2015 MINI Cooper Lease Questions

kyfdx

@nyguy326 said:
Hi Michaell, can you please let me know the MF and Residual for a Countryman S All4 for 24 and 36 months at 7.5k miles per year? It would also be useful to know any incentives that Mini has this month. I am in the NY tri-state area.

Thank you!

.00125 MF and 61% residual for 36mo, 10K/yr. I don't show a 7.5K/yr option for MINI.

$1500 option credit and $1000 lease credit. 67% residual for 24mo, 10K/yr.

exeter1

Greetings

Never leased before, but am looking to lease a 2014 Mini Countryman S. The dealer is quoting me on a 2014 with an MSRP of $32,545 the following:

• MSRP of $32,545
  
• Preferred Customer Discount: $2,500
  
• $4,500 down from my trade for tax, title and includes the down payment of $2900 required.
  
• Residual value of $18,876.10
  
• Lease is 3yrs/15k
  
• Payment would be $260 per month
  
  

This would be my first vehicle that would be this expensive in terms of MSRP, but the down payment seems very high to me for something I will likely have no equity in at lease completion. Worth it, or buy used? MF is unknown at this point (just learned about it reading this forum). Also, are any credits missing that I should be getting?

Michaell

@exeter1 said:
Greetings

Never leased before, but am looking to lease a 2014 Mini Countryman S. The dealer is quoting me on a 2014 with an MSRP of $32,545 the following:

• MSRP of $32,545
  
• Preferred Customer Discount: $2,500
  
• $4,500 down from my trade for tax, title and includes the down payment of $2900 required.
  
• Residual value of $18,876.10
  
• Lease is 3yrs/15k
  
• Payment would be $260 per month
  
  

This would be my first vehicle that would be this expensive in terms of MSRP, but the down payment seems very high to me for something I will likely have no equity in at lease completion. Worth it, or buy used? MF is unknown at this point (just learned about it reading this forum). Also, are any credits missing that I should be getting?

MF for the Countryman S is .00123 and the residual for 36mo/15K is 57%; the MSRP and residual amounts calculate to 58%.

Plugging in your numbers with the $2900 down (which you shouldn't do, by the way - if the car is stolen or totaled, you are out that money), I get a pre-tax payment of $286.30.

There is $1250 of "you-ification" credit (read: rebate) this month - I wonder if the $2500 discount includes that?

I think you need to have the dealer break out all the calculations for you to see exactly how they are getting to the $260/mo quote.

exeter1

Thanks for your reply! Are you getting the $286 a month without the 2900 additional down or is that including it? Are you concerned that the dealer quoted payment is lower than what you are getting? Just need a bit more clarification please and thank you!

exeter1

Also - why would I lose that 2900 that I put on the vehicle if one of those events were to happen?

Michaell

@exeter1 said:
Thanks for your reply! Are you getting the $286 a month without the 2900 additional down or is that including it? Are you concerned that the dealer quoted payment is lower than what you are getting? Just need a bit more clarification please and thank you!

The $286/mo includes the $2900 down. Yes, I admit that I am concerned tha the dealer is showing a lower payment. Would like to see the math behind it, just to be safe.

Michaell

@exeter1 said:
Also - why would I lose that 2900 that I put on the vehicle if one of those events were to happen?

Unlike a down payment on a regular loan, a cap cost reduction for a lease simply reduces the amount you owe the finance company. There is no extra equity when the insurance company makes the finance company whole.

exeter1

@Michaell said:
The $286/mo includes the $2900 down. Yes, I admit that I am concerned tha the dealer is showing a lower payment. Would like to see the math behind it, just to be safe.

Hi Michaell

I really appreciate the help so far! Bear with me, I've broken it down as much as possible below:

I just left the dealership earlier today, and they actually came down in monthly price and gave me $1,000 back from my trade-in. The breakdown I got is as follows:

• MSRP: $32,575
  
• Preferred Cust. Discount (Includes $1290 you credit): $2,500
  
• Selling Price: $30,075
  
• Trade-In Value: $21,500
  
• Trade Difference: $8,575
  
• Options: $295 (window tint)
  
• Warranty: $0
  
• Sales Subtotal: $8,870
  
• Tax: $619.71
  
• Doc Fee: $149.00
  
• E-Tag Fee: $5.00
  
• Inspection: $23.75
  
• License: $52.75
  
• Road and Bridge: $10.00
  
• Title: $33.00
  
• Trade Payoff: $17,000
  
• Remaining Balance: $26,763
  
  

He also informed me that the acquisition fee was $0.00 for this month. In addition, my trade was originally worth $20,500 with a $16,000 payoff, but he increased each by $1000 in order to cut me the extra $1000 check. The rest of the trade is going towards the lease. In addition, he said if I qualified for top-tier credit (which I will), my payment goes to $265.46 a month. The residual value of the vehicle is $18,567.75. Also, the MF rate he said was 1.8 something and the residual was 58%. Lastly, this is for a 2014 Countryman S 36mo/15k miles.

