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MINI Cooper Lease Questions

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  • texgastexgas Member Posts: 7
    Hi Car man, thank you for the info. My ordered 2009 Mini Cooper S won't come until Sept 21. Are the lease numbers for Sept different than August? Thank you in advance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, Jonathan. I'm glad that you find this discussion so helpful. Mini's September buy rate lease money factor and residual value for a 36 month lease of a 2009 Cooper Clubman S with 12,000 miles per year are .00220 and 62%, respectively. The residual value for a lease with only 10,000 miles per year would be 1% higher.

    BMW allows consumers to lock in a lease program on a vehicle that they are ordering, so I don't see why one wouldn't be able to do so on a Mini. Having said this, I doubt that one can order a 2009 Cooper any more. Any order would have to be on a 2010 model, which doesn't have any lease support on it yet.

    The standard lease program on the 2010 version of this car isn't that bad though. The numbers for an otherwise identical lease on a '10 model would be .00250 and 61% (36 mo., 12k).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello Ben. Mini's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Cooper Hardtop with 15,000 miles per year are .00200 and 62%, respectively.

    As far as a down payment on your lease goes, I always advise consumers not to put money down when leasing. Lessees who make down payments on their vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. You can and should go with a zero down lease. Even though it means that your monthly payment will be a little higher, it will be much safer.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, texgas. This car's September lease program is slightly different. Its Sept. buy rate lease money factor and residual value for a 36 month lease of an '09 Cooper S with 15,000 miles per year are .00205 and 60%.

    Car_man
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  • 2003vrod2003vrod Member Posts: 1
    I have a limited amount of money monthly right now and own a beautiful motorcycle that I don't want to trade in so leasing seems like a good idea since I take such good care of a car. My mileage is regular to less than 12,000. Am I crazy or can one lease a MINI for 240 per month? A 2009 is fine but like the convertible S model. All the extras don't matter at this time. Any advice from experience out there? I am in northern ca.... I was thinking since I only will drive it winter months I could go used like a 2003? A MINI owner freak about the car says don't buy under 2005 they had problems... ?? Help
  • zoranzoran Member Posts: 69
    I am in market to order 2010 mini coupe ,can u please help me with sept lease rates for 3 years/30k miles lease? thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi 2003vrod. I bet that I can guess what bike you own ;). In your post you mentioned that you are interested in leasing a Mini for $240 per month. Interestingly, that's close to the advertised payment that Mini is touting right now (sometimes it appears on the right side of this page in the add). Mini is currently promoting a $249 per month lease on a base Cooper Hardtop. Of course, this lease requires a $1,000 down payment and your monthly payment would be higher if you are in a state that charges sales tax (which unfortunately most of us are :)).

    Unfortunately, you definitely will not be able to lease a Cooper convertible for $240 per month. You certainly will save money by going with a used car, but you will not be able to lease a used one. You would have to finance it instead. Plus, used Minis actually tend to hold their value fairly well.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi zoran. Here's the information that you're looking for. Mini's current buy rate lease money factor and residual value for a 36 month lease of a base 2010 Mini Coupe with 10,000 miles per year are .00250 and 64%, respectively.

    Car_man
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  • pdiddy1pdiddy1 Member Posts: 3
    Considering the Owners Choice financing option -- I'm seeing a residual of 57-58% on Clubman S and Clubman. Two dealers gave me same information -- this is in Texas. 12,000 miles per year. Any thoughs on this is accurate? Is this set by Mini Financial?
  • zoranzoran Member Posts: 69
    thanks a lot car_man! Hugely appreciated. May I ask for Coupe S? same lease parameters?

    Btw do you have access to new prices/packages/options for 2010? and When cars will be in show rooms?
  • jnook1jnook1 Member Posts: 3
    I'm looking at a Mini Hardtop base model, trying to decide to pick up an older 2009 or order a 2010... and trying to decide between 12,000 and 15,000 miles. Do you have the current residual/money factor numbers for 2009/2010 15/12k by any chance Car_man?
  • criticaldcriticald Member Posts: 1
    Car man,

    Question: What is the base residual and MF for a 2010 Cooper S at 10K miles/yer?

