Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!

MINI Cooper Lease Questions

CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
edited May 2015 in MINI
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.

Car_man
Host
Smart Shopper / Prices Paid Forums
«13456717

Comments

  • ninasimoneninasimone Member Posts: 2
    Hello, all.

    Anyone have MINI's current base Money Factors?

    Thank you in advance. ;D
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ninasimone. As usual, MINI is not providing any sort of lease support on the Cooper. As a result, if you were to lease one through its captive finance company, you would have to use its standard lease money factors. I believe that its buy rate standard lease money factor is currently .00280.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • david4david4 Member Posts: 3
    What is the current residual on a 2006 Cooper S? I assume the MF is .0028 on the 2006's is that correct?

    Thanks,
    Dave
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Dave. BMW is not currently providing any sort of lease support on the 2006 Mini Cooper. As a result, if you were to lease one through BMW Financial Services right now, you would have to use its standard lease program. As you are already aware, its buy rate standard lease money factor is currently .00280 for any length lease. I should be able to give you an idea of what this car's residual values are like if you let me know how long you want to lease it for and how many miles per year you need to be able to drive it.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • faw1faw1 Member Posts: 1
    Who are the lessor options on the Mini, besides BMW?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi faw1. As you mentioned BMW Financial Services offers leases on the MINI Cooper. I am sure that a number of independent banks offer leases on it as well, but I do not know exactly which ones. Sorry that I could not be of more help.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • dieselg4dieselg4 Member Posts: 23
    For a 2006 cooper w/ manual, cold weather package, and deluxe sterring wheel. MSRP $18050, in Pittsburgh, 36 months @ 10,000 mi/year. Any ideas?
  • maxillomaxillo Member Posts: 12
    Hey folks,

    I 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!!!
  • kyfdxkyfdx Moderator Posts: 235,217
    I'm no expert on NY or NJ sales tax law... but, this is what I think will happen..

    1) 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 Forums

    P.S.: Don't depend on my assumptions before making this transfer... Call your local DMV...

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I would be happy to estimate what this truck's lease payment should be like for you, dieselg4. However in order for me to do so I need you to tell me its approximate selling price. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. you may be able to get an idea of what sort of price you will have to pay for this model by visiting the following discussion: "MINI Cooper: Prices Paid & Buying Experience".

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • rdubsrdubs Member Posts: 11
    Hi everyone,

    I 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.
  • akitadogakitadog Member Posts: 117
    If your brother can afford almost $700/month, he might as well pay a tad bit more and just buy it. No sense in throwing that much money away on a lease.
  • rdubsrdubs Member Posts: 11
    Update. Found out that they were using a 61% residual value, but it wasn't based on the full sale price plus the money factor was .004, way too high. I think we'll go with another dealer if the dealer continues to take pride in how he doesn't have to come down on anything because it is a MINI. He can have whatever price he wants, and whatever financing he wants, but he just won't get any business from us.
    Hope you all had better experiences.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rdubs. The lease money factors for Mini models actually increased from .00280 to .00285 this month. The 36 month, 15,000 miles per year residual value for a lease of a 2006 Mini Cooper S with the JCW Package is currently 58%. Vehicles residual values are set by banks and are not negotiable. Individual dealers do not have the authority to alter them.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • amixamamixam Member Posts: 17
    I'm looking at an '06 Mini Cooper Convertible, Auto, w/the premium package. The price I was quoted is 24900, and the lease payment I was quoted was $438/month for 42 mos. or 417 for 48 mos, using 10K/mi per year. This is Hendrick MINI in Charlotte NC.

    Im 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!
  • stetsonhatterstetsonhatter Member Posts: 16
    I'm placing an order on a Mini Cooper Convertible and was wondering if I should secure the lease now or wait two months for the car. Any chance there will be any good lease programs coming out? Dealer says they can lock in current rates for three months.

    Also, 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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi amixam. I'd be happy to give you my opinion on the lease payment that you were quoted. However, in order for me to do so it would be a big help if you would tell me what its full MSRP is. You mentioned that MINIs sell at list. Does that mean that $24,900 is both this car's MSRP and selling price?

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi stetsonhatter. I'm not surprised that you can lock in Mini's lease program for three months. BMW Financial Services allows this on BMW brand vehicles. It is probably a good idea to lock in your car's lease program now. Mini never provides any sort of lease support on the Cooper. As a result, if you lease one you will have to pay its standard lease money factor which is more likely to increase than drop over the next couple of months. Furthermore, this car's residual values will probably drop a point or two between now and when you take delivery, making it more expensive to lease as well.

