be purchasing from a dealer in Los Angeles, but I'd like to complete the lease transaction with her from NJ before she goes out to LA.

  • british_roverbritish_rover Posts: 8,476
    HAHA you are going to end up in a MINI I Bet.

    Those money factors sound about right. I don't have the contact I used to have at the local MINI dealership but .0032 is pretty standard now for low production/high demand cars.

    The 70% residual is outstanding you won't find any other cars with that kind of residual.

    Just buy the car out right like I did and then sell it privately after two years if you want to getting all but a few thousand of your dollars back.
  • ticatica Posts: 64
    what is a money factor and what is a residual percentage?

    I'm about to do a one year I need to know these things? I've never owned, bought or leased a car before, this is my first. any help appreciated
  • blueguydotcomblueguydotcom Posts: 6,257
    Shifty, I took the advice of Kyfdx and purchased a Mini instead of leasing it. The $700-900 lease acquisition cost, plus security deposit ($400+), plus lease return fees ($350) adds over 1k to the cost of the lease. Add in the obscene lease MF (over 7%) and you're paying far more to lease a Mini than it would cost to buy one.

    Strange but true. On cars like the 3 series - which BMW props up with lease deals - leasing is a bargain. On a car that loses less than 15% per year and you can get 5% loans, there's a good case for buy over lease. You will pay more or about the same for the lease in the scheme of things.
  • ticatica Posts: 64
    we're you looking at a 3year lease? I'm thinking about doing a 1-year, and it seems to me like its not much extra money really, so worth it to 'test' out ownership.

    is it unlikely then, that you'd get the security deposit back?
    also--is the lease acquisiton cost the 'acquisition fee' on the lease (I have a copy of a lease to look at)--and what does this mean exactly?

    also, from what I can see on my lease--teh 'disposition fee' of 350 is only paid if you DO NOT purchase the vehicle after the lease it would not be extra cost compared to buying..


  • blueguydotcomblueguydotcom Posts: 6,257
    All BMW vehicles have a destination fee. That's normal. Look up the same car at and destination fee will be listed. BMW cars have a $795 destination fee.
  • blueguydotcomblueguydotcom Posts: 6,257
    What's the MF? Residual? Promised sale price?

    you should get the security deposit back, just once it's outa my pocket, I'm annoyed at its disappearance.

    Acquisition fee = acquisition cost. Some mini dealers will add to your MF rather than charge all the acq cost. Cool dealers will. Most will boost the acq fee to $895 and either charge it up front or roll it into the lease cost. That fee is tough to avoid.
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