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MINI Cooper Lease Questions

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  • esgamesgam Member Posts: 29
    I got an email from my MF saying that my car is ready for pickup in So Cal. I have a dilemma in that I'm stuck in Northern California for work until the 3rd. My MA is telling me that I have to sign the contracts by the end of the month. I could do that via faxing, etc., but I really think I should see the car before I sign for it.

    Additionally, I'd love your input, do you guys think that there will be much of a change in interest rates for October, since it is the first time the 1/2 point cut will affect BMW Financial or other Lenders? If it will, then waiting until the 1st to pick it up would be worth it.

    What can/should I do???
  • ke72spnke72spn Member Posts: 12
    I feel very conflicted about my desire to purchase a 2008 Cooper S Convertible. I have done two test drives, love the car but cannot get over the lack of support from the manufacturer. Moreover, as reported by other folks, the salesperson seemed very indifferent about the entire sale.

    He said: no deduction off of MSRP (only Mini dealer for 300 mile radius), standard money factor w/tax 448 per mo X 36 @ 15K per year. I know this is not apples to apples, but we are in Acura territory here. It just seems like a lot of money when I was quoted $319 on a G6 w/GMS.

    Do any of my fellow Mini dreamers have advice? :confuse:
  • blueguydotcomblueguydotcom Member Posts: 6,249
    1. The salespeople know somebody will buy it. That said, my peeps went out of their way to make me like the car.

    2. You can't really compare a mini to a G6. That's an apples to pork chop comparison.

    If you're not sure, don't buy a car. Don't buy a car for price and never buy a car you're not totally into.

    AFAIK, the 2008 Cooper Convertible is still the old body style. I believe the 2009s will be R56s. Maybe some can confirm this? If it's supercharged, it's an old style. Turbo = new Mini.
  • british_roverbritish_rover Member Posts: 8,502
    You are correct the 2009 will be the R56 chassis but no word when they are coming out.
  • pjo1966pjo1966 Member Posts: 157
    I was just wondering if the residuals and money factors on 2007s have changed at all. Specifically I'm looking to lease a convertible for 24, 30, or 36 months with 12,000 miles/year. I'm considering both the S and base models. I'm probably going to be leasing within the next few days, so any info would be most appreciated.
  • dwynnedwynne Member Posts: 4,018
    I think they are about the same, unlike most other car brands the MINI 08 models will not arrive until 08.

    I think I posted this here before, but it not, you really should look at a 3rd party lease on a MINI. They sell so well that the MF on a MINI captive lease is sky high. They do have a higher residual than a 3rd party lease bank would have, but the super high rate negates the higher residual. On any term probably above 24 months and maybe even then, a 3rd party lease will net you a lower payment. MINI also charges a high bank fee and does charge an end of lease turn in fee (sort of rare for a captive lease) - this puts these fees more in line with a 3rd party bank fees. I would not be surprised if most/all MINI dealers did not mark up the money factor and even the bank fee as well.

    You can check www.leasecompare.com for a rate and payment online (no obligation or app to fill out), check with any other lease broker, or ask your MINI dealer if they do 3rd party leases - they may not. If you go through a lease broker they buy the car at your price and lease it to you. I have done this a couple of times and it saved me a lot of money - when the dealer and/or captive lease bank offered crummy deals. I was able to get out of paying a high doc fee in one case - since it was a wholesale transaction (leasecompare overnighted or wired them the money) and did all the title, tag, and other work the dealer could not justify any "doc" fee. The dealer just took the money, sent the title to leasecompare (at leasecompare's expense), and handed me the keys - that is all they did.

    Dennis
  • pjo1966pjo1966 Member Posts: 157
    Thanks for the info. I was planning on sticking with Mini Financial because of a fee that will be waived when I turn in my BMW. I'll have to check to see if it's less expensive to pay the fee and go with another leasing company.
  • ticatica Member Posts: 64
    I just got the prices of several on-the-lot Minis and they include a $650 destination charge...is this fair or is it possible to knock it off?
  • bp2008bp2008 Member Posts: 2
  • ipramonoipramono Member Posts: 1
    Hi, with the current lease offer, do we also get the famous 3 years bmw's free maintenance service?
  • ticatica Member Posts: 64
    Hi
    In May, I leased a 2007 Mini Cooper (MSRP 25,200) for 169/month for 1 year with $2350 down. (Awesome deal) My residual value which I can buy the car for is $21,000.