Anything not make sense or do I need more information? I've got the vehicle on hold but haven't signed for it yet as I wanted to check everything - they seemed reputable. I asked for him to include my first months payment as well and he said he couldn't do that for that kind of price.

So at the end of the day if I sign and pick-up the vehicle, I pay $265.46 and receive a $1000 check to send me on my way.

Thoughts?

And side question...I am trading in a full sized truck (big adjustment!) and I installed a factory touch-screen radio and bed cover that I purchased myself after vehicle purchase. The vehicle was appraised while these components were on the vehicle. However, they are not attached to the VIN as what the vehicle originally came with. Would it be wrong/illegal to remove these components and put back factory-installed units to sell them individually?

**Edit...so I was just running numbers and tell me if you think this is off. If I pay $265.46x36 months that would equate to $9,556.56. If the MSRP they came down to is $30,075 - $4,000 (trade) leaves a balance of $26,763.21. If you subtract the monthly payments from the balance, it should be a residual of $16,518.44, not the $18,567.75 he is quoting me. Is he trying to pull a fast one over me with that, or is that normal to not balance out? Is the MF higher and that is where he is getting me? Sorry - first time going through the numbers on a lease! Significantly more than purchasing!

exeter1

I'm sorry - one last question. I'm trying to figure out the total cost to own this Mini. Using the above numbers, assuming my residual after the lease is $18,567 and I finance that with $2k down and 2.5% APR for 5 years...is there a good way to calculate the total cost of the vehicle including the lease and finance post-lease? I'm trying to compare this lease to instead purchasing a 2014 Honda Accord Sport for about $30 more a month for 5 years to own...versus 8 on the mini.

Michaell

@exeter1 said:
I'm sorry - one last question. I'm trying to figure out the total cost to own this Mini. Using the above numbers, assuming my residual after the lease is $18,567 and I finance that with $2k down and 2.5% APR for 5 years...is there a good way to calculate the total cost of the vehicle including the lease and finance post-lease? I'm trying to compare this lease to instead purchasing a 2014 Honda Accord Sport for about $30 more a month for 5 years to own...versus 8 on the mini.

The Accord will be cheaper to own, hands down. $30/mo for 5 years is $1800. The lease payments plus the after lease financing of the residual amount will be much more than the total cost of buying the Accord.

exeter1

Any thoughts on those lease terms? Still look concerning to you?

Michaell

@exeter1 said:
Any thoughts on those lease terms? Still look concerning to you?

If you're comfortable with the deal, that's what really matters.

bennu

Can someone please tell me if this is a good deal. Thanks so much for your help looking to get the deal done tonight.

2014 Paceman (service loaner) 3k miles on it.
10k x 34 months
MSRP $25,445
Selling at $22,424
Including $500 rebate.
Residual $15,637.35 (61.46%)
Money Factor 0.00109
Aqu fee $925
Payment $255.57 taxes incl

kyfdx

@bennu said:
Can someone please tell me if this is a good deal. Thanks so much for your help looking to get the deal done tonight.

2014 Paceman (service loaner) 3k miles on it.
10k x 34 months
MSRP $25,445
Selling at $22,424
Including $500 rebate.
Residual $15,637.35 (61.46%)
Money Factor 0.00109
Aqu fee $925
Payment $255.57 taxes incl

How much is due at signing? They are advertising the same model, new... for $199/mo. and about $3000 due at signing. (of course, tax, title and license, extra).

bennu

$1674 includes all inventions. The doc fee is $699 included in that.

kyfdx

@bennu said:
$1674 includes all inventions. The doc fee is $699 included in that.

Wow... a $700 doc fee! Florida? Given the massive doc fee and the acq.fee marked up $200, I'd think you could do a little better. That said, a lot of MINI dealers are basically "one price". Not that it really matters, given that it's a lease, but you should be able to get a brand new one for that price..

bennu

null
We didn't end up buying the car tonight. We agreed on pricing then last minute they brought us a disclosure that the car was in an accident when it was as a service loaner. New bumper, exhaust, and paint which ended up coasting like $2,100 in damages. It just didn't feel right so we walked.