    Also, are there any options that would boost that residual (for example quattro audi A4s have higher residual %s than non quattros)? I.E. what is the ideal optioned 2010 Cooper S for lease purposes?

    Is the MF ever affected by the options on the car?

    THANKS IN ADVANCE
  • kyfdxkyfdx Moderator Posts: 237,046
    MINI and BMW don't treat options differently for leasing...

    Major trim lines... such as base, "S", convertible, Clubman have different programs, but if you are getting a MINI Coupe "S" model, the residuals and money factor only vary by term and mileage allowance.

    (You'll have to wait for Car_man for the actual MF/residual numbers)

    regards,
    kyfdx
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  • frankiep_bsnyfrankiep_bsny Member Posts: 1
    Just got an offer for a 2009 Black Mini Cooper Hardtop with auto transmission, $3000 total down with monthly payments of $298 + tax based on a 36 month , 10,000 miles per year traditional lease. Is that offer good? Or could it be better?
  • jnook1jnook1 Member Posts: 3
    I dont think thats a very good deal at all. Right on the Mini website for a 2009 Cooper Hardtop they are running a $259/mo lease for 36 months + tax. And thats 12,000 miles per year, and the car has auto transmission plus one package (premium, convience etc). Plus the down payment is just $1500 lol. They are really trying to rip you off on that one, and with that much better deal right on the Mini website its pretty ballsy.

    Unless the car has more options/packages than you mentioned that are raising the MSRP? We'd need to know the exact car but for just a base Mini hardtop with just auto transmission its a bad deal.
  • wizzledizzlewizzledizzle Member Posts: 1
    Can anyone tell me if this is a bad deal or not? I'm a first timer here, so very unsure! Offer is for a 2009 Mini Cooper Automatic Transmission, with premium package, blue tooth, bucket seats, racing stripes, silver metallic paint.

    MSRP is $23,800.
    Residual is .62.
    15,000 miles / year
    Acquisition fee of $900
    Gov't fees and taxes of $1572
    $400 security deposit

    Offer: $389.69/month, $1200 down (includes 1st month payment).

    What do you think I should be paying? Thank you so much for helping a first-time leasee!
  • jnook1jnook1 Member Posts: 3
    Use this lease calculator:

    http://www.leaseguide.com/calc.htm

    If you read above you should be able to find out the money factor (interest rate) on the lease you want. Then you'll have all the info you need to see what your payment should be. You can also check the invoice price of a mini with the options you want, and see how much the lease would be if they sold it to you AT INVOICE. Then I'd use invoice plus maybe $500 as a starting point for negotiating and possibly work your way up to $1000 above invoice as the end number. Remember taxes are added on a per-month basis with a lease.

    Car_man, any chance for the residual and money factor for a 2009/2010 Cooper Hardtop for 12 and 15k miles/yr? Pleeeeeeeease :)
  • zoranzoran Member Posts: 69
    Hi Car_Man,

    We have decided to step up to Cooper S 2010 to be ordered for End of December. Could u please verify that lease rates fir 2010 S are same as you quoted or diff? Possibly October rates will apply.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, zoran. Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Mini Cooper S with 10,000 miles per year are .00205 and 63%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to help you out, jnook1. Mini's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Cooper with 15,000 miles per year are .00200 and 62%, respectively.

    The numbers for an otherwise identical lease of a 2010 model are .00225 and 61%.

    If you were to lease either of these cars with only 12,000 miles per year, their residual values would be 2% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello criticald. Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Cooper S with 10,000 miles per year are .00225 and 61%, respectively.

    As Kyfdx mentioned, the addition of options has no impact upon this car's residual values (other than John Cooper Works).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi frankiep_bsny. $3,000 is a lot of money to pay at signing on a lease. I assume that a decent chunk of that money is being used as a capitalized cost reduction. I always advise consumers not to make cap cost reductions on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be much safer going with a zero down lease.

