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MINI Cooper Lease Questions

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  • gforce11gforce11 Member Posts: 225
    June's lease rates for all Mini's.
    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.
  • blueguydotcomblueguydotcom Member Posts: 6,249
    What did the 2400 include?

    Did you pay the acquisition fee separately? Dealer/doc fees? License and title?
  • nwminicruzernwminicruzer Member Posts: 5
    Looking to lease an '08 Chili red S Coupe - 24 months, 12K miles/yr

    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!
  • nwminicruzernwminicruzer Member Posts: 5
    Ended up going with it with a slight change in #'s

    MF = 0.00295
    Residual = 78%

    nets me a slightly lower monthly payment at ~ $468

    Everything else is unchanged!

    Can't wait for my car :D
  • blueguydotcomblueguydotcom Member Posts: 6,249
    7.08% (0.00295) money factor is kinda high.

    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.
  • nwminicruzernwminicruzer Member Posts: 5
    Thx blueguydotcom. I already signed up for the numbers above at the Mini Dealer. Also dunno anybody at that CU but thanks anyway. Will keep this in mind for the next car :)
  • Karen_SKaren_S Member Posts: 5,092
    A newswire reporter would like to speak with owners of the Mini Cooper. If you are an owner, please respond to ctalati@edmunds.com with your daytime contact information no later than Friday, July 18th.
  • bgates222bgates222 Member Posts: 38
    ok ive not come across this before
    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
  • qbrozenqbrozen Member Posts: 32,889
    Yes, you can actually trade in a lease and benefit from the equity, if in fact there is any. Just get a trade-in value quote. If it is more than the buyout, then that is your equity.

    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

  • bgates222bgates222 Member Posts: 38
    thanks
  • jon330cicjon330cic Member Posts: 20
    Car_Man - I know they probably aren't out for a few more days, but could you please post the 2009 MCS Lease Rates for October, 2008 when they are released?

    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
  • whiskerychiefwhiskerychief Member Posts: 3
    I recently was quoted $410@ month on an 09 CooperS, with options stickered for $29665. This is with $2500 down and 10,000@ year mileage, and a 24 month lease, what u think??
  • carinsidercarinsider Member Posts: 1
    Does anyone know the current residual values and captive finance money factors for 2008 and 2008 model year minis for 24 and 36 months, at 12K mi per year?

    Thanks.
  • scottypalmerscottypalmer Member Posts: 3
    I am in Los Angeles, CA. Which mini dealer do people here suggest? My girlfriend is interested in pretty much the base model (though w/ auto). Anyone out there got recent lease terms (cap cost, residual, etc) for 12,000 (and 15,000) for 36 months?

    She is also a recent graduate? Anyone here take advantage of the new graduate program?
  • scottypalmerscottypalmer Member Posts: 3
    went to a dealership in so. cal. this afternoon, and was quoted the following:

    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?
  • justgiulsjustgiuls Member Posts: 6
    Hi all, i was wondering if anyone could tell me what they are offering money factor wise if you have excellent credit? Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi carinsider. BMW's current residual value for a 24 month lease of a 2009 base Mini Cooper with 12,000 miles per year is 80%. The number for an otherwise identical 36 month lease is 70%. For otherwise identical leases of an '08 model, the residuals are 75% and 66%.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi justgiuls. See my previous post for the information that you are looking for. Thanks.

    Car_man
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  • bajejebajeje Member Posts: 2
    i was able to get an MF of .00195 (credit rating 864)
  • jbar07jbar07 Member Posts: 1
    Car_Man, do you know of the lease rates for november on a 2009 mini cooper s hardtop? thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jbar07. This car's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different.

    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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  • 121212121121212121 Member Posts: 28
    Hello Car_man,

    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
  • 121212121121212121 Member Posts: 28
    Of course I forgot something - I'm in San Antonio, TX.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi leroybrown72. BMW's current 36 month, 12,000 mile per year residual value for a base 2009 Mini Cooper Hatchback is 70%. Its money factor varies by region. I have not seen its exact buy rate for your area, but it is probably around .00200 to .00250.

    Car_man
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  • jmadnjjmadnj Member Posts: 1
    put a deposit down on a 08 mini s convertible jcworks selling price $35k leasing for 48months 3500 down for monthly payments approx499 at approx 6% haven't seen the residual value. is this a good deal? what do you think about the mini select program? the reason i'm opting for the mini select is for the unlimited mileage. any advice would be great b/c i'm really not sure if it's a good deal or not.
    thanks. :confuse:
  • blueguydotcomblueguydotcom Member Posts: 6,249
    If you have 3500 to put down, do MSDs instead of a cap reduction. Cap reduction is money wasted.
  • mgm11937mgm11937 Member Posts: 1
    Anyone have residuals and MF for January 2009 on a Cooper S Hatchback for Ohio and Pennsylvania?

