# MINI Cooper Lease Questions

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

Hi everyone. Please use the following discussion to post any questions that you have about leasing a MINI Cooper. Thanks.

Hi everyone. Please use the following discussion to post any questions that you have about leasing a MINI Cooper. Thanks.

*Car_man*

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2Anyone have MINI's current base Money Factors?

Thank you in advance. ;D

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3Thanks,

Dave

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2312I am considering taking over a Mini S lease via Swapalease.com .

The current leasee is in NY state, where sales tax on the lease is collected at lease inception, and the tax is non-refundable if the lease terminates prematurely. The leasee rolled the tax into his payments.

Now if I take over the lease, am I responsible for his tax payments for the remainder of the lease? That can't be right, :surprise: but someone has to pay them (all 26 months worth).

I'm sure my home state NJ still wants their tax, so I will pay them. (don't know how they would calculate that, since in NJ tax is collected on the capilization cost minus residual, and since this is a transfer, I don't know what would be used for cap cost).

your help is appreciated. I think the MINI S is a fabulous car!!!

249,3581) His NY tax was paid upfront, and that amount was added into the lease's cap cost... So, the tax has already been paid, and the lease is for the total amount financed... at this point, with the tax already being paid, his lease payment includes no tax.. just an amount financed..

2) When you go to register the car in NJ, you will have to start paying tax on the lease payments (6%), over and above what his payment is now.. or.... Alternatively, they may use the current payoff of the lease (sort of what he "owes" on it) minus the residual, and tax that amount..

Either way, I would assume that the NY tax he paid upfront is a "sunk cost", and you will have to pay tax again in NJ...

I'm starting to see this more and more... frequently, from lessees that move from a "tax upfront state" like NY, to a "tax the payment" state like KY... They are still leasing the same car, and get hit with additional tax payments..

regards,

kyfdx

Host-Prices Paid ForumsP.S.: Don't depend on my assumptions before making this transfer... Call your local DMV...

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11I am trying to determine what residual value MINI uses for lease calculations, and if it's negotiable.

My brother wants to get a 2006 Cooper S with the JCW package and a bunch of other options (including $1600 or so in dealer accessories). Including dealer installation labor, the total price is $38,183 (less $4000 down, plus $750 estimate for admin fees etc.). The dealer wants $679 a month for the 36 month lease. Using the .0028 money factor Car Man provided (thanks!), I backed into the residual value which came out to be $17,000, or basically 44.5% of the original value after 3 years.

I just read an article on Edmunds that said the Cooper ranks #2 in best retained value after 5 years, and that after 5 years, 55% of the value is left. I have a hard time believing that it is even remotely honest to state

only 45% of the value is left after 3 years. Of course it's in the dealer's interest to low-ball the residual value, but my question is, can you do anything to counter that with current market data.Thanks for your time everyone.

11711Hope you all had better experiences.

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17Im curious if you are leasing if this sounds high/low/about right in terms of payment? I realize these things sell at list, so I know I won't get a price break. Thanks!

16Also, are all dealers selling at MSRP now? South Mini in Miami doesn't even have cars on the lot. I suppose they won't be negotiating.

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38,514As far as this car's price goes, don't expect much in the way of a discount. According to what I near, most consumers are paying close to MSRP for it right now.

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1611,200MODERATOR /ADMINISTRATORFind me at kirstie_h@edmunds.com - or send a private message by clicking on my name.

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33,206With the insane resale value on these, I would expect leases to be extremely low.

'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S

249,358High residuals help.... but, factor in market-level money factors and selling prices at MSRP, and the lease payments aren't anything to write home about..

regards,

kyfdx

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Edmunds Moderator158My wife's Solara Convertible lease payments with a $30k selling price, 4 year 0 down, is only $398. I was really hoping that the Mini would be closer to the low-mid $300s.

33,206well, i guess since its a hot car, the money factor is higher than most cars (??)

'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S

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7I remember the money factor being .00385. Base lease was $235, with tax $248 for 48 mos/10K miles (I really don't drive more than that, so it's OK). I've plugged into the leasing calculators, and it seems like it was am OK deal.. and the money factor seems OK for a used car... any comments?

Thanks

4Are the lease payments really more expensive than buying the car as the site shows right now? Based on the current residuals and money factors, is the balloon option the best way to go for the Mini? The Balloon option only allows you to re-fi or buy after you've finished the term, so it looks like you have to bank on the high residual and market factors like gas prices and demand to come out ok at the end?

Any insight or help you can provide us is greatly appreciated, and thanks for all the help you provide to us confused consumers!

33,206I know nothing of their balloon note, but if you have to buy it at the end, it doesn't seem like such a good option. What is the rate on the balloon note? If its a very low rate, then MAYBE it could work in your favor if you are careful.

My personal opinion is to finance it. As long as the residuals stay ridiculously high, as they have been since the car was introduced, you'd at least be building equity pretty quick.

