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MINI Cooper Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go janjan27. Mini Financial Services' May buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper Hardtop S with 10,000 miles per year are .00180 and 63%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • mark3000mark3000 Member Posts: 5
    This is great information. Thank you all so much for this forum! I thought somebody might be able to help me clear up some confusion about the lease negotiation process.

    My dealer quoted me a higher money factor than .00185 (.0023)... is that pretty normal? Or is that something that might be negotiated down if I have top tier credit?

    Thank you in advance!
  • mark3000mark3000 Member Posts: 5
    First off, this is terrific information. Thank you all so much for this forum! I thought somebody might be able to help me clear up some confusion about the lease negotiation process.

    My dealer quoted me a higher money factor than .00185 (~.00211)... is that pretty consistent with what others are seeing? I assume it can be negotiated like anything else.

    I would love to know how this compares with the deals others have recently gotten. Information like... Discount off MSRP, Money Factor, and State of Purchase would be fantastic. Maybe we could get a list started from a handful of WONDERFULLY THOUGHTFUL lessees that could reply back with these 3 items. =)

    It would fantastic information to have for us who've yet to buy! If this has already been covered, please accept my apologies.

    Thank you in advance!
  • mark3000mark3000 Member Posts: 5
    Sorry, this comment was incorrectly placed. Please disregard.
  • mare0114mare0114 Member Posts: 2
    Hi CarMan can you please explain to me what credit ratings are needed to get what MF? I'm looking at leasing an ALL4 (presumably in June now) for 3 yrs/36,000 miles. One dealer quoted .00185, another .00225. Just trying to get a sense of what type of rating I'd need to get the "top tier" which I am assuming the .00185 is vs. the .00225 so I can have a better sense of monthly payments before I order.

    Thanks!!
  • bronxcheerbronxcheer Member Posts: 1
    Hey Car Man. I am debating between three cars - a cooper, a cooper S, and a cooper convertible. What are the new June money factor buy rates and residuals for these three cars at 12000 miles and 36 months.

    Also, is the $500 cash incentive still applicable on the S and convertible?

    Much thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks and you're welcome mark3000. If your credit is in good shape it probably means that the dealer is attempting to mark your car's factor up to add additional hidden profit to your deal. This sort of thing is actually fairly common with BMW and even Mini dealers. If you are in an area that has a decent level of competition, you may be able to get the dealer to lower the factor by confronting them about it or shopping around.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mare0114. Im actually not sure exactly what cutoff BMW FS uses for its best available rates. If your credit score is in the 700's you'll definitely be good. The mid-to-high 600s should be good as well.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey bronxcheer. Yes, the $500 cash incentive is still available on both the S and Convertible model, but not the base hardtop.

    Mini's June buy rate lease money factor and residual value for a 36-month lease of a base 2012 Mini Cooper hardtop with 12,000 miles per year are .00150 and 67%, respectively.

    The numbers for an otherwise identical lease of a Cooper S hardtop are .00180 and 62%.

    The numbers for a similar lease of a base Cooper Convertible are .00175 and 58%.

    Car_man
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  • mesherrymesherry Member Posts: 6
    Thanks in advance Car Man,
    I have the same questions as "Bronxcheer regarding the new June buy rates and residuals for a hardtop Cooper - but with 10,000 miles. (We may add the moonroof & stripes.) Also, I read that the new 2013's may start to ship in August. If that is the case should we hold off for any potential clearance of the 2012 models in July? (Our dealer says they probably won't much of an inventory then.)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome mesherry. The addition of moonroof and stripes should not have any impact upon this car's residual values. Lowering mileage allowance to 10,000 miles per year from 12,000 would boost its residual value by 1%.

    It's difficult to say what the incentives and lease program will be like on 2012 models in August. I personally don't anticipate a fire sale on '12s, but I suppose anything is possible.

    Car_man
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  • mark3000mark3000 Member Posts: 5
    Great information. Thanks again!
  • mark3000mark3000 Member Posts: 5
    Great information, Car_man. Thanks again!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome mark3000.

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  • deldottodeldotto Member Posts: 1
    Hi Car_man,

    I'm Interested in a 2012 Cooper S. Do you know if the $500 You-ification option credit can be combined with the $750 Test Drive Take-down credit (i got a voucher from a test drive event).

