Just wondering if anyone used leasing companies like Leasecompare.com or primelease.com. It seems like their quotes are fair. Any problems using these companies to get a lease?

 

I almost did. I think I was going through primelease. They were $50 a month less for a lease than MINI. This was TWO Octobers ago. Rates were dropping every week. But when my MINI showed up, it was going to take a few more days to get the paperwork done. Interest rates had just dropped and when they ran the numbers again, MINI's lease was now almost $10 cheaper. I went with MINI and took home my baby an hour later.

I'm really glad I went with MINI financing and I'd recommend them. Even though I got a 20k mile/yr lease, after 3 months I knew I wouldn't stay in the mileage (55k miles so far in under 2 yrs). They let you buy more miles for the same pre-lease price OR what I did was switch it over to a buy (I also wanted to mod my car so I wanted to own it). If I had gone to another company for the lease, I would have been severely ripped off trying to get out of it. With MINI, it was real easy to switch the lease over to a buy. The ONLY money I lost out on was the interest from the first three lease payments. Otherwise everything else I had already paid just transfered over to a loan. I didn't have to "buy" out my lease. That saved me thousands.

 

Seems like u came out ok greatgro. I should not have a problem with the miuleage. Leased two other cars in the past and did not have problem. The only problem is, I was at Prestige the other day and was told that if I ordered a mcs I would not know what the lease would be until it arrived as the lease programs change. I can understand that but they shouldn't change that much. I need some sort of an idea or range as to what my payments are going to be when the car does come in. Any suggestions???

 

Oh yeah, I asked what a lease would be with the current program assuming the vehicle msrp was $25,00.00. Three year lease w/ 12,000 miles per year. With tax in the payments, I was told $405.00 per month approximate. That is ridiculous. I believe that Leasecompare.com is approx. $100.00 PER MONTH CHEAPER RIGHT NOW.

 

I know many of u rather buy than lease, but come on, there has to be a lot of u leasing. Any comments are greatly appreceiated.:smile:

 

It doesn't really make sense to lease a car with such a high resale value. The leasing company will always understate the residual in such cases. Have you priced out a longer-term purchase scenario? You might be surprised by how small the difference is and you'll be building some equity to boot (so to speak...).

 

My comments on a lease? Lease a car that depreciates in value quickly
that will have a hard time meeting the residual value after the term.
Lease only max 36months or before the warranty is up.

My beater 04Civic ValuePackage is on a lease. Why? becuase it has power-nothing except for AC and CD player and the lease is dirt cheap as advertised
on TV several weeks ago. :smile: Im the only user and just use it to commute
to work on rainy/snowy days.

 

I don't think you and 911fan are correct. I may be wrong but the best lease deals are usually on the cars that DO NOT depreciate very quickly and have High resale value. So with a car like a Mini u should be able to get a good lease deal. Leasing has worked out well for me in the past.

 

I agree with Fidge. The higher the residual value, the lower the lease payments. A Lease is the selling price of the car MINUS the residual price PLUS interest. Since the MINI has one of the HIGHEST residual values, it actually leases VERY WELL. The hardest problem will be keeping the miles down!

Many cars with LOWER residual values lease well b/c the manufacturers supplement them with "special" lease rates. These are incentives for vehicles they need to move - just like cash back offers. With the MINI, due to its popularity, there are no special manufacturer lease rates so it may NOT compete so well in payments with those vehicles that a manufacturer is desperate to sell.

 

Remember with LeaseCompare, the taxes are separate and due at signing. But still, the dealer could be trying to rip you off. Even if they sell at MSRP, they still may try to get you with financing.

 

Yes, a higher residual value lowers your payment. My point is that the Mini is enjoying such a high actual resale value that the leasing agents are having to understate the residual to make it economically worth while for them. With an understated residual, you're paying more than you should be for the lease.

IMO it's better to purchase a high-resale-value vehicle for an extended period (say 6 years) to lower the payments, and sell it in 3 years, than to take out a 3 year lease. The reason is equity.

 

hummmm... interesting... I guess you're right. a high residual will net you the most bang for the buck since you're not paying the total amount... I thought high residual will just give the leasing company twice the fun. Once from a lease from you, and then again from you to extend the lease or buy the car, or the next leasee. A loan on a car that depreciates in value quickly is a pain to pay off mid-term, so that's why I thought leasing such car would benefit.

My lease on the Civic is so tranparent to my wallet, its a big bargan. :smile:
I think Im going to lease all my future beaters.