Yeh I'm aware the $925 aqu fee has a $200 markup and the doc fee is high at $699 but was more concerned with the other numbers. (Money factor, sale price. I figure $924 as profit to the dealer is okay but if you think I can do better on a new car I will keep looking.
Thanks for your input.

kyfdx

@bennu said:

then last minute they brought us a disclosure that the car was in an accident when it was as a service loaner. New bumper, exhaust, and paint which ended up coasting like $2,100 in damages.

"Oh.. is that a problem?"

Funny how that never comes up, until the pen is in your hand, huh?

ethank

Hi, can you see whether what I got is a decent deal?

2014 Cooper Hardtop
MSRP: 27745
Selling price: 26745
36 months
Money factor: 0.00174
Residual: 16924.45
Doc fee: 499
Govt fee: 62.75
Tax: 3943.46

Monthly 426.18

I think it can be worked on more... Any suggestions anyone?

Michaell

@ethank said:
Hi, can you see whether what I got is a decent deal?

2014 Cooper Hardtop
MSRP: 27745
Selling price: 26745
36 months
Money factor: 0.00174
Residual: 16924.45
Doc fee: 499
Govt fee: 62.75
Tax: 3943.46

Monthly 426.18

I think it can be worked on more... Any suggestions anyone?

Base MF is .00127, so it looks as if the dealer is marking that up on you.

What state is this? How many miles per year?

ethank

@Michaell said:

This is in VA and 10,000 miles per year.
Is there a new money factor number for June?

Michaell

@ethank said:
Is there a new money factor number for June?

We will know when the new numbers are released and made available to us. Check back in the next day or two.

ethank

@Michaell said: We will know when the new numbers are released and made available to us. Check back in the next day or two.

Michaell, do you have the new numbers for June?

kyfdx

@ethank said:
Michaell, do you have the new numbers for June?

.00134 MF and 61% residual for 36mo, 10K/yr for the 2014 Cooper Hardtop.

jennarae1

Could someone let me know if this is a good deal? Thank you!!
2014 MINI S Countryman ALL4

MSRP:32,995
Selling Price:31,995
Doc Fee: 133.00
Cap Fee: 139.90
Rebate: 1,750(which they used as a trade in value)
Net Cap Cost: 30,517.90
Residual: .60
Acquisition Fee: $0.00
Money Factor: .00205
Mileage: 12,000/36 months
Monthly Payment: 437.04

At first the money factor was .0019 and acquisition fee was $925.00... payment came out to $447.00

Thank you for your help!

Michaell

@jennarae1 said:
Could someone let me know if this is a good deal? Thank you!!
2014 MINI S Countryman ALL4

MSRP:32,995
Selling Price:31,995
Doc Fee: 133.00
Cap Fee: 139.90
Rebate: 1,750(which they used as a trade in value)
Net Cap Cost: 30,517.90
Residual: .60
Acquisition Fee: $0.00
Money Factor: .00205
Mileage: 12,000/36 months
Monthly Payment: 437.04

At first the money factor was .0019 and acquisition fee was $925.00... payment came out to $447.00

Thank you for your help!

When I plug in all your numbers, I get a pre-tax payment of $400.95 for 36 months - 9% tax takes me to the $437/mo number you quote.

Seems to be a fair deal, though the MF is a bit high - almost 5%.

kyfdx

Your selling price and rebates look good, but they are killing you on MF markups.

The base MF for your model is .00125. The base acquisition fee is $725. Looks like they are taking the full markup of .0004, plus another markup for waiving the acquisition fee..

I would ask for the base acquisition fee of $725 to be added to the CAP, and the base MF of .00125. That should drop your payment by about $20/mo, pre-tax. If you don't want to make an acquisition fee, insist on the base MF and then ask them how much money factor increases to waive the acquisition fee. I'm pretty sure it is .00035. That gives you a max money factor of .00160, with no markups.. That's what you want.

gcochard

I was wondering what the standard MF for excellent credit should be for the 2014 cooper convertible. 36 month lease, 10k miles. There's also a 34 month lease. They quoted me a money factor of .00145.

Michaell

@gcochard said:
I was wondering what the standard MF for excellent credit should be for the 2014 cooper convertible. 36 month lease, 10k miles. There's also a 34 month lease. They quoted me a money factor of .00145.

Base MF for the Cooper 'vert is .00110, for the Cooper S 'vert it is .00120 - both for the 34 month programs.

Looks like your dealer is padding the MF for a bit of extra profit.

gcochard

Will dealers disclose that they are marking up the MF if asked?

kyfdx

@gcochard said:
Will dealers disclose that they are marking up the MF if asked?