'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S

2When I do my own lease calcs (using something I got off the internet) my payment should be about $439 (incl CA sales tax at 8.25%.

the payment they quote (oh sorry...6500 down) is over $500.

I can't figure why the big difference.

And reading the above postings, seems like I am being screwed.

7733,206249,358Something that you wouldn't get back on the lease..

regards,

kyfdx

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Edmunds Moderator233,206184In this case, you shovel in $6500. Then you shovel in another $500 per for X months. At the end, they keep all the money and you give them back the car. Nonono.

My .02 is that someone in this position should examine their options far away from the showroom floor and from any marketing propaganda.

If you must have a Mini, finance the base model trying for a down payment as close to 50% of the total deal as you can manage. Work the phone and Internet to find the best rate. Then, even if you do stretch out the payments, you'll have equity in the car which will protect you if you change your mind a year or two down the road. Plus, you can complete the loan early by paying every third week instead of every fourth week. (Or if you've found a really good rate, you may decide there's no reason to pay early, esp if interest rates go up.) But it will be

yourchoice.Applicable cliches: 1) A car is your biggest non-appreciating expenditure, so you need to understand where your best interests are, 2) For most buyers, leasing is a sucker's game, 3) You will lose any negotiation unless you are willing to get up and walk away, 4) Even after you have numbers that seem okay, say, "I need 12 hours to think about it."

You know the little voice that says you must have something, and you need to make the sales person think you're a good guy? Well fire it. He's probably cost you a fortune already.

38,514Furthermore, $6,500 is way too much money to put down when leasing. If your leased vehicle is totaled in an accident or stolen and never recovered that $6,500 will just disappear. If you have that much money to put down on your lease, you would be much better off using it to make additional security deposits. Each additional deposit that you make, up to seven additional, will reduce your car's money factor by .00007.

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533,206You also want to find out what of that $1500 down is actually going towards cap cost reduction.

5MSRP: $21,700

L.E.V. %: 68%

Lease-End Value: $14,756

Lease term: 36 mos

Documentary fee: $35.00

Initial Cap. Cost: $22,150

Cash Cap. Reduction: $527.29

Total Cap Reduction: $527.29

Total Add Cap Cost: $825

Adjusted Cap. Cost: $22,447.71

Lease factor: .00320

Base Monthly Rental: $332.70

Monthly Tax: 9.1%: $30.28

Total Monthly Payment: $362.98

Security Deposit: $400

License Fee: $124.25

Cap Reduc. Tax: 9.1%: $47.98

Amount Due at Start: $1,500

Customer Cash Down: $1,500

Total Sales Tax: $1,138.06

Total Working Cash: $1,500

VSC Tax Rt/Amt: 8.8%

33,206I'm not clear on what is going on here. I would think your initial cap cost is the selling price, but why is it $450 over the MSRP? Are they charging you over MSRP? Or is that MSRP excluding destination? Destination, however, is $550. Hmmmm... So are they giving you $100 off the car, then adding destination? Or are they overcharging you $450 for the car? This is the question I am unable to ascertain by looking at this list of numbers. What did the sticker on the car say? The sticker should have included destination.

33,206something else i just noticed, though. What is this additional 8.8% VSC tax thing at the bottom of your list??

33,206Your total fees listed here are:

$35 doc fee

$400 security deposit

$124.25 license fee

*********

$559.25 total

What about an acquisition fee?? I don't see that anywhere. Let's say, out of good faith, we estimate that the $972 they made disappear out of your down payment is going towards all of these fees (including the elusive acquisition fee).

If that's even the case, then why the heck is the cap cost $1275 above the MSRP?? I would have thought that was all the fees, but apparently its not.

I'm not an expert by any means, and maybe there is an explanation for all of this, but what I'm seeing so far does not look right at all.

249,358The $825 is the acquisition fee.. This is marked up $200 over the base fee of $625.

If you add up all the other fees, 1st payment and security deposit, they come to about $970.. So, $1500 upfront minus the $970 is the $530 cap cost reduction.. Subtract this from the $22,150 selling price, then add back in the $825 acquisition fee, and the numbers match..

I even get the same payment, down to the penny..

Now.. I don't know the base money factor (Car_man would)... but, I'd bet that it is marked up, just like the acquisition fee...

To recap...

$450 over MSRP for the selling price..

$200 markup on the acq.fee

Maybe a marked up money factor..

Actually, this is typical for a MINI lease..

If it were me (and it isn't), I'd rather buy the car.. Even at that selling price, once you add 9% tax and the fees, the payment would be around $440/mo. for 60 months, if you put down the same $1500.. and got a 6% APR on the loan.

Just my $0.02

kyfdx

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Edmunds Moderator33,206where do you come up with $970 fees, though? I'm missing $50 somewhere.

Your total fees listed here are:

$35 doc fee

$400 security deposit

$124.25 license fee

*********

$559.25 total

$362.98 first month

*********

$922.23