    As far as how attractive this deal is, I would be happy to give you my opinion on it...however it would be much easier for me to do so if you would provide us with this car's full MSRP and approximate selling price first.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome wizzledizzle. I find that the best way to tell if a lease is a good deal is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how large a discount the dealer is giving you and in turn whether there is likely any room left to negotiate. Let us know what this car's selling price is and I'm sure that either myself or another helpful community member will be happy to let you know what they think,

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey jnook1. Please see my answer to your question in post #274. Thanks.

    Car_man
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  • sevenfeet0sevenfeet0 Member Posts: 486
    Are there any specific programs right now for the Clubman? The normal Cooper is too small for my family (I'm 6'11") and we need to fit kids in the rear seat. Are any of the lease numbers any different than what you've been posting over the last week? And are there any different tax outcomes onn buy versus lease?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sevenfeet0. I didn't like the Clubman at first, but it has really grown on me to the point that I think that it's cool now. Holy Toledo, I just noticed that you said that you're nearly seven feet tall. Have you tried sitting in a Clubman? I haven't driven the Club, but I have driven a normal Mini Cooper and I don't see how you would be able to fit comfortably in one.

    Anyhow, here's the information that you're looking for. Mini's October buy rate lease money factor and residual value for a 36 month lease of a base 2010 Cooper Clubman with 15,000 miles per year are .00225 and 61%, respectively. The numbers for an otherwise identical lease of a 2009 model are .00210 and 61%.

    Car_man
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  • jeffrey12341jeffrey12341 Member Posts: 6
    Hey car man. Would you agree that it is smarter to lease a mini rather than buy because of its crappy reliabilty. If you see that the car is gonna give you alot of problems in the next three years than turn it in. If it is doing well than buy it rather than buying it and regreting it later. If something goes wrong with the car while its lease, does the dealer have to fix it free of charge? I saw in a sample contract from leaseguide.com that if anything goes wrong with the car than the owner is responsible for it. I thought the point of leasing is to not worry about repair charges while you own it? Also, is it a good deal to get to lease a 10 mini s for total lease payment of $10,840 in new jersey? Thank You.
  • joesaojoesao Member Posts: 19
    Hi Car_man, I would appreciate your help with the residual and money factor for a 2010 Cooper S w/ 10k mile lease. I saw that you replied twice to this question before but the numbers you gave were different.

    To criticald you replied: .00225 and 61%, respectively.
    To zoran you replied: .00205 and 63%, respectively

    What are the latest numbers?

    Thanks for your help!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jeffrey12341. If you are really concerned about the reliability of the Mini that you are interested in getting then it definitely wouldn't hurt to lease. By doing so, assuming that you go with a 36-month lease, you will be covered by the manufacturer's warranty for the duration of your obligation to the car.

    Minis actually lease fairly well, they have reasonable money factors and very strong residual values. I would be happy to work up a sample lease payment on the exact car that you are interested in for you if you provide me with its full MSRP and approximate selling price, or at least its MSRP and invoice price. You can find this pricing data over in the New Vehicle Pricing section of this site.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi joesao. Here's the latest info for you. Mini's November buy rate lease money factor and residual value for a 36 month lease of a 2010 Cooper S with 10,000 miles per year are .00170 and 61%, respectively.

    :shades:

    Car_man
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  • jeffrey12341jeffrey12341 Member Posts: 6
    Hey CARMAN. the exact car i want is a mini cooper clubman S pepper white w/ cold and sports package. Ill also be willing to get a cooper s w/ cold and sports. Thank Tou. I tried going to a dealer and they just wanted to sell at msrp. do you think it will be hard to get a mini in nyc area at around invoice? Whats ur opnion?
    Can you give me a sample lease paymentof that s clubman
    msrp $25,350 invoice $22,880
    Also what are fees that i should expect to pay so that they wont give me any fake fees and try to rip me off?
  • joesaojoesao Member Posts: 19
    Car_man, thank you very much indeed!
  • mvalechamvalecha Member Posts: 1
    Hello, I am interested in leasing a 2010 MINI. I noticed they have a promotion on the MINI website for a well equiped cooper hardtop with a quote of $269/month for a 36month lease with 12,000 miles and a 1,769 down payment. I was offered $302/month with a $2150 down payment at a recent visit to a dealership. The mileage and term of the lease was 36months and 12,000 miles.

