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Prices Paid: Buying & Leasing Experiences MINI Cooper Lease Questions
287 messages, Last post on Nov 30, 2009 at 7:31 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: minilover (Jun 21, 2006 8:36 am) Furthermore, $6,500 is way too much money to put down when leasing. If your leased vehicle is totaled in an accident or stolen and never recovered that $6,500 will just disappear. If you have that much money to put down on your lease, you would be much better off using it to make additional security deposits. Each additional deposit that you make, up to seven additional, will reduce your car's money factor by .00007. Car_man Host Prices Paid Forums |
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Replying to: mattinla (Jun 21, 2006 9:07 am) Car_man Host Prices Paid Forums |
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Replying to: minilover (Jun 21, 2006 10:30 am) Car_man Host Prices Paid Forums |
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| I'm leasing a 2006 Mini with an MSRP of $21,700; the adjusted cap. cost (wish I knew what this was!) is $22,448. I'm in Washington State. The lease is for 15K miles/year for 36 months. I'm putting $1,500 down, the lease factor is .00320, and my total payment comes out to $363 (base monthly rental of $332.70 + 9.1% tax). Is this an ok deal? Is anything here negotiable? Thanks! | |
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Replying to: mynewmini (Aug 01, 2006 9:03 am) You also want to find out what of that $1500 down is actually going towards cap cost reduction. |
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Replying to: qbrozen (Aug 01, 2006 12:12 pm) MSRP: $21,700 L.E.V. %: 68% Lease-End Value: $14,756 Lease term: 36 mos Documentary fee: $35.00 Initial Cap. Cost: $22,150 Cash Cap. Reduction: $527.29 Total Cap Reduction: $527.29 Total Add Cap Cost: $825 Adjusted Cap. Cost: $22,447.71 Lease factor: .00320 Base Monthly Rental: $332.70 Monthly Tax: 9.1%: $30.28 Total Monthly Payment: $362.98 Security Deposit: $400 License Fee: $124.25 Cap Reduc. Tax: 9.1%: $47.98 Amount Due at Start: $1,500 Customer Cash Down: $1,500 Total Sales Tax: $1,138.06 Total Working Cash: $1,500 VSC Tax Rt/Amt: 8.8%
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Replying to: mynewmini (Aug 01, 2006 12:32 pm) I'm not clear on what is going on here. I would think your initial cap cost is the selling price, but why is it $450 over the MSRP? Are they charging you over MSRP? Or is that MSRP excluding destination? Destination, however, is $550. Hmmmm... So are they giving you $100 off the car, then adding destination? Or are they overcharging you $450 for the car? This is the question I am unable to ascertain by looking at this list of numbers. What did the sticker on the car say? The sticker should have included destination. |
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Replying to: mynewmini (Aug 01, 2006 12:32 pm) something else i just noticed, though. What is this additional 8.8% VSC tax thing at the bottom of your list?? |
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Replying to: mynewmini (Aug 01, 2006 12:32 pm) Your total fees listed here are: $35 doc fee $400 security deposit $124.25 license fee ********* $559.25 total What about an acquisition fee?? I don't see that anywhere. Let's say, out of good faith, we estimate that the $972 they made disappear out of your down payment is going towards all of these fees (including the elusive acquisition fee). If that's even the case, then why the heck is the cap cost $1275 above the MSRP?? I would have thought that was all the fees, but apparently its not. I'm not an expert by any means, and maybe there is an explanation for all of this, but what I'm seeing so far does not look right at all. |
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It looks like they are charging $450 over MSRP.. The $825 is the acquisition fee.. This is marked up $200 over the base fee of $625. If you add up all the other fees, 1st payment and security deposit, they come to about $970.. So, $1500 upfront minus the $970 is the $530 cap cost reduction.. Subtract this from the $22,150 selling price, then add back in the $825 acquisition fee, and the numbers match.. I even get the same payment, down to the penny.. Now.. I don't know the base money factor (Car_man would)... but, I'd bet that it is marked up, just like the acquisition fee... To recap... $450 over MSRP for the selling price.. $200 markup on the acq.fee Maybe a marked up money factor.. Actually, this is typical for a MINI lease.. If it were me (and it isn't), I'd rather buy the car.. Even at that selling price, once you add 9% tax and the fees, the payment would be around $440/mo. for 60 months, if you put down the same $1500.. and got a 6% APR on the loan. Just my $0.02 kyfdx
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