2015 MINI Cooper Lease Questions

lurker315

What's the MF/Residual for a Countryman ALL4 6-Speed, 36mo/12k?
Is this the same as a regular Countryman S? Thanks.

kyfdx

@lurker315 said:
What's the MF/Residual for a Countryman ALL4 6-Speed, 36mo/12k?
Is this the same as a regular Countryman S? Thanks.

.00125 MF and 60% residual.

Countryman S is .00123 MF and 59%

mel10021

I'm working on a deal for a new countryman. I want to change the top - add a vinyl cover. Dealer said they cant residualize ' add - ons ' once they leave the factory / port. Is this accurate?

Michaell

@mel10021 said:
I'm working on a deal for a new countryman. I want to change the top - add a vinyl cover. Dealer said they cant residualize ' add - ons ' once they leave the factory / port. Is this accurate?

It usually is. You'll have to pay full price for any accessories.

2015_blue

What do you think of this offer?

• Built to order 2015 Cooper Hardtop, 36mo lease, 12k/yr.
• MSRP: $25,550
• Selling Price: $24,300 ($1,250 off MSRP)
• $0 down
• $0 acquisition fee
• $0 security deposit
• Money Factor: .00205
• Residual: $15,585 (61%)
• Base monthly: $324

Michaell

@2015_blue said:
What do you think of this offer?

• Built to order 2015 Cooper Hardtop, 36mo lease, 12k/yr.
• MSRP: $25,550
• Selling Price: $24,300 ($1,250 off MSRP)
• $0 down
• $0 acquisition fee
• $0 security deposit
• Money Factor: .00205
• Residual: $15,585 (61%)
• Base monthly: $324

Pretty high MF, but waiving the acq fee will increase that. Otherwise, looks solid.

2015_blue

Got the MF down to .00165, everything else the same. Car ordered and looking forward to joining the Mini motoring family. Thanks again to this forum and especially Michaell for helping me become such an informed consumer.

acg2

Hi there, I'm interested in leasing a convertible mini and (ideally) would like to put 0 down and about $300/month. Does this this feasible? I live in MD/DC area. Thanks!

Michaell

@acg2 said:
Hi there, I'm interested in leasing a convertible mini and (ideally) would like to put 0 down and about $300/month. Does this this feasible? I live in MD/DC area. Thanks!

We would need to know both the MSRP and the negotiated selling price in order to model a payment. Also, what lease term and how many miles a year are you looking for?

Base MF for the Cooper Convertible is .00110 and for the Cooper S 'vert, .00120.

acg2

This is the info: Monthly lease payments of $297 per month for 36 months based on MSRP of $27,195 which includes Automatic Transmission and destination & handling fee of $795. $2,647 cash due at signing is based on $1,625 down payment, $297 first month payment, $725 acquisition fee, and $0 security deposit (not all customers will qualify for security deposit waiver). Tax, title, license, registration and dealer fees are additional fees due at signing. Payments do not include applicable taxes. $.20/mile over 10,000 miles per year and a disposition fee of $350 at lease end. Purchase option at lease end (excluding tax, title and government fees) is $15,501. $500 You-ification Credit offsets MSRP. $450 Dealer Contribution (if applicable) offsets MSRP. Dealer contribution may affect terms. Offer and credits valid through 09/02/14 and may be combined with other offers unless otherwise stated.

Michaell

@acg2 said:
This is the info: Monthly lease payments of $297 per month for 36 months based on MSRP of $27,195 which includes Automatic Transmission and destination & handling fee of $795. $2,647 cash due at signing is based on $1,625 down payment, $297 first month payment, $725 acquisition fee, and $0 security deposit (not all customers will qualify for security deposit waiver). Tax, title, license, registration and dealer fees are additional fees due at signing. Payments do not include applicable taxes. $.20/mile over 10,000 miles per year and a disposition fee of $350 at lease end. Purchase option at lease end (excluding tax, title and government fees) is $15,501. $500 You-ification Credit offsets MSRP. $450 Dealer Contribution (if applicable) offsets MSRP. Dealer contribution may affect terms. Offer and credits valid through 09/02/14 and may be combined with other offers unless otherwise stated.

