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MINI Cooper Lease Questions
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Comments
Shopping the lease-trade websites, the lease payments for such a car would be well within my means. I could afford to put down 6-9 lease payments up front on a lease with 18-24 months remaining on the term. But any financing agency evaluating my credit rating just by the score is going to reject me. Does BMW FS just plug the numbers into a rules 'bot for credit evals or is there a way to get the application reviewed by an approval officer?
In a sane world a lessor about to get stuck with a depreciated lease-return would at least look twice at someone willing to pay a third of the remaining lease up front, but dealing with credit agencies is anything but sane.
The bank (BMWFS) has no such interest, once the deal is completed. If anything, they will be more stringent on a lease assumption.
regards,
kyfdx
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Before I go into a dealership and start working into this, is it possible for somebody to tell me what to expect as a lease price on something like this?
2010 Cooper Hatchback - Base w/automatic transmission ($21,000)
10,000 miles per year, 36 month lease term
0-down, all taxes and fees rolled into payment.
Just make first month's payment when picking up.
Any ball-park price somebody could give me would help when going in to negotiate on one of these... just so I know what to expect.
Thanks!
I am looking to lease a 2010 Mini with the specs below. They have given me pricing and I wanted to get your thoughts. This is with 1.9% financing.
Thanks!
SPECS:
Model1010 Cooper HTUSD 18,800.00
ColorA67 British Racing Green metallic paint500.00
UpholsteryT6E4 Leather Gravity Tuscan Beige1,500.00
OptionsZAH Anthracite headliner250.00
ZCW Cold Weather Package500.00
313 Power folding mirrorsN/C
314 Heated mirrors and washer jetsN/C
494 Heated front seatsN/C
ZPP Premium Package1,750.00
403 Dual pane panoramic sunroofN/C
534 Automatic climate controlN/C
674 Harman/kardon premium soundN/C
1CA CO2 relevant vehiclesN/C
205 STEPTRONIC automatic transmission1,250.00
2RL 15" alloy wheels, rotator spokeN/C
345 Chrome line interior250.00
383 Roof and mirror caps in blackN/C
473 Center armrestN/C
481 Sport seats250.00
4A6 Interior color Tuscan BeigeN/C
4A7 Color Line Dark GreyN/C
4AA Anthracite headlinerN/C
4AU Extended Decor RingsN/C
4BD Interior surface Piano BlackN/C
6NE Comfort Bluetooth and USB/iPod adapter750.00
Net Total25,800.00
Destination Charge700.00
Gas Guzzler TaxN/C
Total Suggested Price26,500.00 + tax
PRICING:
24 months:
12K miles a year
1078.78 down payment
535.68 + tax monthly
2500 down
475.29+ tax monthly
5000 down
369.04 + tax monthly
_____
36 months:
12K miles a year
955.41 down
423.01 + tax monthly
2500 down
378.52 + tax monthly
5000 down
306.51+ tax
Car_man
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The prices that you listed in your post all look like this vehicle's MSRP. While the dealer margins on Minis are not huge, I suspect that you will be able to negotiate some sort of dealer discount if you shop around. Plus Mini is officially offering some free options on this car right now. Have you tried comparison shopping yet? If not, you may want to see if you can beat this deal. If it is at full MSRP, as it appears, then you may very well be able to do so.
Car_man
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I got a quote on a Mini Cooper Convertible today and I wanted to run it by you. I got a quote for $321.10/month + tax for a total payment of $350/month. This is for a Mini Convertible with an MSRP of $26200. The negotiated price on the car was $25200 with a residual of $12,886.00. They are asking for a total down payment of $4540. The lease is for 3 years with 36k miles. We love the payment of $350, but we were wondering if the down payment was high. Any info you can share if this is a good lease or not would be great.
Thanks!
MSRP of $25K
36 Month
15K/year
$400-450 a month they said give or take!!! Whoa !
Then I asked what numbers they were using:
54% Residual
.00275 was the MF ???
Ehhhh, that's terrible and they didn't seem eager to want to come down from that.
Any chance you've got the April lease figures for 24 and 36 months on a '10 Clubman with 10,000 miles/yr.
Thanks.
The numbers for an otherwise identical 36 month lease are .00180 and 57%.
Car_man
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Thanks Car Man
I know that Mini has a lot of changes planned for the 2011 model year, including some engine improvements for the Coopers and the introduction of the new Countryman, but I'm not sure how much of a facelift the '11 Cooper will receive or when it will hit showrooms.