    As 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.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • stetsonhatterstetsonhatter Member Posts: 16
    Anyone know the current money factor on a 2006 Cooper Convertible? I'm being quoted .00360 from BMW financial svcs by the dealer. This seems high. I can get .00225 on a 48 mo lease from LeaseCompare.com.
  • Kirstie_HKirstie_H Administrator Posts: 11,147
    A large newspaper reporter aims to interview someone who is on the waiting list for a Mini Cooper. Please respond to ctalati@edmunds.com before Sunday, March 4, 2006 with your daytime/weekend contact info.

    MODERATOR /ADMINISTRATOR
    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • qbrozenqbrozen Member Posts: 32,891
    in addition to the above, I'm curious as to the residuals on the Mini. Specifically, for me, it would be the MCS coupe.

    With 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

  • kyfdxkyfdx Moderator Posts: 235,217
    I don't have the numbers, but I think the lease payments will surprise you (not in a good way)..

    High 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

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • tommyg12tommyg12 Member Posts: 158
    my thoughts were the same about low payments with high residuals, but seems that's not the case. From a few days of research and dealer quotes, 4 year lease payments with close to $25k msrps, seem to average $415 - $450.

    My 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.
  • qbrozenqbrozen Member Posts: 32,891
    interesting.

    well, 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

  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    BMW is not currently providing any sort of support on Mini leases. As a result, if one was to lease one through its captive finance company right now, it would have to use the standard money factor. I believe that BMW FS' standard factor varies a little bit depending upon what area of the country one is in, but it is probably around .00300 or a little over in most areas right now.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • drsezdrsez Member Posts: 1
    I just signed a lease for 36 mo. I am paying $525/mo including tax with just paying $1,815 at signing which includes 1st month and doc fees,etc. MSRP is $31,450. Did I get a good deal?
  • cvpacguycvpacguy Member Posts: 14
    Hey Car_Man, any idea what the current MF and residual value would be on an '06 Mini Cooper for 24mos and 30mos with 15k per year in Southern California? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi cvpacguy. BMW is not currently providing any sort of lease support on the Mini Cooper. As a result, if you were to lease one through its captive finance company right now, you would have to use its standard lease money factor. This number varies by region, but it should be around .00280 or so. The residual value for a 24 month lease of a base 2006 Cooper with 15,000 miles per year is currently 72%. The residual for an otherwise identical 30 month lease should be 67%.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • mattinlamattinla Member Posts: 7
    Just leased a 2003 Mini S - all options but the Nav. Negotiated price was $18000. I looked at the leasing work sheet, and it looks like net cap cost after our cash down and trade was $16,600.

    I 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
  • jamaica77jamaica77 Member Posts: 4
    My girlfriend is trying to decide between buying or leasing a 2006 MCS. The total purchase price is $25,450. In running these numbers through the MINI.com calculators, she gets about a $450/mo payment with 2500 down, 6%APR, and 60 month term. When she calculates a 36 mos lease with 1k cap reduction she gets a payment of $456 - which I assume is the result of the high purchase price and money factor? Furthermore, the "Mini Select" Balloon option for 36 mos and 2500 down comes to about $385 or so, which makes it the most favorable (and flexible) option.

    Are 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!
  • qbrozenqbrozen Member Posts: 32,891
    leasing isn't even an option when comparing these choices. If you choose to finance, you'd most likely have equity after 3 years of payments, vs nothing at the end of the 3 year lease. As you suspect, the MF in the Mini lease deal is just not favorable in the least.

    I 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

  • miniloverminilover Member Posts: 2
    Picking up my mini today. Have been quoted MF of .00435 for 15K miles on a selling price of $29349. They are charging me a bank fee of $850. The MF seems to relate to an APR of 10.44%!!!!
    When 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.
  • mattinlamattinla Member Posts: 7
    I thought Mini's MF's were more in the .0038 range (9+%)...I paid an $800 bank fee. But $6500 down resulting in an over $500 payment seems like you are being screwed.
  • mattinlamattinla Member Posts: 7
    It's true that you build equity if you finance, and if you lease, you are basically renting. However, if you have certain types of jobs (esp. self employed), there are situations where your lease payment is a tax deductible expense. Check with your accountant.And if you don't plan on keeping your car for a long time, leasing can make sense over financing anyway.
  • qbrozenqbrozen Member Posts: 32,891
    That's true ... if you are dealing with decent leasing rates. But if leasing will cost you more than financing, and you can't take a deduction, it doesn't make sense. This seems to be the case being discussed here since the leasing rates being offered by Mini are not favorable.

