Are you a current Michigan-based car shopper? A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/2 for details.
The $3k due at inception is for:
$239.50 DMV fees
$6 NJ Tire Tax
$136.17 is some sort of tax
$389 Doc fee
$925 acquisition/bank fee
$359 first month lease payment
$945.33 cap cost reduction
Additionally, I am trading in a used car for $15,500 (which I own free & clear). They are giving me back a check for $12,500 and using the $3000 for the above. They are telling me I am getting a tax benefit for the full $15,500, even though I'm getting most of that back? Does that make sense to you?
The $359 a month includes sales tax. The dealer said the MF is 0.00170 and he gave me the same 56% residual ($18,505.20)
I downloaded an excel file that calculates the payment. After inputting all that in, I'm coming in higher than the $359. Is the difference the sales tax benefit from the trade???
The difference could well be the tax credit. I assumed about $1100 for taxes, but if NJ allows trade-in tax credit on a lease, then that would cut that way down. And, if they do allow it, then it doesn't matter if you get a check, or apply it all to the lease. Tax credit for trade-in isn't contingent on how the free cash is applied.
This really isn't a great deal... $2000 in credits from MINI, and they only give you $2500 off. Plus, taking the maximum markups on the money factor and acquisition fee (base fee is $725). It's a decent lease program without the markups and with the $2000 of incentives. As this deal sits, the dealer is basically getting MSRP for the vehicle. All that said, I don't know the market. MINI dealers don't have a lot of close geographical competition. Plus, you have a trade-in. Are they giving you market value, or over-allowing? All of those variables matter, but are hard to know with certainty.
I hate paying finance fee markups, though... that gets under my skin.
A friend's Mini has just dropped another $2K bill on him and he's ready to trade in and lease. I'm out to aid in the process but am out of the loop as far as Mini money factors. If CarMan@edmunds could share the info of what the Mini money factor and depreciation are for a '14 S convertible, 3 yr, 10K/yr lease, it would be most appreciated.
Thanks a bunch!
MODERATOR /ADMINISTRATOR Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name. 2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h) Review your vehicle
Comments
Thank you for your response.
The $3k due at inception is for:
$239.50 DMV fees
$6 NJ Tire Tax
$136.17 is some sort of tax
$389 Doc fee
$925 acquisition/bank fee
$359 first month lease payment
$945.33 cap cost reduction
Additionally, I am trading in a used car for $15,500 (which I own free & clear). They are giving me back a check for $12,500 and using the $3000 for the above. They are telling me I am getting a tax benefit for the full $15,500, even though I'm getting most of that back? Does that make sense to you?
The $359 a month includes sales tax. The dealer said the MF is 0.00170 and he gave me the same 56% residual ($18,505.20)
I downloaded an excel file that calculates the payment. After inputting all that in, I'm coming in higher than the $359. Is the difference the sales tax benefit from the trade???
The difference could well be the tax credit. I assumed about $1100 for taxes, but if NJ allows trade-in tax credit on a lease, then that would cut that way down. And, if they do allow it, then it doesn't matter if you get a check, or apply it all to the lease. Tax credit for trade-in isn't contingent on how the free cash is applied.
This really isn't a great deal... $2000 in credits from MINI, and they only give you $2500 off. Plus, taking the maximum markups on the money factor and acquisition fee (base fee is $725). It's a decent lease program without the markups and with the $2000 of incentives. As this deal sits, the dealer is basically getting MSRP for the vehicle. All that said, I don't know the market. MINI dealers don't have a lot of close geographical competition. Plus, you have a trade-in. Are they giving you market value, or over-allowing? All of those variables matter, but are hard to know with certainty.
I hate paying finance fee markups, though... that gets under my skin.
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
A friend's Mini has just dropped another $2K bill on him and he's ready to trade in and lease. I'm out to aid in the process but am out of the loop as far as Mini money factors. If CarMan@edmunds could share the info of what the Mini money factor and depreciation are for a '14 S convertible, 3 yr, 10K/yr lease, it would be most appreciated.
Thanks a bunch!
I'm sorry... I don't have the February numbers.. Last month it was .00127 MF and 56% residual. It's probably slightly different for this month..
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
Thanks a bunch. I'm aware there might well be a difference but this gives me at least some guidance. Much appreciated!
Anyone know when the 0 down $229 lease started? Trying to do research on mf and residuals and what to expect monthly.
Please visit our 2014 MINI Cooper Lease Questions discussion.
MODERATOR /ADMINISTRATOR
Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
Review your vehicle