You can't get out of paying the first payment and acquisition fee up front, but the $1625 down payment can be added back into the cap cost - it will increase your pre-tax payment about $45/mo.

Dealer contribution = dealer's willingness to discount the selling price.

schunacher

Today seems to be the last day for a $247/month Cooper S Clubman lease offer I see on the MINIUSA web site. Below is the offer with my reverse engineered numbers (marked with *) I have several questions:

1. Are my numbers correct? I.e. is the offer constructed so the savings comes as a discount off of the MSRP?
2. Is there an additional You-ification discount and how do I get it?
3. Is the Dealer discount additional or is it already included in the offer?
4. Can I translate the offer into a Clubman with more options? How?

2014 MINI Cooper S Clubman Lease Offer
msrp $27,145.00,
DISCOUNT $1,645.00*,
trade-in 0,
actual price $25,500.00,
lease acq fee $725.00,
cap reduction $2,900.00,
deposit $0.00,
capitalized cost $23,325.00,

residual % 60%,
residual $ $16,287.00,
depreciation $7,038.00,

tax rate 8.75%,
tax on cap reduc $253.75,
fees $438.00,

lease term months 36,
money factor (MF) 0.00130*,
MF dealer markup 0.00000,

depreciation monthly $195.50*,
finance monthly $51.50*,
tax on monthly $21.61*,

advertised monthly $247.00,
total monthly includes tax $268.61,

advertised down $3,147.00,
total down includes fees and tax $3,860.36,

disposition fee $350.00

TOTAL $13,611.63

Thanks for your help!
Stephan

schunacher

So the answer I got is that the $1000 credits are already built in to the deal. The Special Offer (for me) was that the MF (1.99% / 24) was lower than normal. I did get a Clubman with more options for the "same" deal with the exception of a $200 addition to the acquisition fee. The MINI people were all great and I am very happy with the experience overall.

Stephan

mel10021

Re: Residual value. Above you mentioned that a dealer cant adjust the residual value. What happens if the deal has been signed already ? Would MINI Finance ever adjust ?

Michaell

@mel10021 said:
Re: Residual value. Above you mentioned that a dealer cant adjust the residual value. What happens if the deal has been signed already ? Would MINI Finance ever adjust ?

The dealer is forbidden to change the residual value for a lease - it is set by the finance company.

Are you sure this is a MINI Finance lease? Dealers do have the option to use other finance companies.

wasahbie

Could I please get the MF/Residual for a 2014 Countryman S for a 36,000 mile lease for 3 years in Orange County, California? Thanks!

kyfdx

@wasahbie said:
Could I please get the MF/Residual for a 2014 Countryman S for a 36,000 mile lease for 3 years in Orange County, California? Thanks!

We are still waiting for September info on MINI..

wasahbie

@kyfdx said:
We are still waiting for September info on MINI..

When will the info be available?

I ask because I've been offered a MF/Residual of 0.00205/59% on a 2014 Countryman S, and the MF seems too high, but the residual seems OK. I've very interested in the car and I don't want to lose it. I recall seeing MF's quite lower, say around 0.00123 or so.

Thanks!

kyfdx

@wasahbie said:
Thanks!

Well... residuals are set by MINIFS, so the dealer can't change that.... Although I don't know the money factor this month, that money factor sure seems high.

mdoc1

I'm looking at this current lease deal on MiniUSA from a local dealer:

$215/MONTH MINI COOPER S COUNTRYMAN ALL4 LEASE
Offer not valid in Puerto Rico. Lease financing available on new 2014 MINI Cooper S Countryman ALL4 models, from participating MINI Dealers through MINI Financial Services through 09/30/14. Monthly lease payments of $215 per month for 32 months based on MSRP of $29,445 which includes Automatic Transmission and destination & handling fee of $795. $3,785 cash due at signing is based on $2,845 down payment, $215 first month payment, $725 acquisition fee, and $0 security deposit (not all customers will qualify for security deposit waiver). Tax, title, license, registration and dealer fees are additional fees due at signing. Program available from participating MINI Dealers to eligible, qualified customers with excellent credit history who meet MINI Financial Services credit requirements. Payments do not include applicable taxes. All figures presented are examples only. Actual MSRP may vary. Lessee responsible for insurance during the lease term and any excess wear and tear as defined in the lease contract, $.20/mile over 26,667 miles per lease term and a disposition fee of $350 at lease end. Purchase option at lease end (excluding tax, title and government fees) is $19,139. Qualified rate lock applicants must take delivery by 01/02/15. Offer includes a $750 Lease credit which is used to offset final contract price. Customer is responsible for all taxes on full contract amount. $1,000 You-ification Credit offsets MSRP. $575 Dealer Contribution (if applicable) offsets MSRP. Dealer contribution may affect terms. Offer and credits valid through 09/30/14 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized MINI dealer for important details. All 2014 MINI Passenger Cars come standard with Boot to Bonnet No Cost Maintenance standard for 3 years or 36,000 miles, whichever comes first and begins on the original in-service date. Refer to the MINI Service and Warranty Information booklet for complete terms, conditions and limitations.

I want to get 15K miles a month and the vehicle I am looking at is at about 8K more than this 29,445 MSRP at 38,600. I have about 3K trade/cash to put down. What should the lease payment be?

They went from the $215 a month all the way to $450 which seems high to me.

Thanks!
Michael

Michaell

@mdoc1 said:
I'm looking at this current lease deal on MiniUSA from a local dealer:

$215/MONTH MINI COOPER S COUNTRYMAN ALL4 LEASE
Offer not valid in Puerto Rico. Lease financing available on new 2014 MINI Cooper S Countryman ALL4 models, from participating MINI Dealers through MINI Financial Services through 09/30/14. Monthly lease payments of $215 per month for 32 months based on MSRP of $29,445 which includes Automatic Transmission and destination & handling fee of $795. $3,785 cash due at signing is based on $2,845 down payment, $215 first month payment, $725 acquisition fee, and $0 security deposit (not all customers will qualify for security deposit waiver). Tax, title, license, registration and dealer fees are additional fees due at signing. Program available from participating MINI Dealers to eligible, qualified customers with excellent credit history who meet MINI Financial Services credit requirements. Payments do not include applicable taxes. All figures presented are examples only. Actual MSRP may vary. Lessee responsible for insurance during the lease term and any excess wear and tear as defined in the lease contract, $.20/mile over 26,667 miles per lease term and a disposition fee of $350 at lease end. Purchase option at lease end (excluding tax, title and government fees) is $19,139. Qualified rate lock applicants must take delivery by 01/02/15. Offer includes a $750 Lease credit which is used to offset final contract price. Customer is responsible for all taxes on full contract amount. $1,000 You-ification Credit offsets MSRP. $575 Dealer Contribution (if applicable) offsets MSRP. Dealer contribution may affect terms. Offer and credits valid through 09/30/14 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized MINI dealer for important details. All 2014 MINI Passenger Cars come standard with Boot to Bonnet No Cost Maintenance standard for 3 years or 36,000 miles, whichever comes first and begins on the original in-service date. Refer to the MINI Service and Warranty Information booklet for complete terms, conditions and limitations.

I want to get 15K miles a month and the vehicle I am looking at is at about 8K more than this 29,445 MSRP at 38,600. I have about 3K trade/cash to put down. What should the lease payment be?

They went from the $215 a month all the way to $450 which seems high to me.

Thanks!
Michael

$8000 over 32 months is an extra $250/mo right there, just for the extra options.

Forget about the national deal - they are just OK but you can do better if you have the right information.

What is the MSRP and selling price of the car you are interested in?

We don't yet have the September lease numbers from MINI to check against what your dealer is quoting you, however.

mdoc1

Here is the car I am looking at:

http://www.minibedford.com/VehicleDetails/new-2014-MINI-Cooper_S_Countryman_ALL4--Bedford-NH/2265639543

Its MSRP is $38,245. They say with 3K down it will be about $450 a month without tax. MA tax in is $488 a month. He tells me the MF is 9%/.00205 and the residual on that car would be 58% at 21,882.

The $488 (tax in) seems like a lot to me but maybe not?

