Just curious if anyone is leasing a 2009 mini cooper S or clubman S? I have been looking into them and was wondering if someone could tell me what they are paying. The one I found is 24 months 15000 miles with a 78% residual.

 

BMW/MINI lease rates are widely available on the net. Before making any kind of deal, make sure you know the money factor, the residual, the acquisition fee, and the capitalized cost. leasecompare.com has some good info.

 

I did about 3 years selling cars and have leased many cars over time. You need to know all the numbers as said above.
The lease is calculated as
Cap Cost (what you are paying for the car) – Residual Value(MSRP * redidual %) / Term in months
you then add
Cap Cost + Residual Value X Money Factor to get the payment. Example msrp 27410, lets say you pay full msrp, 24 months with 78%residual and lets say money factor .005(not a good one but will show my example well)
27410-21379.8=6030.2/24=251.26
27410+21379.8 * .005=243.949
so 495.209 + tax

now lets say you find one with 68% redidual but money factor of .00200
27410-18638.8=8771.2/24=365.46
27410+18638.8 * .002=92.0976
so 457.5576 + tax

To this there will be an a acquisition fee which will be included in your money down or placed in the cap cost. If you have two leases that produce the same payment go with the one with the low money factor vs high residual %. The lower the residual the less you would have to pay to keep the car at the end and the better chance you could trade out of it early if the need came up. Also the res % normal goes up 2% when you go from 15k to 12k or 10k. When I shop for a car I just ask for the Term, Res % and money factor. I can then come up with my own paymens based on what I they will see the car for and asume acquisition fee of about $800 but it varies. Clear as mud?

If the dealer will not give me the numbers I will not work with them. With MINI there is not allways another dealer around the corner so it may be harder.

 

If you check out my thread called "My Dealer wants to talk" i was able to get the follow two deals fairly easily.

Deal #1:
Cooper S
All Black Ext / Red & black interior - leather
Premium Package
Cold Weather
Chrome mirrors and accents
USB/iPod/Bluetooth
MSRP $27,350
$2623 down (1st month, and all inceptions)
45k miles 3years
$369/month

Deal #2
Cooper S
Dark Silver w/ Black top and bonnets
Premium Package
Cold Weather Pakage
USB/iPod/Bluetooth
MSRP $25,450
$1669 Down (1st month, and all inceptions)
45K miles 3 years
$365/month

Plus the dealer is throwing in $500 in accessories this weekend.

 

Were those deals on instock cars or orders? What state are you in?

 

In stock cars

New Jersey

Prestige Mini

 

On those two deals what were the cap costs, residuals, and mf's?

 

I just leased an 09 MCS Laser Blue with White Top, convenience, premium, 17" web spoke, hi-fi audio. Was priced at $29,650 I think. There was a $500 discount for cars on the lot and I wanted 16" wheels so they gave me $750 off and put S-winder wheels on. It wasn't the $1250 the 17's cost, but there wasn't many other choices. I had to return the car with the original wheels so couldn't sell them and buy something else, etc. So that brought the price to $28,400.

I was trading an 05 MCS with less than 30,000 miles which had some bumper damage and a chip in the windshield. Although it apprasied for $15k in September, since gas went down, so did demand so I only got $12k for it. But my payoff was less than $3k.

There was an (outrageous) acquisition fee of $925 for the lease, plus about $1,000 in tax (decreased by the value of my trade, fortunately) and $888 for 3 years of road hazard protection for the wheels and tires. Even though the 16" wheels are less likely to be damaged as my 17" web spoke ones were on my old Mini, I figured it was still expensive to replace the wheels or tires and the roads here in texas are pretty bad.

I cashed out $7,000 of my $9,200 equity to pay off a credit card. I got a 36mo 15k mile lease which carried a residual of 64% of the MSRP and a money factor of 0.00335 which translates to a 8.04% interest rate which seems high, but I have top tier credit so it is what it is. Payments worked out to be $447/mo, approximately $200/mo more than my current $235/mo payment but I had a much bigger down payment toward my last car and it was a purchase. Still, the $7,000 cash out now is far more valuable than $200/mo, and will pay off a credit card with an interest rate that is higher than I'm paying on the car.

I did sign up for the Mini credit card. You can earn up to $5,000 towards the purchase of a Mini or BMW using it. There is a $350 disposition fee to turn the car in if I'm not buying it, but I did learn that the fee is waived if I lease or purchase another Mini or BMW in its place.

If gas goes back up and demand for Minis increases again and my car is worth more than the 64% at the end of the lease. I can buy it for the 64% price and sell it at the higher value and keep the difference. If it turns out to be worth less, it's their loss, not mine.

It will be under full warranty through the end of the lease. Full service runs out at 36,000 miles (or 3 years which doesn't matter in this case) so my salesman said if I drive a lot, I might need a brake job at 40,000 miles, but that should be all.

