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MINI Cooper Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go janjan27. Mini Financial Services' May buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper Hardtop S with 10,000 miles per year are .00180 and 63%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • mark3000mark3000 Posts: 5
    This is great information. Thank you all so much for this forum! I thought somebody might be able to help me clear up some confusion about the lease negotiation process.

    My dealer quoted me a higher money factor than .00185 (.0023)... is that pretty normal? Or is that something that might be negotiated down if I have top tier credit?

    Thank you in advance!
  • mark3000mark3000 Posts: 5
    First off, this is terrific information. Thank you all so much for this forum! I thought somebody might be able to help me clear up some confusion about the lease negotiation process.

    My dealer quoted me a higher money factor than .00185 (~.00211)... is that pretty consistent with what others are seeing? I assume it can be negotiated like anything else.

    I would love to know how this compares with the deals others have recently gotten. Information like... Discount off MSRP, Money Factor, and State of Purchase would be fantastic. Maybe we could get a list started from a handful of WONDERFULLY THOUGHTFUL lessees that could reply back with these 3 items. =)

    It would fantastic information to have for us who've yet to buy! If this has already been covered, please accept my apologies.

    Thank you in advance!
  • mark3000mark3000 Posts: 5
    Sorry, this comment was incorrectly placed. Please disregard.
  • mare0114mare0114 Posts: 2
    Hi CarMan can you please explain to me what credit ratings are needed to get what MF? I'm looking at leasing an ALL4 (presumably in June now) for 3 yrs/36,000 miles. One dealer quoted .00185, another .00225. Just trying to get a sense of what type of rating I'd need to get the "top tier" which I am assuming the .00185 is vs. the .00225 so I can have a better sense of monthly payments before I order.

    Thanks!!
  • Hey Car Man. I am debating between three cars - a cooper, a cooper S, and a cooper convertible. What are the new June money factor buy rates and residuals for these three cars at 12000 miles and 36 months.

    Also, is the $500 cash incentive still applicable on the S and convertible?

    Much thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks and you're welcome mark3000. If your credit is in good shape it probably means that the dealer is attempting to mark your car's factor up to add additional hidden profit to your deal. This sort of thing is actually fairly common with BMW and even Mini dealers. If you are in an area that has a decent level of competition, you may be able to get the dealer to lower the factor by confronting them about it or shopping around.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mare0114. Im actually not sure exactly what cutoff BMW FS uses for its best available rates. If your credit score is in the 700's you'll definitely be good. The mid-to-high 600s should be good as well.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey bronxcheer. Yes, the $500 cash incentive is still available on both the S and Convertible model, but not the base hardtop.

    Mini's June buy rate lease money factor and residual value for a 36-month lease of a base 2012 Mini Cooper hardtop with 12,000 miles per year are .00150 and 67%, respectively.

    The numbers for an otherwise identical lease of a Cooper S hardtop are .00180 and 62%.

    The numbers for a similar lease of a base Cooper Convertible are .00175 and 58%.

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  • mesherrymesherry Posts: 6
    Thanks in advance Car Man,
    I have the same questions as "Bronxcheer regarding the new June buy rates and residuals for a hardtop Cooper - but with 10,000 miles. (We may add the moonroof & stripes.) Also, I read that the new 2013's may start to ship in August. If that is the case should we hold off for any potential clearance of the 2012 models in July? (Our dealer says they probably won't much of an inventory then.)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome mesherry. The addition of moonroof and stripes should not have any impact upon this car's residual values. Lowering mileage allowance to 10,000 miles per year from 12,000 would boost its residual value by 1%.

    It's difficult to say what the incentives and lease program will be like on 2012 models in August. I personally don't anticipate a fire sale on '12s, but I suppose anything is possible.

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  • mark3000mark3000 Posts: 5
    Great information. Thanks again!
  • mark3000mark3000 Posts: 5
    Great information, Car_man. Thanks again!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome mark3000.

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  • deldottodeldotto Posts: 1
    Hi Car_man,

    I'm Interested in a 2012 Cooper S. Do you know if the $500 You-ification option credit can be combined with the $750 Test Drive Take-down credit (i got a voucher from a test drive event).