It's about 50/50.. even dealers that seem like straight shooters get antsy when you start asking about money factor markups... But, I demand the truth! lol

gcochard

I plugged in the terms of the MINI special lease offer and calculated a money factor of about .00133. Given that, I will call him on having it too high.

Looks like the dealer is also padding the acquisition fee to 910 given what I calculated.

I will be negotiating based on the terms shown on the MINI website and I will ultimately push for the base MF if they keep up the shenanigans.

gcochard

@gcochard said:
I plugged in the terms of the MINI special lease offer and calculated a money factor of about .00133. Given that, I will call him on having it too high.

Looks like the dealer is also padding the acquisition fee to 910 given what I calculated.

I will be negotiating based on the terms shown on the MINI website and I will ultimately push for the base MF if they keep up the shenanigans.

He disclosed that the MF was being padded to account for a waived acquisition fee. Works out in my favor.

I think I may have forgotten license/title in my calculations, but it still comes out to around what he is quoting. I will look over the final paperwork at the dealer but I think I secured a great deal:

MSRP: $28,045
Selling Price: $26,597
10,000 mile per year
$4000 at signing
MF: .00145
Residual: 57%
Payment: $265.61+Tax

Michaell

@gcochard said:

Payment: $265.61+Tax

$265/mo for a car with a sticker of $28k is a good deal. congrats!

gcochard

@Michaell said:
$265/mo for a car with a sticker of $28k is a good deal. congrats!

Thanks! I am looking forward to taking delivery. Still at the VPC.

ashdel13

Hi. New to leasing and want to know if this offer in NJ is ballpark fair. It's for a 2014 Cooper Hardtop with cold weather package, 10k miles a year. Thanks!

Price: $22,500 (I think they can go lower but this was initial offer)
Downpayment: $2631
Payment: $307 a month
Money factor: .0017
Residual: 61 percent
Buyout: $13,782

kyfdx

@ashdel13 said:
Hi. New to leasing and want to know if this offer in NJ is ballpark fair. It's for a 2014 Cooper Hardtop with cold weather package, 10k miles a year. Thanks!

Price: $22,500 (I think they can go lower but this was initial offer)
Downpayment: $2631
Payment: $307 a month
Money factor: .0017
Residual: 61 percent
Buyout: $13,782

The advertised deal for a unit with MSRP of $22K is $2564 due at signing and $239/mo. for 36mo, 10K/yr. And, a money factor of .00134.

So.. even if your quote includes tax.... Seems like you have some room to make a better deal.

ashdel13

thanks. will go back to them and see what happens.

ashdel13

So I'm looking at another car now that has the features we want. Offer is below and wondering how it looks. Thanks

msrp: $24,645
downpayment: $1663
monthly payment: $314
money factor: .00134
term: 36 months
miles: 10k a year.
residual: $15k and change

zhecks

CarMan,

can you tell me the MF and residual % for the Mini Countryman and the Mini Countryman S for 36 months, 10K miles.

thanks in advance.

Michaell

@ashdel13 said:
So I'm looking at another car now that has the features we want. Offer is below and wondering how it looks. Thanks

msrp: $24,645
downpayment: $1663
monthly payment: $314
money factor: .00134
term: 36 months
miles: 10k a year.
residual: $15k and change

you're getting the base MF, but the payment is still a bit higher than the national deal.

Michaell

@zhecks said:
CarMan,

can you tell me the MF and residual % for the Mini Countryman and the Mini Countryman S for 36 months, 10K miles.

thanks in advance.

Countryman - .00109 and 59%

Countryman S - .00123 and 60%

spw1985

Hi! thanks in advance for any info on this.
First time leasing... Trying to be as prepared as possible.

• South, Florida
• Looking @ Mini Cooper 'Hardtop' or 'Hardtop S' - 2014.
• Looking to lease for 3yr/36K
• MSRP is $29,745 for the 'S' model that I'm interested in.
• Going in this week to get details regarding quoted MF,Residual, ETC.
• Have a trade in valued online @ $2000

Dealer mentioned already getting a 'good deal on a 14' since the 15's are coming out in 2 months. And 'Owner is definitely looking to move cars'...

• Should I wait until they come out or since I have this information should the deal be the same now on the 14' ?
• What is the MF & Residual on these models currently? Will that change or be better in the next month or two?
• I've noticed the average discount off the MSRP is around 2k/2.5k off?

