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Prices Paid: Buying & Leasing Experiences MINI Cooper Lease Questions
282 messages, Last post on Nov 05, 2009 at 2:24 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: Car_man (Jun 16, 2009 2:32 am) What are comparable numbers on an "S" hardtop lease? 3yr/45K.. Thanks!
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I've never done a lease and I'm getting educated and I would love to get your advice. We are looking at leasing a Mini Cooper Hardtop with the premium package coming out to MSRP 22,500. Since this lease deal is pretty good, do you think I will still be able to negotiate to a lower MSRP? Anything I should look for on this June lease special? Thanks! Grant
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Replying to: kyfdx (Jun 16, 2009 3:08 am) Mini's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Mini Cooper S .00230 and 64%, respectively. That's a pretty solid lease program for a car that traditionally has not had any lease support available on it. Thinking about getting one? Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: grant33 (Jun 16, 2009 10:24 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Jun 17, 2009 1:52 am) Can you please let me know what the current residual value and money factor are for a 2009 Clubman S? (Michigan, i.e. Midwest region). Thanks!
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I went to the Princeton, NJ Mini dealer yesterday and had a less than favorable experience. I inquired about the national lease deal and they confirmed my understanding (once on the phone, and then again in person when I went into the dealership). $999 up front (security, down payment and first month's payment) and $249 per month (plus taxes, tags, etc.) After the test drive, when it was time to talk numbers, I ended up at $340 / month and $200x up front. The $90 monthly was made up of taxes and fees. The extra $1000 in up front was primarily made up of $925 in 'bank fees'. Best I can tell, this is not included in any of the literature, and is not even included in the potential list of additional fees not included (taxes, registration, dealer fees are included as additional). Has anyone else had a similar experience? I guess, more specifically, has anyone walked away with $999 up front? Overall, a very unpleasant experience. I'm not sure how much of it is due to dealer shennanigans (at a minimum, they definitely handled poorly from a relationship perspective) a or legitamiately poor / unclear advertising by mini on the lease deal.
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Replying to: jupiter475 (Jun 21, 2009 6:11 am)  12K miles/yr. The $999 doesn't include dealer fees, tax or registration (which is all in the disclaimer). However, it does include the acquisition fee... If the actual car you leased had an MSRP of $21,700, then the variables are taxes, fees and that acqusition fee... By charging you the acquisition fee upfront, when it was included in the advertised lease deal, they basically made an extra $925 on your deal. To add insult to injury, the base acq.fee is $725.. they even marked it up for an extra $200 (typical, actually). I think tax in NJ is 7% on the total payments, charged upfront... they most likely rolled this into the lease payments.... That probably represents around $23/mo.. 3 yrs registration, paid in advance (typical of NJ) probably adds another $400? So... maybe $40/mo tops for tax and registration.. The other $50/mo.? Jacking up the money factor on the lease is also typical, and likely, since they did the same to the acq.fee.. That would add around $15/mo... The rest probably comes from bumping the selling price by $1000. So, unless you added a lot of aftermarket accessories that weren't included (Ipod connectors, floor mats, etc..), then they took you for around $2700 over the advertised deal.. Other possibilities: 1) MSRP.. Did the car they quoted have a higher MSRP than the ad car? 2) Accessories.. Items not on the sticker are paid for 100% over the lease term.. $500 in accessories adds $15/mo. to your lease payment. 3) Mileage allowance.. Did you ask for 15K miles/yr? That would add about $13/mo. to the lease payment. I'm assuming that you haven't taken delivery of the car... If you don't like the deal, then turn it down... It certainly seems as though they are going for the maximum mark-ups... Even taking into account taxes and registration, you should be able to get under $300/mo, with $1100 due at signing on a car that is identical to the ad car.. regards, kyfdx Host-Prices Paid Forums
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Replying to: kyfdx (Jun 21, 2009 6:36 am) Sounds like they were just trying to make a buck. I'll resume my search at a different dealership. I had heard bad things about the BMW dealership that's in the same building...sounds like the Mini side needs some work, too.
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Replying to: jupiter475 (Jun 21, 2009 4:19 pm) MSRP 29,450 Price paid: 28,650 Money Factor 0.0023 (same for everyone, approx 5.5% apr) Residual 66% (this is for Clubman S, residuals are even higher on the reg. hardtop in June) Bank Fees $925 (no way around this) Cap Reduction $1514 (this is whatever you want it to be) Total Drive Off $2500 (incl. cap reduction, first mos pmt, CA lisc, and related taxes) Pmt before sales tax $349 Miles 12k/yr Hope this is helpful. Pretty good deal if you can keep the miles under 12k. All of the finance deals at Mini are good right now. Hard to go wrong - depends on your situation on lease vs. buy. |
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Hi all-- I'm very excited to be purchasing my first MINI, tomorrow at 5:30pm PST! I jumped on a silver hardtop, base, manual with a few nice options ( multi-function steering, ipod/bluetooth, spoiler ). But before I sign, I wanted to run it by you wise folks ( I've read this thread and you guys obviously know your stuff ) to see if they were trying to sneak any charges in last-minute. For my feature set, Edmunds lists the MSRP as $20,700 + $650 destination charge = $21,350 I talked the dealer down ( in writing ) to $20,300 *including* destination charge. I decided to lease based on the terms of the June lease special. Here are the terms the dealer sent me: Msrp $20,700 ( correct, destination charge doesn't count as part of the residual calculation ) Total mileage :36,000 Residual % 70.00% Residual value $14,490.00 Initial cap cost $20,300 ( car price + destination ) Bank fee $925 ( same as jadynsdad ) Lmf: 0.00230 ( same as jadynsdad ) Total tax $900.55 ( I live in CA ) Base monthly payment $268.41 (??? - this is higher than $249/mo advertised, even with same money down and lower MSRP ) Monthly tax $24.83 base on 9.25% Total monthly $293.24 Doc fee $52.00 Security deposit $300 License $320 Drive off: First payment $293.24 Security 300.00 License 320.00 __________ $913.24 *Summary* So, $913.24 drive off, $293.24/month all-inclusive for 3 yr/12K per. My 3 questions: a) how can my base monthly payment, before taxes, be higher than the special of $249/mo? My car is worth less than the $21.7K car listed in the special. Is it because they rolled the bank fee into the monthly payment? b) The destination charge isn't listed---I assume they are doing what I asked, and rolling into the "Intial Cap cost" of $20,300? c) is this a good deal? Thanks so much for any insight you can offer! Isaac |
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