    My question is, should I buy it or buy a 2008 with fewer options (this one has more options than I actually care about). The new one I priced out with the only options I want would be 2008 at around 21,500 or so. So I'd have a 1 year newer car and more lease for around the same price.

    OR if the dealer might go lower in the price to buy my 2007, should I do that? And does anyone have any experience with this--is it likely that the dealer would reduce the residual to get me to buy this one rather than get a 2008?

    thanks

    PS I thought I was supposed to change the oil at 5000 miles, but I called the dealer and they said I'm not due for service yet. I'm just about to hit 5000 miles, what am I supposed to do? I can't find anything in the manual or lease form that gives me specifics.
  • blueguydotcomblueguydotcom Member Posts: 6,249
    Oil changes occur at:

    1. The car's computer informs you it's time to schedule an appointment.
    2. 1 year has passed since you last had an oil change.

    BMW uses this program and they have for over 8 years - the cars are just fine following it. You can pay for your own oil change but considering the car's a lease...what would be the benefit to you? Follow the manufacturer's suggested maintenance program.
  • ticatica Member Posts: 64
    alright thx, i've never owned a car before so not sure about all the rules!
  • lowmileslowmiles Member Posts: 1
    I am interested in leasing a MINI for 36 months. However, because most my work is at my home office, and the rest requires out of state travel (via plane) my yearly car mileage averages between 5500 and 6250.
    In Europe, they offer many 8000 mi/per year leases as standard, but the lowest I've seen in the US is 10000.
    Can I negotiate a lower cost lease at a 7000 or 8000 miles-per-year cap?

    Thanks in advance for the feedback.
  • ticatica Member Posts: 64
    I'm a self-employed freelancer and freelanced my mini for one year. It will be up on May 1, so I'm trying to decide what to do. I probably will get a 2008 instead of buying my 2007,but not sure whether it's better to lease or buy?

    I can deduct my mileage for travelling to and from work meetings.

    But what's the difference between the other costs--gas, lease payment/loan payment, etc.? Does it matter?

    thanks
  • zkaudiozkaudio Member Posts: 60
    Anyone shed light on their lease cost for a Mini S?

    I am looking at a configuration around 25k...

    Can that be had on a 15k /yr 24mo lease at under 400/mo with 1,500 out the door? Anyone on a similar lease?

    Thanks
  • MULAWYERMULAWYER Member Posts: 24
    Anyone know the current numbers for the base Cooper? Looking for 3 years, 15K miles per year.

    Dealer quoted me figures that suggest that it was ~68% residual and a money factor of .00250, but I think that might have been @ 12K miles.
  • bijoubaby05bijoubaby05 Member Posts: 23
    my lease is for 36 months. 2000 out the door 326.00 a month. 07 cooper S.

    in souther california, i think i got a good deal. thoughts?
  • bijoubaby05bijoubaby05 Member Posts: 23
    12K miles... athought it should have been 15K. im over the mileage already
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi MULAWYER. BMW's standard lease money factor for MINI models varies by region. If you tell me what state you are in, I can give you a better idea of what it is in your specific area right now. In general, it is probably around .00210 for any length lease of an '08 Mini right now. The 36 month, 15,000 mile per year residual vale for a base 2008 MINI Cooper is currently 66%. You're right, the 68% residual value is for leases with 12,000 miles per year.

    Car_man
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  • ttangbeettangbee Member Posts: 11
    Hi bijoubaby05,

    Would you mind telling me which dealer in socal you got this price and more details on your options? Thanks.

    ttangbee
  • siteexperts1siteexperts1 Member Posts: 30
    Do you have the latest rates for the Mini Cooper and Mini Cooper S (both convertibles) for 24 and 36 months/ 12,000 miles.

    Thanks.
  • ejs0614ejs0614 Member Posts: 8
    Hi Carman,

    Do you have the latest lease numbers for a 24 month lease on a clubman s?
    I am located in central Florida, and trying to weigh the options of buying outright or just leasing for 2 years...

