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MINI Cooper Lease Questions

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Comments

  • umpalumpaumpalumpa Posts: 2
    yesterday i stopped in there and they were telling me on on the clubman - which they were all out of btw - they were seeing no money down leases in the $600 range! that is crazy for a car w/ such high residuals and relatively low price. so they are definitely messing around with the money factor...oh and the $3000 markup hurts too! people are buying them, so i guess they can do what they want.

    Question: will leasing through a service like leasecompare or carsdirect eliminate the markup that most dealers are charging?
  • blueguydotcomblueguydotcom Posts: 6,257
    Like a purchase, you negotiate purchase price. as for leasing figures, check leasecompare.com as you might find a much cheaper lease rate on the clubman.
  • rojasam56rojasam56 Posts: 1
    Is there anyway to get the dealer to lower the money factor? Does credit score have anything to do with it?

    How can I confirm the expected value the the end of a leaseterm?
  • blueguydotcomblueguydotcom Posts: 6,257
    They will tell you the residual percentage. Multiply the percentage against the MSRP and that's the lease return value.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, ejs0614. Mini resale values are outstanding. Dealers can't get enough new models. Mini was a success already and the current high gas prices have increased demand for them even more. Enjoy your new ride :shades: .

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi polyvw. The residual value for a 36 month lease of a 2008 Mini Cooper S Coupe with a manual transmission is 63%. Mini's money factors vary by region, but they should be in the .00200 to .00250 range.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • coasterguycoasterguy Posts: 25
    I am getting ready to trade in a my car for a 2008 Mini. I was thinking of leasing as I keep buying and never, ever pay off the car before I trade it in. They told me of the Mini Financial program of Owner's Choice. Anyone? Any input? Lease? Any thoughts? Thanks.
  • blueguydotcomblueguydotcom Posts: 6,257
    Don't trade in your car. They'll abuse you on resale value.

    Check Leasecompare for better lease rates than BMWFS offers. BMW does little to prop up the mini with leasing as it's such a cash cow. This is the exact opposite of leasing a BMW 3 series which gets tons of support from BMW.
  • Hi Car Man,

    Just receied a quote from Midwestern Auto Group in Columbus Oh on 2 and 3 year leases with 76% and 66% residuals respectively (10,000 mi/yr). Also the quote included a money factor of .00359 which seemed a little high. Payments were 348 and 359/mo with 3k down. Do you know what BMW's money factors are right now?
    Thanks,
    gman71
  • chenghchengh Posts: 9
    I went to MINI dealership in Mountain View of CA in February. We ordered a new MINI, base model/auto transmission, with a lease contract, 12k miles/year, 3 years. I choose to put down about 24XX so the monthly payment is about 260.xx. I lease it for my wife and she loves the car. These days we drive this car a lot because it is really a gas saver, 34 mpg with 70% highway. I think this is a good deal because February economy was soft and gas price was so as high as today yet. I believe these days people have to pay more to get a MINI out of the door because there are so much demand for small cars. And cost of steel and paint are going up rapidly. Inflation is here apparently.
  • gforce11gforce11 Posts: 225
    June's lease rates for all Mini's.
    Here's the lease formula/calculator in case you need it.
    The MF is typically not negotiable unless the dealer has marked it up. IF you simply don't quality for the lowest MF, then you are out of luck.
    The residuals are strong on all Mini's, so even with a .00219 MF, the leases should be reasonable (not in the $600 range). Just watch out on the price of the car. The options add up quick.
  • blueguydotcomblueguydotcom Posts: 6,257
    What did the 2400 include?

    Did you pay the acquisition fee separately? Dealer/doc fees? License and title?
  • Looking to lease an '08 Chili red S Coupe - 24 months, 12K miles/yr

    WA Dealer selling at MSRP - $25,350 (Incl Cold Weather & Convenience Pkgs, DSC, Xenon, speaker upgrade, 6spd) + Dealer Prep $595 + Addl Cap Cost (lease origination fee?) $825

    So Adj Cap cost = $26,770
    MF = 0.00250
    Residual = 75%
    Tax = 9.1%
    Monthly Payment = $477.50

    So up front payment = $1,164.25 ($477.50 1st month pmt + 500 security + $136.75 DMV + $50 Doc fee)

    What do you think? Good Deal? Anything I could negotiate?

    Thx!
  • Ended up going with it with a slight change in #'s

    MF = 0.00295
    Residual = 78%

    nets me a slightly lower monthly payment at ~ $468

    Everything else is unchanged!

    Can't wait for my car :D
  • blueguydotcomblueguydotcom Posts: 6,257
    7.08% (0.00295) money factor is kinda high.

    Don't know if you have family who are members of NFCU but you can get a far better lease rate through them. They offer a 4.4% (0.00183) for 36 month, 45k leases - you can probably get better residuals from them for your 24k mile lease. They charge an origination fee of 2% of the msrp added to the sale price as the lease initiation fee. I believe on a 45k/3 year Cooper S they told me the residual is 68%.

    I did it up on leaseguide.com for NFCU's number on a 3 year 45k mile lease for a Cooper S:

    MSRP: 25350
    Origination fee 2%: 507
    Mf: 0.00183
    Tax 9.1% (egad!)
    64% residual (aimed low but I think they said 68%)
    Monthly payment: $382
    Gap insurance included

    So if you have family in Navy Federal Credit Union (NFCU) - brother, mother, uncle, roommate, wife's family, etc - you can join NFCU. It's worth it.
  • Thx blueguydotcom. I already signed up for the numbers above at the Mini Dealer. Also dunno anybody at that CU but thanks anyway. Will keep this in mind for the next car :)
  • Karen_CMKaren_CM Posts: 5,020
    A newswire reporter would like to speak with owners of the Mini Cooper. If you are an owner, please respond to ctalati@edmunds.com with your daytime contact information no later than Friday, July 18th.

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

  • ok ive not come across this before
    My mother leased a mini cooper in 2006 for 2 years and 24k miles
    now its time to turn the car back in and to my dismay she has 6k miles on the car
    and they want around 18k for the car if she wanted to buy it. It seems to make more sense to buy the car and either keep it or sell it on our own because with that kind of milege wouldnt they make a killing on it? Or can we use it to get into another brand new car ? thtnks in advnace
  • qbrozenqbrozen Posts: 17,144
    Yes, you can actually trade in a lease and benefit from the equity, if in fact there is any. Just get a trade-in value quote. If it is more than the buyout, then that is your equity.

    If you want the true trade-in value, try posting the details on The Real-World Trade-in Values board.

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

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