BTW They also say the car has 2K miles on it because its the managers demo

Thanks again!
Michael

Michaell

@mdoc1 said:
Here is the car I am looking at:

http://www.minibedford.com/VehicleDetails/new-2014-MINI-Cooper_S_Countryman_ALL4--Bedford-NH/2265639543

Its MSRP is $38,245. They say with 3K down it will be about $450 a month without tax. MA tax in is $488 a month. He tells me the MF is 9%/.00205 and the residual on that car would be 58% at 21,882.

The $488 (tax in) seems like a lot to me but maybe not?

BTW They also say the car has 2K miles on it because its the managers demo

Thanks again!
Michael

Have you negotiated any sort of discount from sticker? The 2000 miles should also affect the selling price but will also adjust the residual.

If I use your MSRP and assume the cap cost is $35,245 ($3K down), with your residual and MF, I get a pre-tax payment of $480.58/mo for 36 months.

There might be room to lower the MF but since I don't have the September numbers yet so don't know if - or by how much - the MF is inflated

tsa1

@2015_blue said:
Got the MF down to .00165, everything else the same. Car ordered and looking forward to joining the Mini motoring family. Thanks again to this forum and especially Michaell for helping me become such an informed consumer.

Nice! what did your payment end up being with the lower MF?

bwilliams08

Hi - thanks for all of the assistance you've been providing!

My lease question is regarding a 36mo lease (10k miles) on a 2015 roadster, to be registered in NJ.

I've received quotes from a number of dealers, with the average being:

MSRP: $30,000
Down pmt: $3,000
Monthly: $465 (+/- $20)

My gut tells me this is a bit high - any feedback would be appreciated!

I was also expecting some good deals given that the peak convertible driving season is past, but that doesn't appear to be the case?

Thanks in advance.

Michaell

@bwilliams08 said:
Hi - thanks for all of the assistance you've been providing!

My lease question is regarding a 36mo lease (10k miles) on a 2015 roadster, to be registered in NJ.

I've received quotes from a number of dealers, with the average being:

MSRP: $30,000
Down pmt: $3,000
Monthly: $465 (+/- $20)

My gut tells me this is a bit high - any feedback would be appreciated!

I was also expecting some good deals given that the peak convertible driving season is past, but that doesn't appear to be the case?

Thanks in advance.

We don't have the numbers from MINI for this month.

We don't recommend that you put money down on a lease - if the car is stolen or totaled, you are out that money.

My local MINI dealer is one-price, so I'm not used to seeing discounts - if your dealer does, use the shopping tools at the top of the page to determine your target price.

bwilliams08

Thanks - I appreciate the response.

By "numbers from MINI for this month" I assume you're referring to residual value and money factor? Would you be able to give me a sense using last month's numbers?

Also, I understand the rationale for not putting any money down. However, I've been told that there are certain required upfront payments (besides the first month payment) categorized as "inceptions" which includes various fees and taxes. Is this true?

2015_blue

@tsa1 said:
Nice! what did your payment end up being with the lower MF?

$318 before tax, $346 after tax. I have the option of paying $365 cash upfront to reduce cap cost to offset cap, doc, and tire fees. This would reduce my monthly by about $10.

2015_blue

In the San Francisco Bay Area, we're lucky to have 5 different Mini dealerships within an hour's drive of each other. The best advice I got from this forum, aside from knowing my numbers, is contacting multiple dealerships. I actually reached out to all 5 through phone and email and was quickly able to eliminate 2 dealerships that were not willing to give serious offers. The remaining 3 dealerships ended up bidding against each other to earn my business. If you don't happen to have multiple Mini dealerships in your area, I would recommend still calling and emailing another dealership just to get some perspective. If nothing else, the exercise will help boost your confidence when dealing with your local dealership.

Michaell

@bwilliams08 said:
Thanks - I appreciate the response.

By "numbers from MINI for this month" I assume you're referring to residual value and money factor? Would you be able to give me a sense using last month's numbers?

Correct - and using last month's numbers won't do any good.

Also, I understand the rationale for not putting any money down. However, I've been told that there are certain required upfront payments (besides the first month payment) categorized as "inceptions" which includes various fees and taxes. Is this true?