Car_man
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thanks
Clubman S, 3 year @ 15k miles per year?
Thanks
Car_man
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Car_man
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money factor is .00210 + .00035(to waive lease acquistion fee of $725)+ .00015(to waive security deposit)= .00260
Does this sound right?
Thanks....
But, do the math... With the MINI being under $30K, you may well save money by taking the waiver, rather than adding the acquisition fee... but, you get the security deposit back at the end of the lease.... Letting them keep your $400 for three years, then giving it back, will save you $6-$7 per month on your lease payment.. That's a pretty good return!
regards,
kyfdx
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36 month/10k
$1500 drive off
$300/month incl tax
It seems like a good deal to me, but I'm an amateur at this! All opinions greatly appreciated!
Does that sound right ?
Thanks!
2010 Mini - Auto; 16" spoke wheels; bonnet stripes; Bluetooth/USB; Moonroof; Destination charge ($700....(MSRP = $23,100)
39 mo lease
10k miles
$700 cash down
Trade-in value: -$1,300 (negative)
Residual value: 66%
Lease Money Factor: .00155
CA sales tax: 9.75%
MONTHLY PAYMENT = $330 (inc tax)
It's impossible to determine whether or not your payment was correctly calculated as you haven't provided enough information. For instance, I would need to know the sell price, amounts financed (i.e., capitalized)- is the acquisition fee capped? Is the negative equity capped? Other than $700, was there any other cap reduction? Is the moon roof dealer installed? If so, it probably can't be fully residualized meaning my residual value calculation (below) may be inaccurate. Basically, I need to have enough information to be able to determine the gross cap as well as the adjusted cap.
Here's what we know...
MSRP = 23,100
F = money factor = 0.00155
N = Term = 39
Residual Factor = 0.66
R = Residual Value = 0.66 x 23,100 = 15,246
Net Trade = -1,300
CA Tax Rate = 9.75%
PMT Inclu Tax = 330
Assuming the data is correct, the base payment is...
330/1.0975 = 300.68
Here's what we don't know...
S = Sell price =
A = Amounts financed (itemize) = 1,300 + ?
G = Gross Cap =
D = Cap reductions (itemize) = 700 + ?
C = Adjusted Cap =
Base Payment = F x (C + R) + (C - R) / N
Based upon the information you provided, coupled with some assumptions, I can determine all of the unknowns and, then, you can check your lease documentation and compare.
300.68 = 0.00155 x (C + 15246) + (C - 15246) / 39
Solving for C, I get
C = 24,565.89
C + D = G = 24,565.89 + 700 = 25,265.89
G - A = S = 25,265.89 - (1,300) = 23,965.89
Unless I know the exact values (not rounded or ball park), there's not much else I can do. It would also be helpful to know all costs paid upfront.
The two most imporant items in any lease transaction are the cost of money (i.e., money factor- always be sure you're getting the base rate if you qualify) and the sell price. Is $23,965.89 a reasonable selling price given that the MSRP is 23,100? That's about $866 over MSRP. This just doesn't look right.
Hope this helps.
John
Thank you very much for your help. This is the 1st time I'm leasing a vehicle, so all of this is like 'new math' to me.
A few questions please....
1) A (amounts financed) = the selling price of the car + the negative equity of my trade-in. Is this correct?
2) So the total from the above = GROSS CAP? Is this correct?
3) Besides my $700 down payment, what else is considered a 'cap deduction?'
4) Is C (Adjusted Cap) = G - D?
*also the guys @ the Mini dealership said something about DMV fees + Bank fees which equalled over $1,000 (that was added to the cost). Does his sound right to you?
Thanks so much for your help.
Selling price + Amounts financed = Gross cap cost
Amounts financed are items that your elect to finance in the lease and may consist of the acquisition fee, negative equity, taxes (if appropriate), dealer doc fee, etc.
Gross cap - Cap reductions = Adjusted Cap
Cap reductions may include cash down, trade equity, cash rebates, etc.
You may want to get an itemized breakdown of all the costs. DMV fees + doc fees + bank fee totaling over a $1,000 doesn't tell us very much.
DMV = ?
Doc Fee = ?
Bank Fee = ?
Total = ?
Also, it might be a good idea to create a one-page lease proposal on your letter head and FAX/email it to the dealer and negotiate via email/phone from your home/office. These are designed to save time, money, and aggravation. Above all, they're designed to put you in control of the deal; not the dealer. Never let the dealer control the deal. Here's an example of a lease proposal...
