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MINI Cooper Prices Paid and Buying Experience

1096 messages,  Last post on Sep 05, 2008 at 8:12 PM

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What is this discussion about? MINI Cooper, Coupe, Hatchback

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#782 of 1096 Re: Looking at purchasing a 2007 MC [holt07] by ody02tjk Jun 29, 2007 (8:37 am)
Replying to: holt07 (Jun 29, 2007 6:29 am) We are in the Towson/Lutherville area as well, and have been shopping for a fun 3rd car that gets great gas mileage. A MINI Convertible is our top choice, but we decided to go used to save some $. That being said, I have found that there are better deals to be had with MINI dealers in the DC metro area. There is more competition in that area, & they will negotiate some. MINI of Towson, and MINI of Belair are owned by the same dealership group, and will not negotiate below the other's prices. The fact that these dealers are selling on Ebay tells me that they are trying to get premium prices from all over. I just had to replace my Lexus last month(it was totalled), and seriously looked at a BMW X5. BMW of Towson was the least likely to negotiate, and I found much better deals from BMW dealers around DC. I hope this helps, and please post your feedback on where you buy.
#783 of 1096 Re: Is this a good deal? [imgdoc] by kyfdx HOST Jun 29, 2007 (8:45 am)
Replying to: imgdoc (Jun 29, 2007 4:20 am) One thing that is affecting your money factor.. is the acquisition fee waiver. This isn't free. It adds .00035 to the money factor. Usually, this would be a bad deal, but on a short lease, it can sometimes be cheaper than adding the $625 fee to the CAP cost.   That stated, I agree with blueguy... the MINI is a car you want to buy, rather than lease..   regards, kyfdx Replies to this message: imgdoc (Jun 29, 2007 1:55 pm) blueguydotcom (Jun 29, 2007 2:00 pm) kyfdx (Jun 29, 2007 2:05 pm)
#784 of 1096 Re: Is this a good deal? [kyfdx] by imgdoc Jun 29, 2007 (1:55 pm)
Replying to: kyfdx (Jun 29, 2007 8:45 am) Thanks kyfdx, Do you advice using MINI select program or regular financing? Replies to this message: blueguydotcom (Jun 29, 2007 2:00 pm) kyfdx (Jun 29, 2007 2:05 pm)
#785 of 1096 Re: Is this a good deal? [imgdoc] by blueguydotcom Jun 29, 2007 (2:00 pm)
Replying to: imgdoc (Jun 29, 2007 1:55 pm) Regular financing - look to a credit union as BMWFS' current rate is not that special. Replies to this message: kyfdx (Jun 29, 2007 2:05 pm)
#786 of 1096 Re: Is this a good deal? [blueguydotcom] by kyfdx HOST Jun 29, 2007 (2:05 pm)
Replying to: blueguydotcom (Jun 29, 2007 2:00 pm) Ditto.. Those balloon finance programs usually come with high interest rates..   Finance for 60 months at the lowest rate you can find.. You may pay out a little more over the next 24 or 36 months, but you'll be ahead, once you sell the car...   Generally, I'm a fan of leasing... but, it has to make good financial sense.. in this case, I vote against it.
#787 of 1096 Leasing vs buying - is leasing 07 MCS really that bad? by 07mcs Jun 29, 2007 (2:26 pm)
2007 MCS Lease Pricing:   MSRP $25,500 Out-of-Pocket including first month payment: $2500 Payment: $291/35 months/36K miles/69% residual   Total paid in 3 years (less $300 deposit) = $12,385 Residual after 3 years = $17,595   Is that worse than financing if you buy and sell the car at lease end? Really?   I had a 2004 MC with Residual (62%) $13,200. Total paid in 3 years was $11,745. Bought at lease end and sold for $16,800 within 10 days. Cost of leasing for 3 years came out to be $8145.
#788 of 1096 Need help assesing this lease by backstep222 Jul 08, 2007 (8:32 am)