There is a difference between down payment and up front costs. Down payment is money used to reduce the cap cost. Up front costs cover taxes, fees, registration / license / tags.

Depending on the state you live in, you can pay them up front or roll them into the lease. I only had to write a check for the first month's payment on my last lease (Hyundai) - everything else was covered by the available lease cash.

tsa1

@2015_blue said:
In the San Francisco Bay Area, we're lucky to have 5 different Mini dealerships within an hour's drive of each other. The best advice I got from this forum, aside from knowing my numbers, is contacting multiple dealerships. I actually reached out to all 5 through phone and email and was quickly able to eliminate 2 dealerships that were not willing to give serious offers. The remaining 3 dealerships ended up bidding against each other to earn my business. If you don't happen to have multiple Mini dealerships in your area, I would recommend still calling and emailing another dealership just to get some perspective. If nothing else, the exercise will help boost your confidence when dealing with your local dealership.

5 mini dealers is a luxury few outside of California have. I have about 5 within an hour. Congrats on the deal and make sure to join North American Motoring's forum.

To those of you purchasing countryman's in hot climates I must warn you the Air Conditioning does not have enough capacity to cool such a large (for a mini) car. It's essentially the same unit found in the 2007-2013 hardtop/clubman, but those are much smaller vehicles. I know this from personal experience. Unless you need all wheel drive, I'd still suggest the new mini over the Countryman, it didn't feel "Mini" enough to me.

bwilliams08

I just heard from one dealer, who quoted me ~50% residual value on a 2015 roadster. Does this seem reasonable? From what I've read above, the residual value is not determined by the dealer (but rather by the finance company), so I guess it doesn't matter. Just wondering why it's much lower than the 59%/60% I see elsewhere for other models?

Michaell

bwilliams08 said:

I just heard from one dealer, who quoted me ~50% residual value on a 2015 roadster. Does this seem reasonable? From what I've read above, the residual value is not determined by the dealer (but rather by the finance company), so I guess it doesn't matter. Just wondering why it's much lower than the 59%/60% I see elsewhere for other models?

The residual value is set by MINI Finance and cannot be altered by the dealer.

What lease term and how many miles per year is this quote for? Longer terms and more miles per year result in lower residual values.

bwilliams08

Michaell said:

bwilliams08 said:

I just heard from one dealer, who quoted me ~50% residual value on a 2015 roadster. Does this seem reasonable? From what I've read above, the residual value is not determined by the dealer (but rather by the finance company), so I guess it doesn't matter. Just wondering why it's much lower than the 59%/60% I see elsewhere for other models?

The residual value is set by MINI Finance and cannot be altered by the dealer.

What lease term and how many miles per year is this quote for? Longer terms and more miles per year result in lower residual values.

Nothing special - 36 months and 10k miles/yr.

By the way, any update on the MINI numbers for this month?

Michaell

bwilliams08 said:

Michaell said:

bwilliams08 said:

I just heard from one dealer, who quoted me ~50% residual value on a 2015 roadster. Does this seem reasonable? From what I've read above, the residual value is not determined by the dealer (but rather by the finance company), so I guess it doesn't matter. Just wondering why it's much lower than the 59%/60% I see elsewhere for other models?

The residual value is set by MINI Finance and cannot be altered by the dealer.

What lease term and how many miles per year is this quote for? Longer terms and more miles per year result in lower residual values.

Nothing special - 36 months and 10k miles/yr.

By the way, any update on the MINI numbers for this month?

The August information I have shows the 36/10 residual for the *2015* Roadster as 51%; it's very possible that they declined 1% for September.

MINI may be holding the residuals on the 2015 lower so as to incent folks to lease the 2014 models and clear them off the lot.

bwilliams08

Thanks Michaell - what was August MF?

Michaell

bwilliams08 said:

Thanks Michaell - what was August MF?

It says "standard", which translates to "expensive". Don't know the actual number, but I'd guess around .00200, give or take.

whoweare2

MF and residual for "your" Countryman S ALL4 at 10.5K and 24/36 terms in Boston, MA area? Thanks.