    Am I getting a good deal? Why the disconnect in pricing? The website has the MSRP at 22,500. The car at the dealership was 23,500. It doesnt sound like I am getting a good deal here.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey jeffrey12341. I don't know about getting one for dealer invoice, but I know that demand for Minis has definitely slipped some, particularly on the East Coast now that winter has set in. You definitely shoule be able to negotiate a discount off of full MSRP on one.

    Let's work up a sample lease payment on the car that you're interested in and see what we come up with. For now I will assume a selling price of $1,000 over invoice. According to my calculations, if you were to lease a 2010 Mini Cooper Clubman S that has an MSRP of $25,350 and a selling price of $23,880 through its captive finance company right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $325.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, Joe.

    Car_man
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  • wakked1wakked1 Member Posts: 3
    Hi there,

    Does anyone know the Mini lease terms for December? Base Mini HB manual transmission... what are the money factor, residual, and any additional (i.e. acquisition) fees? In CA if it matters. Thanks!

    Edit: for 12K and 15K per year.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, wakked1. Mini's December buy rate lease money factor and residual value for a 36 month lease of a base 2010 Cooper Hatchback with 15,000 miles per year are .00215 and 63%, respectively.

    If you were to lease this car with only 12,000 miles per year, its residual value would be 2% higher.

    Car_man
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  • murphy39murphy39 Member Posts: 4
    Señor Car Man,

    D.C. resident here. I am seriously considering a Mini Cooper Hardtop (no S) as my commuter car, in no small part due to its excellent mpg (why not have something fun to drive on the slog to work every morning?). Based on my experience over the last 2+ years with my current commuter car, I should rack up no more than 7k miles/yr in the Mini, and likely closer to between 5k and 6k.

    So here are my questions.

    (1) Does Mini do 10k leases? If I'm not mistaken, all of the posts here seem to mention 12 and 15k leases. And I have never leased, so I dont know if 10k leases even exist. Of course, if 10k leases exist for Minis, could you give me the numbers (money factor, residual)? I suppose a related question if 10k leases dont generally exist is whether I can negotiate different money factors/residuals if I agree to a 10k lease, i.e., can I negotiate a customized lease?

    (2) For someone like me who knows they will be driving low miles, does that tilt the buy/lease balance towards buying or leasing, or does it not matter?
  • wakked1wakked1 Member Posts: 3
    Great, thank you for the info!
  • bajafreshbajafresh Member Posts: 11
    Hi Car_man!

    I'm wondering if you could take a look at a deal for me please - I'm looking at a 2010 Mini Cooper Clubman (not an "S"), manual transmission:

    MSRP: 20,450
    Cold Weather: 500
    Dual pane sunroof: 1000
    Destination: 700
    Sticker: 22650

    The dealer is using a 36-month term, money factor of 0.023, 64% residual, 6% state sales tax, 12,000 miles/year. There is $735 due at signing (includes 1st pmt, tax, title, doc fee. security deposit and acquisition fee waived). Payment is 336.71/mo with tax.

    The dealer is initially saying that they won't negotiate from sticker - is this true of new Minis, or can I negotiate? Edmunds lists Invoice for this car at $20,455.

    Thanks a lot!
  • joepojoepo Member Posts: 10
    Hi, Car_man - I'm interested in leasing either a 2010 Cooper S Hatchback or Cooper non-S Cabrio and would appreciate it if you could provide the Dec lease rates based on 36 months and 10K miles.