    Thanks in advance...=)
  • ihitcowsihitcows Member Posts: 74
    I see, how about the Cooper S Cabrio? 36/12k?
  • reinachireinachi Member Posts: 1
    Hi Car_man, got some questions about lease. I went to dealer yesterday and looked at a Mini Cooper Hardtop base, Manual with cold weather, got offered $2000 down, Money Factor 0.0019 with 10,000 miles per year for a 36 month lease. Acquisition fee 925 and dealer processing fee 399 are included.
    Is that resonable?
    I tried to negotiate the money factor with the dealership, but they said they have no control over it.
    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    That's a good question deldotto. I don't know a definite answer, but I suspect that these two offers can be combined.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for ihitcows. Mini's June buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper S Cabriolet with 12,000 miles per year are .00175 and 57%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • ihitcowsihitcows Member Posts: 74
    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi reinachi. The dealer is marking up a couple of items on you to add additional hidden profit to your deal. First of all, this car's buy rate lease money factor is currently only .00150 for consumers who qualify for its top credit tier. If your credit is in good shape then the dealer lied to you when they said that they have no control over the money factor.

    Also, the base acquisition fee is only $725.

    I would try to get the dealer to eliminate its mark-up on these things if possible. The only other negotiable aspect of this deal is this car's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Make sure to find out how much the dealer is charging you for the Cooper that you want before finalizing your deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Wow that was fast :). You're welcome ihitcows.

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  • moogmoomoogmoo Member Posts: 2
    Hi, I am interested in a 2012 Mini Countryman and am flexible in terms of purchase option (paid if full cash, finance or lease). Could you please advise on the best option to get the best value?
    I am interested in a 2012 Mini Countryman S and the dealer will be buying me out of my current lease. Thank you very much! ;)
  • franklingt3franklingt3 Member Posts: 17
    I received an approval for an S with a discount of $1,000. I remitted the order prior to the end of the June promo - with a MF of .00185 and a residual of 59%. The salesman just emailed that that offer was now at .00205 and a residual of 57% - said it was b/c the promo rate for june could not be 'locked in' unless I took delivery during promo.

    Does this make sense? I am under the impression I am getting bumped on the MF and residual, to put addl profit in deal for the dealer.

    Otherwise, i am happy w progress of deal.
  • sleepyspeedsleepyspeed Member Posts: 1
    Car Man, can you please let me know the July base money factor and residual for 2012 Cooper Hardtop and 2012 Cooper Coupe. I'm looking to lease for 10K/3yrs within the next week and the numbers wil really help in negotiating my lease terms.

    Thank you in advance.

    Steve
  • member214member214 Member Posts: 1
    Good morning, I got a lease offer as follows:
    2012 Mini Convert with HighGate package, auto transmission, leather seats, with lots of added options such as mini connect, xenon light, premium sound....etc. Total price $34450 nego down to $33588, residual is $19,637, monthly pay 490(with tax and everything), 36 mo, 10,00mile/yr. 0.00145. do you think this is a good deal?

    or

    I got another one is 2012 Mini Convert S with Highgate package, leather seats, auto trans but has no options. price is 32,000, 2000 down, $411 monthly payment for 36 mo.

    I really like the 1st deal, but just want to make sure it is a good one. Please advice. Thank you!
  • franklingt3franklingt3 Member Posts: 17
    Jul 09, 2012 (8:14 am)
    I received an approval for an S with a discount of $1,000. I remitted the order prior to the end of the June promo - with a MF of .00185 and a residual of 59%. The salesman just emailed that that offer was now at .00205 and a residual of 57% - said it was b/c the promo rate for june could not be 'locked in' unless I took delivery during promo.

    Does this make sense? I am under the impression I am getting bumped on the MF and residual, to put addl profit in deal for the dealer.

    Otherwise, i am happy w progress of deal.
  • shaliloglushaliloglu Member Posts: 36
    Car Man, can you please let me know the July base money factor and residual for 2012 Cooper Hardtop. I'm looking to lease for 10K/3yrs. Top tier credit. thanks so much for your help. Msrp is 23,400

    I am in NC if that matters.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Steve. Mini's July buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper Hardtop with 10,000 miles per year are .00145 and 67%, respectively for consumers who qualify for its top credit tiers.

    The numbers for an otherwise identical lease of a 2012 Cooper Coupe are .00145 and 57%.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi shaliloglu. Please see my previous post for the information that you're looking for.

