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MINI Cooper, MINI Cooper Countryman, Car Leasing, Coupe, Convertible, Hatchback, SUV
#239 of 798 I'm a new 2009 Mini Cooper owner
Aug 03, 2009 (1:43 pm)
Hello all. Newbie to this board. I know I should have done all my research before leasing, but I had a busy July. Let's say I want to now learn for a potential 2nd lease opportunity in a few years.
I just traded in my 2004 Mini Cooper for a 3yr(10K/year) lease on a 2009 Mini Cooper non-S hardtop. I would like some reassurance that I got an OK deal... I know I didn't get the best deal possible. If I got a bad deal, please let me know, too, so that I know to give my business to another dealership in the future
Here are my details of the contract... NOTE it's I negotiated $600 off this worksheet price after I saw the first revision. So, these numbers are from the first revision.
MSRP + Bank Fee = $23975 ($925 for bank fee)
Cap Reduction = $6814.68
Net Cap Cost = $17160.32
Adj Residual = $15904.50 (69% of $23050)
Tot Term Dep = $1255.82
Monthly Dep = $34.88
Mo Lease Chg = $81.01
Base Payment $115.89
CA tax = 9.5% = $11.01
Tot Mo Payment = $126.90
Est Fees/Term = $1067.75
Tot Taxes = $1048.03
1st Payment = $126.90
CAP Red = $6814.68
Sls Tax Upfrnt = $651.67
1st Yr Fees = $361.75
sec Dep = $0
Other Upfnt = $45.00
Tot Init Pmt = $8000
1) what is the $651.67 sales tax upfront? I asked for a quote on a no-trade in scenario (in case I wanted to sell my car private party - would have got more, but I've got no time for it at this point in my life) and the upfront sales tax was $4.28) - did I get taken on this "tax"? I didn't think dealers can add extra state taxes at will, so I figured this was part of the trade-in fee?
2) How is the $81.xx monthly lease charge calculated? It doesn't seem proportional to the monthly depreciation cost.
3) what is my money factor ratio and how's it compare to what is current? (My Fico is around 800)
4) For future reference, what other numbers could I have negotiated besides the $200 on the bank fee?
5) What is "Est Fees/Term = $1067.75"? I'm guessing part of it is the "1st Yr Fees = $361.75" and I understand there's a $350 fee on return of the car. I'm guessing the rest is registration fees for the 2nd and 3rd years?
- MSRP was $23,025
- I negotiated for $600 off, bringing down the price to $22,425 (so my adjusted numbers different from above come out to be $106/month, after taxes)
- Found out later (glove box) that car was sitting on lot/showroom since 6/9/2009
Thanks in advance!
Aug 11, 2009 (2:02 am)
Hi smithsonga. Mini is not currently providing lease support on the Cooper Convertible. As a result, if you were to lease one through its captive finance company right now, you would have to use its standard lease money factor. Fortunately, its standard factor is not that bad. It probably varies slightly by region, but it should be around .00250 right now. The 36 month, 12,000 mile per year residual value for an '09 Mini Cooper Convertible S is 60%. The 10,000 mile per year residual would be 1% higher than that.
Prices Paid: Buying & Leasing Experiences Forum
#241 of 798 Re: Good deal on the lease!!!! [gobsarv]
Aug 11, 2009 (2:06 am)
Hi gobsarv. I personally would not have used the money from my trade as a down payment for the lease (I would have asked for a check instead), but that does not have any impact upon whether this is a good deal or not. The easiest way for me to evaluate this deal would be for me to compare this car's MSRP and its selling price. You already mentioned one of them. Which one is the $27,036 price that you mentioned. Let us know what the other one is and I'm sure that either myself or another knowledgeable community member will gladly let you know what they think.
Prices Paid: Buying & Leasing Experiences Forum
#242 of 798 What's a good price?
Aug 13, 2009 (1:35 pm)
I'm looking to lease a 2009 mini cooper 2Dr hatchback (not s or clubman). I'm totally new to leasing a new car so please educate me in how I can come up with a competitive price. I'm from Atlanta, and taxes are 7%. Is there any other information that one would need to know before helping me determine a price. I think MSRP is 19200 with destination and handling. I plan on doing a 36 month lease and 10k/ year.
#243 of 798 Re: What's a good price? [sharkie21]
Aug 13, 2009 (4:34 pm)
I think the MSRP is actually 20450 (with 650 destination charge) and invoice is 18470. I don't think any of the dealers have the car I want though so they would need to order it.
#244 of 798 Re: What's a good price? [sharkie21]
Aug 13, 2009 (7:16 pm)
Oops. I really have problems getting the MSRP right. Just one of those days. Basically it's the Mini Cooper hard top 2dr hatch back auto trans with the premium package. So, 21700 MSRP. I'm also seeing that the invoice is 19595. I want to put 0 down. So after reading through numerous post I am guessing.
36 month lease, 10k / year = 70% residual factor
money factor of 0.0023
750 dealer incentive
725 aquistion fee
adjusted cap = 21170 (19595 + 750 + 725)
residual value = 15190 (21700 * 0.70)
Total monthly payment before tax: 249.74 [(21170 + 15190) * 0.0023] + [(21170 - 15190)/36]
7% tax: 17.48
Am I doing this right? Is this a fair price to ask a dealer 267.22 / month 0 down?
Thanks in advanced for your help!
#245 of 798 Lease August 2009
Aug 15, 2009 (2:19 pm)
What is the current money factor and residual for a lease on a 2009 MINI Cooper S, for 12K and 15K miles per year? Thanks in advance.
#246 of 798 warranty question
Aug 15, 2009 (9:46 pm)
hey guys my mom leased a cooper 06 and it has about 11k miles on it. the lease was up and she decided to purchase the car now the ac is messed up. The bill of sale that she signed unfortunately says the car has been sold "as is". Doesnt the car have to be covered anyway under the original 3yr 36k mile warranty or is she screwed? thanks
#247 of 798 Re: warranty question [bgates222]
Aug 16, 2009 (4:10 am)
Since it 2009 your 3 year is up. Now if your mom leased it late in 2006 you might have some warranty left. Now I also have a 2006 Min with a non working AC. I brought it into my own mech. and he filled the AC. Now it works GREAT!. Good luck
#248 of 798 Lease for the mini hardtop (non s) HELP is needed!!!
Aug 17, 2009 (5:39 pm)
Am interested in leasing the mini hardtop , with all the add ons I want, the MSRP is about $22,000. Went to one dealership and they wanted about $3500 at sign and about $260 a month for 36 months and 12,000 miles a year. From what I read here, this is a very bad deal.
Could you please let me know, with as much info possible,
1) what would be a good deal,
2) what should be the total down payment (bank fees act..) and the monthly charge? Can I get lower than the $249 add?
3) I was told (by the agent) that with Mini you cannot negotiate the price, they use the MSRP.
4) Please be kind and give me as much information as possible, since I do not have any prior knowledge about leasing.