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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

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

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#9 of 287 Lease Transfer from NY to NJ by maxillo Oct 21, 2005 (3:21 pm)
Hey folks,   I am considering taking over a Mini S lease via Swapalease.com .   The current leasee is in NY state, where sales tax on the lease is collected at lease inception, and the tax is non-refundable if the lease terminates prematurely. The leasee rolled the tax into his payments.   Now if I take over the lease, am I responsible for his tax payments for the remainder of the lease? That can't be right, but someone has to pay them (all 26 months worth).     I'm sure my home state NJ still wants their tax, so I will pay them. (don't know how they would calculate that, since in NJ tax is collected on the capilization cost minus residual, and since this is a transfer, I don't know what would be used for cap cost).   your help is appreciated. I think the MINI S is a fabulous car!!! Replies to this message: kyfdx (Oct 21, 2005 7:15 pm)
#10 of 287 Re: Lease Transfer from NY to NJ [maxillo] by kyfdx HOST Oct 21, 2005 (7:15 pm)
Replying to: maxillo (Oct 21, 2005 3:21 pm) I'm no expert on NY or NJ sales tax law... but, this is what I think will happen..   1) His NY tax was paid upfront, and that amount was added into the lease's cap cost... So, the tax has already been paid, and the lease is for the total amount financed... at this point, with the tax already being paid, his lease payment includes no tax.. just an amount financed..   2) When you go to register the car in NJ, you will have to start paying tax on the lease payments (6%), over and above what his payment is now.. or.... Alternatively, they may use the current payoff of the lease (sort of what he "owes" on it) minus the residual, and tax that amount..   Either way, I would assume that the NY tax he paid upfront is a "sunk cost", and you will have to pay tax again in NJ...   I'm starting to see this more and more... frequently, from lessees that move from a "tax upfront state" like NY, to a "tax the payment" state like KY... They are still leasing the same car, and get hit with additional tax payments..   regards, kyfdx Host-Prices Paid Forums   P.S.: Don't depend on my assumptions before making this transfer... Call your local DMV...
#11 of 287 Re: Cooper lease estimate [dieselg4] by Car_man HOST Nov 14, 2005 (3:38 am)
Replying to: dieselg4 (Oct 20, 2005 7:01 pm) I would be happy to estimate what this truck's lease payment should be like for you, dieselg4. However in order for me to do so I need you to tell me its approximate selling price. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. you may be able to get an idea of what sort of price you will have to pay for this model by visiting the following discussion: "MINI Cooper: Prices Paid & Buying Experience".   Car_man Host Smart Shopper / Prices Paid Forums
#12 of 287 Cooper S residual value? Help!!!! by rdubs Dec 29, 2005 (8:05 am)
Hi everyone,   I am trying to determine what residual value MINI uses for lease calculations, and if it's negotiable.   My brother wants to get a 2006 Cooper S with the JCW package and a bunch of other options (including $1600 or so in dealer accessories). Including dealer installation labor, the total price is $38,183 (less $4000 down, plus $750 estimate for admin fees etc.). The dealer wants $679 a month for the 36 month lease. Using the .0028 money factor Car Man provided (thanks!), I backed into the residual value which came out to be $17,000, or basically 44.5% of the original value after 3 years.   I just read an article on Edmunds that said the Cooper ranks #2 in best retained value after 5 years, and that after 5 years, 55% of the value is left. I have a hard time believing that it is even remotely honest to state only 45% of the value is left after 3 years. Of course it's in the dealer's interest to low-ball the residual value, but my question is, can you do anything to counter that with current market data.   Thanks for your time everyone. Replies to this message: akitadog (Dec 29, 2005 10:27 am) rdubs (Jan 03, 2006 2:33 pm) Car_man (Jan 11, 2006 3:18 am)
#13 of 287 Re: Cooper S residual value? Help!!!! [rdubs] by akitadog Dec 29, 2005 (10:27 am)
Replying to: rdubs (Dec 29, 2005 8:05 am) If your brother can afford almost $700/month, he might as well pay a tad bit more and just buy it. No sense in throwing that much money away on a lease. Replies to this message: rdubs (Jan 03, 2006 2:33 pm)
#14 of 287 Re: Cooper S residual value? Help!!!! [akitadog] by rdubs Jan 03, 2006 (2:33 pm)
Replying to: akitadog (Dec 29, 2005 10:27 am) Update. Found out that they were using a 61% residual value, but it wasn't based on the full sale price plus the money factor was .004, way too high. I think we'll go with another dealer if the dealer continues to take pride in how he doesn't have to come down on anything because it is a MINI. He can have whatever price he wants, and whatever financing he wants, but he just won't get any business from us. Hope you all had better experiences.
#15 of 287 Re: Cooper S residual value? Help!!!! [rdubs] by Car_man HOST Jan 11, 2006 (3:18 am)
Replying to: rdubs (Dec 29, 2005 8:05 am) Hi rdubs. The lease money factors for Mini models actually increased from .00280 to .00285 this month. The 36 month, 15,000 miles per year residual value for a lease of a 2006 Mini Cooper S with the JCW Package is currently 58%. Vehicles residual values are set by banks and are not negotiable. Individual dealers do not have the authority to alter them.   Car_man Host Smart Shopper / Prices Paid Forums
#16 of 287 Mini Cooper Convertible Lease Payment? by amixam Jan 13, 2006 (7:14 am)
I'm looking at an '06 Mini Cooper Convertible, Auto, w/the premium package. The price I was quoted is 24900, and the lease payment I was quoted was $438/month for 42 mos. or 417 for 48 mos, using 10K/mi per year. This is Hendrick MINI in Charlotte NC.    Im curious if you are leasing if this sounds high/low/about right in terms of payment? I realize these things sell at list, so I know I won't get a price break. Thanks! Replies to this message: Car_man (Feb 20, 2006 3:38 am)
#17 of 287 Ordering a Mini-- Secure financing now or wait? by stetsonhatter Feb 01, 2006 (5:00 pm)
I'm placing an order on a Mini Cooper Convertible and was wondering if I should secure the lease now or wait two months for the car. Any chance there will be any good lease programs coming out? Dealer says they can lock in current rates for three months.   Also, are all dealers selling at MSRP now? South Mini in Miami doesn't even have cars on the lot. I suppose they won't be negotiating. Replies to this message: Car_man (Feb 20, 2006 3:55 am)
#18 of 287 Re: Mini Cooper Convertible Lease Payment? [amixam] by Car_man HOST Feb 20, 2006 (3:38 am)
Replying to: amixam (Jan 13, 2006 7:14 am) Hi amixam. I'd be happy to give you my opinion on the lease payment that you were quoted. However, in order for me to do so it would be a big help if you would tell me what its full MSRP is. You mentioned that MINIs sell at list. Does that mean that $24,900 is both this car's MSRP and selling price?   Car_man Host Smart Shopper / Prices Paid Forums

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