    Thanks in advance...=)
  • ihitcowsihitcows Posts: 45
    I see, how about the Cooper S Cabrio? 36/12k?
  • reinachireinachi Posts: 1
    Hi Car_man, got some questions about lease. I went to dealer yesterday and looked at a Mini Cooper Hardtop base, Manual with cold weather, got offered $2000 down, Money Factor 0.0019 with 10,000 miles per year for a 36 month lease. Acquisition fee 925 and dealer processing fee 399 are included.
    Is that resonable?
    I tried to negotiate the money factor with the dealership, but they said they have no control over it.
    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    That's a good question deldotto. I don't know a definite answer, but I suspect that these two offers can be combined.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for ihitcows. Mini's June buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper S Cabriolet with 12,000 miles per year are .00175 and 57%, respectively for consumers who qualify for its top credit tier.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi reinachi. The dealer is marking up a couple of items on you to add additional hidden profit to your deal. First of all, this car's buy rate lease money factor is currently only .00150 for consumers who qualify for its top credit tier. If your credit is in good shape then the dealer lied to you when they said that they have no control over the money factor.

    Also, the base acquisition fee is only $725.

    I would try to get the dealer to eliminate its mark-up on these things if possible. The only other negotiable aspect of this deal is this car's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Make sure to find out how much the dealer is charging you for the Cooper that you want before finalizing your deal.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Wow that was fast :). You're welcome ihitcows.

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  • moogmoomoogmoo Posts: 2
    Hi, I am interested in a 2012 Mini Countryman and am flexible in terms of purchase option (paid if full cash, finance or lease). Could you please advise on the best option to get the best value?
    I am interested in a 2012 Mini Countryman S and the dealer will be buying me out of my current lease. Thank you very much! ;)
  • I received an approval for an S with a discount of $1,000. I remitted the order prior to the end of the June promo - with a MF of .00185 and a residual of 59%. The salesman just emailed that that offer was now at .00205 and a residual of 57% - said it was b/c the promo rate for june could not be 'locked in' unless I took delivery during promo.

    Does this make sense? I am under the impression I am getting bumped on the MF and residual, to put addl profit in deal for the dealer.

    Otherwise, i am happy w progress of deal.
  • Car Man, can you please let me know the July base money factor and residual for 2012 Cooper Hardtop and 2012 Cooper Coupe. I'm looking to lease for 10K/3yrs within the next week and the numbers wil really help in negotiating my lease terms.

    Thank you in advance.

    Steve
  • member214member214 Posts: 1
    Good morning, I got a lease offer as follows:
    2012 Mini Convert with HighGate package, auto transmission, leather seats, with lots of added options such as mini connect, xenon light, premium sound....etc. Total price $34450 nego down to $33588, residual is $19,637, monthly pay 490(with tax and everything), 36 mo, 10,00mile/yr. 0.00145. do you think this is a good deal?

    or

    I got another one is 2012 Mini Convert S with Highgate package, leather seats, auto trans but has no options. price is 32,000, 2000 down, $411 monthly payment for 36 mo.

    I really like the 1st deal, but just want to make sure it is a good one. Please advice. Thank you!
  • Jul 09, 2012 (8:14 am)
    I received an approval for an S with a discount of $1,000. I remitted the order prior to the end of the June promo - with a MF of .00185 and a residual of 59%. The salesman just emailed that that offer was now at .00205 and a residual of 57% - said it was b/c the promo rate for june could not be 'locked in' unless I took delivery during promo.

    Does this make sense? I am under the impression I am getting bumped on the MF and residual, to put addl profit in deal for the dealer.

    Otherwise, i am happy w progress of deal.
  • shaliloglushaliloglu Posts: 36
    Car Man, can you please let me know the July base money factor and residual for 2012 Cooper Hardtop. I'm looking to lease for 10K/3yrs. Top tier credit. thanks so much for your help. Msrp is 23,400

    I am in NC if that matters.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Steve. Mini's July buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper Hardtop with 10,000 miles per year are .00145 and 67%, respectively for consumers who qualify for its top credit tiers.

    The numbers for an otherwise identical lease of a 2012 Cooper Coupe are .00145 and 57%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi shaliloglu. Please see my previous post for the information that you're looking for.

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This discussion has been closed.