Thank you guys again. ANY ADVICE APPRECIATED!!!

ryanb4

Can anyone tell me what the MF and residual are for the base 2014 Clubman right now? I'm trying to figure out what they are using in the $204/mo lease offer they have going on right now. Thanks for any information!

Michaell

@ryanb4 said:
Can anyone tell me what the MF and residual are for the base 2014 Clubman right now? I'm trying to figure out what they are using in the $204/mo lease offer they have going on right now. Thanks for any information!

The national deal uses a MF of .00080 and a residual of 63% for a 34month, 10K per year lease to get to the $204/mo payment.

Also, it assumes a base model with automatic and a $1700 customer down payment - $2629 total due at signing.

Michaell

@spw1985 said:
Hi! thanks in advance for any info on this.
First time leasing... Trying to be as prepared as possible.

• South, Florida
• Looking @ Mini Cooper 'Hardtop' or 'Hardtop S' - 2014.
• Looking to lease for 3yr/36K
• MSRP is $29,745 for the 'S' model that I'm interested in.
• Going in this week to get details regarding quoted MF,Residual, ETC.
• Have a trade in valued online @ $2000

Dealer mentioned already getting a 'good deal on a 14' since the 15's are coming out in 2 months. And 'Owner is definitely looking to move cars'...

• Should I wait until they come out or since I have this information should the deal be the same now on the 14' ?
• What is the MF & Residual on these models currently? Will that change or be better in the next month or two?
• I've noticed the average discount off the MSRP is around 2k/2.5k off?

Thank you guys again. ANY ADVICE APPRECIATED!!!

Don't know what the numbers will look like beyond June. The national deal for the Hardtop or Hardtop S use a MF of .00127 for the Hardtop and .00124 for the S - this is for 34 months with 10K miles per year.

I would recommend against using your trade as a down payment to lower your monthly payment - if the new car is stolen or totaled, you would be out that money.

getarnit

Hi there

I'm new to the leasing world and am trying to make a decision on what vehicle to start with. I am very interested in the Mini Countryman Cooper S and tomorrow I will be going for my first test drive. The mini USA website shows deals on leases over 34 months with 10k miles per annum but there is no information that I can find relating to a lease of 36 months with 15k miles per annum which is what I would want. I would like to find out what sort of monthly cost am I looking at if I waive all down-payments, deposits etc. The MSRP of the vehicle with the specs that I'm looking at is $30595. I will be leasing in Florida and my credit scores are in the top tier.

Can you suggest some questions I should ask while test driving.

Thanks for your help

Arn

P.S. I have researched and have a basic understanding of MF and Residual and their calculations.

Michaell

@getarnit said:
Hi there

I'm new to the leasing world and am trying to make a decision on what vehicle to start with. I am very interested in the Mini Countryman Cooper S and tomorrow I will be going for my first test drive. The mini USA website shows deals on leases over 34 months with 10k miles per annum but there is no information that I can find relating to a lease of 36 months with 15k miles per annum which is what I would want. I would like to find out what sort of monthly cost am I looking at if I waive all down-payments, deposits etc. The MSRP of the vehicle with the specs that I'm looking at is $30595. I will be leasing in Florida and my credit scores are in the top tier.

Can you suggest some questions I should ask while test driving.

Thanks for your help

Arn

P.S. I have researched and have a basic understanding of MF and Residual and their calculations.

There is also a 36mo/10K program available from MINI this month using a MF of .00123 and a residual of 60%. Deduct 3% if you want 15K miles per year.

In order to model a payment we would need to know the negotiated selling price. As you are in Florida be aware that there are some very high doc fees that dealers add in .. your selling price should work to negate them.

The dealer we worked with here in Colorado for our daughter's Countryman S ALL4 is a 'no haggle' dealership, meaning we paid sticker price (minus available rebates), but no doc fees.

spw1985

Thx for the previous reply!

another scenario for ya..

14' mini hardtop -non s-
Total is $24,995 before negotiating.
I'm looking to lease for 3yr 36K.
They want $2500 down + fee's (another 1300 i assume) ?
Any MF or residual for JULY?
Anyone know when the 15's are coming out? Should I wait?
Has anyone negotiated this down to a rock bottom price?
Because there are so many configurations i'm having a difficult time finding a solid consistent price after doing the math...

In essence I'm looking to pay (with tax) $255 a month with 2.5k down does this seem doable/reasonable for this MSRP/configuration. Thanks for your time/patience guys/gals!

Best

scott

socal68

Hello,

Can someone provide the July money factor and residual for a 2014 Mini hardtop, base, automatic?

Thank you!