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  • dammitjerrydammitjerry Member Posts: 4
    edited July 2012
    Hello

    I have never leased a car before so i was hoping you take a look at the deal I have at Long Beach Min (CA)

    Price
    $22,700
    Exterior: White Silver Metallic
    Engine: I-4 cyl
    Interior: Carbon Black
    Model Code: 12MA
    MSRP: $22,700
    Stock Number: CT542050
    Transmission: Automatic
    VIN: WMWSU3C58CT542050

    Featured Equipment

    4.103 Axle Ratio
    Black Roof And Mirror Caps
    Bluetooth & Usb/Ipod Adapter
    Center Armrest
    Transmission: 6-Speed Steptronic Automatic
    Wheels: 15' 5-Star Twin Spoke Alloy

    I am coming in with a 2500.00 check. 209 (plus tax) a month on a 36 month lease. 10k miles

    It all seems so easy I don't know if there is anything more I should be asking for.

    thank you in advance for your help.
  • prabsriprabsri Member Posts: 3
    Car Man,
    MSRP is $23,700 , Saleprice is $23,300, 0 acquisition fee, 0 security deposit, license fees $287, residual is 66%
    12,000 miles a year , $500 total drive off , money factor 0.00180, monthly payment is $307.28

    Is this a good deal for a Base Mini Hardtop?

    Thanks in advance.
  • mandakismmandakism Member Posts: 1
    Its a base model manual transmission msrp $25,900, the salesman says he's taking off 1,900. He says I'm getting a money factor of .00180 and residual % of 57. For 10k miles says the best he can do is $373 with $1,500 total out the door. Is this a good deal? Thanks!
  • ellaaramyanellaaramyan Member Posts: 1
    edited July 2012
    Sorry but LeaseCompare.com gave me a monthly payment that is $214 higher than what I got on my BMW 535i yesterday.

    Use the following LeaseSmart lease calculator before you lease or finance your next car. Dealers use it, why shouldn't you? http://itunes.apple.com/us/app/leasesmart/id444941213?mt=8 OR http://www.LeaseSmartApp.com
  • franklingt3franklingt3 Member Posts: 17
    I'm being quoted 0.00205 and 57%

    Thank you!!
  • einbayereinbayer Member Posts: 4
    hi car_man

    thanks for your on-going help!
    do you have August 2012 rates for current mini cooper convertible (S - and not S) lease?
    12k/yr... LA, California dealers...

    thank you. i have leased my last 3 cars armed with info from you and i think i did pretty well...

    einbayer
  • zonian22zonian22 Member Posts: 1
    Car_Man,

    Do you happen to know the lease rates for august on a MINI Countryman S? I'm looking into a 3 year with 12K miles/year lease.

    Thank you!
  • dammitjerrydammitjerry Member Posts: 4
    Hello

    I leased a 2012 mini cooper a couple weeks ago. Without thinking, I took the excessive wear and tear policy for an extra 30 bucks a month. Since then I have regretted getting this an have been making requests to have this canceled (i have 60 days)

    Since this was financed as part of the lease, they are saying my payment will stay the same but in the end I will owe less.

    What I am wondering is if I owe less on my lease, then what will happen near the end of my lease term.

    Back in the day during a refi i was told i cannot pay off a lease because that would conclude the lease term and i would have to return the car.

    So if i have been paying more this whole time how do i get my money back. Do i have to purchase the car in the end? do they refund my money back at the time -minus expenses.

    Never had a lease before so I am not sure how this all ends..

    thanks in advance for the help..sorry for being a noob
  • einbayereinbayer Member Posts: 4
    hi car_man
    any rates available for S and non S convertible cooper 2012/2013
    with 12k 36 mnths in California? thank you....

    thanks for your on-going help!
    do you have August 2012 rates for current mini cooper convertible (S - and not S) lease?
    12k/yr... LA, California dealers...

    thank you. i have leased my last 3 cars armed with info from you and i think i did pretty well...

    einbayer
  • czar4czar4 Member Posts: 33
    edited August 2012
    Car_Man,

    Looking for some help on the August $0 to motor lease deal on the Countryman All4. Here's fine print in case you are unfamiliar:

