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MINI Cooper Lease Questions

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  • chittuschittus Posts: 8
    Hello All

    I am new to this forum and trying to get some help in leasing a 2007 mini cooper S hatchback in the bay area. Can you guys help me with what the money factor is for 3 year lease and residual for 12K/15K Miles for 24 months and 36 months. I am just trying to get some ball park numbers before I see the dealer on saturday. My credit score is over 700. Any help is appreciated. One more help who is the best dealer out in northern california?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi slipstreamv2. I don't believe that BMW is offering leases on 2006 Mini models any longer. There may be an independent bank out there that you can lease one through, but given the fact that the 2007 model's residual values will probably be much higher you may find that there isn't much of a difference between the payment for an '07 and an '06 model. Make sure to stop by the following discussion for feedback from other community members on how much your sister should pay for the Mini that she wants: "MINI Cooper: Prices Paid & Buying Experience".

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings tica. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. Check them out and let me know if you have any specific questions.

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey tica. All new vehicles have a destination charge. The $650 destination charge that you were quoted on the Mini that you are interested in is right in line with what BMW charges on it. This charge is essentially part of the car's price and it cannot be waived.

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome chittus. Mini has never provided lease support on its cars. As a result, consumers who want to lease one through its captive finance company have to use its standard lease money factor. This standard factor varies by region, but it should currently be around .00265 to .00300. The 24 month, 15,000 mile per year residual value for a 2007 Mini Cooper S Hatchback is 72%. The residual for an otherwise identical 36 month lease is 67%. The residuals for leases with 12,000 miles per year would be 2% higher.

    Car_man
    Host
    Prices Paid Forum
  • sml6sml6 Posts: 4
    Hello,
    Is the residual value different from 2007 Cooper to Cooper S? I'm new to the forum and new to the world of leasing, and am trying to plug in these numbers to get a better idea. I'm from NJ and one of the dealerships here quoted $410 for Cooper 24 months, 15,000 mi/yr with zero $down! And $489 for Cooper S. :confuse:
  • How close in Mini's payment estimator? I get $350 on the Mini Site and $300 on your lease estimator.

    My credit is in the mid 600's...will that effect the payment?
  • gpowergpower Posts: 3
    I am being quoted a MF of 0.00335 by MINI dealer in my neighbourhood whereas the LeaseCompare website gives 0.00225.

    Can someone recommend a dealer who gives better lease factor in SOCAL area? I believe that with a credit score of above 700 should give more.
  • blueguydotcomblueguydotcom Posts: 6,257
    Why not do lease compare instead of BMWFS?
  • esgamesgam Posts: 13
    Hi Folks,

    It's been a long time coming and I'm almost at a place where I can afford my MINI, but I'm not quite there. I've been working with a dealer on a lease and here's what their current offer is on a new build:

    36m/10k $2000 down

    The $2000 down = $1219 CCR, $100.58tax, $277.75 DMV Fee, $402.56 1st Payment

    MSRP: $27,295
    Costs Added to Lease: $870 ($45 doc fee, Bank Acquisition Fee $825)
    Cap Cost Reduction: $1219
    Adjusted Cap Cost: $26,076
    Residual: 69% ($19113)
    Money Factor: .00335
    Term: 36 months
    Sales Tax: 8.25

    Monthly Payment: $402.56

    Here are my questions:

    1) Is this a good deal?

    2) Can I negotiate on the Doc Fee and Bank Acquisition fee? Is the BAF high? These make my monthly payments about $30 higher.

    3) The MF seems to be accurate for SoCal. If I put a $450 "Security Deposit" down they'll drop it to .00320. I guess they figure the interest off of the $450 will more than cover the loss. Is the Residual Value at 69% negotiable? I've seen 70% being mentioned.

    4) Can someone show me the math as to why purchasing the car and selling it in 3 years would be better than leasing?

    Thanks very much!!!
  • qbrozenqbrozen Posts: 16,897
    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; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 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.
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