    '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

  • kyfdxkyfdx Moderator Posts: 235,217
    You could put $6500 down, and probably have a payment around $500/mo. for 60 months... With the re-sale on a MINI, you would probably even build equity (maybe a lot of equity) over the next three years... You would certainly get your $6500 back out of it, after paying off the loan.

    Something that you wouldn't get back on the lease..

    regards,
    kyfdx

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • miniloverminilover Member Posts: 2
    Any idea if different dealers charge different money factors?
  • qbrozenqbrozen Member Posts: 32,891
    well, its not necessarily what the dealer is charging, its the banks they work with. So, yes, if different dealers are using different banks, the rates can be different.

    '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

  • saabgirlsaabgirl Member Posts: 184
    If you can take your car payment as a tax deduction leasing may make sense. But for everyone else, as your example shows, it's probably financially nuts, especially for a hot car.

    In 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 your choice.

    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Wow, minilover, the money factor that you were quoted is really bad. Even though BMW is not providing any sort of lease support on Minis right now, its standard lease money factors are a lot better than that. BMW Financial Services' current buy rate lease money factor for consumers who lease a Mini and qualify for its top credit tier is actually around .00385 and for consumers who qualify for the next tier down it's .00310 - .00315 or so. BMW FS' exact standard money factors vary depending upon what part of the country one is in. Your money factor for this car should be much better than this unless your credit is in really rough shape.

    Furthermore, $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.

    Car_man
    Host
    Prices Paid Forums
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mattinla. See my previous post for info on Mini's money factors. As far as their acquisition fees go, BMW FS charges an acquisition fee of $625 in most states. If you are asked to pay more than this, there is a good chance that the dealer you are working with is trying to mark your car's factor up to add additional back-end profit to your deal.

    Car_man
    Host
    Prices Paid Forums
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    The reason why you are seeing different dealers quote different money factors for the same car, minilover, is because dealers are allowed to mark banks' buy rate money factors up to add additional back-end profit to deals. This is why it is important to find out what the buy rate is for the vehicle that you want.

    Car_man
    Host
    Prices Paid Forums
  • mynewminimynewmini Member Posts: 5
    I'm leasing a 2006 Mini with an MSRP of $21,700; the adjusted cap. cost (wish I knew what this was!) is $22,448. I'm in Washington State. The lease is for 15K miles/year for 36 months. I'm putting $1,500 down, the lease factor is .00320, and my total payment comes out to $363 (base monthly rental of $332.70 + 9.1% tax). Is this an ok deal? Is anything here negotiable? Thanks!
  • qbrozenqbrozen Member Posts: 32,891
    hmmm... well, do you know what they are selling the car to you for? Adjusted cap cost COULD include fees (bank fee, doc fees, DMV fees). But all of that would add up to more than $748. So either they are selling the car below MSRP and then adding all fees, OR they are only accounting for some fees in the adjusted cap, OR they are charging you over MSRP and it takes no fees into account.

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

    '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

  • mynewminimynewmini Member Posts: 5
    Here's the information that they gave me when I asked for the lease terms:

    MSRP: $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%
  • qbrozenqbrozen Member Posts: 32,891
    oy vey. I'm lost. Hopefully someone who understands all of this better will chime in.

    I'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.

    '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

  • qbrozenqbrozen Member Posts: 32,891
    And here's something else, if i put all this into Edmunds lease calculator (found here: http://www.edmunds.com/apps/calc/CalculatorController?pmtcalAction=lease_calc), I get a payment of $306. Keep in mind, I used the MSRP up in the top as the selling price.

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

    '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

  • qbrozenqbrozen Member Posts: 32,891
    Only thing I can definitely see here is that they are charging you $22975, making $972 of your downpayment vanish, and then taking the remaining $527 of your downpayment off the cap cost.

    Your 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.

    '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

  • kyfdxkyfdx Moderator Posts: 235,217
    It looks like they are charging $450 over MSRP..

    The $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

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • qbrozenqbrozen Member Posts: 32,891
    Well, at least I knew it was wrong. ;)

    where 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

    '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

This discussion has been closed.