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MINI Cooper, MINI Cooper Countryman, Car Leasing, Coupe, Convertible, Hatchback, SUV
#75 of 798 Car_Man: MF/residuals on 2006 Mini Cooper?
Apr 11, 2007 (10:31 am)
I'm interested in the MF/residuals for a 2006 Mini Cooper for 15K/3yrs. My sister was looking at the 07's, but they seem to be going for full MSRP, so I advised her to consider 06's. Can you give me a ballpark to be shooting for on 06's, for example, $1K over invoice?
Anyone know if car leases can be completed over phone/fax/email? My sister will be purchasing from a dealer in Los Angeles, but I'd like to complete the lease transaction with her from NJ before she goes out to LA.
#77 of 798 Re: So far lowest MR [Mr_Shiftright]
Apr 14, 2007 (9:01 am)
HAHA you are going to end up in a MINI I Bet.
Those money factors sound about right. I don't have the contact I used to have at the local MINI dealership but .0032 is pretty standard now for low production/high demand cars.
The 70% residual is outstanding you won't find any other cars with that kind of residual.
Just buy the car out right like I did and then sell it privately after two years if you want to getting all but a few thousand of your dollars back.
#78 of 798 Re: So far lowest MR [british_rover]
Apr 14, 2007 (9:45 am)
what is a money factor and what is a residual percentage?
I'm about to do a one year lease...do I need to know these things? I've never owned, bought or leased a car before, this is my first. any help appreciated
#79 of 798 Re: So far lowest MR [Mr_Shiftright]
Apr 14, 2007 (10:05 am)
Shifty, I took the advice of Kyfdx and purchased a Mini instead of leasing it. The $700-900 lease acquisition cost, plus security deposit ($400+), plus lease return fees ($350) adds over 1k to the cost of the lease. Add in the obscene lease MF (over 7%) and you're paying far more to lease a Mini than it would cost to buy one.
Strange but true. On cars like the 3 series - which BMW props up with lease deals - leasing is a bargain. On a car that loses less than 15% per year and you can get 5% loans, there's a good case for buy over lease. You will pay more or about the same for the lease in the scheme of things.
#80 of 798 Re: So far lowest MR [blueguydotcom]
Apr 14, 2007 (12:28 pm)
we're you looking at a 3year lease? I'm thinking about doing a 1-year, and it seems to me like its not much extra money really, so worth it to 'test' out ownership.
is it unlikely then, that you'd get the security deposit back?
also--is the lease acquisiton cost the 'acquisition fee' on the lease (I have a copy of a lease to look at)--and what does this mean exactly?
also, from what I can see on my lease--teh 'disposition fee' of 350 is only paid if you DO NOT purchase the vehicle after the lease end...so it would not be extra cost compared to buying..
#81 of 798 'destination charge'?
Apr 14, 2007 (1:37 pm)
I just got the prices of several on-the-lot Minis and they include a $650 destination charge...is this fair or is it possible to knock it off?
#82 of 798 Re: 'destination charge'? [tica]
Apr 14, 2007 (4:30 pm)
All BMW vehicles have a destination fee. That's normal. Look up the same car at miniusa.com and destination fee will be listed. BMW cars have a $795 destination fee.
#83 of 798 Re: So far lowest MR [tica]
Apr 14, 2007 (4:35 pm)
What's the MF? Residual? Promised sale price?
you should get the security deposit back, just once it's outa my pocket, I'm annoyed at its disappearance.
Acquisition fee = acquisition cost. Some mini dealers will add to your MF rather than charge all the acq cost. Cool dealers will. Most will boost the acq fee to $895 and either charge it up front or roll it into the lease cost. That fee is tough to avoid.
#84 of 798 Leasing a mini cooper S
May 02, 2007 (10:26 pm)
I am new to this forum and trying to get some help in leasing a 2007 mini cooper S hatchback in the bay area. Can you guys help me with what the money factor is for 3 year lease and residual for 12K/15K Miles for 24 months and 36 months. I am just trying to get some ball park numbers before I see the dealer on saturday. My credit score is over 700. Any help is appreciated. One more help who is the best dealer out in northern california?