MSRP 2011Honda Pilot LX Automatic 28,755.00
Selling Price......................................... 26,450.92
Amounts Financed (Capitalized)
AHFC Acquisition Fee ....... 595.00
NY Sales Tax 8.875%... ... 1,248.73
Capitalized Costs
Gross Capitalized Cost .. . 28,294.65
Capitalized Cost Reduction .. . 0.00
Adjusted Capitalized Cost 28,294.65
Residual Data
Residual Factor .. 0.59
Residual Value (Residual Factor × MSRP) 16,965.45
Cost of Money/Term
Money Factor ............ . 0.00173
Term (months) . 36
Monthly Lease Payment . 393.00
Estimated Charges Payable at Lease Origination
Documentation Fee ..... 75.00
Government Fees .. 217.50
Amount Due at Lease Signing . 292.50
Fund Provider: AHFC
GAP Coverage: Included
Annual Mileage Allowance: 12k
Disposition Fee: None
Excess Mileage Charge: $0.15 per mile
NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term
Questions? Please let me know.
John
My head is spinning right now, LOL.
Here are some of the missing numbers:
-Sell price = $22,200
-Adjusted Cap = $24,700 (according to sales manager - don't know if correct though)
-Exact amount of negative equity on trade-in car: -$1,271.62
Bank fee = $725
DMV fee = $343
Doc fee = $55
Floor Mats = $119
Total = $1,242
Basically it's the lease special that Mini has running right now [http://miniusa.com/#/financialServices-m] but with$1,500 less down payment, additional $600 in car add-ons + additional $1,271.62 in negative equity of trade-in.
I'm just trying to figure out if the $330 per month payment is correct. Hopefully this helps.
Once again, thank you very much for all your help!
1) Exactly what charges are you paying upfront? This will tell me what's being capped and what isn't. Then, I'll be able to determine the adjusted cap.
(2) What is the adjusted MSRP? You said that you're getting a moon roof. Again, is that dealer installed? If it is and, for instance, it costs 1500, then only a percentage, say 80% or 1200, will be added to the base MSRP to get the adjusted MSRP for purposes of computing the residual value. The residual value is 0.66 x adjusted MSRP. I'm not so sure that 23,100 is, in fact, the adjusted MSRP used to compute the residual.
Analysis
Here's why I need this information.
If I compute the base payment given your information, I get
Base Payment = F x (C + R) + (C - R) / N
= 0.00155 x (24,700 + 15,246) + (24,700 - 15,246) / 36
= 324.53
In order to get your payment of 330, including taxes, the base payment would have to be 330/1.0975 = 300.68 not 324.53.
Concerns
Obviously, something is wrong. Is the 24,700 adjusted cap wrong or; is the 15,246 residual wrong? Or, are they both wrong?
Solution
Here is what I suggest you do...
Please ask the dealer to email/FAX their computer generated LEASE WORKSHEET. That will tell me everything I need to know. Otherwise, we're just guessing. Besides, I really doubt that the 24,700 adjusted cap is correct and also have reservation about the 15,246 residual. I need exact numbers as ball park or rounded numbers will not work. Don't let them tell you that they can't give it to you because that's baloney.
You can email the LEASE WORKSHEET, if you like, to me at...
diffeq@zoominternet.net
John
does anyone have residual values and money factor for july 2010?
36 or 39 mnths, 12k/yr
cooper
cooper s
not - clubman
thank you
I visited a dealer and got some quotes from them. Could anyone please help me determine if these are good? They also rolled in the 7.25% tax (IL) and title reg fee (~$250).
All 12K miles/39 month
Mini Base (MSRP)
- MSRP: $22,600
- $1000 down: $ 289/mo
or $3000 down: $ 234/mo
Mini S
- MSRP:
- $1000 down: $353/mo
or $3000 down: $299/mo
Thanks a lot.
The numbers for an otherwise identical lease of a 2010 Cooper S are .00140 and 60%.
Car_man
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Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Cooper S with 12,000 miles per year are .00140 and 62%, respectively.
The residual value for a lease with only 10,000 miles per year is 1% higher.
Car_man
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Thanks for all your contributions. These forums are so extremely helpful in car shopping. Can you post the august money factor and residual for a 2010 mini clubman S with 15k miles.
Thanks for Everything!
