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Prices Paid: Buying & Leasing Experiences MINI Cooper Lease Questions
155 messages, Last post on Jul 01, 2008 at 4:27 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hello, Is the residual value different from 2007 Cooper to Cooper S? I'm new to the forum and new to the world of leasing, and am trying to plug in these numbers to get a better idea. I'm from NJ and one of the dealerships here quoted $410 for Cooper 24 months, 15,000 mi/yr with zero $down! And $489 for Cooper S. 
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How close in Mini's payment estimator? I get $350 on the Mini Site and $300 on your lease estimator. My credit is in the mid 600's...will that effect the payment? |
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I am being quoted a MF of 0.00335 by MINI dealer in my neighbourhood whereas the LeaseCompare website gives 0.00225. Can someone recommend a dealer who gives better lease factor in SOCAL area? I believe that with a credit score of above 700 should give more.
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Replying to: gpower (Jul 31, 2007 10:42 am) |
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Hi Folks, It's been a long time coming and I'm almost at a place where I can afford my MINI, but I'm not quite there. I've been working with a dealer on a lease and here's what their current offer is on a new build: 36m/10k $2000 down The $2000 down = $1219 CCR, $100.58tax, $277.75 DMV Fee, $402.56 1st Payment MSRP: $27,295 Costs Added to Lease: $870 ($45 doc fee, Bank Acquisition Fee $825) Cap Cost Reduction: $1219 Adjusted Cap Cost: $26,076 Residual: 69% ($19113) Money Factor: .00335 Term: 36 months Sales Tax: 8.25 Monthly Payment: $402.56 Here are my questions: 1) Is this a good deal? 2) Can I negotiate on the Doc Fee and Bank Acquisition fee? Is the BAF high? These make my monthly payments about $30 higher. 3) The MF seems to be accurate for SoCal. If I put a $450 "Security Deposit" down they'll drop it to .00320. I guess they figure the interest off of the $450 will more than cover the loss. Is the Residual Value at 69% negotiable? I've seen 70% being mentioned. 4) Can someone show me the math as to why purchasing the car and selling it in 3 years would be better than leasing? Thanks very much!!!
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Replying to: esgam (Jul 31, 2007 6:45 pm) As far as the math goes, just figure the interest on this lease PLUS fees and then figure the interest on a 5-year or 6-year loan over just 3 years since you will then sell it. The cheaper number is the way to go. I don't know what interest rates you can get since it is dependent on your credit, so I can't help you with the math.
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Replying to: qbrozen (Aug 01, 2007 5:48 am) |
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| Hi I would like to know how much the sales tax is in VA, MD? | |
I was just wondering what the current money factor would be for either a Mini S or a Mini S Convertible. I am coming out of a lease with a 325i. From what I've read here, I should be eligible for a reduced money factor. Is that correct?
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Replying to: pjo1966 (Sep 06, 2007 7:40 pm) I just came from a dealer where they refused to tell me what money factor they were using. They just came out with a monthly payment which was more than a little higher than I was expecting. Any info that could help me negotiate at the next dealer would be most welcome. |
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