Michael

 

Did you read the fine print to see how you get that $5K credit? By charging up $500K on your card! No partial credits are allowed, I started laughing out loud when I checked into it on my recent purchase.

 

I'm paying $397/month with $0 down on a 2009 JCW Mini with MSRP of $30,300. If you are paying .00335 on the money factor, they gave you the full .001 markup - hate to say it, but you are getting absolutely hosed on that. They also added $200 to the base rate (for more profit) on your acquisition fee. My money factor with max MSD's is .00176.

 

you may have just confused some people so I'll explain.

He is refering to lowering the interest rate by paying multiple security deposits.

MSD=
Multiple Security Deposit Program allows a lease factor reduction of .00007 for up to 7 security deposits. So each additional security deposit lowers your rate by a tiny fraction. In his case he lowered it by .00049 or 1.176%.

you can get an even lower rate by doing a "pre-paid" lease. make one lump sum payment up front and then no more payments the rest of the lease.

 

You could do that, but if you wrecked the car you would be screwed since the insurance company will only pay the fair market value for the car. The GAP insurance would only come into play if you owed more than the car was worth, and if you put that money down, you would owe less than the car is worth obviously. Never put money down on a lease.

 

you can lose money either way. pay lower interest and have risk of losing the money you already paid if totaled , or pay as you go and pay more due to a higher interest rate. one way you certainly pay a bit more, the other way you might pay a lot more or a good bit less if you don't have an accident..

 

What is the "Bank fee" to lease a Mini with BMW financial? Is it the same in all states? I hear the bank fee is a legit fee that goes to the bank and not the dealer. Is acquisition fee the same as the bank fee or does the acquisition fee include th bank fee sometimes.....

 

Looks like the Mini March rates are have gone in the wrong direction....

Mini Cooper Auto Lease Programs – Effective March 2009



Follow these 3 steps for the best lease deal!

1) Use the data listed below each vehicle model, and the Lease Formula at the bottom of this page, to calculate a manufacturer (captive) lease payment.

2) Compare special Bank Lease programs by clicking on the vehicle model name to see instant lease payments.

3) You’ve done your homework, now choose the best lease and start driving your car!

NOTE: Choosing a lease program, captive or bank, with the lowest money factor and a realistic residual value will provide you with the best overall leasing option.


2009 Mini Cooper Coupe
24 Month – Residual 72% of MSRP – .00219 Base Rate
36 Month – Residual 64% of MSRP – .00219 Base Rate
48 Month – Residual 54% of MSRP – .00219 Base Rate

2009 Mini Cooper S Coupe
24 Month – Residual 69% of MSRP – .00219 Base Rate
36 Month – Residual 61% of MSRP – .00219 Base Rate
48 Month – Residual 52% of MSRP – .00219 Base Rate

2009 Mini Cooper John Cooper Works Coupe
24 Month – Residual 67% of MSRP – .00219 Base Rate
36 Month – Residual 59% of MSRP – .00219 Base Rate
48 Month – Residual 50% of MSRP – .00219 Base Rate

2009 Mini Cooper Clubman Coupe
24 Month – Residual 72% of MSRP – .00219 Base Rate
36 Month – Residual 63% of MSRP – .00219 Base Rate
48 Month – Residual 52% of MSRP – .00219 Base Rate

2009 Mini Cooper Clubman S Coupe
24 Month – Residual 69% of MSRP – .00219 Base Rate
36 Month – Residual 60% of MSRP – .00219 Base Rate
48 Month – Residual 50% of MSRP – .00219 Base Rate

2009 Mini Cooper Clubman John Cooper Works Coupe
24 Month – Residual 65% of MSRP – .00219 Base Rate
36 Month – Residual 57% of MSRP – .00219 Base Rate
48 Month – Residual 47% of MSRP – .00219 Base Rate

2009 Mini Cooper Convertible
24 Month – Residual 66% of MSRP – .00219 Base Rate
36 Month – Residual 60% of MSRP – .00219 Base Rate
48 Month – Residual 51% of MSRP – .00219 Base Rate

2009 Mini Cooper Convertible S
24 Month – Residual 65% of MSRP – .00219 Base Rate
36 Month – Residual 59% of MSRP – .00219 Base Rate
48 Month – Residual 50% of MSRP – .00219 Base Rate

Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms

Lease Payment Calculation Formula:
(Cap Cost – Residual Value) / Term = Depreciation
(Cap Cost + Residual Value) X Base Rate = Interest
Depreciation + Interest = Base Monthly Payment

Terms Used in Lease Formula:
CAP COST = Vehicle Purchase Price (amount financed)
RESIDUAL VALUE = MSRP (window sticker) X Residual %
TERM = Length of Lease in Months (3 years = 36 months)
BASE RATE = Dealer’s Buy Rate (dealer can mark this up for profit)

NOTE: The manufacturer (captive) lease programs provided are for reference only. Base Rates may vary by region. Your dealer has the option of offering you a higher rate.