Is this a good lease quote for 2014 Mini Cooper Roadster S

1hotshot1hotshot Member Posts: 4
edited May 2015 in MINI

For current leasing information, go to 2015 MINI Cooper Lease Questions

  1. Money Factor = 0.0108
  2. Adjusted Residual = 62%
  3. MSRP = $34,813
  4. Sale Price = $33,409
    This is what the Dealer states
    Over 34 months with $5,000 due at signing, you're looking at $334/m with 10,000 miles a year.

Comments

  • kyfdxkyfdx Moderator Posts: 207,853

    @1hotshot said:
    1. Money Factor = 0.0108
    2. Adjusted Residual = 62%
    3. MSRP = $34,813
    4. Sale Price = $33,409
    This is what the Dealer states
    Over 34 months with $5,000 due at signing, you're looking at $334/m with 10,000 miles a year.

    That's the base money factor, and it's pretty much in-line with their advertised deals (your deal is a little better).

    I wouldn't put $5000 upfront on a lease, though. You could put $1500 upfront and take a payment of around $435/mo.

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  • 1hotshot1hotshot Member Posts: 4

    really need my payment around $300, as this will be a second car - already have another car payment, so I was trying to get that payment lower

  • kyfdxkyfdx Moderator Posts: 207,853

    @1hotshot said:
    really need my payment around $300, as this will be a second car - already have another car payment, so I was trying to get that payment lower

    Well.. as long as you realize that the payment isn't really lower . You are just buying it down with a downpayment...

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  • 1hotshot1hotshot Member Posts: 4

    are you saying $334 is not lower than $435? I am not understanding you? I have the $5 grand to give now but not the $100 extra for 34 more months

  • kyfdxkyfdx Moderator Posts: 207,853

    @1hotshot said:
    are you saying $334 is not lower than $435? I am not understanding you? I have the $5 grand to give now but not the $100 extra for 34 more months

    I'm saying there is no real difference in cost to you. You can take $3500 out of that $5000 and put it in the bank..... then draw out $100 every month to help you make the payment on the car. Putting all of that money upfront is not really saving you any money, but it is putting that extra amount at risk, if the car is totaled within the first few months.

    Unless the $5000 is a gift, that has to be used on the downpayment, you are better off keeping it in your pocket, and using it as needed.

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  • 1hotshot1hotshot Member Posts: 4

    ok now I understand what you mean. Thanks for your help. I will give this some thought and make my decision. But to answer your question, Yes, most of it was a gift, but not all - I was adding towards it. You really have been a great help, and I really appreciate your expertise, this stuff gets a little overwhelming after awhile :s

  • kyfdxkyfdx Moderator Posts: 207,853

    It gets easier, after the first dozen mistakes.. We all make them.. ;)

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  • PF_FlyerPF_Flyer Pennsylvania Furnace, PAMember Posts: 9,372
    For current leasing information, go to 2015 MINI Cooper Lease Questions
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