    Thanks much!
    Joseph
  • dragonfishdragonfish Member Posts: 6
    Hi - Some dealers in my area still have a few 2009 Mini Cooper S Hardtops. What is the money factor and residual for a 36 month, 12k miles/year lease this month? Thank you.
  • easpnoy78easpnoy78 Member Posts: 4
    Car Man, Can you tell me if I am getting a decent deal on this configuration?

    I have included three options:

    PURCHASE:

    BMW FS - 60 Months
    CT 6% Sales Tax
    APR 1.9
    Total Sale Price: $34,786.24
    Down Payment: $2000
    Monthly Payment: $573.24

    ****************************

    LEASE:

    36 Months
    15K/Year
    CT 6% Sales Tax

    $505.56 including 6% sales tax.
    Due at Signing: $2,235,34 (1st, security, dmv fees..etc)

    ****************************

    Balloon Payment:

    Term: 36 months
    CT 6% Sales Tax
    APR: 2.9%
    Total Sale Price: $34,786.24
    Total Down: $2,000
    Monthly: $447.85
    Balloon: $18,939.00

    CONFIGURATION:

    -Leather Punch Carbon Black
    -Cold Weather
    -Sport Package
    -Sport Suspension
    -Limited Slip Differential
    -Anti-theft alarm
    -Comfort Access
    -Roof Rails
    -Center Armrest
    -Park Distance Control
    -Automatic Climate Control
    -Rear Fod Lamp

    Additions w/ Install: $1,079.00
    -S Rubber Front & Rear Mat
    -JCW Drilled Rotors
    -JCW Strut Tower Brace
    -Mini Magnetic Stone Guards
    -Venture Shield Protective Film (recommended better company than invisishield)

    INCLUDED IN PACKAGE/NO CHARGE:
    -Brushed Alloy Interior
    -17" Crown Spoke
    -Power Folding Mirrors
    -Heated Mirrors & Washer Jets
    -Heated Front Seats
    -Xeon Headlights
    -All Seasons
  • murphy39murphy39 Member Posts: 4
    Hi Car Man,

    There are still some 09 Coopers available in the DC metro area. Would the fact that a car is an 09 rather than a 2010 impact (e.g., lower) the residual at all? The dealer mentioned a residual that seemed too low, given the residuals I've been seeing lately in this forum, and before I go in with guns blazing, I wanted to make sure I had all of the right information.

    Thanks!
  • murphy39murphy39 Member Posts: 4
    Car Man,

    Could you work up a sample lease payment for a 36 month lease, 10k miles/yr for a Washington DC resident for a 2009 (not 2010) Cooper HT (not an S) with a list price of 26,900, a negotiated price of 24,457, and an invoice price of somewhere between 24,200 and 24,400?

    Thanks!
  • murphy39murphy39 Member Posts: 4
    Car Man (or others),

    Here is a direct quotation from an area dealer: ran the $25500 Cambden at 36months, $498. 42 months, $477. 48 months, $455. All with current rates, 10k mile lease setups for a DC resident.

    Are these the horse poop they appear to be? This is for a 2010 Mini HT (not an S). The dealers numbers are under the assumption that I am putting zero money down, which I have learned from this forum is what I should be shooting for.

    Thanks for your help.
  • m3orminim3ormini Member Posts: 1
    Hi Car Man,
    Can you provide the current money factor and residual rates for a 2010 Mini HT and S?
    Thank you
  • PileofTurdcarPileofTurdcar Member Posts: 3
    Wow Car_man you are definitely knowledgable about the MINI. Perhaps you can help clear something up for me... Is Jeffrey12341 correct that the MINI is not at all reliable? I was thinking exactly what Jeff was that I should lease instead of finance especially since I want a MINI convertible and the motor on the top can go very easily. Typically that's what goes in convertibles in general... what do you think? Pls help. :)
  • llbean2009llbean2009 Member Posts: 23
    Hi Car_man - Do you happen to have the current money factor and residual for Mini? Thank you!
  • llbean2009llbean2009 Member Posts: 23
    I should have added it's a Cooper S, 15K miles and I'm in Los Angeles. Thanks!
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