New to leasing and kind of baffled by it. Not sure if I am getting a decent deal here. If anyone can comment, I'd appreciate your input. Here are the terms... '07 Mini Cooper S Auto Trans. Sport Pkg. (w/ web spoke wheels & perf. tires) Premium Pkg. Chrome mirrors, center arm rest, rear fog lamps, piano black dashbord MSRP - $27,590 Selling price- $27,000 (JCW matts thrown in) 3 yr. lease/ 36K miles $2500 total down... payment $345/mo. I'm bothered by the fact that they will not disclose the "money factor" (I have excellent credit....score 841 !!) Not sure how to translate it into an interest rate even if they divulged it to me. Am I getting hosed here? Replies to this message: blueguydotcom (Jul 08, 2007 10:50 am) backstep222 (Jul 08, 2007 6:17 pm) jaxs1 (Jul 08, 2007 6:45 pm) blueguydotcom (Jul 09, 2007 12:26 am) and 1 more...
#789 of 1096 Re: Need help assesing this lease [backstep222] by blueguydotcom Jul 08, 2007 (10:50 am)
Replying to: backstep222 (Jul 08, 2007 8:32 am) Does that price for the payments include tax? And demand to know the residual and money factor. As far as I know it's illegal not to disclose those numbers to you. Check the fed and state laws but I think some kind of truth in lending law requires that the information be given to you. It should be clearly stated on the contract too!   EDIT: Can't find a law but I'd tell them you'll sign when they reveal the source of their numbers. There's zero reason for them to hide those numbers.   At the very least you can use leaseguide, your purchase price, payments, down payment and residual to figure the money factor. Replies to this message: backstep222 (Jul 08, 2007 6:17 pm) jaxs1 (Jul 08, 2007 6:45 pm) blueguydotcom (Jul 09, 2007 12:26 am) backstep222 (Jul 09, 2007 9:38 am)
#790 of 1096 Dealership is far away! What to do? by stevecebu Jul 08, 2007 (2:22 pm)
The MINI Dealer is pretty far away from me about 2 hours and it's mostly highway with a lot of traffic depending on the day. There are only 2 dealers and they are either in Peabody Mass or Boston Mass and I will be way up in New Hampshire. How do MINI owners deal with this distance for oil changes or what if your car breaks down? There are closer BMW places but nothing for MINI and Edmunds lists nothing in the entire State of New Hampshire! I've seen nothing on the MINI site to show otherwise. So what do people do just take a day off of work or rent a car when you get the car serviced? Also does anyone have any experiences with either dealership? I can't recall the names offhand but opinions are really welcome. Thanks Oh Hosts I couldn't figure out which forum to ask this question in and this one seemed the closest to the topic, move the question if you need to.
#791 of 1096 Re: Need help assesing this lease [blueguydotcom] by backstep222 Jul 08, 2007 (6:17 pm)
Replying to: blueguydotcom (Jul 08, 2007 10:50 am) The $2500 down includes the tax (I'm not sure what you mean when you say "does the payments include the tax?) The salesman told me that BMW doesn't reveal what the money factor is to him (sounded odd to me). He said he just puts my credit level in the computer, and it spits out the terms. There must be some truth to that, but some deception also. Meanwhile, I went to another dealership who wanted to sell me the same vehicle for MSRP without any discount. He just said to me "Is your credit over 700?" When I said "yes" he opened a folder and in it there were apparently 3 tiers of leasing terms written. He stated that the terms he was offering me were the best given my excellent credit score. Although I don't recall what he said the money factor was, I believe he said it equated to something like 7.5% (which didn't sound so great to me). Anyway, back to the deal I currently have....I believe he stated that the residual was 69%....does that sound right? They have $500 on my credit card and the car has been ordered. I could use some guidance here.....thanks! Replies to this message: jaxs1 (Jul 08, 2007 6:45 pm) blueguydotcom (Jul 09, 2007 12:26 am) backstep222 (Jul 09, 2007 9:38 am)

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