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MINI Cooper Lease Questions

159 messages,  Last post on Jul 16, 2008 at 5:33 PM

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What is this discussion about? MINI Cooper, Car Leasing, Convertible, Hatchback

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#30 of 159 I think the deal was fair... wondering by mattinla Jun 10, 2006 (7:31 pm)
Just leased a 2003 Mini S - all options but the Nav. Negotiated price was $18000. I looked at the leasing work sheet, and it looks like net cap cost after our cash down and trade was $16,600.   I remember the money factor being .00385. Base lease was $235, with tax $248 for 48 mos/10K miles (I really don't drive more than that, so it's OK). I've plugged into the leasing calculators, and it seems like it was am OK deal.. and the money factor seems OK for a used car... any comments?   Thanks
#31 of 159 2006 Cooper S Lease Questions by jamaica77 Jun 20, 2006 (7:33 pm)
My girlfriend is trying to decide between buying or leasing a 2006 MCS. The total purchase price is $25,450. In running these numbers through the MINI.com calculators, she gets about a $450/mo payment with 2500 down, 6%APR, and 60 month term. When she calculates a 36 mos lease with 1k cap reduction she gets a payment of $456 - which I assume is the result of the high purchase price and money factor? Furthermore, the "Mini Select" Balloon option for 36 mos and 2500 down comes to about $385 or so, which makes it the most favorable (and flexible) option.   Are the lease payments really more expensive than buying the car as the site shows right now? Based on the current residuals and money factors, is the balloon option the best way to go for the Mini? The Balloon option only allows you to re-fi or buy after you've finished the term, so it looks like you have to bank on the high residual and market factors like gas prices and demand to come out ok at the end?   Any insight or help you can provide us is greatly appreciated, and thanks for all the help you provide to us confused consumers! Replies to this message: qbrozen (Jun 21, 2006 6:37 am)
#32 of 159 Re: 2006 Cooper S Lease Questions [jamaica77] by qbrozen Jun 21, 2006 (6:37 am)
Replying to: jamaica77 (Jun 20, 2006 7:33 pm) leasing isn't even an option when comparing these choices. If you choose to finance, you'd most likely have equity after 3 years of payments, vs nothing at the end of the 3 year lease. As you suspect, the MF in the Mini lease deal is just not favorable in the least.   I know nothing of their balloon note, but if you have to buy it at the end, it doesn't seem like such a good option. What is the rate on the balloon note? If its a very low rate, then MAYBE it could work in your favor if you are careful.   My personal opinion is to finance it. As long as the residuals stay ridiculously high, as they have been since the car was introduced, you'd at least be building equity pretty quick.
#33 of 159 2006 Cooper S Lease money factor by minilover Jun 21, 2006 (9:36 am)
Picking up my mini today. Have been quoted MF of .00435 for 15K miles on a selling price of $29349. They are charging me a bank fee of $850. The MF seems to relate to an APR of 10.44%!!!! When I do my own lease calcs (using something I got off the internet) my payment should be about $439 (incl CA sales tax at 8.25%. the payment they quote (oh sorry...6500 down) is over $500. I can't figure why the big difference. And reading the above postings, seems like I am being screwed. Replies to this message: mattinla (Jun 21, 2006 10:07 am) Car_man (Jul 16, 2006 11:42 am) saabgirl (Jul 13, 2006 8:38 pm) Car_man (Jul 16, 2006 10:54 am)
#34 of 159 Re: 2006 Cooper S Lease money factor [minilover] by mattinla Jun 21, 2006 (10:07 am)
Replying to: minilover (Jun 21, 2006 9:36 am) I thought Mini's MF's were more in the .0038 range (9+%)...I paid an $800 bank fee. But $6500 down resulting in an over $500 payment seems like you are being screwed. Replies to this message: Car_man (Jul 16, 2006 11:42 am)
#35 of 159 Leasing pro's vs cons by mattinla Jun 21, 2006 (10:13 am)
It's true that you build equity if you finance, and if you lease, you are basically renting. However, if you have certain types of jobs (esp. self employed), there are situations where your lease payment is a tax deductible expense. Check with your accountant.And if you don't plan on keeping your car for a long time, leasing can make sense over financing anyway. Replies to this message: qbrozen (Jun 21, 2006 10:36 am)
#36 of 159 Re: Leasing pro's vs cons [mattinla] by qbrozen Jun 21, 2006 (10:36 am)
Replying to: mattinla (Jun 21, 2006 10:13 am) That's true ... if you are dealing with decent leasing rates. But if leasing will cost you more than financing, and you can't take a deduction, it doesn't make sense. This seems to be the case being discussed here since the leasing rates being offered by Mini are not favorable.
#37 of 159 If you bought the car... by kyfdx HOST Jun 21, 2006 (10:40 am)
You could put $6500 down, and probably have a payment around $500/mo. for 60 months... With the re-sale on a MINI, you would probably even build equity (maybe a lot of equity) over the next three years... You would certainly get your $6500 back out of it, after paying off the loan.   Something that you wouldn't get back on the lease..   regards, kyfdx
#38 of 159 2006 Cooper S Lease money factor by minilover Jun 21, 2006 (11:30 am)
Any idea if different dealers charge different money factors? Replies to this message: qbrozen (Jun 21, 2006 12:03 pm) Car_man (Jul 16, 2006 11:44 am)
#39 of 159 Re: 2006 Cooper S Lease money factor [minilover] by qbrozen Jun 21, 2006 (12:03 pm)
Replying to: minilover (Jun 21, 2006 11:30 am) well, its not necessarily what the dealer is charging, its the banks they work with. So, yes, if different dealers are using different banks, the rates can be different.

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