Hello all,
My MINI will be here within the week and I'm getting ready to finalize the numbers and credit situation. Here are the specs...and they don't have my credit information, so I'm not sure if this is a high or low money factor relative .

MINI MSRP $26,000
Accessories $915

Rate .00360
Residual 65% for 15,000 miles
$2500 total down
$390.69 plus tax
$414.13

If you're leasing or have recently leased, please let me know if these numbers are fair or if you think there's room to move. This is my first MINI, so I'm not familiar with the figures and money rates. Keep in mind, he has no credit info yet.

Also, what are you guys paying in insurance on your leases? I know most dealerships require higher coverages equaling higher insurance payments. It's an '07 Cooper S manual.

You guys are great...and thanks in advance for your help.

 

Hey and congrats on your new MINI! I paid for my MINI in cash (4.5 years of saving) so I can't really help you out in the leasing/financing department. But as far as insurance, I have the MINI Motoring Insurance through Liberty Mutual and am paying $154.00 a month with really high limits ($100,000 per accident, $300,000 medical, and $100,000 property; all with a $500 deductible). Also I'm a 20 year old single male with no credit and I just got my license a few months ago, so I'm sure you can get a MUCH better rate then that.
Best of luck!

 

So basically, you're telling me you're useless...

Only kidding, I appreciate the info. They have MINI Motoring Insurance? I was just planning on going through GEICO. I'd love more details on this, please.

 

I'm going to be in the same boat as Msteadman when I get my Mini, but I did want to send you a link I found about the motoring insurance.

Mini Insurance Site

Not sure if I'll use AAA or go with Liberty and their Mini insurance. Good luck on your search and congrats on your car

 

Sounds expensive. Does anyone else use this MINI insurance? I don't need all the bells and whistles with insurance on my lease...unless I have to via dealership requirement.

The leases don't require you to go through Liberty do they?

 

HEY, I wouldn't go quite that far.

But yep, it's not MINI USA themselves who offer the insurance, but rather it's a program they have with Liberty Mutual. By having a MINI you get 10% off LM's normal rates which are pretty low as it is. I've only been with them for almost a month now but can attest to the fact that they're top notch. Totaled my brand new MINI a couple weeks ago and they wrote me a check for what I payed including tax. Also they gave me a claim number that I could use to get myself checked out at any hospital; $0 out of pocket expenses. All of this and since it was my very first accident my premium only went up 5 bucks for the year! Can't beat that

Here's the link: http://miniusa.com/?#/financialServi...ingInsurance-s

 

Correction: just called in to put the new MINI I'm picking up Saturday on my policy and two things. Monthly premium is actually less then I said, $150 even, opposed to $154. Also the coverage is more then I said. It's $100,000 per person, $300,000 per accident and $100,000 for property. That holds up for accidents with underinsured and uninsured motorists as well.

 

Wow. That's impressive. Sorry to hear about your MINI.

I'm sure you pay a hefty price tag for that kind of insurance. I might be more inclined if I weren't leasing. Does anyone know the specifics on what the dealerships require for insurance on leases?

 

Hey Justin, how many months is the lease?

 

$1800 a year for car insurance {and your happy} - boy, I am glad I am NOT 20...

 

Hey Justin - is the price you are quoting MSRP? If you can, you should try to negotiate off the top of the price. I got $1200 off MSRP for a on order car, could have gotten $1400/$1500 off if I had chosen one off the lot (yes, I do have the offers in writing).

 

36 months at 15,000 miles a year.

 

I originally obviously began talking them down prior to him knowing I was leasing. It slipped in conversation and then we went to leasing figures, which attempt to stash the real price of the vehicle and there are a lot more smoke and mirrors.

Every dealer I've spoken with and began negotiations with has shot me down on moving from MSRP. "Supply is short...demand is high." I could see him lowering the price if I was negotiating prior to ordering with him...but now I'm already committed really, so he has the advantage on that. They've already charged $1000 down, so unfortunately, I'm somewhat at his mercy (stupid on my part for giving them the card number, but life was happening and they stated they needed it to order).

Long story short, I'm now in a position where (I believe) I can't get my deposit back, so I'm pretty much stuck with pushing negotiations as far as I can before they say, "You know what, we can sell this MINI on our own and keep your $1000."

 

Do you know how your credit is?

When I was shopping for my Mini I was quoted a residual of 67% and a money factor of .00275 for top tier credit for 36 months & 15K miles/yr.

So you should have some room for negotiation...

 

How long ago?

 

Last month. That was the lowest, but there were others below .0030.

 

That's very helpful, thank you.

If any dealers, salesmen, or recent purchasers have info or feedback on any of these issues, I would certainly appreciate it. I know these forums are very active, and it would help me out tremendously.

Not to mention, I have a feeling I'm going to be a MINI-for-Lifer.

 

Out of curiousity - how did you pay for your deposit? If it was by credit card, then there might be some way for you to work out getting the deposit back from the dealership..if that's what you are interested in doing.

 

Credit card.

 

Hmmm, I don't have all the figures with me but I just got a new lease on an 07 MCS and it's $404/mth, zero down on a 24,750 car.

As for insurance, the dealer/MINI USA requires you to have a policy with high levels of coverage, it's to protect their investment I guess. As for companies, I'm in NJ which has awful rates, I have a limited driving record and one claim in 3 years and still managed to get awesome coverage from Travelers. You have to deal with a broker so it's a little more involved that going onto GEICO's site and buying your own but after doing the GEICO thing and dealing with the broker and Travelers I would never go back to GEICO.

 

Any chance you could PM me that discount or offer?

 

Well given the quotes I was getting from other companies, I'm quite happy indeed. $1600 from State Farm, $1800 from Progressive and $2100 from Geico. And that's for SIX MONTHS rather then a year. Liberty Mutual is the only company I talked to who works solely on a yearly basis. Yep, being young definitely has its disadvantages.

 

Does anyone have a buyer's order for a customized MINI with a discount off MSRP that they could PM me?

 

I still have the papers for my first MINI which I ordered and got for $300 under MSRP. It also shows the free floor mats (my choice in material) which my MA threw in.