    *** $0 TO MOTOR $379 Per Month for 38-month lease on a 2012 MINI Cooper S Countryman ALL4
    38-month closed-end Lease Contract offered to qualified customers by MINI Financial Services through participating dealers. $0 cash due at signing (based on $0 first month payment, $0 down payment, and $0 security deposit). Not all customers will qualify for security deposit waiver. Lease rate and fees based on example of a new 2012 MINI Cooper S Countryman ALL4 with MSRP of $29,040. MSRP includes destination & handling charge. Excludes tax, title and dealer fees. Lessee responsible for insurance, excess wear and tear as defined in the lease contract, and a disposition fee of $350 at lease end. The maximum amount of miles for the duration of the lease is 31,667 miles. Purchase option at lease end is $16,553. May be combined with any eligible credits. Subject to credit approval. Models pictured in advertisements may be shown with metallic paint and/or additional accessories. Offer valid through 08/31/2012. Must be delivered 11/30/2012. Visit your authorized MINI dealer for complete details.


    I went into the dealer today, and of course they did not ahve the exact car, but the salesman found one that was close with a sticker of exactly $30k. Having not purchased a Mini before, I was alittle taken aback when he started running numbers rather than the finance guy usually does. Anyway, it was quite convuluted, and I could not tell if he was playing dumb or was himself confused. Here's what he came up with:

    MSRP: $30,000
    Selling Price: $29,000
    Cap Cost: $29,725 (he swears I have to pay the acquisition fee of $725 even though it's not listed in the fine print)
    MF: .00135
    Residual: 57%
    pmt: $395.45 (w/o tax)

    All I have to come in with is DMV, doc, associated taxes, and difference between actual pmt and the $379 mini will cover the first month (about $500 total for everything). Seems reasonable, but:

    1. Do you think I can do better on the price?
    2. Should I have to pay that acquisition fee?

    I come up with $375 per month (w/o tax) when the acquisition fee is removed.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi prabsri. The money factor that you were quoted is too high. Mini's current buy rate lease money factor for this model is only .00145. Try not to let the dealer mark your car's factor up if possible.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mandakism. I don't really have a problem with the $1,900 discount. Just make sure that the dealer uses Mini's buy rate lease money factor of .00145 to calculate your payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi franklingt3. The residual value that you were quoted is correct, but the money factor is way too high. Mini Financial's current buy rate for a 2012 Countryman is .00140.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome einbayer. Mini Financial's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper Convertible with 12,000 miles per year are .00145 and 56%, respectively for consumers who qualify for its top credit tier.

    The numbers for the '12 Convertible S are .00145 and 57%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go zonian22. Mini Financial's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Mini Countryman S with 12,000 miles per year are .00140 and 58%, respectively for consumers who qualify for its top credit tiers.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi czar4. Surprisingly the dealer is not attempting to mark your vehicle's money factor up on you. .00135 is the current buy rate for this model.

    Having said that, this vehicle probably has a spread of around $3,000 between its full MSRP and its dealer invoice price. A discount of $1,000 is nothing to write home about, but I'm not familiar with what the market for this model is like in your area. $2,000 over invoice is enough that it wouldn't hurt to comparison shop if there's another Mini dealer in your area.

    Car_man
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  • propkaptpropkapt Member Posts: 2
    Hi car man can you please post residual and money factor for a 2012 and 2013 cooper hard top with 12k annual miles. I don't know if the 2013's are at dealerships at this point. Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Certainly propkapt. Mini's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Cooper Hard Top with 12,000 miles per year are .00145 and 66%, respectively for consumers who qualify for its top credit tiers.

    I haven't seen any information about the 2013 model, so I doubt that it's available yet.

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  • franklingt3franklingt3 Member Posts: 17
    Does this money factor apply to the Countryman S? I was leaning towards the ALL4 because of the $0 lease promo at 38 months - I have located an S with a retain price of $29,900 minus a $1,000 discount -

    Curious as to the monthly payment I should expect.
  • balthazar9balthazar9 Member Posts: 19
    Just got some residuals from a Philadelphia area Mini dealership for a Cooper Hardtop Auto with 15k miles.

    They quoted me 64%, 56%, and 41% for 36, 39, and 42 months for the 2012s.

    The 2013s were 58%, 50%, and 44% for 36, 39, and 42 months.

    Seems odd that the residuals for the 12s are generally higher. Maybe Mini has opted to inflate them instead of providing lease cash.
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