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MINI Cooper Lease Questions
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Here's the lease formula/calculator in case you need it.
The MF is typically not negotiable unless the dealer has marked it up. IF you simply don't quality for the lowest MF, then you are out of luck.
The residuals are strong on all Mini's, so even with a .00219 MF, the leases should be reasonable (not in the $600 range). Just watch out on the price of the car. The options add up quick.
Did you pay the acquisition fee separately? Dealer/doc fees? License and title?
WA Dealer selling at MSRP - $25,350 (Incl Cold Weather & Convenience Pkgs, DSC, Xenon, speaker upgrade, 6spd) + Dealer Prep $595 + Addl Cap Cost (lease origination fee?) $825
So Adj Cap cost = $26,770
MF = 0.00250
Residual = 75%
Tax = 9.1%
Monthly Payment = $477.50
So up front payment = $1,164.25 ($477.50 1st month pmt + 500 security + $136.75 DMV + $50 Doc fee)
What do you think? Good Deal? Anything I could negotiate?
Thx!
MF = 0.00295
Residual = 78%
nets me a slightly lower monthly payment at ~ $468
Everything else is unchanged!
Can't wait for my car
Don't know if you have family who are members of NFCU but you can get a far better lease rate through them. They offer a 4.4% (0.00183) for 36 month, 45k leases - you can probably get better residuals from them for your 24k mile lease. They charge an origination fee of 2% of the msrp added to the sale price as the lease initiation fee. I believe on a 45k/3 year Cooper S they told me the residual is 68%.
I did it up on leaseguide.com for NFCU's number on a 3 year 45k mile lease for a Cooper S:
MSRP: 25350
Origination fee 2%: 507
Mf: 0.00183
Tax 9.1% (egad!)
64% residual (aimed low but I think they said 68%)
Monthly payment: $382
Gap insurance included
So if you have family in Navy Federal Credit Union (NFCU) - brother, mother, uncle, roommate, wife's family, etc - you can join NFCU. It's worth it.
My mother leased a mini cooper in 2006 for 2 years and 24k miles
now its time to turn the car back in and to my dismay she has 6k miles on the car
and they want around 18k for the car if she wanted to buy it. It seems to make more sense to buy the car and either keep it or sell it on our own because with that kind of milege wouldnt they make a killing on it? Or can we use it to get into another brand new car ? thtnks in advnace
If you want the true trade-in value, try posting the details on The Real-World Trade-in Values board.
'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
I've worked up a lease proposal based on the only numbers I could find (I think these are Aug-08 numbers for the last 2008 models):
09 MCS, 36 mo, 36K mi
Base MF: 0.00219
Residual: 64% (62% @ 15K/yr + 2% for 12K/yr)
Base Acq Fee: $625.00
It would be great to know if these have changed for the 09 model (residual higher?) before I present it to my dealer.
Thank you!
Jon
Thanks.
She is also a recent graduate? Anyone here take advantage of the new graduate program?
2008 Cooper MSRP $19,500 FIRM
36 months
15K/ year
$1,600 down (out the door costs)
64% residual
money factor of .0049 (credit score right under 600)
Monthly Payment "high 300s" he said.
This is for a 2008. How does this sound? Any room to negotiate here?
BMW is not currently providing any lease support on Minis. As a result, if you were to lease one through its captive finance company, you would have to use its standard lease money factor, which varies by region. It is probably around .00250 or so, give or rake a few .00010 in your area right now.
Car_man
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Car_man
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Mini's current 36 month, 15k residual value for a 2009 Cooper S Hardtop is 67%. This car's money factors vary by region. In most areas they should be anywhere from .00200 to .00250.
Car_man
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Just wanted to see if I could procure some hard figures from you. Hopefully I get all the info right:
2009 Mini Cooper ( Non-S model ) Automatic Hatchback
36 months, 12k miles per year
I think that's all you need for residual / money factor? Hope I didn't leave anything out. Also, the MSRP on one I configured online is $24,800.
Thanks!
Rob
Car_man
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thanks. :confuse:
The ohio dealer *somehow* came up with a monthly rate 150/mo higher than the Mini FInance Calculator...
MSRP: $25,830, 36 mo lease, 15k/year, 6k trade-in.
Need of your assistance ASAP.
Just put a deposit down for an 09' Mini Cooper and not sure if it's a good deal.
MSRP: $20,950
Location: Mahwah, NJ
Mileage: 12K / yr
Term: 36 Months
Due at sign: $2,500 ($1,999 down)
Sec Fee: $250
Dep Fee: $350
1) What would you consider a good lease payment with the information provided?
2) Could you get me the MF and Residual so I can do some type of ball park figure?
THANKS in advance!
Car_Man is far better equipped to answer this, but to give you something to work with:
- first, don't ever put a downpayment on a lease. There are lots of reasons for this which you can learn by reading other posts on this and other forums.