    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.
  • tokytoky Member Posts: 9
    Hi Car_Man,

    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!
  • tokytoky Member Posts: 9
    Could anyone assist please?
  • jon330cicjon330cic Member Posts: 20
    Toky,

    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.
  • rockurocku Member Posts: 4
    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. :D
  • jon330cicjon330cic Member Posts: 20
    Again, you should read through the many threads that have been posted on this subject. Probably the biggest reason is should you total your car during the lease you will likely lose every $ of your downpayment.

    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.
  • jorgedbernaljorgedbernal Member Posts: 2
    Hello CarMan... I have a lease question, Im wondering whether I should pull the trigger on this deal. Here are the stats...this deal is in Miami, Florida.

    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!!!
  • megirnmegirn Member Posts: 2
    I am considering a lease offer for a 2009 Mini Cooper (MSRP $20,450.) for $199. It is for 36 months, 10,000 miles/year, plus tax, tag, title and dealer pre-delivery service fee of $599.95. $2,500. due at lease signing. Does this sound like a good deal? Any questions we need to ask them? Thank you for your assistance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mgm11937. I believe that BMW's money factors for Mini vary by region. They should generally be around .00230 to .00280 though. Its residual values fore Mini are the same nationwide. The 36 month, 15,000 mile peer year residual value for a 2009 Mini Cooper S Hatchback is currently 64%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi toky. Despite the implosion in the auto industry, Mini sales have held up fairly well. If I was in the market for a base Mini Cooper right now I personally would shoot for a dealer discount of around $1,000.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jorgedbernal. The selling price that you were quoted for this car looks good to me, but you may be able to shave another couple hundred dollars off. The money factor looks slightly high, but it varies by region so I don't know what the exact number should be in your neck of the woods. The dealer is likely marking it up a little. If you have the time, it wouldn't hurt to get a quote from another dealer or two to see what sort of money factor they quote you.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    HI megirn. The best way to evaluate whether this is a good deal is to look at the selling price that this lease is based upon and the money factor that was used to calculate the monthly payment. These are the two main profit centers for dealers on leases. Let us know what these numbers are and I'm sure that either myself or another helpful community member will be glad to give you their opinion.

    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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  • megirnmegirn Member Posts: 2
    Are fees for dealer doc. fee ($600.), battery, tires, doc stamps (218.), security (225.), up front taxes (253.) normal fees or just profit for this particular dealership?
  • tokytoky Member Posts: 9
    The dealership was giving a hard time going lower than 0.0029 MF. Credit score is 770.

    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?
  • isell188isell188 Member Posts: 1
    where did he get such a discount? I am currently looking at getting a Mini Cooper S that has a sticker price of $27,450 but they are only knocking off 1,000 on it. I am planning on doing a 2yr lease and the MF and residuals are good, i was just hoping to get the car in the 25K range. any ideas ( I live in PA)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey megirn. Most banks that lease vehicles charge consumers a security deposit that is equivalent to their vehicle's monthly payment rounded up to the nearest $25 or $50 increment.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi toky. On most vehicles, consumers who shop around are able to find a dealer that will charge them the dealer buy rate on leases...particularly in today's difficult retail environment.

    The money factors for all Mini models are exactly the same.

    Car_man
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  • jvostjvost Member Posts: 37
    Hi - Can anyone out there confirm BMWFS's acquisition fees for a Mini Cooper lease? I see from the board that many dealers are charging $925, but I think the dealers may be marking the fee up an additional $200 from the finance company's actual fee of $725. Also, can anyone confirm what the buy rate for the MF is for February? According the following website the factor is .00219, which is significantly lower than what I see being reported on earlier posts. Again, I'm assuming the dealers are marking this up.

    http://www.ridewithg.com/index.php/2009/02/09-mini-cooper-lease-rates-for-februa- ry-2009/
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jvost. BMW Financial Services' base acquisition fee is indeed $725. BMW dealers, and I suppose Mini dealers, are notorious for trying to mark up BMW FS' base fee to add additional hidden profit to deals. You should be able to find a dealer that will charge you the base fee if you negotiate with them some more or shop around.

    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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  • lala711lala711 Member Posts: 5
    I ordered an '09 Clubman due here in 9 weeks, and wanted to get some opinions on the lease I was offered:

    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!
  • oileroiler Member Posts: 1
    Where: Indianapolis, IN
    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
  • dsluckidslucki Member Posts: 8
    Car_Man - I am interested in the buy rate money factor for April on a Cooper S Convertible. I've been quoted .0024. Also, would you advise someone to pay a security deposit and an acquisition fee to lower the money factor? Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dslucki. BMW's April buy rate lease money factor for the 2009 Mini Cooper S Convertible was right around the .00240 that you were quoted. I say right around because it varies by region, but the factor that you were quoted is very similar to the ones that I have seen.

    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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  • dsluckidslucki Member Posts: 8
    Car_Man - thanks for the info. I am in Southern California if that makes a difference on the numbers. Do you see any changes to the residual and money factor for May? Thanks!
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