    I used the March data: (27,700 msrp & cap cost, .00219mf and .71 res on a 24 term...came out to about 438+tax...close? Hopefully the mf has come down to .00210 or better...

    Thanks!
  • itaddictitaddict Member Posts: 15
    Dude,

    where can i get that lease from ? the 1 year lease? awsome - please let me know - i'm in central NJ. fawad@comcast.net or itaddict@aol.com - Thanks
  • sharmabmwsharmabmw Member Posts: 45
    In Southern Calif, I was just quoted the following finance on a 24 mos, 15,000/yr lease: 73% residual value and .00250 MF. He wouldn't tell me what the base BMWFS MF was. Does the mod know?

    thanks.
  • riffster90riffster90 Member Posts: 6
    Ok so thinking about buying or leasing a mini. What i have come to find out is that Mini offers more than these two options tho, for example there "mini select" program. I was wondering what u owners suggest, buying or leasing? Or if anyone has used any of there other financial services, and what they like or dont like about them :confuse: .
  • davezz1davezz1 Member Posts: 7
    Hi Car_Man or anyone else - Im trying to lease a Mini Cooper S Hardtop in Los Angeles. Id appreciate it if you could let me know the money factors and residuals for a 12K/3 year and 12K/4 year lease.

    Thanks in advance,
    Mani
  • marczmarcz Member Posts: 17
    I am looking at leasing either a Clubman or Clubman S in Northern California.

    First question: does anyone have the residuals and money factors for a 3-year and a 4-year lease with 10,000 miles per year?

    Second question: does anyone know if any dealers are taking orders for these cars at MSRP or less? We have been told that there is a markup of $1500-2000 over MSRP.

    Thanks for your help!
  • riffster90riffster90 Member Posts: 6
    If u go on miniusa.com and build ur clubman however u want u can estimate ur monthly payment there.

    second, mini is like a no haggle dealership i dont think u can get them below msrp :cry:

    but u should go on the site where u can get a rough estimate of a monthly payment, u also can locate where ur closest mini dealer is to u
  • sharmabmwsharmabmw Member Posts: 45
    I wouldn't trust the finance/lease numbers on the miniusa website. It's inherently going to be marked up. Once you learn the base MF, RV, it will allow you to negotiate better. I think you're correct about little haggling at mini dealers. In SoCal, there are definitely msrp-straight dealers. I am unaware of anyone right now going below msrp.
  • blueguydotcomblueguydotcom Member Posts: 6,249
    Exactly what you said.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi siteexperts1. The current residual value for a 24 month lease of a 2008 Mini Cooper with 12,000 miles per year is a whopping 79%. The residual value for an otherwise identical 36 month lease is 68%. Mini is not currently providing any lease support on any models, so if you want to lease one of these cars through its captive finance company, you will have to use its standard lease money factors. Its standard factors vary by region, but they should be around .00200 to .00250.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello ejs0614. The current residual value for a 24 month lease of a 2008 Mini Cooper Clubman S with 15,000 miles per year is a 73%. If you were to lease one with only 12,000 miles per year, its residual value would be 2% higher than that. Mini is not currently providing any lease support on any models, so if you want to lease one of these cars through its captive finance company, you will have to use its standard lease money factors. Its standard factors vary by region, but they should be around .00200 to .00250.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Mani. The current residual value for a 36 month lease of a 2008 Mini Cooper S with 12,000 miles per year is 63%. The residual value for an otherwise identical 48 month lease is 52%. Mini is not currently providing any lease support on any models, so if you want to lease one of these cars through its captive finance company, you will have to use its standard lease money factors. Its standard factors vary by region, but they should be around .00200 to .00250.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • ejs0614ejs0614 Member Posts: 8
    Much appreciated Car_man!

    I ended up purchasing - with these residuals, it is hard not to feel good about resale value - especially given their track record so far...Much appreciated for all the good info shared here by all.