- I don't have the January lease program numbers, but using a 69% residual and 0.00250 MF at MSRP for 36 months, capitalizing the destination charge and acquisition fee, I come up with about $308/month + sales tax. This assumes NO downpayment. This isn't perfect, but it is probably within +/- $25/mo.
Hope this helps.
j.
Please help me understand this downpayment thing.
Banks are pay interest next to zero these dates. MF 0025 is 6% APR.
If I don't carry any debt and have decent saving in the bank.
Any reason why shouldn't I go for it?
Thank you for your time.
Instead, I would suggest the Multiple Security Deposit program, which will reduce the MF, and you will get the $$ back should the car be totalled. Ask your dealer or read up on the forums. When I did my lease, the ROI on the 7 security deposits I made calculated to about 8%/year - which is a no-brainer given other investment options these days.
2009 Mini Cooper S
MSRP: 27450.00
Selling price $25950.00
Money Factor: 0.00290
Residual Value 67%
Lease end value $18391.56
$602.19 Cash Down
Total Add Cap Cost: $925.00
$2000 Inception
36 Month Lease
10k miles
Monthly Payment $372.85 including tax.
FYI: These figures were taken directly from the Mini Saleperson worksheet, I took a picture of it and can email it to you if you need to look it over. Is this a good deal? We walked out, and 15 minutes later we got a call saying that the lowest they can go is $342.00 including tax. What should I do? Please help and thank you!!!
Car_man
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BMW's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Mini Cooper with 12,000 miles per year should be around .00240 and 69%, respectively (man, what an amazing resid).
I see that you are considering making a $1,999 down payment on this car. It is in your best interest not to make any capitalized cost reduction when leasing. I always advise consumers not to do so because if their vehicle is totaled in an accident or stolen and never recovered, there is a good chance that any cap cost reduction that was paid will disappear.
Car_man
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Obviously, the $342 payment is a lot more attractive than the $372 payment that you were initially quoted. You should find out what selling price and money factor were used to arrive at the new deal.
Car_man
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One thing that I noticed about this deal is the large amount of money that is due at lease signing. I always advise consumers not to make any capitalized cost reduction when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be slightly higher, you will be better off going with a zero down lease.
Car_man
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They started at MF of 0.0031 and came down to 0.0029. I think he said something about the dealer buys the money at 0.0025.
Doc fees of $395 and registration fee of $200.
Would the MF be different for Cooper S rather than a non-S? And if so, what should it be for a Cooper S?
The battery, tires, and other fees that you mentioned are likely legitimate charges that are levied by your state.
Doc fees on the other hand aren't really anything more than a way for dealers to pad their profit in deals. Adding insult to injury, a $600 doc fee is particularly high. Look at this fee as part of your car's total selling price. If the price that you are getting it for, including this charge, is less than you would have to pay for it elsewhere...then go for it. If you think that this fee makes the price that you are being charged unreasonably high, then comparison shop with a few other dealers.
Car_man
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The money factors for all Mini models are exactly the same.
Car_man
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http://www.ridewithg.com/index.php/2009/02/09-mini-cooper-lease-rates-for-februa- ry-2009/
BMW's money factors for Minis vary by region. They should probably be anywhere from .00210 to .00240 depending upon where you live.
If you are not 100% set on leasing, you might be interested in the fact that 4.9% financing for up to 5 years on Minis.
Car_man
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MSRP: $26,200
Selling Price: $25,700
Lease Terms: 3 yrs/12,000 miles per yr
Residual: 68%
Cap. Cost Reduction: 873
Acquisition Fee: $925
Security Deposit: $400
Tax, Title, License Fees: $369
This gets me the car with about $2K out the door. Based on these numbers, I'm calculating the MF around .00208. I'm trying to figure out how to make this deal better... any thoughts? I know the acq. fee was increased by the dealer by $200, and I'm thinking I may be able to get another $500 off MSRP (for a total of $1K off)... do you think I should ask for more? Or would you say this is a good deal? Thanks for the hlep!
What: Cooper S
MSRP: 25,100
Lease: 36 months
MIles: 15,000 per year
Amt down: $0
Credit approved (good to excellent) - asked the dealer (in an email) the mf used and residual value - to which he didn't answer but shot back the monthly $ figure for this lease would be...
$445
This seems high?
Is it possible to derive the mf from the above info?
Capitalized cost - is this the MSRP figure? Or are there other figures added (tax, fees, etc)??
Residual Value - is 68% correct? Would it then be 68% of the MSRP figure
By the way, I replied back via email that the monthly was too high and that their mf being used must be too high - said thx for the help and that I would look elsewhere. He has since left a message to call him
What is a "reasonable" amount to be paying monthly for the above setup?
Thx in advance
BMW's April residual value for a 36 month, 15,000 mile per year lease of this car was 59%.
This lease program was scheduled to run through April 30th, but I suspect that its May program will be very similar...if not exactly the same.
Car_man
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