MSRP 28,100
Capitalized Cost 26,604.43
Sales Tax for NYC 1,186.91
Total Cap 27,791.34
Residual 17,422
Total Depreciation 10,369.34
Advanced Payment 345
Security Deposit 350
Other Fee 75
Total Drive Off 790
39 Months at 12k miles for 345 all in.
They had another vehicle with MSRP of 26,750 for 329 all in. which is a better deal? are both good deals?
My forensic analysis provides the following results...
MSRP........................................................ 28,100.00
Sell Price................................................... 26,604.43
Amounts Financed
NY Sales tax @8.875%............................... 1,186.91
Gross Cap.................................................. 27,791.34
Cap Reduction............................................ 0.00
Adjusted Cap............................................. 27,791.34
Residual Factor.......................................... 62%
Residual Value........................................... 17,422.00
Money Factor............................................. 0.00175
Term.......................................................... 39
Monthly Payment....................................... 345.00
Pre-Tax Payment....................................... 312.49
NY Sales Tax............................................. 8.875%
All your data was correctly calculated, although, I could be a few pennies off due to rounding convention. The two most important items in any lease transaction are the selling price and money factor. If you qualify, be sure your money factor is the buy rate which is the rate with zero dealer profit (i.e., 0% reserves).
I have no idea how good your selling price is without doing research. You should check Edmund's invoice pricing and incentives if you haven't already done so. Also check...
http://cars.overstock.com/combined-new.service?makeId=2255&postalCode=10023
for competitive low prices in your area.
John
"They had another vehicle with MSRP of 26,750 for 329 all in. which is a better deal? are both good deals?"
Given only an MSRP and payment, not even God could answer those questions. Too much information is missing.
John
As always thanks for the awesome info. One thing I noticed is a difference between the MF you quote and that paid by some recent posters (e.g. post 342 of 0.000175).
I think I worked out that the difference is mostly because no acquisition fee was paid (it was priced into the MF at 0.00035 per another poster) I say mostly because the term is also different 36M vs 39m.
Is this correct?
General question - are you able to post the MF both with and without fee and also post the amount of fee?
Dealer confirmed that residual was 62% but reverse-engineering the quote I got gives me a Money Factor at 0.002083 which seems pretty high (5%) even for a new model year.
Here are the stats:
MSRP = $26250
Sale Price = $25200
==================== 36 month lease w/ 12k miles per year
Acquisition Fee = $925
Base Payment = $375.86
Tax = $22.55
TTL Monthly Payment = $398.41
RESIDUAL = $16399 = 62%
Car_man
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According to the latest information that I have seen, Mini's September buy rate lease money factor for the 2010 Cooper S is .00190 for consumers who qualify for its top credit tiers. This factor is with the payment of the acquisition fee at lease signing.
Car_man
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According to the latest information that I have seen, Mini's September buy rate lease money factor and residual value for a 36 month lease of a 2011 Mini Cooper S with 12,000 miles per year are .00230 and 57%, respectively for consumers who qualify for its top credit tiers.
Mini isn't providing any support on 2011 models yet. .00230 really isn't that bad for a standard money factor. I've definitely seen much worse.
Car_man
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i've seen rates for 2011 coopers floating around, but not very clear on the 2010 remaining stock. Could you help me with the rates for cooper S 15k/36m? seems like paying the acquisition will drop the MF down, so I don't mind pay that.
Thanks in advance!
I need to know the residual and money factor on two different cars: the 2010 Mini Cooper Convertible base model and also a 2010 Mini Cooper S Convertible that is an executive demo. I have been unable to find the money factor for October, but I’ll settle for September number in order to have an idea of what I’m looking at.
Any help would be greatly appreciated!
$800 out of pocket
$340 a month
36 months
10k a year
Automatic
Moonroof
Automatic Climate Control
Suggested price = $23,850
I was shocked at how much money the "S" model and/or convertible was here in NY. Any feedback on the deal above would be appreciated.
The one thing I don't like about the base model is the 15" tire and rims. I was told that these can't be swapped out. Sounds weird, no?
Also, will I notice a BIG difference between the drive of an "S" and the base model? Is it simply better acceleration and top speed?I drove the base model and was a bit underwhelmed.
And avoiding run-flats by specing the 15" wheels is very appealing to me.
The 15" tires have me worried that I'll feel every little bump in the road...
Some of the guys at the store maintain a bigger wheel will give a better ride. But the shorter,and therefore stiffer sidewall of a larger tire has to give a slightly rougher ride.