I know the money factors aren't great for the MC/MCS's, but I was just wondering what kinda payments people are getting.
Please include price, drive off and monthly (with or without tax/license).

 

My total was little over 31k, i put 5k down and my montly is 979 i think for 2 years or a little over 2 years.

 

27,850 + 395 dealer fee = 28145

$2000 cap reduction (down)

36 months, 45k miles

$410/month, 7% tax included

Residual is 65%, can't remember the money factor right now!

 

This is through MINI financial... btw

 

25.6K, 3700 down, 45k miles over 3 years, $355 / mo.

 

24,750 out the door, zero down (this is my second lease), 45k miles/3yrs, $404/mo.

Residual stinks if I remember correctly. MINI's hold thier value too damn well in this case.

 

That's what I don't get.
I thought the payment was based on the diifference between the sales price and the residual + money factor (interest)?

If that's the case, the only way the Mini could come up with a large payment is if the money factor is just CRAZY!!

 

The residual is excellent, but BMWFS's money factors are terrible. Better to buy

 

$3K down, $395 per month/36 monthes and the car stickered for $27.5K

 

But don't you get tax advantage on lease?

 

Only if it is paid for by a business. You are also paying sales tax (if your State has sales tax), on the total capitalized cost (selling price)

 

In CA you are only paying sales tax on the portion of the car you are using.

 

This was also the case with my '06 MCS back in June, 2006. High residual, which is good, but lousy, high MF's. I purchased mine.

FWIW, I would never encourage a down payment or "cap reduction" with a lease agreement. IF your car is stolen, or totalled, the downpayment is lost. Insurance pays for the balance on a lease.

 

The formula is:

(C-R)/N + (C+R)MF

where C is the capatalized cost,
R is the residual,
N is the number of payments, and
MF is money factor. MF x 2400 = yearly interest rate.

That is all they have to work with. If the numbers do not match between what you expect and what the payment ends up being, then they are putting different numbers into their calculations. Don't forget all of the fees and add ons get added to the cap cost, minus any deposit. (which I would suggest is a bad idea as it puts equity into the car which you would loose if anything happens ot it.)

http://www.efunda.com/formulae/finance/moneyfactor.cfm

My residual on a MC with 15k miles was 67%. The money factor is dependant on your credit. Mine could be better or worse than yours, but it is between .0025 and .004 I believe.

My payments are (or would be if they could find the damn Certificate of origin so I could take delivery) $376/mo

 

Sticker: $21,800
Down Payment: $2,000
Miles: 15,000/year
Residual: approximately $14,300

Monthly Payment: $284+ tax -- $310.75/month

This payment is pretty high compared to what I was paying for my Nissan SUV ($250/month, $1999 drive off)...and the sticker price on that was $30K....but I LOVE this car WAAAAAAAAAAAAAAAAAY more!

 

Not sure if this is a good deal or not:

Sticker = $31,500
Down Payment = $1,200
Miles = 10,000 a year for 3 years
Residual = $15,800
Monthly Payment = $453.00 including tax

 

How is your residual only 50% for 3 years? Mini #'s show 63% for an MCS.

 

April '07
3-yr lease
Sticker: $21.3 K
Down: $10 K
Monthly pymt: $200
mileage: 18 K/yr.

 

You know you could have bought it for that payment with $10k down right?

 

Yes, but I wanted to lease, which gives me the option of trading in for newer model in '10. Also, I liked the free service package with the lease, in which I'm responsible for the wheels and windshield with MINI covering the rest.

 

Don't you get free service whether you lease or buy? And if you bought, you could have still traded it in for a newer model in 2010, but not lost your $10k...if you put $10k down and paid $200/month for 36 months, you spent $17,200 on a $21.3k car with nothing to show for it. If you bought with $10k down and did a 4-year loan, you'd owe roughly $4k after those 3 years but still have a car worth $13-14k....just playing the devil's advocate here. I'm looking to lease myself, but that deal doesn't seem to make much sense, no offense.

 

No offense. Leasing seemed more attractive at the time. I had offered to put down $5K but MINI Financial wasn't happy with my not so good credit report, so I doubled it to get the deal done that day.

Wasn't sure if I could get a complete free service package without leasing. In hindsight, I should have explored that.

 

You do still have the option to buy out your lease at any time though. If I were you I'd look into what your lease payoff is and see if you can finance that to a buy at a reasonable rate (Penfed.org has 4.25% and I've heard of people getting approved even without excellent credit). I would think if your payoff is around $10k that it would cost you no more than ~$225/month.

 

Many thanks for the suggestion. I'll definitely look into it.

 

I think that even though the sticker price on the car was $31,500 that I only had to pay on something like 26,500. I bought a new 2007 in March of 2008, and I think they just wanted to get rid of it. Was that a bad deal? I'm not too familiar with leases. I just wanted to lease because I wasn't sure if I wanted to keep the car more than 3 year and figured if I liked it I could buy it at end of lease.