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Prices Paid: Buying & Leasing Experiences MINI Cooper Lease Questions
286 messages, Last post on Nov 19, 2009 at 7:48 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: isaacyho (Jun 23, 2009 4:49 pm) A couple of thing about the ad.. First, it doesn't give any information about the selling price... By doing some rough calculations, I'd say it assumes a $700-$900 discount from sticker.. Also, it assumes a downpayment (or CAP cost reduction) of $500 within the $999 due at signing. And... it does include the acquisition fee. (bank fee is acquisition fee) Now.. about your deal.. 1) You have a lower MSRP by $350.. You don't save this much, because you aren't buying the car, you are only using a portion of it... This would lower your payment by $4-$5/mo.. 2) The acquisition fee is a separate line item, and added to the CAP cost. It is the same way in the ad, only you don't see the calculations. However, the base fee is $725, and your dealer has marked it up by the maximum $200. 3) In the ad, the $999 due at signing includes a $500 downpayment that you aren't making ($249 1st payment, $300 security deposit, $500 downpayment). So.. between the $200 markup on the fee, and the $500 less you are contributing, you have $700 more to pay on your car (vs. the ad car).. Thats about $21/mo. on the lease... subtract $4/mo. for the lower MSRP, and we are right in the ballpark of the ad numbers... Remember... the ad doesn't include any dealer fees, title, registration or taxes.. So, even the doc fee adds a little bit, if you didn't pay that upfront. I'd say you have a pretty decent deal... Within $5-$10 per month of the best you could do... regards, kyfdx |
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Ok, today I bought the car! And I did so after getting their finance guy to come clean about the lease special, item-by-item. Thanks to kyfdx for his insight, as it made me realize that I was paying more than I should for the bank fee as well for the car itself: as he figured out, there is a dealer incentive worked in to make the $249/mo work out. So, here are the #'s for the lease special: $21700 MSRP incl dest charge $750 dealer incentive (? partial dealer/factory, said the dealer, who knows ) $725 acq fee .00230 money factor $15,100 residual $500 down ( against the cap cost ) + $250 sec. + first month This comes out to $249.89/mo + sales tax. + doc fee/title ( I verified this ). So in my case, I got them to give me the straight bank fee of $725, not $925. Then, instead of $20,300 for $20,700, they took off the full $750. I opted to put $0 down. This worked out to a lease payment of $252.69 + $23.37 in sales tax = $276.06. Again, $0 down! Not bad! I got the full benefit of the national special as advertised, but on a lower-priced car, and thus, a slightly lower overall cost. You can see that these clarifications knocked almost $20 off the initial price they quoted me in previous posts. They tried to play it off like they didn't know what was going on, and "had never done this deal before", but I'm not really that naive. They only changed their tune once I called them on it. I do give them props for even agreeing to do all the exchanging of #'s via email. It made my life much easier to be able to calculate stuff in my own sweet time on my own, and hear advice from you folks! Hope this info helps some of you all, this national deal baasically is good because it ineffect wipes out the bank fee, and you get a 70% resid and 5.5% interest rate on a 3-yr loan. I went to MINI of Concord in the Bay Area btw... |
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Dear car_man & kyfdx: Is this a good deal Copper HT : MSRP : $20,300 Negotiated price : $19550 Residual: 71% MF : .00230 3 year/30,000 Miles $958 initial (Deposit + first month + DMV) and $261/Month |
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Dear car_man & kyfdx Do you know the MF and residuals for the july program? thanks.
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I know the terms but not sure what everything means yet so bear with me. I can't find the car I want on one of the 2 lots here in Atlanta so am going to order my Mini. My wants are pretty basic (sunroof, cloth seats, hardtop s) and my one have to have is a 'fun' color (which I've decided is laser blue). My question this morning is really on negotiating the price. The car isn't going to be sitting on the dealer's lot and tying up any of their money for long (if at all?) and I had read that MSRP-$1000 is pretty standard. What about if I order a car? Is -$2K too cheeky? Is the Residual and Money Factor standard across dealerships and do they change periodically (monthly?). What numbers should I be looking for when I go out to talk to them? Sorry for what might be basic quesitons but I haven't dealt with this in 15 years and I deal with stress by researching.
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Replying to: minooka (Jul 11, 2009 5:50 am) 1) The MINI sales model involves most buyers ordering their car... so, you won't get that push-back from the sales staff to buy something on the lot, today.. 2) By ordering exactly what you want, you won't have to pay extra for anything you don't want... Those $100 and $250 options add up fast.. But, you've kind of got the incentive thing backwards... Yes, if you order a car, they won't have any carrying costs, because it is an immediate sale upon arrival.. But, if you aren't buying a car on their lot, that unit keeps accruing carrying costs... they would much rather cut you a deal to get rid of something that continues to cost them money.. In summary.. I don't think you'll get a better deal on an ordered car.. If you bargain hard, you may do just as well as a car currently on the lot.. regards, kyfdx
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Replying to: kyfdx (Jul 11, 2009 7:38 am) Yes, that does make sense. Albeit counter intuitive to my thought process so I'm glad I asked. I'll try for -$1500 and see if I can land at -$1000. Can anyone respond regarding the money factor question? Is that a set number or is there a number I should be aiming for?
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Replying to: minooka (Jul 11, 2009 8:02 am) I know that last month, the money factor was .0023, but I haven't seen or heard about July's numbers.. BMWFS (or MINI FS.. same thing) has a pass/fail system for lease rates.. if you qualify, you qualify... However, dealers are allowed to mark up the base rate by .0004 for extra profit (and, most do). You want to shoot for the base rate, without markup.. regards, kyfdx
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Replying to: kyfdx (Jul 11, 2009 8:06 am) I shouldn't have a problem getting a lease, but with the finance markets the way they are, who knows. I'd really rather buy but with the economic climate (job market) the way it is, I'd rather be safe with a lower monthly payment. Car_Man if you are out there, do you know the current residual value? I'm curious as to how/why it changes every month. Not necessary for actually getting a car, just curious in general.
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Car_man, What are the July lease rates for the Mini Cooper Clubman? Also, do the current Mini lease special requiring taking delivery by a certain date, meaning you can't special order a car and get the lease special? Jacob
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