Michaell

whoweare2 said:

MF and residual for "your" Countryman S ALL4 at 10.5K and 24/36 terms in Boston, MA area? Thanks.

We still don't have any MINI numbers for September, sorry.

nwbear2

Opinion on the following? Was offered 62% residual and 0.00163 MF for a 36 month lease at 10K miles/year for a 2014 Countryman base model (SF Bay Area). I think they're starting a little high on the total cost (a little more than 8% over invoice), but before I consider whether this is something I want to even consider, was hoping to get a sense for the lease numbers.

Michaell

nwbear2 said:

Opinion on the following? Was offered 62% residual and 0.00163 MF for a 36 month lease at 10K miles/year for a 2014 Countryman base model (SF Bay Area). I think they're starting a little high on the total cost (a little more than 8% over invoice), but before I consider whether this is something I want to even consider, was hoping to get a sense for the lease numbers.

Would love to help, but MINI hasn't provided us any numbers for September to validate.

rednurdera

Need confirmation. For Minis, if 10k Res% = 64%, does 12k =63%, 15k = 61%??

2015_blue

nwbear2 said:

Opinion on the following? Was offered 62% residual and 0.00163 MF for a 36 month lease at 10K miles/year for a 2014 Countryman base model (SF Bay Area). I think they're starting a little high on the total cost (a little more than 8% over invoice), but before I consider whether this is something I want to even consider, was hoping to get a sense for the lease numbers.

8% over invoice seems high. Which dealership offered you this? Shop around, you have 5 dealerships to choose from in the SF Bay Area.

Michaell

rednurdera said:

Need confirmation. For Minis, if 10k Res% = 64%, does 12k =63%, 15k = 61%??

Yes, that is correct.

nwbear2

2015_blue said:

8% over invoice seems high. Which dealership offered you this? Shop around, you have 5 dealerships to choose from in the SF Bay Area.

Marin. Am looking around, am now leaning towards an order - trying to find a new Countryman S with a manual transmission is pretty slim pickings among the Northern California dealerships. So separate question (I recognize this is probably for a different board...) - anyone have insight on Bay Area dealerships willingness to negotiate on an order?

2015_blue

Michael C[non permissible content removed] in Concord is very straight forward and will give you a fair offer. Take that offer to East Bay Mini in Pleasanton and they will beat it by $500. Marin did not put their best foot forward for me. San Jose was a joke. SF will beat Concord too, but SF is old school car sales tactics and you'll have to work a bit harder to get to the same place you will with Pleasanton.

2015_blue

nwbear2 said:

2015_blue said:

8% over invoice seems high. Which dealership offered you this? Shop around, you have 5 dealerships to choose from in the SF Bay Area.

Marin. Am looking around, am now leaning towards an order - trying to find a new Countryman S with a manual transmission is pretty slim pickings among the Northern California dealerships. So separate question (I recognize this is probably for a different board...) - anyone have insight on Bay Area dealerships willingness to negotiate on an order?

Michael C in Concord is very straight forward and will give you a fair offer. Take that offer to East Bay Mini in Pleasanton and they will beat it by $500. Marin did not put their best foot forward for me. San Jose was a joke. SF will beat Concord too, but SF is old school car sales tactics and you'll have to work a bit harder to get to the same place you will with Pleasanton.

Michaell

2015_blue said:

Michael C[non permissible content removed] in Concord is very straight forward and will give you a fair offer. Take that offer to East Bay Mini in Pleasanton and they will beat it by $500. Marin did not put their best foot forward for me. San Jose was a joke. SF will beat Concord too, but SF is old school car sales tactics and you'll have to work a bit harder to get to the same place you will with Pleasanton.

I'm sorry, we don't allow last names of sales personnel to be posted. I've edited your comment to remove the information.

atos2012

Hi @Michaell can you please provide numbers for 2014 and 2015 Mini Cooper S Manual and Auto if any difference , 36month/10k

kyfdx

atos2012 said:

Hi @Michaell can you please provide numbers for 2014 and 2015 Mini Cooper S Manual and Auto if any difference , 36month/10k

Doesn't look like we'll have any MINI information for September.