    Thank you!
  • feliciatwofeliciatwo Member Posts: 68
    why don't you guys look at the Edmunds Lease / rebate secton....they post the deals as they come available.
    I'm waiting till closr t
  • feliciatwofeliciatwo Member Posts: 68
    why don't you guys look at the Edmunds Lease / rebate secton....they post the deals as they come available.
    I'm waiting till closer to the 09 models whenever that is.
    Christmas eve (or thereabouts) is the BEST time for any negociation ...except that the VW Tiguan (biodiesel) Suv comes out then and I'd rather have a fuel that I can make myself for $1.50 "if i have to". Mini cooper $5.00 Premium fuel makes it a "no go show boat" Cute it's mpg doesn't live up to its premium gas price.
  • blueguydotcomblueguydotcom Member Posts: 6,249
    ? There's a negligible difference in price between regular and premium fuel. Seriously, do the math on your average miles v. combined MPGs and multiple that by the cost of regular and premium. Odds are good the gap is a lousy $150 a year.

    The regular v. premium argument is inane at best.
  • waterflamewaterflame Member Posts: 22
    True. No argument there. But is there anything to be gained by using Premium as opposed to Regular. The on-board computer will adjust the engine timing to compensate for lower octane and make sure that knocking doesn't occur for regular driving. I'm guessing Premium is necessary only if you're planning to really push your car on race track like conditions?
  • polyvwpolyvw Member Posts: 55
    Hey,

    Can anyone let me know the MF and Residual for a 36 month/ 15k per year lease on a Cooper S Coupe Manual Tranny

    Thanks a million!
  • umpalumpaumpalumpa Member Posts: 2
    yesterday i stopped in there and they were telling me on on the clubman - which they were all out of btw - they were seeing no money down leases in the $600 range! that is crazy for a car w/ such high residuals and relatively low price. so they are definitely messing around with the money factor...oh and the $3000 markup hurts too! people are buying them, so i guess they can do what they want.

    Question: will leasing through a service like leasecompare or carsdirect eliminate the markup that most dealers are charging?
  • blueguydotcomblueguydotcom Member Posts: 6,249
    Like a purchase, you negotiate purchase price. as for leasing figures, check leasecompare.com as you might find a much cheaper lease rate on the clubman.
  • rojasam56rojasam56 Member Posts: 1
    Is there anyway to get the dealer to lower the money factor? Does credit score have anything to do with it?

    How can I confirm the expected value the the end of a leaseterm?
  • blueguydotcomblueguydotcom Member Posts: 6,249
    They will tell you the residual percentage. Multiply the percentage against the MSRP and that's the lease return value.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, ejs0614. Mini resale values are outstanding. Dealers can't get enough new models. Mini was a success already and the current high gas prices have increased demand for them even more. Enjoy your new ride :shades: .

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi polyvw. The residual value for a 36 month lease of a 2008 Mini Cooper S Coupe with a manual transmission is 63%. Mini's money factors vary by region, but they should be in the .00200 to .00250 range.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • coasterguycoasterguy Member Posts: 25
    I am getting ready to trade in a my car for a 2008 Mini. I was thinking of leasing as I keep buying and never, ever pay off the car before I trade it in. They told me of the Mini Financial program of Owner's Choice. Anyone? Any input? Lease? Any thoughts? Thanks.
  • blueguydotcomblueguydotcom Member Posts: 6,249
    Don't trade in your car. They'll abuse you on resale value.

    Check Leasecompare for better lease rates than BMWFS offers. BMW does little to prop up the mini with leasing as it's such a cash cow. This is the exact opposite of leasing a BMW 3 series which gets tons of support from BMW.
  • gcottermangcotterman Member Posts: 1
    Hi Car Man,

    Just receied a quote from Midwestern Auto Group in Columbus Oh on 2 and 3 year leases with 76% and 66% residuals respectively (10,000 mi/yr). Also the quote included a money factor of .00359 which seemed a little high. Payments were 348 and 359/mo with 3k down. Do you know what BMW's money factors are right now?
    Thanks,
    gman71
  • chenghchengh Member Posts: 9
    I went to MINI dealership in Mountain View of CA in February. We ordered a new MINI, base model/auto transmission, with a lease contract, 12k miles/year, 3 years. I choose to put down about 24XX so the monthly payment is about 260.xx. I lease it for my wife and she loves the car. These days we drive this car a lot because it is really a gas saver, 34 mpg with 70% highway. I think this is a good deal because February economy was soft and gas price was so as high as today yet. I believe these days people have to pay more to get a MINI out of the door because there are so much demand for small cars. And cost of steel and paint are going up rapidly. Inflation is here apparently.
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